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.
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.
Financing Settlement Construction Projects
Through its fully owned subsidiary, Gamla Harel Residential Real Estate Ltd., Harel provides financing for the construction of real estate projects in settlements in the occupied West Bank.
In March 2024, Gamla Harel granted Israeli construction company Bialik - mother of the Beit Yerushalmi Group a NIS 5,180,000 loan for a construction project of 35 housing units the settlement neighborhood of Gilo in occupied East Jerusalem on 2.826 dunams (2,826 square meters) of land. The project is part of City Plan No. 13157 for the establishment of a new residential neighborhood in Gilo with a total of 900 housing units.
In April 2021, Gamla Harel granted Israeli construction company Effi Capital a NIS 12,895,000 loan for a construction project of 236 housing units on 3 plots of land on 8.376 dunams of land in the settlement neighborhood of Givat Hamatos in occupied East Jerusalem. As part of the agreement Gamla Harel holds as collateral the company's rights in the project. The project is part of City Plan No. מק/14295 for construction and development on an area of 369.393 dunams in Givat HaMatos, which explicitly includes the consolidation and division of lands without the consent of their owners.
In February 2020, Gamla Harel granted Israeli constriction company A. Barkan a NIS 25,200,000 loan for a construction project of 110 housing units on 7 plots of land in the settlement of Ariel in the occupied West Bank, on 11.550 dunams of land belonging to the Palestinian city of Salfit and the Palestinian town of Marda. The project is part of Plan No. 130/8 for the development of a residential neighborhood southeast of the settlement. The project was also financed by the Bank of Jerusalem.
In November 2020, Gamla Harel granted Israeli construction company Toren Your House a NIS 10,500,000 loan for a construction project of 85 housing units on 13 plots on an area of 14.854 dunams in the settlement of Ariel in the occupied West Bank. The project is part of Plan No.130/8 for the development of a residential neighborhood southeast of the settlement. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
Services to the Israeli Ministry of Defense
Through its fully owned subsidiary, Career Army Savings Fund Ltd., the company administers a training fund intended for permanent Israeli military employees and retirees.
In December 2025, the company announced it will offer insurance benefits to Israeli military soldiers. Soldiers who drive military vehicles during their service will be able to include this as part of their insurance driving history, which will allow them to receive insurance benefits and improved terms in car purchases. Harel holds 0.83% of the shares of Elbit Systems, Israel’s largest 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 genocide in Gaza and Israeli military attacks on Lebanon. For more on Elbit Systems, 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 and for disabled veterans and their family members.
Financing Military Projects
Kiryat Hamodi’in
In 2022, Harelparticipated in the financing of establishment of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab.
The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
Services to the Israel Police
In 2012, Harel, together with Discount Bank, financed the establishment of “Policity”, the National Police Academy campus and training facility for the Israel Police. Harel financed the project with the amount of NIS 250 million.
Insurance Services to Israeli Weapons Manufacturers
Additionally, the company provides special group insurance services to employees of Israel Aerospace Industries and Rafael Advanced Systems Israeli government-owned weapons manufacturers.
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.
Harel holds 12.41% of the shares of Israeli Energy company, Paz Energy which provides fueling services to the Israeli Ministry of Defense, the Israeli Civil Administration in the occupied West Bank, Israeli Police and Israeli Prison Services. In addition to operating gas stations and convenience stores in the occupied West Bank, East Jerusalem and Syrian Golan.
Harel holds 9.71% of the shares of Israeli IT company, Matrix IT which provides various computing services and products to the Israeli Ministry of Defense, the Israeli military, and security forces, including the Israel Police, Border Police and the Israel Prison Service. Through its subsidiaries, the company provides computing services and equipment to the Coordinator of Government Activities in the Territories, including to the Israeli Civil Administration in the occupied West Bank, and has previously provided to the Israeli military District Coordination and Liaison in Gaza.
Harel holds 9.32% of the shares of Israeli telecommunications company, Cellcom Israel which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan, and provides cellular and internet services to the Israeli Ministry of Defense, the Israeli military and the Israeli Civil Administration in the occupied West Bank. The company has provided cellular infrastructure to the Israeli military inside occupied Gaza.
Harel holds 8.3% of the shares of Israeli retail company, Fox-Wizel (Fox Group) which through its subsidiaries, Fox Group operates stores in illegal settlements in the occupied Palestinian territory.
Harel holds 8.28% of the shares of Israeli telecommunications company, Partner Communications which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military and the Israeli District Coordination of Gaza and the Israeli Civil Administration in the settlement of Beit El in the occupied West Bank.
Harel holds 7.58% of the shares of Israeli retail chain of supermarkers, Shufersal which operates supermarket and drugstore branches under the brand names “Shufersal”, “Shufersal Deal”, “Yesh Chesed” and “Be” in settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Harel holds 6.45% of the shares of Israeli telecommunications company, Bezeq which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military, the Israel Police and the Israel Prison Service.
Harel holds 6.22% of the shares of Israeli real estate and infrastructure company, 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.
Harel holds 5.95% of the shares of the Israeli IT company, Formula Systems which provides through its subsidiaries services for the Israeli Ministry of Defense and Israeli army, especially in air and missile defense, command & control, intelligence and cyber systems development.
Harel holds 5.2% of the shares of Israeli mineral and chemicals company, ICL Group which extracts occupied natural resources from the Dead Sea and provides services to settlements in the occupied West Bank and Syrian Golan.
Harel holds 0.83% 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 ongoing genocide on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
Financing Exploitation of Occupied Resources
Harel holds 10.43% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
In 2020, Harel was part of a consortium with Bank Hapoalim and Phoenix which financed the construction of Enlight’s Emek Habacha wind turbines farm in the occupied Syrian Golan for NIS 525.
The project is one of the largest Israeli wind energy projects in the Golan, contingent on the exploitation of occupied land and natural resources for the benefit of Israeli households and industry on both sides of the Green Line.
For more on the Israeli wind energy industry in the occupied Syrian 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.
Holdings in Israeli Banks
Harel holds shares in Israeli banks Discount Bank (7.22%), Hapoalim Bank (6.53%) and Leumi Bank (6.16%), 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.
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.
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.
Financing Settlement Construction Projects
Through its fully owned subsidiary, Gamla Harel Residential Real Estate Ltd., Harel provides financing for the construction of real estate projects in settlements in the occupied West Bank.
In March 2024, Gamla Harel granted Israeli construction company Bialik - mother of the Beit Yerushalmi Group a NIS 5,180,000 loan for a construction project of 35 housing units the settlement neighborhood of Gilo in occupied East Jerusalem on 2.826 dunams (2,826 square meters) of land. The project is part of City Plan No. 13157 for the establishment of a new residential neighborhood in Gilo with a total of 900 housing units.
In April 2021, Gamla Harel granted Israeli construction company Effi Capital a NIS 12,895,000 loan for a construction project of 236 housing units on 3 plots of land on 8.376 dunams of land in the settlement neighborhood of Givat Hamatos in occupied East Jerusalem. As part of the agreement Gamla Harel holds as collateral the company's rights in the project. The project is part of City Plan No. מק/14295 for construction and development on an area of 369.393 dunams in Givat HaMatos, which explicitly includes the consolidation and division of lands without the consent of their owners.
In February 2020, Gamla Harel granted Israeli constriction company A. Barkan a NIS 25,200,000 loan for a construction project of 110 housing units on 7 plots of land in the settlement of Ariel in the occupied West Bank, on 11.550 dunams of land belonging to the Palestinian city of Salfit and the Palestinian town of Marda. The project is part of Plan No. 130/8 for the development of a residential neighborhood southeast of the settlement. The project was also financed by the Bank of Jerusalem.
In November 2020, Gamla Harel granted Israeli construction company Toren Your House a NIS 10,500,000 loan for a construction project of 85 housing units on 13 plots on an area of 14.854 dunams in the settlement of Ariel in the occupied West Bank. The project is part of Plan No.130/8 for the development of a residential neighborhood southeast of the settlement. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
Services to the Israeli Ministry of Defense
Through its fully owned subsidiary, Career Army Savings Fund Ltd., the company administers a training fund intended for permanent Israeli military employees and retirees.
In December 2025, the company announced it will offer insurance benefits to Israeli military soldiers. Soldiers who drive military vehicles during their service will be able to include this as part of their insurance driving history, which will allow them to receive insurance benefits and improved terms in car purchases. Harel holds 0.83% of the shares of Elbit Systems, Israel’s largest 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 genocide in Gaza and Israeli military attacks on Lebanon. For more on Elbit Systems, 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 and for disabled veterans and their family members.
Financing Military Projects
Kiryat Hamodi’in
In 2022, Harelparticipated in the financing of establishment of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab.
The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
Services to the Israel Police
In 2012, Harel, together with Discount Bank, financed the establishment of “Policity”, the National Police Academy campus and training facility for the Israel Police. Harel financed the project with the amount of NIS 250 million.
Insurance Services to Israeli Weapons Manufacturers
Additionally, the company provides special group insurance services to employees of Israel Aerospace Industries and Rafael Advanced Systems Israeli government-owned weapons manufacturers.
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.
Harel holds 12.41% of the shares of Israeli Energy company, Paz Energy which provides fueling services to the Israeli Ministry of Defense, the Israeli Civil Administration in the occupied West Bank, Israeli Police and Israeli Prison Services. In addition to operating gas stations and convenience stores in the occupied West Bank, East Jerusalem and Syrian Golan.
Harel holds 9.71% of the shares of Israeli IT company, Matrix IT which provides various computing services and products to the Israeli Ministry of Defense, the Israeli military, and security forces, including the Israel Police, Border Police and the Israel Prison Service. Through its subsidiaries, the company provides computing services and equipment to the Coordinator of Government Activities in the Territories, including to the Israeli Civil Administration in the occupied West Bank, and has previously provided to the Israeli military District Coordination and Liaison in Gaza.
Harel holds 9.32% of the shares of Israeli telecommunications company, Cellcom Israel which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan, and provides cellular and internet services to the Israeli Ministry of Defense, the Israeli military and the Israeli Civil Administration in the occupied West Bank. The company has provided cellular infrastructure to the Israeli military inside occupied Gaza.
Harel holds 8.3% of the shares of Israeli retail company, Fox-Wizel (Fox Group) which through its subsidiaries, Fox Group operates stores in illegal settlements in the occupied Palestinian territory.
Harel holds 8.28% of the shares of Israeli telecommunications company, Partner Communications which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military and the Israeli District Coordination of Gaza and the Israeli Civil Administration in the settlement of Beit El in the occupied West Bank.
Harel holds 7.58% of the shares of Israeli retail chain of supermarkers, Shufersal which operates supermarket and drugstore branches under the brand names “Shufersal”, “Shufersal Deal”, “Yesh Chesed” and “Be” in settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Harel holds 6.45% of the shares of Israeli telecommunications company, Bezeq which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military, the Israel Police and the Israel Prison Service.
Harel holds 6.22% of the shares of Israeli real estate and infrastructure company, 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.
Harel holds 5.95% of the shares of the Israeli IT company, Formula Systems which provides through its subsidiaries services for the Israeli Ministry of Defense and Israeli army, especially in air and missile defense, command & control, intelligence and cyber systems development.
Harel holds 5.2% of the shares of Israeli mineral and chemicals company, ICL Group which extracts occupied natural resources from the Dead Sea and provides services to settlements in the occupied West Bank and Syrian Golan.
Harel holds 0.83% 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 ongoing genocide on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
Financing Exploitation of Occupied Resources
Harel holds 10.43% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
In 2020, Harel was part of a consortium with Bank Hapoalim and Phoenix which financed the construction of Enlight’s Emek Habacha wind turbines farm in the occupied Syrian Golan for NIS 525.
The project is one of the largest Israeli wind energy projects in the Golan, contingent on the exploitation of occupied land and natural resources for the benefit of Israeli households and industry on both sides of the Green Line.
For more on the Israeli wind energy industry in the occupied Syrian 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.
Holdings in Israeli Banks
Harel holds shares in Israeli banks Discount Bank (7.22%), Hapoalim Bank (6.53%) and Leumi Bank (6.16%), 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.
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.
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.
Financing Settlement Construction Projects
Through its fully owned subsidiary, Gamla Harel Residential Real Estate Ltd., Harel provides financing for the construction of real estate projects in settlements in the occupied West Bank.
In March 2024, Gamla Harel granted Israeli construction company Bialik - mother of the Beit Yerushalmi Group a NIS 5,180,000 loan for a construction project of 35 housing units the settlement neighborhood of Gilo in occupied East Jerusalem on 2.826 dunams (2,826 square meters) of land. The project is part of City Plan No. 13157 for the establishment of a new residential neighborhood in Gilo with a total of 900 housing units.
In April 2021, Gamla Harel granted Israeli construction company Effi Capital a NIS 12,895,000 loan for a construction project of 236 housing units on 3 plots of land on 8.376 dunams of land in the settlement neighborhood of Givat Hamatos in occupied East Jerusalem. As part of the agreement Gamla Harel holds as collateral the company's rights in the project. The project is part of City Plan No. מק/14295 for construction and development on an area of 369.393 dunams in Givat HaMatos, which explicitly includes the consolidation and division of lands without the consent of their owners.
In February 2020, Gamla Harel granted Israeli constriction company A. Barkan a NIS 25,200,000 loan for a construction project of 110 housing units on 7 plots of land in the settlement of Ariel in the occupied West Bank, on 11.550 dunams of land belonging to the Palestinian city of Salfit and the Palestinian town of Marda. The project is part of Plan No. 130/8 for the development of a residential neighborhood southeast of the settlement. The project was also financed by the Bank of Jerusalem.
In November 2020, Gamla Harel granted Israeli construction company Toren Your House a NIS 10,500,000 loan for a construction project of 85 housing units on 13 plots on an area of 14.854 dunams in the settlement of Ariel in the occupied West Bank. The project is part of Plan No.130/8 for the development of a residential neighborhood southeast of the settlement. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
Services to the Israeli Ministry of Defense
Through its fully owned subsidiary, Career Army Savings Fund Ltd., the company administers a training fund intended for permanent Israeli military employees and retirees.
In December 2025, the company announced it will offer insurance benefits to Israeli military soldiers. Soldiers who drive military vehicles during their service will be able to include this as part of their insurance driving history, which will allow them to receive insurance benefits and improved terms in car purchases. Harel holds 0.83% of the shares of Elbit Systems, Israel’s largest 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 genocide in Gaza and Israeli military attacks on Lebanon. For more on Elbit Systems, 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 and for disabled veterans and their family members.
Financing Military Projects
Kiryat Hamodi’in
In 2022, Harelparticipated in the financing of establishment of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab.
The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
Services to the Israel Police
In 2012, Harel, together with Discount Bank, financed the establishment of “Policity”, the National Police Academy campus and training facility for the Israel Police. Harel financed the project with the amount of NIS 250 million.
Insurance Services to Israeli Weapons Manufacturers
Additionally, the company provides special group insurance services to employees of Israel Aerospace Industries and Rafael Advanced Systems Israeli government-owned weapons manufacturers.
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.
Harel holds 12.41% of the shares of Israeli Energy company, Paz Energy which provides fueling services to the Israeli Ministry of Defense, the Israeli Civil Administration in the occupied West Bank, Israeli Police and Israeli Prison Services. In addition to operating gas stations and convenience stores in the occupied West Bank, East Jerusalem and Syrian Golan.
Harel holds 9.71% of the shares of Israeli IT company, Matrix IT which provides various computing services and products to the Israeli Ministry of Defense, the Israeli military, and security forces, including the Israel Police, Border Police and the Israel Prison Service. Through its subsidiaries, the company provides computing services and equipment to the Coordinator of Government Activities in the Territories, including to the Israeli Civil Administration in the occupied West Bank, and has previously provided to the Israeli military District Coordination and Liaison in Gaza.
Harel holds 9.32% of the shares of Israeli telecommunications company, Cellcom Israel which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan, and provides cellular and internet services to the Israeli Ministry of Defense, the Israeli military and the Israeli Civil Administration in the occupied West Bank. The company has provided cellular infrastructure to the Israeli military inside occupied Gaza.
Harel holds 8.3% of the shares of Israeli retail company, Fox-Wizel (Fox Group) which through its subsidiaries, Fox Group operates stores in illegal settlements in the occupied Palestinian territory.
Harel holds 8.28% of the shares of Israeli telecommunications company, Partner Communications which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military and the Israeli District Coordination of Gaza and the Israeli Civil Administration in the settlement of Beit El in the occupied West Bank.
Harel holds 7.58% of the shares of Israeli retail chain of supermarkers, Shufersal which operates supermarket and drugstore branches under the brand names “Shufersal”, “Shufersal Deal”, “Yesh Chesed” and “Be” in settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Harel holds 6.45% of the shares of Israeli telecommunications company, Bezeq which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military, the Israel Police and the Israel Prison Service.
Harel holds 6.22% of the shares of Israeli real estate and infrastructure company, 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.
Harel holds 5.95% of the shares of the Israeli IT company, Formula Systems which provides through its subsidiaries services for the Israeli Ministry of Defense and Israeli army, especially in air and missile defense, command & control, intelligence and cyber systems development.
Harel holds 5.2% of the shares of Israeli mineral and chemicals company, ICL Group which extracts occupied natural resources from the Dead Sea and provides services to settlements in the occupied West Bank and Syrian Golan.
Harel holds 0.83% 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 ongoing genocide on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
Financing Exploitation of Occupied Resources
Harel holds 10.43% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
In 2020, Harel was part of a consortium with Bank Hapoalim and Phoenix which financed the construction of Enlight’s Emek Habacha wind turbines farm in the occupied Syrian Golan for NIS 525.
The project is one of the largest Israeli wind energy projects in the Golan, contingent on the exploitation of occupied land and natural resources for the benefit of Israeli households and industry on both sides of the Green Line.
For more on the Israeli wind energy industry in the occupied Syrian 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.
Holdings in Israeli Banks
Harel holds shares in Israeli banks Discount Bank (7.22%), Hapoalim Bank (6.53%) and Leumi Bank (6.16%), 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.
Related Publications
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.
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.
Financing Settlement Construction Projects
Through its fully owned subsidiary, Gamla Harel Residential Real Estate Ltd., Harel provides financing for the construction of real estate projects in settlements in the occupied West Bank.
In March 2024, Gamla Harel granted Israeli construction company Bialik - mother of the Beit Yerushalmi Group a NIS 5,180,000 loan for a construction project of 35 housing units the settlement neighborhood of Gilo in occupied East Jerusalem on 2.826 dunams (2,826 square meters) of land. The project is part of City Plan No. 13157 for the establishment of a new residential neighborhood in Gilo with a total of 900 housing units.
In April 2021, Gamla Harel granted Israeli construction company Effi Capital a NIS 12,895,000 loan for a construction project of 236 housing units on 3 plots of land on 8.376 dunams of land in the settlement neighborhood of Givat Hamatos in occupied East Jerusalem. As part of the agreement Gamla Harel holds as collateral the company's rights in the project. The project is part of City Plan No. מק/14295 for construction and development on an area of 369.393 dunams in Givat HaMatos, which explicitly includes the consolidation and division of lands without the consent of their owners.
In February 2020, Gamla Harel granted Israeli constriction company A. Barkan a NIS 25,200,000 loan for a construction project of 110 housing units on 7 plots of land in the settlement of Ariel in the occupied West Bank, on 11.550 dunams of land belonging to the Palestinian city of Salfit and the Palestinian town of Marda. The project is part of Plan No. 130/8 for the development of a residential neighborhood southeast of the settlement. The project was also financed by the Bank of Jerusalem.
In November 2020, Gamla Harel granted Israeli construction company Toren Your House a NIS 10,500,000 loan for a construction project of 85 housing units on 13 plots on an area of 14.854 dunams in the settlement of Ariel in the occupied West Bank. The project is part of Plan No.130/8 for the development of a residential neighborhood southeast of the settlement. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
Services to the Israeli Ministry of Defense
Through its fully owned subsidiary, Career Army Savings Fund Ltd., the company administers a training fund intended for permanent Israeli military employees and retirees.
In December 2025, the company announced it will offer insurance benefits to Israeli military soldiers. Soldiers who drive military vehicles during their service will be able to include this as part of their insurance driving history, which will allow them to receive insurance benefits and improved terms in car purchases. Harel holds 0.83% of the shares of Elbit Systems, Israel’s largest 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 genocide in Gaza and Israeli military attacks on Lebanon. For more on Elbit Systems, 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 and for disabled veterans and their family members.
Financing Military Projects
Kiryat Hamodi’in
In 2022, Harelparticipated in the financing of establishment of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab.
The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
Services to the Israel Police
In 2012, Harel, together with Discount Bank, financed the establishment of “Policity”, the National Police Academy campus and training facility for the Israel Police. Harel financed the project with the amount of NIS 250 million.
Insurance Services to Israeli Weapons Manufacturers
Additionally, the company provides special group insurance services to employees of Israel Aerospace Industries and Rafael Advanced Systems Israeli government-owned weapons manufacturers.
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.
Harel holds 12.41% of the shares of Israeli Energy company, Paz Energy which provides fueling services to the Israeli Ministry of Defense, the Israeli Civil Administration in the occupied West Bank, Israeli Police and Israeli Prison Services. In addition to operating gas stations and convenience stores in the occupied West Bank, East Jerusalem and Syrian Golan.
Harel holds 9.71% of the shares of Israeli IT company, Matrix IT which provides various computing services and products to the Israeli Ministry of Defense, the Israeli military, and security forces, including the Israel Police, Border Police and the Israel Prison Service. Through its subsidiaries, the company provides computing services and equipment to the Coordinator of Government Activities in the Territories, including to the Israeli Civil Administration in the occupied West Bank, and has previously provided to the Israeli military District Coordination and Liaison in Gaza.
Harel holds 9.32% of the shares of Israeli telecommunications company, Cellcom Israel which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan, and provides cellular and internet services to the Israeli Ministry of Defense, the Israeli military and the Israeli Civil Administration in the occupied West Bank. The company has provided cellular infrastructure to the Israeli military inside occupied Gaza.
Harel holds 8.3% of the shares of Israeli retail company, Fox-Wizel (Fox Group) which through its subsidiaries, Fox Group operates stores in illegal settlements in the occupied Palestinian territory.
Harel holds 8.28% of the shares of Israeli telecommunications company, Partner Communications which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military and the Israeli District Coordination of Gaza and the Israeli Civil Administration in the settlement of Beit El in the occupied West Bank.
Harel holds 7.58% of the shares of Israeli retail chain of supermarkers, Shufersal which operates supermarket and drugstore branches under the brand names “Shufersal”, “Shufersal Deal”, “Yesh Chesed” and “Be” in settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Harel holds 6.45% of the shares of Israeli telecommunications company, Bezeq which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military, the Israel Police and the Israel Prison Service.
Harel holds 6.22% of the shares of Israeli real estate and infrastructure company, 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.
Harel holds 5.95% of the shares of the Israeli IT company, Formula Systems which provides through its subsidiaries services for the Israeli Ministry of Defense and Israeli army, especially in air and missile defense, command & control, intelligence and cyber systems development.
Harel holds 5.2% of the shares of Israeli mineral and chemicals company, ICL Group which extracts occupied natural resources from the Dead Sea and provides services to settlements in the occupied West Bank and Syrian Golan.
Harel holds 0.83% 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 ongoing genocide on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
Financing Exploitation of Occupied Resources
Harel holds 10.43% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
In 2020, Harel was part of a consortium with Bank Hapoalim and Phoenix which financed the construction of Enlight’s Emek Habacha wind turbines farm in the occupied Syrian Golan for NIS 525.
The project is one of the largest Israeli wind energy projects in the Golan, contingent on the exploitation of occupied land and natural resources for the benefit of Israeli households and industry on both sides of the Green Line.
For more on the Israeli wind energy industry in the occupied Syrian 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.
Holdings in Israeli Banks
Harel holds shares in Israeli banks Discount Bank (7.22%), Hapoalim Bank (6.53%) and Leumi Bank (6.16%), 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.
Ownership
The company is controlled by G.Y.N. Financial Consulting and Investment Management 2017 LP (45.38%). CEO: Nir Cohen.
Chairman of the Board: Yona Yair Hamburger.
Subsidiaries
Fully owned subsidiaries: Harel Yedidim Insurance Agency (2005) Ltd., Veritas insurance company Ltd., Gamla Harel Residential Real Estate Ltd., Harel 60+ Ltd., Harel Insurance Company Ltd., E.M.I. – Ezer Mortgage Insurance Company Ltd., Harel Pension Vegemel Ltd., Career Army Savings fund Ltd., Harel Finance Holdings Ltd.
Additional subsidiaries: Leatid – Pension Fund Managemant Co. Ltd. (89.5%), Se-Fi Pension Insurance Agency Ltd. (70%), Hamazpen – Shutaphim Laderech Ltd. (70%), B.S.S.CH. The Israeli Credit Insurance Company Ltd. (50%), Madanes Insurance Agency Ltd. (25%).
Partners
* This section refers to the company's general business partners
Company Response
Settlements
Alfei Menashe | Ariel | Barkan | Beit Arye | Dolev | Elkana | Emanuel (Immanuel) | Geva Binyamin (Adam) | Gilo | Giv'at Binyamin | Givat Ha-Matos | Givat Ze’ev | Har Adar | Kdumim | Kfar Adumim | Kochav Ha’shachar | Kokhav Ya'akov | Ma'ale Adumim | Ma'ale Michmash | Na'ale | Nofim | Oranit | Psagot | Revava | Rimonim | Sal'it | Talmon