Who Owns Migdal Insurance Company?

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Who Really Owns Migdal Insurance Company?

Understanding the ownership of a company is crucial for grasping its future. Discover how the Migdal Insurance SWOT Analysis can help you understand the company's strengths and weaknesses. This is especially true for major players like Migdal Insurance Company, a cornerstone of the Israeli financial landscape. Knowing who controls Migdal Insurance is key to understanding its strategic direction.

From its origins in Jerusalem to its current status, Migdal Insurance's ownership structure has evolved significantly. This in-depth analysis explores the journey of Migdal ownership, from its founding to its present-day shareholders, including key stakeholders and major investors. We'll uncover the influences shaping this prominent insurance company, providing a comprehensive look at who owns Migdal and the implications for its future, its financial backing, and its operations in Migdal Israel.

The genesis of Migdal Insurance Company dates back to 1934, marking its inception in Jerusalem. This venture was the result of a collaborative effort involving Jewish families hailing from Alexandria and Italy, alongside the Italian insurance giant, Assicurazioni Generali.

The early ownership structure of Migdal reveals a strategic partnership designed to leverage established financial and operational expertise. Assicurazioni Generali played a pivotal role from the outset, providing essential backing to the nascent insurance firm.

The initial ownership distribution saw Assicurazioni Generali holding a 50% stake in Migdal, which provided a strong foundation for the company's early operations. Over time, Generali increased its ownership, eventually controlling 70% of Migdal's shares. Bank Leumi also held a significant position, with almost 10% of the company.

Early Ownership Structure

The early ownership structure of Migdal, with its roots in the 1930s, reflects a strategic approach to establishing a robust insurance company. The involvement of Assicurazioni Generali, a well-established international player, provided critical financial and professional support.

• Founding in 1934 in Jerusalem.
• Collaboration between Jewish families and Assicurazioni Generali.
• Initial ownership: Generali with 50%.
• Later ownership: Generali increased to 70%. Bank Leumi held nearly 10%.

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The ownership structure of Migdal Insurance Company has seen significant changes since its initial public offering (IPO) in September 1996, when it became a publicly traded company on the Tel Aviv Stock Exchange (TASE). The IPO offered a 20% stake in the company. As of June 11, 2024, the market capitalization of the company is approximately $2.28 billion USD, with around 1.05 billion shares outstanding. The shares are traded within the framework of the TA 25 index.

A pivotal moment occurred in March 2012 when Assicurazioni Generali sold its entire 69.13% stake to Shlomo Eliahu. This acquisition was carried out through Eliahu Insurance Company Ltd., owned by Mr. Shlomo Eliahu. As of late 2024, Mr. Shlomo Eliahu, along with Ms. Chaya Eliahu, remains the ultimate controlling shareholder, holding approximately 60.90% of the company's issued and paid-up share capital through private companies: Eliahu Issues Ltd. (approximately 54.75%) and Gan Ha'ir Project Ltd. (approximately 6.15%). As of May 5, 2025, Shlomo Eliahu Holding Ltd. holds 54.7% of the shares.

The remaining shares, approximately 31.54%, are held by the public. Major institutional investors as of late 2024 and early 2025 include Phoenix Excellence Pension and Provident Ltd. (3.94%), Phoenix Investments & Finances Ltd. (2.42%), and Meitav Investment House Ltd. (1.92%). Other significant institutional shareholders include The Vanguard Group, Inc. (1.63%), Harel Insurance Investments and Finances Services Ltd., and Migdal Mutual Funds Ltd. These shifts have centralized control while maintaining a substantial public float. For more on the company's strategic direction, see Growth Strategy of Migdal Insurance.

Key Stakeholders

The ownership of Migdal Insurance is primarily controlled by Shlomo Eliahu, with a significant portion held by the public and institutional investors.

• Shlomo Eliahu: Ultimate controlling shareholder.
• Eliahu Issues Ltd.: Holds a significant portion of the shares.
• Public Shareholders: Represent a substantial portion of the ownership.
• Institutional Investors: Including Phoenix, Meitav, and Vanguard, hold considerable stakes.

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The Board of Directors of Migdal Insurance Company includes a mix of representatives from major shareholders and independent members. As of the latest available information, the board includes Ronni Gamzo as Chairman, alongside Shlomo Eliahu, Gavriel Picker, Carmi Gillon, Avraham Dotan, Shlomo Hendel (External Director), Ron Tor (Independent Director), Orna Hozman Bachor (External Director), and Linda Ben Shushan (External Director). Within the Migdal Insurance Company Ltd. board, members include Mr. Amir Barnea (Chairman of the Board), Ms. Maayan Cohen (Independent Director), Mr. Avraham Dotan, Mr. Gad Nussbaum, Mrs. Yael Grunwald, and Mr. Israel Garvinsky.

Recent developments indicate some changes in the board composition. For instance, Dr. Keren Bar Hava resigned as a director in February 2024. In February 2024, the annual general meeting resolved to reappoint certain directors, while the tenure of others ended, resulting in a board composed of 7 directors, with 4 being independent directors. There have also been discussions between Migdal Insurance and the Capital Market Authority regarding the composition and compliance of the Board of Directors.

The voting structure of Migdal is generally based on a one-share-one-vote principle for ordinary shares. However, Mr. Shlomo Eliahu, through his controlling stake held by Eliyahu 1959 Ltd. (approximately 54.71%), maintains outsized control over the company's decision-making. This significant Migdal ownership percentage provides him with substantial voting power, influencing strategic direction and key appointments. Understanding who owns Migdal is crucial for grasping the company's strategic direction.

Key Takeaways on Migdal's Board and Ownership

The Board of Directors includes a mix of shareholder representatives and independent members.

• Shlomo Eliahu, through Eliyahu 1959 Ltd., holds a controlling stake.
• Recent changes include director resignations and board reappointments.
• The board composition is subject to discussions with the Capital Market Authority.

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Over the past few years, the ownership structure of Migdal Insurance Company has seen significant shifts. A notable transaction occurred on September 15, 2024, where Eliahu Issues, controlled by Shlomo Eliahu, sold a substantial number of shares to an institutional entity. Despite this, Shlomo Eliahu, through Eliahu Issues Ltd. and Gan Ha'ir Project Ltd., maintained control, holding approximately 60.90% of the issued and paid-up share capital as of late 2024. This indicates a continued strong influence by the Eliahu family, despite some share distribution.

Further developments include financial activities that reflect the company's strategic direction. In June 2024, a subsidiary, Migdal Insurance Capital Raising Ltd., successfully raised approximately NIS 420 million gross in a public offering. The company also invested in new positions such as opening a new $126.1 million position in KWEB stock in Q1 2025, and acquiring a minority stake in GES - Global Environmental Solutions Ltd., investing $60 million for a 20% stake. These investments demonstrate the company's expansion and diversification strategies.

Institutional investors play a significant role in Migdal ownership. Major institutional shareholders include Phoenix Excellence Pension and Provident Ltd., Phoenix Investments & Finances Ltd., Meitav Investment House Ltd., and The Vanguard Group, Inc. Their holdings were last reported between October 2024 and May 2025. The company's market capitalization reached £1.69 billion (approximately $2.16 billion USD) as of June 2025, a 12.36% increase from 2024. For more information on the company's background, you can read a Brief History of Migdal Insurance.

Key Ownership Changes

Shlomo Eliahu remains the controlling shareholder, despite selling shares. The company has engaged in capital raising and strategic investments.

Institutional Involvement

Significant institutional shareholders include Phoenix, Meitav, and Vanguard. Their holdings are regularly updated.

Market Performance

Market capitalization increased to approximately $2.16 billion USD as of June 2025. This shows positive growth.

Future Outlook

The company is expected to continue its investment and expansion strategies. The ownership structure remains dynamic.

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