1 migdal insurance and financial holdings ltd. financial results 1-3/2009 may 2009
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1
Migdal Insurance and Financial Holdings Ltd.
Financial results 1-3/2009
May 2009
2
(249)
14106
(121)
(71)
200
(500)
(400)
(300)
(200)
(100)
0
100
200
300
400
2008 1-3/2008 1-3/2009
Change in capital reserves and other
Profit / (loss) for the period(369)
(56)
306
Migdal Holdings - Comprehensive incomein NIS millions
3
108
(145)(227)
106(71)
(120)
48
200
(159)
(263)(238)
202
14
2323
(600)
(400)
(200)
0
200
400
600
1-3/08 4-6/08 7-9/08 10-12/08 1-3/09
Change in variable management fees that will not be collected - after tax
Change in capital reserves and other
Net profit / (loss)
(215)
508
154
(527)(417)
Migdal Holdings - net profit including the change in variable management fees that will not be collected
In NIS millions
4
5
2
9
2
6
28
48
33
(3)
15
43
158Total
Insurance agencies and other
Financial services
General insurance
Health insurance
Long term savings *1-3/2009
1-3/2008
Migdal Holdings - Long term savings Sources of income before tax, in NIS
millions
*Not including the change in capital reserves and the change in variable management fees that will not be collected in the future
5
Migdal Holdings - Long Term Savings -
Sources of Profit Before Tax, in NIS Millions
3
8
(14)
4
10
29
(3)43
(20) (10) 0 10 20 30 40 50
Long termsavings
Provident funds
Pension
Life assurance
1-3/2009
1-3/2008
6
1.8%0.4%
-17.4%
2.9%
-18.4%
-0.4%
-8.1%
-0.7%
11.0%12.0%
6.2%3.5%
15.6%
-1.6%
-20%
-10%
0%
10%
20%
Tel Aviv 25 CPI linked gov.bonds
CPI non linkedgov. bonds
CPI linkedcorporate bonds
MSCI Tate $ / NIS CPI
1-3.08 1-3.09
Real Market Yields 1-3/2009
7
Migdal Holdings - change in capital attributed to
Company’s shareholders 1-3/2009, in NIS millions
2,987
3,296105204
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Balance as at31.12.2008
Change in capitalreserves and other
Profit / (loss) for theperiod
Balance as at31.03.2009
8
4862,077
2,663
2,38182200 100
0
500
1,000
1,500
2,000
2,500
3,000
Balance as at31.12.2008
Change in capitalreserves and other
Profit / (loss) for theperiod
Balance as at31.03.2009
Required capital
Secondary capital surplus - subordinated loan capital from Migdal HoldingsPrimary capital surplus
Migdal Insurance - change in capital and capital
requirements 1-3/2009, in NIS millions
9
Organizational structural change in the Group - a Customer Division concentrates all the distribution and service activity of institutional organs in:
Migdal Insurance Company
Ltd.
Migdal Makefet
Migdal Platinum
About 1,350 employees + 1,000 in-house agency employees About 1.5 million customers About NIS 12 billion annual collection
Directcustomers
Agents
Employers
Advisors
MigdalCustomers
About NIS 350 million expense budget About 1,500 agents About NIS 900 million commissions
10
1.3 1.4
0.40.4
0.60.7
0.30.3
0.0
0.5
1.0
1.5
2.0
2.5
3.0
1-3/2008 1-3/2009
Life assurance Health insurance General insurance Pension funds Provident funds
2.92.7
6%+
21%+
17%+
10%+
Migdal Holdings - insurance premiums and pension
and provident funds contributions , in NIS billions
11
19
29
45
15
11
18
30
35
13
11
13
50
60
75
98
8915
0
20
40
60
80
100
120
2004 2005 2006 2007 2008 31.3.2008 31.3.2009
Financial services
Financial services
Pension funds
General insurance + health insurance
Life assurance - policies issued starting from 1.1.2004
Life assurance - policies issued in the years 1992 - 2003
Life assurance - nostro
94 97
Migdal Holdings - total assets under management *In NIS billions
* Including acquisitions throughout the years
Average annual growth rate 2004 - 32009
37%
140%
23%
7%
5%
12%
12
19
29
4
15
18
30
3
13
43
51
58
7674
1111
0
10
20
30
40
50
60
70
80
90
2004 2005 2006 2007 2008 31.3.2008 31.3.2009
Provident & educational funds
Pension funds
Life assurance - policies issued starting from 1.1.2004
Life assurance - policies issued in the years 1992 - 2003
Life assurance - nostro
3/2009 -2004שיעור גידול שנתי ממוצע (כולל רכישות) 140%
23%
5%
12%
7975
* Including acquisitions throughout the years
Migdal Holdings - long term savingsTotal assets under management *, in NIS billions
13
Migdal Holdings - gross nominal yields for life assurance
profit participating policies insured (J’ fund)vs. competitors1-3/2009
6.9%
9.2%
10.9%
8.6% 8.8%
0%
2%
4%
6%
8%
10%
12%
Migdal Clal Menorah Harel ThePhoenix
Annual 3 year average
2.2%
1.5%
-1.0%
0.6%
-2.2%-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Migdal Clal Menorah Harel ThePhoenix
Annual 5 year average
5.2% 5.1%
3.9%
4.9%
2.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Migdal Clal Menorah Harel ThePhoenix
14
Migdal Makefet - gross nominal yields for pension
fund members vs. competitors1-3/2009
5.8%
7.9%
6.7%
7.8%8.2%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
MigdalMakefet
Meitavit(Clal)
Mivtachim(Menorah)
Harelpension
ThePhoenixpension
Annual 3 year average
4.4%
3.2%
1.9%
4.2%
1.2%
0%1%1%2%2%3%3%4%4%5%5%
MigdalMakefet
Meitavit(Clal)
Mivtachim(Menorah)
Harelpension
ThePhoenixpension
Annual 4 year average
6.4%
5.1%
4.1%
6.1%
3.5%
0%
1%
2%
3%
4%
5%
6%
7%
MigdalMakefet
Meitavit(Clal)
Mivtachim(Menorah)
Harelpension
ThePhoenixpension
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