Clal Insurance

Earnings Release • Mar 18, 2025

SCLar Accellerating FORWARD

Yoram Naveh March 2025

WAMER

This presentation contains only partial information regarding the Company's results for the January to December 2024 period and was prepared for summary and convenience purposes only. The presentation cannot be in lieu of reviewing the reports published by the Company for the public (including its financial statements), which include the complete information about the Company, before making a decision to invest in the Company's securities. In the event of any discrepancy between that stated in the presentation and that stated in the Company's official reports, that stated in the said reports will prevail.

Any forward-looking forecast and/or statement (as forward-looking information is defined in the lsrael Securities Law, 1968) provided, if any, by way of this presentation, is based on the Company's management's assessment according to its discretion, and involves uncertainty, including factors that are beyond the Company's control, each of which or a combination of them, as well as materialization of any of the risk factors typical of the Company's operations, may lead to the said forecasts and/or assessments not materializing or materializing in a significantly different manner than expected.

This presentation does not constitute an otter to acquire securities of the Company, or an invitation to receive such offers, and is intended for the provision only, as part of providing explanations about the Company.

CLain De insurance GROWING SYNERGETIC ACTIVITY

Insurance Savings Loans & mortgages Credit insurance Agencies

Credit cards issuance Payment acquisition Lending Payment solutions (Hyp)

ONE OF ISRAEL'S FASTEST-GROWING LEADING FINANCE COMPANIES

We strive

To be a market leader prepared for the new financial future

Our focus

To offer tailor-made advanced financial solutions to consumer needs

Our way

A DNA of a strong and stable management team that knows how to seize opportunities for growth OUR ESSENCE

A leading financial group operating in a resilient and growing lsraeli market

T

successful turnaround

Strategically positioned to leverage our synergetic growth engines

3

In a significant momentum following a

group operating in a resilient and growing

A leading financial

lsraeli market

In a significant momentum following a successful turnaround

Strategically positioned to leverage our synergetic growth engines

3

OPERATING IN A RESILENT AND GROWING SRAEL MARKET

ROBUST MACRO FUNDAMENTALS

Young & GROWING POPULATION

STRONG ECONOMIC MARKET

Annual population growth (last 5 years)

Above OECD average

55

GDP per capita (In thousands of \$)

TECH NATION POWERHOUSE

Of total population are under 29

Positive trend

Real GDP growth 2025 forecast

Highest R&D investments

Of total GDP

Highest mandatory pension rate in the world

Savings rate

Lower than OECD average

Unemployment rate

9 Source: Bank of Israel Central Bureau of Statistics, Directorate General of Labor - Israel Ministry of Economy, IMF

POSITIVE MACRO TRENDS

KEY DRIVERS OF ISRAEL'S RESILIENT FINANCIAL SECTOR

11 Sources: OECD. Bank of Israel, Israel Central Bureau of Statistics, Capital Market Authority, Insurance and Savings

THE FINANCIAL SECTOR DEMONSTRATES RESILIENCE IN THE FACE OF SIGNIFICANT CHALLENGES

MARKET RESILIENCE DESPITE EXTERNAL INFLUENCES

13 Source: Bloomberg, Currency: TA-125: NIS, S&P500 and MSCI AC EX US: USD

OUR ESSENCE

A leading financial group operating in a resilient and growing lsraeli market

T

In a significant momentum following a successful turnaround

Strategically positioned to leverage our synergetic growth engines

3

SIGNIFICANT MOMENTUM FOLLOWING A and de casino i TURNAROUND

2

A SUCCESSFUL TURNAROUND

From A VOLATILE LEGACY INSURANCE COMPANY

(LONG-TERM SAVINGS & LTC)

110 A STABLE FINANCIAL COMPANY WITH MOMENTUM AND DIVERSE GROWTH ENGINES

A SUCCESSFUL TURNAROUND

A STABLE FINANCIAL COMPANY WITH MOMENTUM AND DIVERSE GROWTH ENGINES

CLaL (

17

OUR 5-YEAR JOURNEY TOWARDS A SUCCESSFUL TURNAROUND

Core business optimization

Sustainable profit growth

Flexible and hybrid distribution channels

SUSTAINABLE AND PROFITABLE GROWTH BY OPT MIZING THE MIX

(Premiums, contributions and proceeds in respect of investment contracts, NIS Million)

FLEXIBLE AND HYBRID DISTRIBUTION CHANNELS

Click-through, targeted data based campaigns

Online production at the agent's offices

CLAL VISION a cross-sale center for agent's clients

OUR 5-YEAR JOURNEY TOWARDS A SUCCESSFUL TURNAROUND

Core business optimization

Sustainable profit growth

Flexible and hybrid distribution channels

High-quality investment management

A leading institutional investor

Top-performing in Nostro returns

Strong risk management, ALM and solvency efficiency

TOP NOSTRO PERFORMER COMPARED TO THE TOP 5 INSURANCE COMPANIES

2.7% 3.4% 3.7%
7

2020

2021

4.6%

4.0%

0.5% 1.2% 1.5% 1.7%
0.5% 1.2% 1.5% 1.7%
1.5% 1.5% 1.5%

2022

3.9%

6

3.8%

2023

1

1-9/2024

CONSISTENT SOLVENCY GROWTH BEYOND THE MINIMUM CAPITAL TARGET

Excess/deficit capital(NIS Million)

* There is an outline under which as from Economics of December 31, 2024, the ratio calculation may include o stochastic model for part of the insurance lidbities flows (industing variable management fees) subject to on cudit caried harket, he unance and Sovings Authority, The effect of this outline is estinated and rated appox. TX, without taking into occount the Transitional Provisions, and with an additional adaptor. 9%, taking into account the Transitional Provisions.

OUR 5-YEAR JOURNEY TOWARDS A SUCCESSFUL TURNAROUND

Core business optimization

Sustainable profit growth

Flexible and hybrid distribution channels

High-quality investment management

A leading institutional investor

Top-performing in Nostro returns

Strong risk management, ALM and solvency efficiency

Organizational efficiency

Decreasing manpower by 15%, alongside a 40% increase in premiums

Leading innovation throughout the organization

LEADING INNOVATION THROUGHOUT THE ORGANIZATION

Product Development

Sales and Distribution

Client Services

Operational Efficiency

Employee Management

Investments

OPERATIONAL EFFICIENCY USING AI

OUR 5-YEAR JOURNEY TOWARDS A SUCCESSFUL TURNAROUND

Core business optimization

Sustainable profit growth

Flexible and hybrid distribution channels

High-quality investment management

A leading institutional investor

Top-performing in Nostro returns

Strong risk management, ALM and solvency efficiency

Organizational efficiency

Decreasing manpower by 15%, alongside a 40% increase in premiums

Leading innovation throughout the organization

Game changing strategic move

MAX

Market leader in the Israeli credit card sector

THE MOST SIGNIFICANT ACQUISITION IN ISRAEL'S FINANCIAL MARKET - NIS 2.47B

3.2 Active credit cards

2/3M

140B

Market leader in the credit card sector

14.1%

Return of equity

11.6B

Credit portfolio size (NIS)

17.6%

Highest growth in non-banking cards

Groundbreaking strategy that transformed the structure of Clal's Holding Group

Acceleration of regulatory and structural changes that impacted the financial market

MAX STRONG FINANCIAL PERFORMANCE

Leading with high ROE and quality portfolio

* With neutralization of one-time influences

MAX SIGNIFICANT GROWTH IN CREDIT CARD ACTIVITY DRIVEN BY STRATEGY ADOPTION

(Issuing volume by quarter - Non-Bank Cards, NIS Billion)

STRONG IMPROVEMENT IN GROUP PROFITABILITY

(Comprehensive income after tax, NIS Million)

SIGNIFICANT IMPROVEMENT ACHIEVED IN ALL LINES OF BUSINESS

(NIS Million)

2024 REFECTS THE REALIZATION OF THE GROUP'S STRATECY

(NIS Million)

ZUZS	TULA	229	251	365	238	44	(521)	IUT
2024		543	93	82	390	53	249	(456)
Movement I	104	314	୧୫	(283)	152		576	289)

• 1. Mainly stems from a 74 million loss recorded in the corresponding period last year alue to the Iron Swords War
• The increase in income arises mostly from substantial improvement in underwriting income.
• 1. The increase in income arises from improvement in underwriting income and from an increase in investment income.
• 1. Mostly the effects of the change in the interest rate curve on the insurance reserves.
• 1. The results of Max and Milo, as well as of companies under their control, were consolidated under the Company's results as from Q2-2023.
• 1. The higher income is mainly due to investment income totaling approx. NIS 614 million compared to investment income totaling approx. NIS 192 million last year. Additionally, last year, a one-off provision of approx. NIS 220 million was recorded with respect to Max's acquisition..
• 1. Including a one-off increase of approx. NIS 18 million in tax expenses

33

LONG TERM DVDENDD STRIBUTION PLAN BASED ON 2 GROWTH ENGINES

50%+ Of dividends received from the subsidiaries

30%-50% Of comprehensive income

34 * Dividend distributions are subject to legal provisions and the baards of directors of each company

OUR ESSENCE

T

Significant momentum following a successful turnaround

2

Strategically positioned to leverage our synergetic growth engines

STRATEGICALLY POSITIONED TO LEVERAGE OUR SYNERGETIC GROWTH ENGINES

3

A STABLE AND DIVERSE BUSINESS STRATEGY

THE FOUNDATIONS

Capitalizing on Clal insurance's consistent growth by accelerating its core operations

CLal

THE NEXT LEMEL

Maximizing joint capabilities with unique and tailor-made products

THE DIFFERENCE MAKER

Leveraging MAX's purchase and maintaining it's market leadership in the credit card sector

TAILOR-MADE CREDIT CARD BASED ON SHARED CAPABILITIES

• · The targets are after adjustment to IFRS17 and IFRS9
• The targets assume no additional capital raising beyond the company's existing capital
• · Based on the dividend distribution policy of the company and its subsidiaries

THANK YOU