May.31, 2012 | 6:37 AM–Net income for Migdal Insurance and Financial Holdings skyrocketed to NIS 180 million in the first quarter of 2012, up 130% from NIS 77 million in the parallel, the company reported on Wednesday.
Revenues climbed 49% to NIS 5.12 billion, mainly the result of capital market gains.
Two months ago Italy’s Assicurazioni Generali announced that it would sell its 69% stake in the company to Israeli insurance tycoon Shlomo Eliahu for NIS 4.2 billion, subject to regulatory approval. The deal put Migdal’s value at about NIS 6 billion, 12% above its trading value at the time. Generali’s equity in Migdal now is worth around NIS 4.6 billion.
Migdal shares ended down 1.25% at NIS 5.14 on Wednesday in Tel Aviv.
Migdal managed NIS 145 billion in public savings at the end of the first quarter, up from NIS 136 billion at the end of 2011. Assets managed by the company’s pension funds increased 14%, to NIS 29 billion, in the quarter…Read More>>