BDI CODE 2014 - Israel's Leading Companies, Law Firms, Accounting Firms, Best Companies To Work For - page 55

Insurance Companies
BdiCode ranking 2014
KPMG Somekh Chaikin
Publicis Israel
3 Abba Hillel Road, P.O.B. 1951, Ramat Gan 5211802
Lines of Business
Insurance and financial services – health
insurance, non-life insurance, life
insurance, pension funds, provident funds,
study funds, mutual funds, investment
portfolio management, exchange-traded
notes, as well as other financial services
Established 1982
Hamburger Family
The Public
Yair Hamburger
Shimon Elkabetz
Harel Insurance Investments &
Financial Services Ltd.
Michel Siboni
Harel Insurance Investments & Financial Services Ltd. is one of Israel's
largest insurance and financial groups. In 2013, with a market share of
21%, Harel continues to be Israel's largest insurance group in terms of
premiums, presents 15% growth of total premiums and management
fee revenue of NIS 15.9 billion, as of December 31, 2013. Harel's balance
sheet totaled of NIS 78.7 billion as of December 31, 2013 (compared with
NIS 63.4 billion as of December 31, 2012). The Group is Israel's largest
and most dominant in the field of health insurance with a market share
of 41.6%, the largest in non-life insurance in terms of premiums and
the fourth largest (in terms of premiums) in life insurance. Group assets
under management, in insurance, pension funds, provident funds, mutual
funds and financial services, as of December 31, 2013, totaled over NIS
161 billion.
The group has over than 75 Years of Insurance Activity
– In 1935,
the late Ernst and Margot Hamburger founded the Hamishmar Insurance
Agency, which was the start of their insurance activity in Israel. In 1975, the
Hamburger family established Harel Insurance Company. Seven years later,
both Harel Insurance Company and Hamishmar Insurance Agency became
subsidiaries of Harel Hamishmar Investments Ltd., whose shares began trading
on the Tel Aviv Stock Exchange (TASE) in 1982. In 2007, the company's name
was changed to Harel Insurance Investments & Financial Services Ltd. Harel
Investments shares are currently traded on the TASE's Tel Aviv 75 Index.
Harel Insurance Company Ltd. (100%)
– Harel's professional experience
and knowledge presented in all the lines of business Harel actives: In health
insurance sector (includes health insurance, long term care, dental care and
foreign travel insurance), Harel leads as Israel's largest company in this field,
with more than 3 million insured parties, who benefit from this professional
and advanced service base, with strong close ties with medical institutions
in Israel and abroad. In non-life insurance sector (includes motor insurance,
residential insurance, liability insurance, mortgage insurance, credit insurance),
Harel continues to lead as the largest company in this field (in terms of
premiums), as of totaled NIS 3.1 billion. In 2013, Harel's earned premiums
and fees in the long term savings sector (includes life insurance, pension
funds, provident and study funds) totaled about NIS 9.5 billion. Harel is the
4th largest in Israel in life insurance in terms of premiums, totaled about NIS
3.8 billion. Harel's pension funds hold a 15.4% market share.
Over the last decade, the Group has expanded its investments in Israel and
abroad, and continues to strengthen its position in credits, infrastructures
and in revenue generating real estate in Israel and abroad.
Harel insures the Israeli branches of numerous multinational corporations
and is a “Global Partner” of large insurance conglomerates, such as Zurich,
Allianz, AXA, Ace, Alliance,
Royal & Sun Alliance, XL Capital, Gerling HDl, QBE,
and Chubb. Since 2008, the Group signed a unique cooperation agreement
with National Indemnity Company - a leading company in the insurance
arm of Berkshire Hathaway. According to the agreement, BH insures 20%
of Harel's retention from all non-life insurance lines.
Harel Finance Ltd. (100%)
– The Group’s financial arm, actively involved
in three main capital market's lines of business, when every one of them
is managed through specialized subsidiary: mutual funds management
through Harel PIA ltd., exchange-traded notes (ETNs) through Harel Sal ltd.,
and investment portfolio management through Harel Finance Investment
Management ltd. As of December 31, 2013 Harel Finance manages NIS 53.5
billion of assets. Harel Finance focuses on providing a complete solution for
all financial needs through a wide range of financial products and services
to both private and institutional clients. Harel Finance is one of the leading
companies in the Israeli market on its lines of business.
Dikla Insurance Company Ltd. (100%)
– specializes in health insurance
and long-term care insurance. Dikla has long-standing relationships with
hospitals and medical service centers, worldwide.
Israel Credit Insurance Company Ltd. (ICIC) (50%)
– offers credit insurance
(export and domestic markets). ICIC is jointly controlled by Harel and Euler
Hermes, the world's largest credit insurer.
EMI (100%)
– Mortgage Insurance Company Ltd., operates in Israel as an
insurer in the residential mortgage field.
Hamishmar Insurance Agency Ltd. (100%)
– Hamishmar is a licensed
Lloyd's agent and the exclusive Israeli representative of Zurich Insurance, an
international insurance conglomerate.
Interasco Societe Anonyme General Insurance Company S.A.G.I
– an insurance company established in Greece by the Harel Group
in 2006. Interasco is involved in non-life insurance and health insurance.
Turk Nippon Sigorta A.S. (99.98%)
– In 2009, Turk Nippon started
operations in all non-life lines of business in Turkey.
Corporate Responsibility
- As one of the leading groups in the Israeli
economy, Harel attaches the utmost concern for corporate responsibility.
Harel is carrying the flag of obligation to the community and involves, donates
and supports a variety of non-profit organizations. Although Harel is one of
Israel's largest insurance groups, it still retains its traditional family values
with an emphasis on integrity, fairness, reliability and personalized service.
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