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Phoenix Executives Exercise NIS 3 Million in Options as Company Achieves 2025 Goals Ahead of Schedule

2024-03-28 17:37:30

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Two senior executives in the management of the Phoenix exercised options on the Phoenix shares in the amount of approximately NIS 3 million this evening (Thursday). This is the CEO of the company, Eyal Ben Simon, who exercised options to the extent of almost NIS 1.65 million, and the VP and CFO of the company, Eli Schwartz, who exercised options to the extent of NIS 1.28 million. Today was the last day the two could exercise the options.

● Phoenix: a profit of 1.1 billion in 2023 – similar to 2022
● Tel Aviv’s salary king: the CEO who earned about NIS 90 million in 2023

The exercise price was NIS 37.48 per share, when the company ended the trading day with the share price at NIS 36.72 per share after it ended the short day with a decrease of 2.63%. We note that declines reflected the mood in the Tel Aviv Insurance index, with Direct Insurance, Clal and Ayalon falling at even higher rates.

The sale of the shares takes place a day after the company reported its financial results for 2023. The total profit of the Phoenix Insurance Group amounted to approximately NIS 1.1 billion, which reflects a return on capital for the shareholders of 10.5%. This is a profit similar to the total profit in 2022. The total profit for the shareholders in the fourth quarter of 2023 amounted to a total of NIS 578 million, reflecting a return on capital for the shareholders of 24.4%. This is compared to a total of NIS 526 million in the corresponding period in 2022.

The 2025 goals were already achieved in 2023

With the publication of the reports, Ben Simon said that “in 2023, the Phoenix Group reports another year of consistent growth and improvement in its core activities, both in the insurance activity and in the asset and credit management activities, whose relative share is increasing from the group’s profits. We continue to implement the growth strategy of the Phoenix, through organic growth alongside synergistic acquisitions. The group’s broad mix of activities in addition to the actions we have taken, careful capital management, efficiency improvement and innovation adoption, are achieving their goal faster than we planned, and we are proud to announce that we intend, during the coming months, to update the growth targets within The group strategy”.

Ben Simon’s announcement comes after the Phoenix met the goals it set for itself for 2025 already at the end of 2023.

The total assets managed by the group, the largest in the field of insurance groups, increased and amounted to a total of NIS 433 billion at the end of last year, including purchases of Psagot and Epsilon activities this year. As of today, the scope of the assets is 455 billion NIS, including about 22 billion NIS in active funds from Pesagot, a deal signed in 2023 and completed in March 2024.

The Phoenix announced the distribution of a dividend of 265 million shekels, in addition to the 120 million shekels distributed in the first half of the year. The total dividend for the profits of 2023 is NIS 385 million, about 35% of the total profit for 2023.

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