34 POLICY Special edition 2023 The Field Compulsory Motor Insurance Comprehensive Motor Insurance Property and Others Liabilities and Others Total Gross Premiums 5,943 9,899 6,263 4,533 26,637 Investment Profits -6 66 38 24 122 Profit when the Investment is Neutralized -193 -1,611 476 637 -691 Total Comprehensive Income -199 -1,545 514 661 -569 Market Share 22% 37% 24% 17% 100% Increase in the Production 578 1,427 685 373 3,063 11% 17% 12% 9% 13% Increase in the Investment Profits -1,213 -371 -127 -1,090 -2,801 A transfer to loss -85% -77% -98% -96% Increase in the Profit when the Investment is Neutralized 869 -1,152 -75 1,250 892 Increase in the Comprehensive Income -344 -1,522 -202 159 -1,908 from profit to loss Increase in the Loss -28% 32% from Profit to Loss The Outcomes of the Insurance Industry in 2022 according to Fields of Activity (in millions of NIS) The profits the general insurances accumulated in Q4 2022 only managed to reduce the loss in 2022. In 2022 the insurance companies accumulated in the field of general insurances losses in the sum of 569 million NIS. The loss in the comprehensive motor insurance field amounted in 2022 to 1.545 billion NIS- which is the largest loss in all times. The Production and Profitability – the production in 2022 amounted to a record high sum of 26.637 billion NIS, which was accompanied by a loss of 569 million NIS (in 2021 the production was 23.575 billion NIS and the profit was 1.339 billion NIS). This indicates an increase of 3.062 billion in the production (13%) and an erosion of the profitability by 1.908 billion NIS) while transferring from a profit to a great loss. The production grew in all the fields of activity, but it seems that the growth in the field of the comprehensive motor insurance was the most significant, and it derived from an increase in the insurance rates (in addition to a natural growth of about 4% in the number of vehicles), which grew in Q3 and Q4 2022 by 15%-20% in all the insurance companies compared to 2021. As for the profitability of the general insurances, it seemed at the end of Q3 2022 that we are on the way to the general insurances’ worst year in all times (the production was then 20.678 billion NIS and it was accompanied by a loss of 1.236 billion NIS), but Q4 2022 “fixed” 2022 in a certain way, and the quarterly profitability in Q4 2022 managed to reduce the total annual loss and put it on a mere 569 million NIS). The outcome is still “inadequate” 2022 Elementary Sector Result Analysis By Hagai Shapira • the insurance agency was established four years ago • Harel and the Israel Infrastructure Fund, which is owned by Harel, purchased in November 2020 44% of Pango's shares according to a value of about NIS 555M A Record Production in 2022 is accompanied by a Loss of NIS 569M
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