The Phoenix Holdings

The Phoenix Holdings Ltd. is the former name of **Phoenix Financial Ltd.**, an Israeli financial-services group whose shares trade on the Tel Aviv Stock Exchange. The group conducts insurance, asset-management, retirement-savings, financial-product distribution and financing activities. Shareholders approved the change to its current name in August 2024; the insurance operating company remains a distinct group entity. ^[1][2][3]

Name and corporate structure

The distinction between *The Phoenix Holdings* and *Phoenix Financial* is principally one of corporate naming, not two unrelated businesses. Phoenix’s general meeting approved the name Phoenix Financial Ltd. on August 14, 2024, and the Registrar of Companies approved the change on August 19. Contemporary company materials explicitly described Phoenix Financial as formerly Phoenix Holdings. The company explained that the new name was intended to reflect activities extending beyond insurance into asset management, distribution and credit. Older financial reports and references may therefore use the former name for the listed parent. ^[1][4]

The listed parent should also be distinguished from The Phoenix Insurance Company Ltd., the group’s insurance subsidiary. This matters when interpreting a reported figure: a consolidated result describes the wider group, whereas an insurance-company disclosure concerns the operating insurer. Similarly, an insurance financial-strength assessment need not be the same as an assessment of obligations issued by the holding company. Phoenix’s annual report includes both consolidated reporting and separate material concerning its insurance subsidiary. ^[5][6]

Phoenix’s ordinary shares are identified by the symbol **PHOE** on the Tel Aviv Stock Exchange. The exchange describes the company’s activities as insurance, asset management, credit and agencies, and classifies the share in its finance and insurance categories. An exchange listing supplies a market for the parent’s shares; it does not make every insurance policy, pension arrangement or investment product issued or managed within the group a share in Phoenix Financial. ^[2]

Insurance operations

Insurance remains a major component of Phoenix’s business. Company materials describe a multiline operation spanning property and casualty, life, and health insurance. Property-and-casualty business covers risks different from those attached to long-duration life and savings contracts: a motor or property policy, for example, is evaluated against potential claims under its terms, while a life or savings arrangement may create obligations extending over many years. These distinctions help explain why a group-wide income figure cannot, on its own, describe the performance of each insurance activity. ^[3][5]

An insurer receives premiums and assumes specified risks under insurance contracts. Its financial results consequently depend on claims, operating expenses, investment outcomes and the measurement of insurance obligations. Phoenix reports insurance alongside businesses whose revenue arises more directly from managing assets or providing services. Readers comparing periods should identify which line of business, accounting measure and legal entity a reported result covers rather than treating all group revenue as insurance premiums. The company’s annual report is the primary source for its reporting definitions and consolidated financial statements. ^[5]

The Phoenix Insurance Company Ltd. is also the entity to which an insurance financial-strength rating can specifically apply. For example, a July 2025 rating announcement addressed that insurer, rather than presenting the rating as one for every company in the Phoenix group. This distinction is relevant because policyholder obligations sit within the insurance business, while an investor in the listed parent owns a security of the parent company. ^[6]

Asset management and long-term savings

Beyond insurance, Phoenix describes activities in investments, wealth management and retirement savings. The group’s account of its wider platform includes fund management, brokerage and employee stock-option administration. In Israel, long-term savings can be held through institutional arrangements such as pension funds and provident funds; study funds are another supervised savings category. The existence of these products does not mean that every account attributed to a financial group has identical legal terms or protections. ^[3][7]

**Assets under management** measure assets administered or invested through activities within the group’s reported scope; they are not interchangeable with the parent company’s own equity or cash balance. This distinction is particularly important for a business combining insurance liabilities, retirement savings and investment services. Phoenix reported total assets under management of NIS 610 billion at the end of 2025, approximately 16% above its reported year-end 2024 level. That is a dated company-reported measure, not an amount available to shareholders for distribution. ^[8]

Changes in assets under management can reflect more than new customers or contributions. Market valuations and withdrawals can also alter the reported total, so the measure is best read together with the reporting period and the company’s stated scope. Phoenix’s investor site subsequently displayed a figure of US$220 billion as of June 30, 2026. Because that figure is expressed in another currency and relates to another date, it should not be compared directly with the December 2025 shekel figure as if the difference represented net inflows. ^[3][8]

Distribution, advisory and financing

Phoenix participates in the distribution of financial products as well as their manufacture or management. Its 2025 annual report describes insurance brokerage through agencies held under Phoenix Insurance Agencies (1989) Ltd. These agencies market insurance, pension and provident products from various institutional entities, not solely Phoenix group companies. Distribution is therefore a separate function from underwriting an insurance contract or managing the assets in a savings product. ^[5]

The distinction affects how the group is understood. An agency can assist in placing a customer with an insurer or savings provider, while the institution issuing the policy or operating the savings arrangement bears the obligations specified for that product. Phoenix also identifies financing and credit origination among its activities. These businesses expose the group to considerations different from insurance claims or investment-management fees, including the performance of credit extended to borrowers. The exchange’s description of Phoenix expressly includes both credit and agencies alongside insurance and asset management. ^[2][3][5]

In its presentation of 2025 results, Phoenix grouped wealth and investments, retirement, brokers and advisers, and payments and financing within an asset-management-oriented measure of *core income*. That grouping is a company reporting convention; it should not be interpreted to mean that credit origination and investment management are legally or economically identical services. Understanding the convention is necessary when comparing a segment figure with consolidated income. ^[8]

Financial reporting and measures

Phoenix reported annual **comprehensive income of NIS 3,186 million** for 2025, compared with NIS 2,374 million for 2024. It also reported **core income of NIS 2,650 million** for 2025, compared with NIS 2,296 million for 2024. The company described core income as excluding capital-market, interest-rate and special effects. Comprehensive income and core income are therefore different measures; neither should be substituted for the other without noting the definition. ^[8]

The company attributed NIS 895 million of 2025 core income to the activities it grouped under asset management, up from NIS 630 million in 2024. Its presentation also reported a 2025 return on equity of 26.6%. These figures describe specified historical periods and, in the case of core income and its components, depend on the company’s reporting definitions. They do not establish that results in any later year will follow the same pattern. For the detailed accounting statements and descriptions of the business, the annual report provides a more extensive source than a results announcement. ^[5][8]

A reader evaluating the group’s scale should keep three quantities separate: assets under management, earnings and shareholders’ equity. Managed assets describe a pool of assets associated with client and group activities under Phoenix’s stated measure. Earnings describe performance over a period. Shareholders’ equity is an accounting measure of the residual interest in a company’s assets after liabilities. Treating these quantities as equivalent would obscure the differences among Phoenix’s insurance, savings and service businesses. ^[5][8]

Regulation and place in Israel’s financial system

Phoenix operates in parts of Israel’s financial system subject to different forms of oversight. The Capital Market, Insurance and Savings Authority describes its remit as covering insurance, pension and provident-fund markets, as well as specified non-bank financial services. It also oversees insurance agents and pension advisers. Those functions are especially pertinent to a group that combines an insurer, long-term savings businesses, agencies and financing. ^[7]

Regulatory oversight of the group’s operating activities should not be confused with the status of its publicly traded shares. The Bank of Israel distinguishes banking supervision from the supervision of other financial institutions and from oversight of the securities market, which it identifies with the Israel Securities Authority. Phoenix’s position across insurance, savings, credit and public equity markets makes those institutional distinctions relevant when identifying which authority is responsible for a particular activity. ^[2][9]

The Phoenix Holdings name remains useful when locating historical documents, but **Phoenix Financial Ltd. is the current name used by the listed company**. For any financial measure, the accompanying date, reporting entity and definition are more informative than the name alone. A consolidated Phoenix figure, an operating-insurer figure and a customer-assets figure may all describe the same broader group while answering substantially different questions. ^[1][5][8]