S&P Maalot Raises Rating of Phoenix Holdings and Phoenix Insurance

Phoenix Holdings Ltd., a leading Israel-based diversified financial, insurance, and investment group (TASE: PHOE) (“Phoenix,” the “Group,” or the “Company”), today announced that rating agency S&P Maalot raised the ratings of Phoenix Holdings and subsidiary Phoenix Insurance.

Highlights

Phoenix Insurance rating raised to ilAAA with stable outlook, the highest rating among Israeli insurance companies

Phoenix Holdings rating raised to ilAA

According to rating agency S&P Maalot, Phoenix Insurance leads market with broad business diversification that contributes to strong performance, solid capital base, and high liquidity

Phoenix Insurance is on par with leading Israeli banks, and upgrading of Phoenix Holdings reflects position as Israel’s leading financial group

Rating agency S&P Maalot has rated Phoenix Insurance, the Group’s insurance subsidiary, ilAAA with a stable outlook, the highest rating ever given to an Israeli insurance company and the same rating it has given to Israel’s leading banks. In addition, S&P Maalot rated Phoenix Holdings as ilAA.

According to S&P Maalot's review, the Phoenix's rating is based on its market leadership, business diversification, high capital adequacy, high liquidity, strong profitability, and ability to find business opportunities and maintain its competitive position even in the face of challenging market conditions.

According to S&P Maalot, the Phoenix group’s business is highly diversified (approximately 40% of comprehensive income for 2022 is derived from activities beyond insurance), which mitigates exposure to market risks and reduces dependence on close regulatory supervision. The Phoenix has significant asset management, distribution, and credit businesses, which support the Group’s income generation and cash flows.

Also according to the rating agency, the insurance company has a high capital adequacy ratio (Solvency II) of 211% as of December 31, 2022 with transitional measures, and 149% without transitional measures, which is considered the highest in the Israeli insurance industry.

About Phoenix Holdings

Phoenix Holdings is a leading Israel-based financial, insurance, and investment group traded on the Tel Aviv Stock Exchange (TASE: PHOE). Group activities include multi-line insurance, asset management, credit, and financial product distribution, and have demonstrated strong growth and performance across the cycle. The Phoenix serves a significant portion of Israeli households with a broad set of activities and solutions across businesses and client segments. Managing over $100 billion in assets, the Phoenix accesses Israel’s vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders. 

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