Phoenix life insurance profit plunges - Profit from general insurance activity also tumbled to NIS 8.1m. from NIS 19.4m

Israel Phoenix Assurance (TASE: PHOE1;PHOE5) made headlines yesterday after it was sold to Delek Group Ltd. (TASE: DLEKG) controlled by Yitzhak Tshuva for $214 million, reflecting a value for Phoenix of NIS 750 million. The company will be the focus of interest again today, following the publication of its second quarter report, which the company warned would show lower profit.

Life insurance premiums getting lower

At last, some good news from the insurance industry.

Premiums for individual life insurance will drop, on average, by 4 percent next year, the Insurance Information Institute said last week.

The drop continues a generally downward trend in life insurance premiums that began several decades ago, the industry-backed group said. The move is in line with the average 5 percent per year drop that began six years ago. This year's premiums are less than half what they were over a decade ago, the group said.

Menorah breaks ranks on life-insurance mobility - Menorah's endorsement is seen harming the insurance companies' anti campaign

The first and significant cracks are being seen in the position of Israeli insurance companies against the Ministry of Finance's plan to allow mobility between pension products, providers and channels. "Globes" learned that Menorah Holdings (TASE: MORA1;MORA5), headed by chairman Menachem Gurwitz and CEO Ari Kalman, support plans by the Ministry of Finance for mobility of life insurance policies. This stance by Menorah directly contravenes that of the other companies in the