Clal Insurance

Investor Presentation • Mar 19, 2025

Waiver

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 Israel 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 mannerthan expected .

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

Introduction

In this difficult, painful period for the people of Israel, our hearts go out to the families whose lives have suddenly altered, to the hostages who have yet to come home, and to all our heroic soldiers who have been serving in the IDF and security forces for over a year, with determination and courage, to protect all of us.

During this period of uncertainty - with Israeli society facing complex and unbearably painful security and social challenges - we, as a leading institutional entity in the Israeli economy, feel obliged to show national responsibility: to continue to serve as an anchor of stability and social responsibility, to stand by our employees, our customers and our shareholders, and to be part of the economic infrastructure which supports Israeli society and its resilience.

We hope to be facing a calmer period, in which we can invest all our resources in accelerated economic growth and the affected regions.

The Israeli Economy Robust Macroeconomic Data

The Israeli Insurance and Credit Market Key Drivers

6

Fertility rate, average no. of children per woman Penetration rate - insurance products (%)

Growth engine of Long-Term Savings subsegment. One can see an average annual growth rate of approx. 8% during the past five years.

Average savings per capita (NIS thousand) Expenditure for private consumption per capita (NIS thousand)

2024 Reflects the Realization of the Group's Strategy

In 2023, Clal Holdings Group completed the acquisition of credit card company Max, and it is currently benefiting from two significant pillars - the Insurance and Long-Term Savings Segment and the Credit Cards Segment. Thus, Clal Holdings is accelerating its change from a legacy insurance company with a significant bias towards traditional long-term savings and long-term care products, to a financial holding group with diversified sources of non-cash income and profit.

The Company's higher earnings arises from a significant increase in income from business activity, both in Insurance and Savings and in Credit Cards segments. It is apparent that Max group is well incorporated in Clal Holdings Group in its capacity as a leading institutional entity in Israel, and that its strong results contribute significantly to the Group's growth.

The dividend distribution executed by the Company after more than a decade is further evidence of its financial strength and ability to combine business growth with maximizing value for its shareholders.

Group Results - Highlights

* There is an outline under which, as from Economic Solvency Ratio Report as of December 31, 2024, the ratio calculation may include a stochastic model for part of the insurance liabilities flows (including variable management fees), subject to an audit carried out by the Capital Market, Insurance and Savings Authority. The effect of this outline is estimated at an additional rate of approx. 17%, without taking into account the Transitional Provisions, and with an additional rate of approx. 9%, taking into account the Transitional Provisions.

Main Trends Continued Improvement Across the Company's KPIs

With added contributions towards benefits and investment contracts

Return on equity (%)

Attributable to shareholders Attributable to shareholders

Comprehensive income, after tax (NIS million)

Key trends

Comprehensive income after tax in the reporting period of approx. NIS 956 million, compared to an income of NIS 305 million last year

Comprehensive income after tax in Q4 of approx. NIS 365 million, compared to an income of NIS 102 million last year

Significant increase in underwriting income in Insurance and Savings, mainly in the Property and Casualty Segment and in the Health Insurance Segment

Continued growth in Max's profitability, the income of the Credit Card Segment totaled approx. NIS 390 million before tax in 2024

Economic Solvency Ratio in Clal Insurance stood at 126% as of June 30, 2024, compared to a ratio of 109% as of December 31, 2023

A dividend distribution in Clal Insurance and Clal Holdings for the first time in over a decade, totaling NIS 100 million

Structure of main holdings

Diversified activity in the fields of insurance and long-term savings, credit cards and insurance agencies

Operating Segments

P&C Insurance

comprises five subsegments: Liability - Compulsory Motor and Other Liability (which mainly includes third-party liability insurance products); Property - Motor Property, Credit Insurance and Other Property (including remaining property subsegments other than motor and liability as well as other insurance subsegments, such as guarantees).

Health Insurance

comprises the Group's activity in the Health Insurance subsegments. The segment includes LTC (individual and collective) and Illnesses and Hospitalization (which includes medical expenses, surgeries and transplants, personal accidents and travel).

Long-Term Savings

includes the Group's activity in the life insurance, pension funds and provident funds subsegments. The segment includes long-term savings as well as insurance coverage of various risks such as death and disability insurance

Credit Cards

includes credit cards operating results, divided into two main areas of activity: issuance and acquiring.

Other Mostly includes own agencies and investment in Michlol

consists of the Group's headquarters, which mainly consists of capital, liabilities (including finance expenses for Max's acquisition) and assets outside the insurance or credit card businesses, and amortization of Max's excess cost

Shareholders' equity Return on equity of approx. 11.2% in the reporting period and approx. 15.9% in Q4 of 2024

NIS million

Post-Tax Comprehensive Income, by Operating Segment - 2024

The Company made a post-tax profit of approx. NIS 956 million, while diversifying its sources of income and increasing its income from business activity

6

The increase in income arises mostly from substantial improvement in underwriting income.

2

3

4

The increase in income arises from improvement in underwriting income and from an increase in investment income.

5 the Company's results as from Q2-2023

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..

7 Including a one-off increase of approx. NIS 18 million in tax expenses

Mostly the effects of the change in the interest rate curve on the insurance reserves.

Post-tax Comprehensive Income, by Operating Segment - Q4-2024

The Company made a post-tax income of approx. NIS 365 million, an approx. NIS 263 million increase compared to the corresponding quarter last year

Assets Under Management Growth of Approx. 56% in Assets Under Management Since December 2020

NIS billion

Scope of the Insurance and Long-Term Savings Activity

Strong Growth in Core Activity (Pension, P&C And Rife) Against a Run-Off in Executive Insurance

Premiums earned, gross, contributions towards benefits and proceeds in respect of investment contracts, NIS billion

Compliance with Solvency Requirements and Management's Policy - Clal Insurance

A Solvency ratio of 126% as of June 30, 2024, and taking into account the Transitional Provisions - 162%

Excess/deficit capital for solvency and solvency ratio purposes*

Dividend distribution policy

In June 2023, the Board of Directors of the Company approved a policy for the distribution of a dividend at a rate of 30%-50% of Clal Insurance's comprehensive income

The distribution is subject to the Company's compliance with a minimum capital target of 110%

In accordance with this policy, a dividend of approx. NIS 100 million was distributed, which represents approx. 45% of the Company's comprehensive income in 2023

The Company's rating

19 * There is an outline under which, as from Economic Solvency Ratio Report as of December 31, 2024, the ratio calculation may include a stochastic model for part of the insurance liability flows (including variable management fees), subject to an audit carried out by the Capital Market, Insurance and Savings Authority. The effect of this outline is estimated at an additional rate of approx. 17%, without taking into account the Transitional Provisions, and with an additional rate of approx. 9%, taking into account the Transitional Provisions.

Returns on Own (Nostro) Assets*

Compared to Leading Competitors, Clal Leads in Returns on Nostro Assets and Has Been Ranked First in Recent Years

P&C Insurance

Strong Growth of Approx. 10% in Gross Premiums in 2024, Mainly in the Property Subsegments, While Continuing to Improve Liabilities

2,592 2,942 3,275 3,596 3,952 2020 2021 2022 2023 2024 CAGR +11% Premiums, gross, NIS million

P&C Insurance

Increase of Approx. NIS 237 Million in Comprehensive Income, While Substantially Improving the Underwriting Income

P&C Health Life Pension and Provident Credit Cards Other

Comprehensive income, before tax, by operating segment, NIS million

Health Insurance

Growth in the Individual Illnesses and Hospitalization Subsegment Compared to a Run-Off in the Long-Term Care Subsegments

Premiums, gross, NIS million

Health Insurance

Increase in Comprehensive Income as a Result of Underwriting Improvement in the Individual Insurance Subsegments and the Release of Reserves in the Long-Term Care Subsegment Due to the Increase in Interest P&C Health Life Pension and Provident Credit Cards Other

Comprehensive income, before tax, by operating segment, NIS million

25 1. The higher income arises mainly from a pre-tax decrease of approx. NIS 35 million in the liability compared to an increase in the reserve due to the effect of the changes in actuarial assumptions totaling NIS 102 million in the corresponding period last year

Long-Term Savings Growth in Pension Contributions Towards Benefits, Alongside Continued Run-Off in Life Insurance (Executive Insurance)

P&C Health Life Pension and Provident Credit Cards Other

Premiums earned, gross, contributions towards benefits and proceeds in respect of investment contracts, NIS billion

Long-Term Savings Decrease in Income from Life Insurance Mainly Due to a Decrease in Interest Rate Effects Compared to Last Year

P&C Health Life Pension and Provident Credit Cards Other

Comprehensive income before tax, by operating segment, NIS million

27 1. The lower income arises mainly from a pre-tax decrease of approx. NIS 41 million in the liability due to the interest rate effect, compared to a decrease of approx. NIS 384 million in the liability due to the interest rate effect in the corresponding period last year

Credit Cards - Max's Results¹ Higher Income Totaling Approx. NIS 273 million After Tax, Despite the Iron Swords War

Pretax income, NIS million 288 380 35 2024 2024 323 +57M Pre-tax income One-off selling expenses² 94 118 248 2020 2021 2022 2023 2024 +179M Net income One-off selling expenses

Net income, NIS million

During the reporting period, Max's effective tax rate increased as a result of oneoff tax expenses arising from the conclusion of income tax assessments in respect of previous years

218

2

28

246

273

1. The results of Max were consolidated under the segment as from April 1, 2023

2. One-off selling expenses arising from the completion Clal Holdings' acquisition transaction

Credit Cards - Max's Results vs. the Competition

(%, NIS million)

Max Leads in Return on Equity, Credit Portfolio Size and Quality

P&C Health Life Pension and Provident Credit Cards Other

Isracard Cal MAX 8.7% 12.0% 14.0% 2023 2024 Net income 252 277 246 264 324 273 Net income Isracard Cal MAX 8.6% 12.4% 14.1%

Return on equity and net income¹

Size of credit portfolio, NIS billion

Credit Cards - Max's Results vs. the Competition Realization of Growth Strategy in Non-Banking Cards

Credit Cards - Max's Results vs. the Competition Realization of Growth Strategy in Non-Banking Cards

Issuing Volume - Non-Bank Cards, NIS Billion

Other Segment

Growth of Approx. 83% in Comprehensive Income in the Past Four Years, Mostly in Respect of Own Agencies

Income from fees and commissions, NIS million

Comprehensive income, before tax, NIS million

IFRS 17 - Key Issues

Approach selected for the solvency regime and financial reporting

IFRS 17	Solvency II
Cash flow best	Cash flow best
estimate (BE)	estimate (BE)
Net of risk	Net of risk margin
adjustment (RA)	(RM)
Accounting	Economic equity
equity	Insurance
+	policies
CSM	(VIF)

Comparison of Solvency II to IFRS 17 (new business)

IFRS 17	Solvency II
Cash flow best	Cash flow best
estimate (BE)	estimate (BE)
Net of risk	Net of risk margin
adjustment (RA)	(RM)
CSM (spread of	VNB (immediate
earnings)	recognition)

IFRS 17 - Key Issues

Implementation Approaches for Transition Day

If feasible, application is mandatory	If not feasible, application should be made retrospectively
Retrospective application of the Standard (FRA)	Modified retrospective application (MRA)	Fair value (FV) estimate

The transition method is examined for each group of contracts such that all approaches may be used. The selected approach could have a material effect on capital and future earnings as of the transition date.

Under the Solvency II capital regime, profit with respect to business from previous years was recognized immediately; therefore, there is no relevance to the spread on transition date.

KPIs in IFRS 4 vs. IFRS 17 for the 1-6/2024 period

NIS million

Real risk-free SPOT interest + 80% illiquidity premium

The change in interest rate has a material effect on the amount of insurance liabilities and financial assets