The company announced a dividend of approximately NIS 103 million, which constitutes a rate of approximately 75% of the annual net profit.
The company showed a 29.3% increase in revenue in the fourth quarter of 2020, which amounted to NIS 257.8 million, and a 43.7% increase in net profit to NIS 44.5 million, compared with NIS 31 million in the corresponding quarter last year.
The company showed an increase of about 88.3% in the number of members in the pension funds in 2020 compared to the end of 2019.
Yair LevinsteinAltshuler CEO Shaham Provident and Pension: “We conclude another year of growth in assets under management and a jump in net profit to approximately NIS 138.3 million. The pension fund, which continues to be a significant growth engine for our operations, more than doubled in size compared to 2019 and the number of fund members. Our pension has increased by 88% compared to the beginning of the year. We feel the brand’s strength in the number of new customers who choose Altshuler Shaham’s product quality and responsible and professional investment management and we currently have about 1.8 million customers. We strengthen ties with distribution channels, increase accessibility and availability To customers and work with full force to continue growth and carry value for shareholders. ”
The Company’s revenues in the fourth quarter of 2020 amounted to approximately NIS 257.8 million, an increase of approximately 29.3% compared to approximately NIS 199.4 million in the corresponding quarter in 2019. The growth in revenues is mainly due to an increase in management fees from provident funds and pension funds, which increased by approximately 32.6 % To approximately NIS 256.6 million, compared with approximately NIS 193.5 million in the corresponding quarter last year. The Company’s revenues in 2020 amounted to approximately NIS 903.4 million, an increase of approximately 29.1% compared to approximately NIS 699.5 million in 2019, mainly due to an increase in management fees due to the growth in the volume of assets under management.
Net income in the fourth quarter of 2020 amounted to approximately NIS 44.5 million, compared with a total of approximately NIS 31 million in the corresponding quarter in 2019, an increase of approximately 43.7%. Net income in 2020 grew by approximately 52% and amounted to approximately NIS 138.3 million, compared with approximately NIS 91 million in 2019. In accordance with a distribution policy of 75% of net income, the Company announced today a dividend distribution to its shareholders in the amount of NIS 33 million. In respect of the fourth quarter of 2020; and in total, in respect of 202, the Company announced a dividend distribution in the amount of NIS 103 million at a rate of approximately 75% of net profit.
The number of members in the company’s pension funds continues to grow and as of the end of the fourth quarter of 2020 was approximately 219,324 members, compared with 116,474 members at the end of 2019, which is an increase of approximately 88.3%.
The company’s pension fund assets increased from a total of NIS 8 billion in assets at the end of 2019, to a total of NIS 17.5 billion in assets as of December 31, 2020, an increase of approximately 118.8% in the funds’ assets. The increase was mainly due to continued accelerated growth that includes recruiting new customers as a result of excess returns relative to the market in the short and long term, efficient and focused marketing operations to promote and strengthen the company’s pension fund and, as a direct result of strengthening and positioning the company brand among the Israeli public. In addition, the choice of the company’s pension fund as one of the four default funds selected by the Capital Market Authority has increased the company’s awareness among savers and distributors. Pension fund assets in Israel (new, comprehensive and general funds) grew by approximately 15.1% in 2020 to approximately NIS 474.8 billion.
The scope of the Company’s managed assets as of December 31, 2020 amounted to approximately NIS 164.9 billion, which is a growth of approximately 40.7% compared to the end of 2019, when the volume of managed assets amounted to approximately NIS 117.2 billion. Total net transfers in provident funds and pensions in 2020 amounted to approximately NIS 26.8 billion, an increase of approximately 93.3% compared with approximately NIS 13.8 billion in 2019. The Company’s provident assets increased by a total of approximately NIS 109.2 billion at the end of 2019. To approximately NIS 147.4 billion at the end of 2020. As of December 31, 2020, the company is the largest company in the provident fund market (including a savings plan for each child) and it holds a market share of approximately 25.4% of the total assets managed in provident funds and study funds. Compared to 20.4% as of December 31, 2019. The increase in assets managed by the company is mainly due to the lead in returns which contributed, among other things, to the continued strengthening of the brand and an increase in the transfer of accruals and deposits to the company’s provident funds and study funds.
Equity as of December 31, 2020 amounted to approximately NIS 283.5 billion, compared with equity as of December 31, 2019, which amounted to approximately NIS 226.1 million.
On February 12, 2021, the Company announced that the transaction had been signed for the purchase of the full share capital of Psagot Investment House for a total of NIS 910 million in certain adjustments set forth in the agreement. The transaction will not include the activities of Psagot’s insurance agencies.
Altshuler Shaham Provident and Pension Ltd., managed by Yair Levinstein, is a subsidiary of Altshuler Shaham Investment House. The investment house was established in 1990 by Kalman Shaham and Gilad Altshuler and specializes in the management of mutual funds, investment portfolios, provident funds and pension funds. Shaham, serves as co-CEOs of the investment house, which manages assets with a total financial volume of approximately NIS 208.7 billion.