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Harel Insurance Investments and Financial |
Board of Directors Report for the three months |
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Services Ltd. |
ended March 31, 2023 |
Harel Insurance Investments and Financial Services Ltd.
Board of Directors Report
for the three months ended March 31, 2023
The Board of Directors Report for the three months ended March 31, 2023 (“the Reporting Period”), reflects the principal changes in the state of the business of Harel Insurance Investments & Financial Services Ltd. (“Harel Investments” or “the Company”) during this period, and it was prepared assuming that the reader is also in possession of the Group’s full Periodic Report for 2022 which was published on March 30, 2023 (“the Periodic Report”).
The Board of Directors’ Report also contains forward-looking information, as defined in the Securities Law, 1968. Forward-looking information is uncertain information concerning the future based on information in the company’s possession at the time of publishing the report and which includes the company’s assessments or intentions at the date of the report. Actual performance may differ substantially from the results estimated or inferred from this information. In certain instances, sections can be found that contain forward-looking information, where words such as: “the Company/the Group estimates”, “the Company/the Group believes”, “the Company/the Group anticipates”, and the like appear, and such forward-looking information may also be worded differently.
1 Description of the Company
1.1 General
Harel Insurance Investments and Financial Services Ltd. is a public company whose shares have been traded on the Tel Aviv Stock Exchange since 1982. The Company, together with its subsidiaries, (“the Group”) operates principally in the following areas:
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Harel Insurance Investments and Financial |
Board of Directors Report for the three months |
|
Services Ltd. |
ended March 31, 2023 |
At March 31, 2023, the credit sector does not constitute an operating segment in the financial statements. Accordingly, the assets, liabilities and results of operations in the credit sector are included in the Company’s different operating segments as follows: Harel 60+ activity is included in the health insurance segment, activity relating to the provision of Sales Law guarantees forms part of the non-life insurance segment; while any other credit sector activity, including development property finance, is included in the segment “not attributed to operating segments and other”.
The Company’s separate activity centers on the management, control and supervision of the subsidiaries, on-going planning of the Group’s operations, and initiating activity and investments, both directly and through the Group companies.
1.2 The Company’s shareholders
Yair Hamburger, Gideon Hamburger and Nurit Manor are the principal shareholders in the Company (in this section: “the Shareholders”), holding 47.78% of the voting rights and the issued share capital of the Company.
The Shareholders hold the Company principally through G.Y.N. Investment Management & Economic Consulting 2017 Limited Partnership, a limited partnership fully owned and controlled by the Shareholders, which they hold, as limited partners, through private companies fully owned by them (“G.Y.N. Partnership”) and they also hold the general partner in G.Y.N. Partnership.
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