2025-05-29-Jefferies-哈雷尔（HARL）_混合转变动力_7页_109kb

Harel Insurance's Equity Research report dated May 29, 2025 highlights strong performance in Q1 2025, achieving high profitability despite market volatility. Key financial metrics include a ROE of 22%, Solvency II ratio of 182%, and comprehensive income of NIS 543 million. IFRS 17 disclosures show stabilization at ILS67.25 with good quality, and strategic improvements include a new business increase in the CSM split growth book. The company also demonstrated rebounding profits in specific areas like risk-based life policies and compulsory motor insurance, while the mix shift momentum supports overall progress. However, earnings stability could be impacted by volatile net investment income and yield curve changes. The valuation maintains a Hold rating with a 12-month price target of ILS61.00.