Libra Insurance Company (LBRA) H1 2024 earnings summary

Executive summary

• Achieved strong growth in gross and retained premiums across all insurance segments, with a significant turnaround from loss to profit compared to the same period last year.

• Launched a unique daily car insurance product for young drivers, exceeding usage forecasts with over 100,000 monthly uses.

• Maintained a digital-first, personalized, and profit-sharing business model, driving customer loyalty and operational efficiency.

Financial highlights

• Total assets as of June 30, 2024, reached ₪1,251.8 million, up 34% year-over-year, driven by business growth.

• Equity increased to ₪93.8 million, up from ₪69.3 million at year-end 2023, due to a net profit of ₪24.5 million for the period.

• Gross earned premiums for the first half of 2024 were ₪338.4 million, a 37% increase year-over-year; retained earned premiums rose 96% to ₪199.3 million.

• Net profit for the first half of 2024 was ₪24.5 million, compared to a net loss of ₪2.7 million in the same period last year.

• Cash and cash equivalents increased to ₪152.4 million as of June 30, 2024.

Outlook and guidance

• Expects continued growth in digital car insurance transfers and further expansion in life insurance and other segments.

• Plans to maintain a focus on technological innovation and personalized pricing to sustain profitability.