JERUSALEM Nov 11 Israel's Migdal Insurance and
Financial Holdings swung to a quarterly net profit,
boosted by a rebound in the country's capital markets.
Migdal, one of Israel's largest insurance groups, posted a
third-quarter profit of 180 million shekels ($46 million),
compared with a loss of 113 million shekels a year earlier.
Its profit was partly offset by a 116 million shekel
provision for higher life expectancies for Israelis, it said on
Sunday. Life insurance companies have been ordered by the
country's insurance regulator to set aside additional funds to
cover increased pension payments as Israelis live longer.
Migdal has 154 billion shekels under management.
Gains from investments and financing income totalled 3.0
billion shekels in the July-September period versus a 1.85
billion shekel loss a year earlier. Income from management fees
rose to 244 million shekels from 221 million.
Insurance premiums rose to 2.4 billion shekels from 2.2
Last month Israeli businessman bought a 69.1 percent stake
in Migdal from Generali, Europe's No. 3 insurer, for
705 million euros.
($1 = 3.90 shekels)
(Reporting by Steven Scheer)