Harel Insurance Investments and Financial Services
Full Text
הראל השקעות בביטוח ושירותים פיננסיים בע"מ
Head office: Abba Hillel Silver Rd 3, Ramat Gan 5211802, Israel. Tel.: +972-3-7547090
A publicly traded Israeli insurance company operating in the fields of life insurance, general insurance, health insurance, provident and pension funds, and capital market activities.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense.
As previous research by Who Profits has shown, Harel and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Holdings in Complicit Companies
Through its holdings in other companies, Harel is complicit in the exploitation of occupied natural resources, development of settlement infrastructure and settlement construction, and providing services to the Israeli military and Israel Police.
Construction of Settlement Infrastructure
Harel is one of the three owners of the Israel Infrastructure Fund, which partially owns the IBC Fiber Project, together with Cellcom, Hot Telecommunication Systems and the Israel Electric Corporation (IEC).
IBC Unlimited holds a license to deploy fiber across the occupied West Bank to provide high-speed internet to settlements in the West Bank. The company provides fiber optic internet infrastructure in the settlements of Givat Ze’ev, Ma’ale Adumim, Ariel, Beit Aryeh, Oranit, Revava, Barkan, Elkana, Alfei Menashe and Nofim in the occupied West Bank.
Financing Exploitation of Occupied Resources
Harel holds 6.8% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Harel, together with a consortium of Bank Hapoalim and Phoenix, financed the construction of Enlight’s Emek Habacha Wind Project in the occupied Syrian Golan with NIS 525, million 80% of the cost of the entire project.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Construction on Occupied Land
Harel holds 17.27% of the shares of Gamla Harel Residential Real Estate Ltd. (TASE:GMLA), which provides financial support to real-estate projects.
In February 2022, Gamla Harel accompanied the Israeli construction company A.Barkan’s construction project on 10,460 square meters of land in the settlement of Ariel in the occupied West Bank on lands belonging to the Palestinian city of Salfit and the Palestinian town of Marda according to Plan no.130/8. The project was also accompanied by Jerusalem Bank. As part of the agreement Gamla Harel holds as collateral all the company’s surpluses from the project built by the company on the land, i.e. the funds that will accumulate and remain in the Jerusalem Bank's escrow account.
In 2021, Gamla Harel accompanied the Israeli construction company Efi Capital’s construction project in the settlement of Givat Hamatos in occupied East Jerusalem. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
In 2020, Gamla Harel accompanied the Israeli construction company Toren your House’s construction project on 14,854 square meters of land in the settlement of Ariel. As part of the agreement, Gamla Harel held as collateral the company's rights in the project.
Harel holds 9.85% of the shares of construction and real estate company Z.M.H. Hammerman, which was engaged in settlement construction and holds real estate in the occupied West Bank.
Harel holds 5.07% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Holdings in Israeli Banks
Harel holds shares in Israeli banks Discount Bank (7.26%), Hapoalim Bank (6.83%) and Leumi Bank (5.95%), all of which are involved in financing settlement construction on occupied land and in providing financial services to settlements' regional and local councils. For more on the involvement of Israeli banks see their profiles and Who Profits’ report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Services to the Israeli Ministry of Defense
Harel holds 0.52% of the shares of Elbit systems, Israel’s biggest military and arms company, which works closely with the Israeli military to which it develops and supplies weapon and surveillance systems. Elbit Systems' weapon systems and armaments have been extensively used in the ongoing recent attacks on Gaza and in Israeli military attacks in Lebanon. For more on Elbit Systems’ complicity in the 2023 Israeli attack on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
In October 2021, the Israel Infrastructure Fund, together with the Bezeq and Serverfram companies, invested NIS 500 million in the establishment of a server farm that will host Bezeq and Google, where Google will host on its servers the government and commercial companies' activities as part of its role in the Nimbus project. Project Nimbus provides cloud services to different Israeli bodies, including the Israeli Ministry of Defense (IMOD) and the Israeli military.
Harel provides group health insurance services for the Ministry of Defense Rehabilitation Department.
Services to the Israel Police
Harel financed, together with Discount Bank, the establishment of Policity, the Israeli Police national training center.
Additionally, the company special insurance services to Israel Aerospace Industries and Rafael Advanced Systems Israeli government-owned weapons manufacturers.
Investment in Israeli Defense Startups
Harel is an anchor investor in the Ace Capital Partners venture capital fund, a defense tech investment fund focused on military startups of defense, aviation, and space. The fund was established in August 2024 by a former Israeli Air Force commander in collaboration with the Key1 fund.
A publicly traded Israeli insurance company operating in the fields of life insurance, general insurance, health insurance, provident and pension funds, and capital market activities.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense.
As previous research by Who Profits has shown, Harel and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Holdings in Complicit Companies
Through its holdings in other companies, Harel is complicit in the exploitation of occupied natural resources, development of settlement infrastructure and settlement construction, and providing services to the Israeli military and Israel Police.
Construction of Settlement Infrastructure
Harel is one of the three owners of the Israel Infrastructure Fund, which partially owns the IBC Fiber Project, together with Cellcom, Hot Telecommunication Systems and the Israel Electric Corporation (IEC).
IBC Unlimited holds a license to deploy fiber across the occupied West Bank to provide high-speed internet to settlements in the West Bank. The company provides fiber optic internet infrastructure in the settlements of Givat Ze’ev, Ma’ale Adumim, Ariel, Beit Aryeh, Oranit, Revava, Barkan, Elkana, Alfei Menashe and Nofim in the occupied West Bank.
Financing Exploitation of Occupied Resources
Harel holds 6.8% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Harel, together with a consortium of Bank Hapoalim and Phoenix, financed the construction of Enlight’s Emek Habacha Wind Project in the occupied Syrian Golan with NIS 525, million 80% of the cost of the entire project.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Construction on Occupied Land
Harel holds 17.27% of the shares of Gamla Harel Residential Real Estate Ltd. (TASE:GMLA), which provides financial support to real-estate projects.
In February 2022, Gamla Harel accompanied the Israeli construction company A.Barkan’s construction project on 10,460 square meters of land in the settlement of Ariel in the occupied West Bank on lands belonging to the Palestinian city of Salfit and the Palestinian town of Marda according to Plan no.130/8. The project was also accompanied by Jerusalem Bank. As part of the agreement Gamla Harel holds as collateral all the company’s surpluses from the project built by the company on the land, i.e. the funds that will accumulate and remain in the Jerusalem Bank's escrow account.
In 2021, Gamla Harel accompanied the Israeli construction company Efi Capital’s construction project in the settlement of Givat Hamatos in occupied East Jerusalem. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
In 2020, Gamla Harel accompanied the Israeli construction company Toren your House’s construction project on 14,854 square meters of land in the settlement of Ariel. As part of the agreement, Gamla Harel held as collateral the company's rights in the project.
Harel holds 9.85% of the shares of construction and real estate company Z.M.H. Hammerman, which was engaged in settlement construction and holds real estate in the occupied West Bank.
Harel holds 5.07% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Holdings in Israeli Banks
Harel holds shares in Israeli banks Discount Bank (7.26%), Hapoalim Bank (6.83%) and Leumi Bank (5.95%), all of which are involved in financing settlement construction on occupied land and in providing financial services to settlements' regional and local councils. For more on the involvement of Israeli banks see their profiles and Who Profits’ report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Services to the Israeli Ministry of Defense
Harel holds 0.52% of the shares of Elbit systems, Israel’s biggest military and arms company, which works closely with the Israeli military to which it develops and supplies weapon and surveillance systems. Elbit Systems' weapon systems and armaments have been extensively used in the ongoing recent attacks on Gaza and in Israeli military attacks in Lebanon. For more on Elbit Systems’ complicity in the 2023 Israeli attack on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
In October 2021, the Israel Infrastructure Fund, together with the Bezeq and Serverfram companies, invested NIS 500 million in the establishment of a server farm that will host Bezeq and Google, where Google will host on its servers the government and commercial companies' activities as part of its role in the Nimbus project. Project Nimbus provides cloud services to different Israeli bodies, including the Israeli Ministry of Defense (IMOD) and the Israeli military.
Harel provides group health insurance services for the Ministry of Defense Rehabilitation Department.
Services to the Israel Police
Harel financed, together with Discount Bank, the establishment of Policity, the Israeli Police national training center.
Additionally, the company special insurance services to Israel Aerospace Industries and Rafael Advanced Systems Israeli government-owned weapons manufacturers.
Investment in Israeli Defense Startups
Harel is an anchor investor in the Ace Capital Partners venture capital fund, a defense tech investment fund focused on military startups of defense, aviation, and space. The fund was established in August 2024 by a former Israeli Air Force commander in collaboration with the Key1 fund.
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Harel Insurance Investments and Financial Services
הראל השקעות בביטוח ושירותים פיננסיים בע"מ
Head office: Abba Hillel Silver Rd 3, Ramat Gan 5211802, Israel. Tel.: +972-3-7547090
A publicly traded Israeli insurance company operating in the fields of life insurance, general insurance, health insurance, provident and pension funds, and capital market activities.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense.
As previous research by Who Profits has shown, Harel and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Holdings in Complicit Companies
Through its holdings in other companies, Harel is complicit in the exploitation of occupied natural resources, development of settlement infrastructure and settlement construction, and providing services to the Israeli military and Israel Police.
Construction of Settlement Infrastructure
Harel is one of the three owners of the Israel Infrastructure Fund, which partially owns the IBC Fiber Project, together with Cellcom, Hot Telecommunication Systems and the Israel Electric Corporation (IEC).
IBC Unlimited holds a license to deploy fiber across the occupied West Bank to provide high-speed internet to settlements in the West Bank. The company provides fiber optic internet infrastructure in the settlements of Givat Ze’ev, Ma’ale Adumim, Ariel, Beit Aryeh, Oranit, Revava, Barkan, Elkana, Alfei Menashe and Nofim in the occupied West Bank.
Financing Exploitation of Occupied Resources
Harel holds 6.8% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Harel, together with a consortium of Bank Hapoalim and Phoenix, financed the construction of Enlight’s Emek Habacha Wind Project in the occupied Syrian Golan with NIS 525, million 80% of the cost of the entire project.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Construction on Occupied Land
Harel holds 17.27% of the shares of Gamla Harel Residential Real Estate Ltd. (TASE:GMLA), which provides financial support to real-estate projects.
In February 2022, Gamla Harel accompanied the Israeli construction company A.Barkan’s construction project on 10,460 square meters of land in the settlement of Ariel in the occupied West Bank on lands belonging to the Palestinian city of Salfit and the Palestinian town of Marda according to Plan no.130/8. The project was also accompanied by Jerusalem Bank. As part of the agreement Gamla Harel holds as collateral all the company’s surpluses from the project built by the company on the land, i.e. the funds that will accumulate and remain in the Jerusalem Bank's escrow account.
In 2021, Gamla Harel accompanied the Israeli construction company Efi Capital’s construction project in the settlement of Givat Hamatos in occupied East Jerusalem. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
In 2020, Gamla Harel accompanied the Israeli construction company Toren your House’s construction project on 14,854 square meters of land in the settlement of Ariel. As part of the agreement, Gamla Harel held as collateral the company's rights in the project.
Harel holds 9.85% of the shares of construction and real estate company Z.M.H. Hammerman, which was engaged in settlement construction and holds real estate in the occupied West Bank.
Harel holds 5.07% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Holdings in Israeli Banks
Harel holds shares in Israeli banks Discount Bank (7.26%), Hapoalim Bank (6.83%) and Leumi Bank (5.95%), all of which are involved in financing settlement construction on occupied land and in providing financial services to settlements' regional and local councils. For more on the involvement of Israeli banks see their profiles and Who Profits’ report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Services to the Israeli Ministry of Defense
Harel holds 0.52% of the shares of Elbit systems, Israel’s biggest military and arms company, which works closely with the Israeli military to which it develops and supplies weapon and surveillance systems. Elbit Systems' weapon systems and armaments have been extensively used in the ongoing recent attacks on Gaza and in Israeli military attacks in Lebanon. For more on Elbit Systems’ complicity in the 2023 Israeli attack on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
In October 2021, the Israel Infrastructure Fund, together with the Bezeq and Serverfram companies, invested NIS 500 million in the establishment of a server farm that will host Bezeq and Google, where Google will host on its servers the government and commercial companies' activities as part of its role in the Nimbus project. Project Nimbus provides cloud services to different Israeli bodies, including the Israeli Ministry of Defense (IMOD) and the Israeli military.
Harel provides group health insurance services for the Ministry of Defense Rehabilitation Department.
Services to the Israel Police
Harel financed, together with Discount Bank, the establishment of Policity, the Israeli Police national training center.
Additionally, the company special insurance services to Israel Aerospace Industries and Rafael Advanced Systems Israeli government-owned weapons manufacturers.
Investment in Israeli Defense Startups
Harel is an anchor investor in the Ace Capital Partners venture capital fund, a defense tech investment fund focused on military startups of defense, aviation, and space. The fund was established in August 2024 by a former Israeli Air Force commander in collaboration with the Key1 fund.
Ownership
The company is publicly traded on the Tel Aviv Stock Exchange under the ticker symbol: HARL.
Major shareholders include: Gideon Hamburger, Yona Yair Hamburger and Nurit Manor are the controlling shareholders of the company (48.86%) through G.Y.N. Financial Consulting and Investment Management 2017 LP.
CEO: Nir Cohen
Chair of the Board of Directors: Hamburger Yona Yair
Subsidiaries
Fully owned subsidiaries: Harel Yedidim Insurance Agency (2005) Ltd., Veritas insurance company Ltd., Advanced Planning - Pension Insurance Agency (2013) Ltd., Harel Insurance Company Ltd., E.M.I. – Ezer Mortgage Insurance Company Ltd., Turk Nippon Sigorta, Harel Pension Fund Administration Ltd., Career Army Savings fund Ltd., Harel 60+ Ltd., Harel Insurance Finance and Issues Ltd., Harel – Hamishmar Computers Ltd., Harel Finance Holdings Ltd., Harel Mutual Funds Ltd., Harel Finance Asset Management Ltd., Harel Finance Alternative Ltd., Harel Exchange Traded Deposit Ltd. (TASE: HRPK).
Additional subsidiaries: Interasco Societe Anonyme General Insurance Company (94%), Leatid – Pension Fund Managemant Co. Ltd. (79%), Se-Fi Pension Insurance Agency (2009) Ltd. (70%), Hamazpen – Shutaphim Laderech Ltd. (70%), Marpet Ltd. (51%), Aidma Insurance Agency (2008) Ltd. (50%), B.S.S.CH. The Israeli Credit Insurance Company Ltd. (50%), Omri Insurance Agency Ltd. (36%), Madanes Insurance Agency Ltd. (25%).