Clal Insurance

Investor Presentation • Aug 25, 2025

Financial Statements June 2025

Waiver

This presentation contains only partial information regarding the Company ' s results for the January to June 2025 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 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

During this complex period, when Israeli society faces multiple challenges, we at Clal Group continue to act with a deep sense of responsibility and belief in the power of a stable economy to bring about change.

Despite the difficulties and turmoil, the Israeli economy continues to show exceptional resilience. The strength of Israel's financial system, its capital market, its business entrepreneurship and its social fabric – have proven time and again the economy's ability to recover, adapt and even grow out of a crisis.

In such an environment, Clal is proud to serve as a central pillar of Israel's economic infrastructure – a stable, profitable and responsible entity, committed not only to achieving returns, but also to contributing to the economy, society and to boosting the public's trust. We hope for the swift return of the hostages, for the wellbeing of the security forces and military, and for peaceful days of recovery, which will allow us to focus our resources and efforts on the momentum of renewed growth and continued realization of the tremendous potential inherentin Israel's economy.

Clal Holdings – One of Israel's Fastest Growing, Leading Financial Groups

1. Comprehensive income excluding the Special Provision is NIS 1,042 million, see page 11

2. Including contributions towards benefits and receipts

The Israeli Insurance and Credit Market Key Drivers

7

Source: The Capital Market, Insurance and Savings Authority

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

Reflects the development level of the insurance sector in Israel; calculated as total premiums of the insurance market divided by GDP of that year. The Israeli insurance

Public's long-term savings assets (NIS billion) Private consumption spending per capita (NIS thousand)

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

Activity that is not assigned to segments

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

Continued Implementation of the Group's Strategy

Since Clal Holdings Group completed the acquisition of credit card company Max, it has been benefiting from two significant pillars - the Insurance and Long-Term Savings Segment and the Credit Cards Segment. Thus, Clal Holdings is changing 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 presents higher earnings arising from a significant increase in income from business activity, both in Insurance and Savings and in the Credit Cards Segment. 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.

In 2024, the Company distributed dividends for the first time in a decade. This year, Clal Insurance has distributed approx. NIS 300 million in dividends, of which Clal Holdings has decided to distribute approx. NIS 200 million to its shareholders.

Improvement Across the Company's KPIs

1

Net of tax adjustments include an increase in the provision following a judgment handed down to the credit card companies (hereinafter - the "Special Provision"), which pertains mostly to the years prior to Max's acquisition.

* Core income - the income includes underwriting income, income from savings management(investment contracts, pension and provident), credit cards, agencies and the Group's finance expenses. In addition,the comprehensive income includes an additional annual spread of 2.25% above the risk-free interest rate plus a weighted illiquidity premium with respect to the investment portfolio held against non-yield-dependentinsurance liabilities excluding the Hetz bonds component, and nominal risk-free interest plus an annual spread of 2.25% with respect to the investment portfolio held against the Company's capital and financial liabilities.

Key trends in H1/2025

Comprehensive income, after tax, of approx. NIS 941 million, income of NIS 1,042 million excluding the Special Provision

High underwriting income from Insurance and Savings, totaling approx. NIS 615 million before tax

Continued growth in the profitability of the Credit Cards Segment - Max's income totaled approx. NIS 150 million after tax (excluding the Special Provision)

CONTROL
On Starmore CONTINUE

Distribution of dividends by Clal Insurance and Clal Holdings of NIS 300 million and NIS 200 million, respectively, for 2024.

Economic Solvency Ratio in Clal Insurance stood at 128% as of December 31, 2024, compared to a ratio of 109% as of December 31, 2023.

Shareholders' equity Return on equity of approx. 21.5% in H1/2025, return of of 23.8% excluding the Special Provision

NIS billion

• 1. Return on equity, annualized
• 1. Comprehensive income excluding the Special Provision is NIS 1,042 million

Balances of contractual service margin (CSM)

An increase of approx. NIS 1.3 billion in contractual service margin balances from the end of 2023 and stability in the past six months

NIS billion

H1/2025 - Comprehensive income after tax

The Company earned approx. NIS 1,042 million excluding the Special Provision, compared to NIS 925 million last year

Underwriting income improved, except in Compulsory Motor Insurance, which was mainly affected by last year's netting agreement with the National Insurance Institute 1

Q2/2025 - Comprehensive income after tax

The Company earned approx. NIS 632 million excluding the Special Provision, compared to NIS 610 million last year

Underwriting income improved slightly, except in Compulsory Motor Insurance, which was mainly affected by last year's netting agreement with the National Insurance Institute 1

The lower income arises from the effects of Operation Rising Lion

H1/2025 - Underwriting income from Insurance and Savings

Underwriting income was up in P&C insurance - except in the Compulsory Motor Subsegment

NIS million

2

1 In Health Insurance, there was an increase in underwriting income, which was offset by an increase in the provision for class actions

Movement 16 - (22) 8

Increase in underwriting income across all P&C Insurance subsegments except Compulsory Motor Insurance, which was mainly affected by last year's netting agreement with the National Insurance Institute

H1/2025 - Comprehensive income before tax in the Property and Casualty Segment Increase in underwriting income across all P&C Insurance subsegments, except in the Compulsory Motor Subsegment

NIS million

1

The decrease in underwriting income in Compulsory Motor Insurance was mainly affected by last year's netting agreement with the National Insurance Institute

Assets Under Management Growth of 66% in Assets Under Management since December 2020

NIS billion

* In Nostro, approx. NIS 4 billion was added for revaluation of illiquid debt assets (mainly designated bonds), in accordance with the first-time application of IFRS 9

Clal Insurance - Compliance with Solvency Requirements and Management's Policy A Solvency ratio of 128% as of December 31, 2024, and taking into account the Transitional Provisions - 158%

Excess/deficit capital for solvency and solvency ratio purposes (NIS million, %) 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

In May 2025, the minimum capital target after dividend distribution was revised to 115%

In accordance with this policy, a dividend of approx. NIS 300 million was distributed by Clal Insurance for 2024

The Company's rating

AA+ S&P Maalot Clal Insurance rating Aa1 Midroog Clal Insurance rating

1. The data for the year 2024 presented take into account the dividend distribution

Credit Cards – Max's net income¹

In H1/2025, Max earned approx. NIS 150 million net of the Special Provision, compared to NIS 140 million last year

NIS million

Credit Cards - Max's Results vs. the Competition

Max Presents High Return on Equity, and Leads in Credit Portfolio Size and Quality²

• 1. Based on net write-offs from outstanding balance of accounts receivable (individual)
• 1. Net of one-off effects

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

Issuance turnover, NIS billion No. of active cards, millions of units Isracard Cal Max %Y0Y Rate of non- %Y0Y banking cards out of total no. of cards - Non-banking %Y0Y Rate of nonbanking cards out of total no. of cards 114.1 122.3 88.7 98.9 66.6 72.9 H1/2024 H1/2025 269.4 294.1 42% 44% +2% 30% 31% 22% 22% - +14.9% +16.3% +9.8% +1% 3.1 3.6 4.6 H1/2024 3.3 3.9 4.7 H1/2025 11.2 11.8 47% +2% 40% 28% +1% -

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