Global Rating Agency S&P Publishes A- International Rating for Phoenix Insurance

BY Business Wire | MUNICIPAL | 09/12/23 01:52 PM EDT

Second international rating for Phoenix Insurance, following A2 rating from Moody?s

Global ratings underscore financial strength of Phoenix Insurance and Phoenix Holdings

S&P highlights Phoenix Insurance as diversified with strong market position, capital adequacy ratio, and profitability

TEL AVIV, Israel--(BUSINESS WIRE)-- Phoenix Holdings Ltd., a leading Israel-based insurance, asset management, and financials group (TASE: PHOE) (?Phoenix?), announced that global rating agency S&P has awarded its subsidiary Phoenix Insurance an international rating of A- with a stable outlook.

Phoenix Insurance is the first sizable Israeli insurance company to have been awarded two international ratings and the only insurance company to be actively rated on ESG by S&P.

According to S&P?s review, Phoenix Insurance?s rating is based on market leadership, diversified activities and sources of cashflow, and high profitability, capital adequacy ratio, and liquidity. In addition, Phoenix Insurance enjoys business opportunities in growing markets.

The review also states that Phoenix Insurance has a strong capital structure with sound capital raising capabilities, which support the financial resilience of Phoenix.

The rating and outlook for Phoenix Insurance are indicative of Phoenix?s capital raising opportunities in global markets, with a growing base of international equity investors.

About Phoenix Holdings

Phoenix Holdings is a leading Israel-based financial, insurance, and investment group traded on the Tel Aviv Stock Exchange (TASE: PHOE). Group activities include multi-line insurance, asset management, credit, and financial product distribution, and have demonstrated strong growth and performance across the cycle. The Phoenix serves a significant portion of Israeli households with a broad set of activities and solutions across businesses and client segments. Managing over $100 billion in assets, the Phoenix accesses Israel?s vibrant and innovative economic activity through a robust investment portfolio, creating value for both clients and shareholders.

Source: Phoenix Holdings Ltd.

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