Israel’s insurance agency sector continues to generate interest, and the value of the agencies is rising, as the capital market booms, public assets increase due to high returns, and annual current deposits of more than NIS 80 billion in pensions and tens of billions of shekels in provident and training funds, translates into impressive income and profits in the sector.
This is now also being reflected in market transactions. The owners of the Profit insurance agency, Asaf Banai and Shlomi Alberg (40% each), are in negotiations with Leumi Partners (the investment arm of Bank Leumi) as well as the Schestowitz family, which controls the import company that bears their name.
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Under the plan, Leumi Partners and the Schestowitz family will acquire 15% of Profit (10% and 5% respectively) at a valuation of NIS 600 to 650 million, before money, with some of the money going to the controlling shareholders (Banai-Elberg) as well as Yossi Sagol, one of the former controlling shareholders of Keter Plastic, which acquired 20% of the company in 2021. This also means that the valuation is 5.5 times higher than the valuation (NIS 112 million) at which Zehavit Cohen’s Apax Fund acquired control from the founders in 2015. With the dissolution of Psagot in 2021 and its sale to Phoenix, the controlling shareholders bought back the company at a valuation of NIS 160 million.
Profit is one of the largest independent brokerage houses in Israel, with over 300 agents and financial planners and a “supervised” asset volume for its clients of over NIS 80 billion. The company was founded in 2006 by Banai and Alberg. Three years later, it sold 25% of the shares to Apax Fund, and in 2015, the founders sold all the shares (100%), but in 2012, the company returned to the ownership of the founders.
Another venture of Profit’s owners, the alternative investment house Migdalor, did not go so well. The company was floated on the TASE in the wave of IPOs of 2021, raising NIS 63 million at a valuation of NIS 313 million, after money. Two years later, the owners bought the shares back, for only NIS 31 million and at a valuation for the entire company of only NIS 51 million, a loss of more than 80% since the IPO. The fund promoted “an alternative to the capital market” and “diversification and risk reduction” but was an unsuccessful investment for investors.
Published by Globes, Israel business news – en.globes.co.il – on December 29, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
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