Harel Insurance & Finance
Harel Insurance & Finance is a large Israeli company founded in 1935, specializing in various insurance and financial services, including health, non-life, and pension funds. With over NIS 250 billion in assets under management and a commitment to digital transformation, the company serves both local and multinational clients.
Company Overview
Harel Insurance & Finance was founded in 1935 and operates in the insurance industry. The company is headquartered in Ramat Gan, Israel, and employs a team of 1,687 individuals, categorizing it as a very large enterprise. As of March 31, 2019, Harel managed assets exceeding NIS 250 billion. The company emphasizes the use of next-generation technology in its insurance and financial services.
Insurance Specialties
Harel Insurance & Finance specializes in various types of insurance products. These include non-life insurance, health and travel insurance, credit insurance, and life insurance. The company also offers pension funds, provident funds, study funds, and mutual fund management. Additionally, it provides investment portfolio management and exchange-traded notes, catering to a diverse clientele.
Financial Performance
In 2023, Harel reported total premiums, benefit contributions, and amounts received for investment contracts totaling NIS 39.4 billion. The company achieved a comprehensive income of NIS 600 million, reflecting a return on equity of 7%. As of December 31, 2023, Harel's solvency ratio stood at 168%, indicating strong financial stability. The total assets under management in insurance, pension and provident funds, mutual funds, and financial services reached NIS 428 billion.
Global Partnerships
Harel Insurance & Finance insures the Israeli branches of numerous multinational corporations and collaborates with global insurance conglomerates, including Zurich, Allianz, and AXA. The company is also active in international markets through its subsidiaries, Turk Nippon in Turkey and Interasco in Greece, expanding its reach and service offerings.
Digital Transformation Initiatives
In 2015, Harel announced a digital transformation strategy aimed at enhancing service speed and quality through digitization and data analytics. The company has implemented a digital service for customers with hearing impairments in collaboration with Sign Now, demonstrating its commitment to accessibility and innovative service delivery.