IDI Direct Insurance Ltd. (TASE: IDIN) managed by Raviv Zoller and controlled by the Schneidman family, continues to present superlative financial results, reporting a record quarter and "continued growth in number of customers and scope of activity in all branches of the business".
The company's profit grew by 122% in the first nine months of 2017 to NIS 148 million. Third quarter profit grew by 112% to NIS 58 million. In the first nine months, premium income grew 14% to NIS 1.2 billion.
Zoller said that "there is great potential in health and life insurance is great, and we believe that these will be significant growth engines in the coming years."
IDI Direct Insurance's market cap has grown by 265% to NIS 3.6 billion since it was listed on the Tel Aviv Stock Exchange in 2013. Among those who have profited is US investment firm Battery Ventures, which bought 17% of IDI Direct Insurance in July 2012 at a company valuation of NIS 900 million.
Since then, Battery Ventures has sold shares, and benefitted from a stream of dividends. It ceased to be a party at interest in the company when its holding fell below 5% in May this year. On Thursday it was reported that it had sold shares representing 2.2% of IDI Direct Insurance for NIS 76.2 million in an off-floor transaction. The sale was at a price per share 1.3% below the market base price. Battery thus posts a gain of 365% on its investment in the company, adjusted for dividends. It remains with a 0.5% stake.
Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2017
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