Clal Insurance

Investor Presentation • Nov 26, 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 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.

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.

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. With the return of the hostages, we hope for the swift return of the fallen which have yet to be returned, for the well being of the security forces and military, and for peaceful days of recovery, which will allow us to focus our resources and efforts on a momentum of renewed growth and continued realization ofthe tremendous potential inherentin Israel's economy.

3

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

Established Leader in the Israeli Financial Sector

Robust Financials

NIS 1,531M¹ Comprehensive income 1-9/2025

Stable Growth in the Insurance Activity

Leading Credit Card Comapny

Standard of Excellence

1987

Founded

72% Increase in AUM (12/2020-9/2025) 3.4M

Active cards

TA-35

flagship index

NIS 20.7B

Premiums² 1-9/2025

NIS 12.9B

Credit portfolio

NIS 407B

Assets under management (AUM) NIS 200M

NIS 10.1B Shareholders' equity

Dividend distribution for 2024

37%

Growth in premiums² 2020-2024

12.6%

Highest growth rate in nonbanking cards

AA-

S&P Maalot Clal Holdings

Aa3

Aa1

Midroog Max

Midroog Clal Insurance

IFRS 17

International Accounting Standard

AAA Platinum+

Maala rating (ESG)

• 138%
• Clal Insurance solvency ratio 161% with transitional provisions
• 1. Comprehensive income excluding the Special Provision is NIS 1,632 million, see page 11
• 1. Including contributions towards benefits and receipts

The Israeli Economy Strong foundations

Fast growing Pension Young population population contribution rate Young & Growing Population 2% 50% 20.8% Among the highest Average annual of the total population rates globally growth (past 5 years) is under 29 GDP per capita - 2024 Real GDP growth Unemployment forecast for 2026 (USD thousand) rate Robust Economic 55 5.2% 2.8% System Above the OECD Positive trajectory Below the OECD average average R&D investments as Technology New startups a percentage of GDP Tech nation companies powerhouse 9,000 6% 600 Highest worldwide peryear

The Israeli Insurance and Credit Market

Key Drivers

Fertility rate, average no. of children per woman

This is a significant growth engine for the insurance, savings and credit subsegments. In the past decade, Israel's fertility rate has been approx. 100% higher than the average fertility rate of OECD countries.

Public's long-term savings assets (NIS trillion)

Continued substantial growth in assets under management by institutional entities -

including pension funds, provident funds, education funds and executive insurance.

2.5
2.0
1.5
1.0
0.8
0.5
2014
2016
2018
2020
2022
2024

Source: The Capital Market, Insurance and Savings Authority

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 market has significant growth potential.

Private consumption spending per capita (NIS thousand)

This is a significant growth engine in the credit card industry. Approx. 30% in growth in a decade.

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

• 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 income in each insurance segment 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-dependent insurance liabilities, excluding the Hetz bonds component - according to each segment's proportional share - 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 the First Nine Months of 2025

Comprehensive income, post-tax, of approx. NIS 1,531 million, compared to NIS 1,342 million last year

Core income, pre-tax of NIS 1,686 million, a 13% YoY increase

Economic solvency ratio of Clal Insurance is 138% as of June 30, 2025, compared to a ratio of 128% as of December 31, 2024

The Group's Shareholders' equity crossed the NIS 10 billion threshold for the first time

The Group's AUM reached a record NIS 407 billion

Shareholders' equity

A 38% increase in equity since December 2023, approx. 24.9% in return on equity in the quarter

NIS billion

• 1. Return on equity, annualized
• 1. Comprehensive income excluding the Special Provision is NIS 1,632 million

Balances of contractual service margin (CSM)

An increase of approx. NIS 1.5 billion in contractual service margin balances since EOY 2023

NIS billion

January-September 2025 - Comprehensive income, post-tax

The Company earned approx. NIS 1,632 million excluding the Special Provision, while increasing income across all segments

NIS million

Q3/2025 - Comprehensive income after tax

The Company earned approx. NIS 590 million, a YoY increase of 41%

NIS million

Not attributed to operating segments

Agencies and Other

January-September 2025 - Core income from Insurance and Savings, pre-tax

Higher income, except in P&C Compulsory Motor Subsegment

NIS million

January-September 2025 - Comprehensive income before tax in Property and Casualty

Higher core income across all P&C Insurance subsegments, except the Compulsory Motor Subsegment

NIS million

19

Assets Under Management

72% growth in assets under management since December 2020

NIS billion

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

A 138% solvency ratio as of June 30, 2025; taking into account the Transitional Provisions - 161%

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

Company rating

AA+

S&P Maalot Clal Insurance rating

Aa1

Midroog Clal Insurance rating

Credit Cards – Max's net income¹

Max earned approx. NIS 236 million net of the Special Provision, compared to approx. NIS 210 million last year

NIS million

Credit Cards - Max's Results vs. the Competition

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

Return on equity and net income² (%, NIS million)

• 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

Credit Cards - Max's Results vs. the Competition

Realization of Growth Strategy in Non-Banking Cards