Sapiens International — Regulatory Filings 2005

May 24, 2005

SAPIENS

SAPIENS INSIGHT™ FOR LIFE & ANNUITIES LAUNCHED IN NORTH AMERICA

New rules-based insurance solution recognized for future-proofed technology

ORLANDO, FL – MAY 24, 2005 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a leading global provider of rules-based insurance IT solutions, announced today the North American release of its Sapiens INSIGHT™ for Life & Annuities solution at the 2005 ACORD/LOMA conference in Orlando, Florida.

Sapiens INSIGHT™ for Life & Annuities, part of the Sapiens INSIGHT™ suite of insurance solutions, is an innovative individual and group management solution for life, health, and savings products. Developed using the company's pioneering eMerge business-rules technology, it is designed to integrate marketing, product management, distribution, new business, underwriting, policy processing, billing, commissions, claims, funds management, and reporting functionality into a single solution. Sapiens INSIGHT™ for Life & Annuities' product management and configuration capabilities are unique in the industry, enabling clients to design and implement new and enhanced life, health, and savings products in as little as a few days.

In a recent report by Datamonitor titled "Policy Administration Systems in Global Life Insurance," Sapiens was described as a key vendor for Life solutions and the future-proofed technology on offer from Sapiens was described as likely to lead to long-term success. Datamonitor noted that "the Sapiens INSIGHT™ solution, although a new system, is fully componentized and web-enabled, with the capacity to run pensions, health and savings on a single product platform."

"We are proud to introduce Sapiens INSIGHT™ for Life & Annuities to the North American insurance market" said Steven Bessellieu, President, Sapiens Americas. "Its benefits have been widely recognized by analysts and clients throughout Europe and the Middle East with several referenceable implementations including Allianz and Menora. We believe that the solution's flexibility, rules-based technology, rapid implementation and ease of maintenance will help insurance carriers compete and grow in today's market."

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About Sapiens International

Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Formula Group (NASDAQ: FORTY and TASE: FORT), is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens' innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens' clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial Group, Abbey National, ING, and Occidental Fire & Casualty among others.

For more information, please visit http://www.sapiens.com

FOR ADDITIONAL INFORMATION:
Mary Onate
Sapiens Americas
Tel: +1 919-405-1588
e-Mail: mary.o@sapiens.com

Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company's accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company's SEC filings.