Clal Insurance

Investor Presentation • Dec 2, 2025

Waiver

This presentation contains only partial information regarding the Company 's results for the January to September 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 Israeli 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 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.

Unique business mix & diverse growth engines

Unique business mix & diverse growth engines

XCLaL

MAX

407B

10.1B

1,531M

15B

AUM (NIS) Shareholders' Equity (NIS) Comprehensive Income 1-9/2025 (NIS)

Market Cap (NIS)

il.AA-

S&P

TA-35

Flagship index

~3.5M

Customers

Insurance P&C, Health and Life

Long-term savings

Credit insurance

Agencies

Loans & mortgages

72%

AUM growth 12/2020-9/2025

161%*

Solvency ratio – Clal insurance

20.7B

Premiums 1-9/2025 (NIS) 37%

Premiums growth 2020-2024

* During the transition period

Credit cards issuance

Acquiring

Lending

Payment solutions (Hyp)

3.4M

Active credit cards

12.9B

Credit portfolio (NIS)

12.6%

Highest growth in non-banking cards

ISRAEL 2025

Strong economic fundamentals, positioned to deliver high returns

2024-2025

The financial sector demonstrated

Resilience

Followed by significant challenges

Robust macro fundamentals

Young & growing population

Strong economic market

Tech nation powerhouse Technology

Fast growing population

2%

Annual population growth (last 5 years)

Above OECD average

55

GDP per capita (In thousands of \$)

9k

companies

Young population

50 %

Of total population are under 29

Positive trend

5.2 %

Real GDP growth 202 6 forecast

Highest R&D investments

6%

Of total GDP

Among the highest rates globally

20.8 %

Pension contribution rate

Lower than OECD average

2.8%

Unemployment rate

600

Israeli new start -ups per year

LATEST NEWS BOOSTING THE ECONOMY FORWARD

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1-25 Q3-25

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1-25 Q3-25

A unique financial market with significant growth opportunities

High regulatory entry barriers

Dominated by a selection of major companies

A unique structure offering a range of financial solutions under a single provider

Consumers tend to trust established companies

Improvement Across All the Company's KPIs

Core income pre-tax*
(NIS million)

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.

Diverse and balanced portfolio

(Pre -tax core income, 1-9 /2025 , NIS)

Significant improvement in profitability ( 1-9 /2025 )

(1-9 2024 /2025 , NIS Million)

Significant improvement in profitability (Q 3/2025 )

(Q3 2024 /2025 , NIS Million)

Consistent solvency ratio growth Beyond the minimum capital requirement

^* During the transition period

Long -term goal

170%

2032

161%*

^** Current capital threshold for dividend purposes

Excess/deficit capital (NIS Million) Minimum capital target for dividend purposes Solvency ratio

2025: Excellence in key quality parameters

Leaders in investment returns for clients

Clients and Agents satisfaction surveys

As the leading workplace

Among traditional companies in the insurance sector

NIS 2.47B

A significant acquisition in Israel's financial market

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

Acceleration of regulatory and structural changes that impacted the financial market

Leading the credit card sector with Strong financial performance

High ROE and quality portfolio (1-9/2025)

Portfolio size (NIS Billion)

% of net write-offs from outstanding balance of accounts receivable (individual)

Significant growth in non -banks credit cards activity driven by a focused strategy

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

Long -term dividend distribution plan Based on 2 growth engines

ECLaL

Well positioned to leverage our strong market presence with Further Room For Scaling

Strategically positioned to unlock our potential synergetic value

THE FOUNDATIONS

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

CLaL

THE NEXT LEVEL

Maximizing joint capabilities in insurance and credit, leveraging new banking reforms through a unique, data-driven, tailor-made offering

THE DIFFERENCE MAKER

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

Developing a potential joint value proposition for the companies' customers

THE NEXT LEVEL

5B (NIS)

Are paid annually by Clal to its clients in claims and pensions

up to 0.5 M (NIS)

in deposits are eligible for 3% interest through Max's issued digital wallet

Young clients may not need to open a bank account in the near future

This year outperforming our medium-term targets for 2027

(NIS)

1.3-1.6B

Comprehensive Income

420-460B

Assets under Management

12%-15%*

Return on Equity

~200M

Dividend Distribution

$^*$ In 1-9/2025 the annualized ROE is 23.5% (annualized ROE of 25.1% excluding the Special Provision). Based on this, we may consider increasing our targets at a later stage.

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