Phoenix Financial
Full Text
הפניקס פיננסים בע"מ
Head office: HaShalom Rd 53, Giv'atayim 5345433, Israel. Tel.: +972-3-7332997
Phoenix Financial (formerly The Phoenix Holdings) is a publicly traded Israeli company operating in the fields of insurance, asset and investment management, agencies, financial services and credit.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense and the Israel Police.
As previous research by Who Profits has shown, Phoenix 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, Phoenix is complicit in the exploitation of occupied natural resources, development of settlement transportation projects and settlement construction, and providing services to the Israeli military and police.
Exploitation of Occupied Natural Resources
Emek Habacha
Phoenix holds 8.45% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Phoenix, together with a consortium of Bank Hapoalim and Harel Insurance, 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.
ARAN Wind Project
Phoenix holds 6.87% of the shares of Afcon Holdings, which won the tender for Afcon won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
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.
Renewable Energy in the Naqab
The company provided financial support to the Neot Hovav solar field in the Naqab established by Energix Renewable Energies. The project is contingent on the dispossession of local Palestinian Bedouin communities in the region and the demolition of over 1,000 Bedouin homes while exposing thousands of residents of the area to health risks.
Phoenix financed additional renewable energy projects in the Naqab region in which it holds shares. For more on developmental projects in the Naqab, see Who Profits Dynamic Map Tools of Dispossession in the Naqab: Development & Military Projects.
Construction on Occupied Land
Phoenix owns 80% of the Ramot shopping mall, located in the settlement neighborhood of Ramot in occupied East Jerusalem.
Phoenix holds 10.24% of the shares of the construction and real estate company Z.M.H. Hammerman which is engaged in settlement construction and holds real estate in the occupied West Bank.
Phoenix holds 9.28% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Phoenix holds 7.11% of the shares of Lesico Group, a publicly traded Israeli company that carried out works for the expansion of the Kidron water treatment plant located in the occupied West Bank and provides services to settlements in the occupied West Bank.
Phoenix holds 7.3% of the shares of Oron Group, which is involved in construction on occupied land and the exploitation of occupied natural resources in the occupied West Bank. The company owns and operates the Meitarim Quarry located near the settlement of Tene Omarim in the southern Hebron Hills in the occupied West Bank.
Phoenix holds 6.38% in Shapir Engineering and Industry, the co-operator and developer of the Jerusalem Light Rail which connects Israeli settlements in occupied East Jerusalem. The company also operates a quarry and concrete plant near the settlement of Nili in the occupied West Bank. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the expansion of the JLR network: The J-Net project.
Phoenix holds 6.37% 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.
Services to the Israeli Ministry of Defense
Phoenix holds 4.96% 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.
Phoenix provides group health insurance services for the Ministry of Defense Rehabilitation Department.
Phoenix holds 13.63% in Mayer Cars & Trucks Co., the exclusive importer of Volvo Group in Israel. Mayer Cars provides Volvo equipment, vehicles, spare parts and maintenance services to the Israeli Ministry of Defense (IMOD). Through its subsidiary, Merkavim Transportation Technologies Ltd., jointly held with Volvo Group, Mayer Cars provides armored buses to settlements in the occupied West Bank and to transportation companies operating bus lines in the occupied West Bank and East Jerusalem. The company has also provided buses for the Israel Prison Service.
Holdings in Israeli Banks
Phoenix holds shares in Israeli banks Discount Bank (7.6%), Leumi Bank (7.42%), and Hapoalim Bank (7.33%), 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 Israel Police
Phoenix provides group dental insurance for officers and retirees of the Israel Police and their families. In March 2023, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 42,000,000 for four years.
Phoenix Financial (formerly The Phoenix Holdings) is a publicly traded Israeli company operating in the fields of insurance, asset and investment management, agencies, financial services and credit.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense and the Israel Police.
As previous research by Who Profits has shown, Phoenix 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, Phoenix is complicit in the exploitation of occupied natural resources, development of settlement transportation projects and settlement construction, and providing services to the Israeli military and police.
Exploitation of Occupied Natural Resources
Emek Habacha
Phoenix holds 8.45% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Phoenix, together with a consortium of Bank Hapoalim and Harel Insurance, 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.
ARAN Wind Project
Phoenix holds 6.87% of the shares of Afcon Holdings, which won the tender for Afcon won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
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.
Renewable Energy in the Naqab
The company provided financial support to the Neot Hovav solar field in the Naqab established by Energix Renewable Energies. The project is contingent on the dispossession of local Palestinian Bedouin communities in the region and the demolition of over 1,000 Bedouin homes while exposing thousands of residents of the area to health risks.
Phoenix financed additional renewable energy projects in the Naqab region in which it holds shares. For more on developmental projects in the Naqab, see Who Profits Dynamic Map Tools of Dispossession in the Naqab: Development & Military Projects.
Construction on Occupied Land
Phoenix owns 80% of the Ramot shopping mall, located in the settlement neighborhood of Ramot in occupied East Jerusalem.
Phoenix holds 10.24% of the shares of the construction and real estate company Z.M.H. Hammerman which is engaged in settlement construction and holds real estate in the occupied West Bank.
Phoenix holds 9.28% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Phoenix holds 7.11% of the shares of Lesico Group, a publicly traded Israeli company that carried out works for the expansion of the Kidron water treatment plant located in the occupied West Bank and provides services to settlements in the occupied West Bank.
Phoenix holds 7.3% of the shares of Oron Group, which is involved in construction on occupied land and the exploitation of occupied natural resources in the occupied West Bank. The company owns and operates the Meitarim Quarry located near the settlement of Tene Omarim in the southern Hebron Hills in the occupied West Bank.
Phoenix holds 6.38% in Shapir Engineering and Industry, the co-operator and developer of the Jerusalem Light Rail which connects Israeli settlements in occupied East Jerusalem. The company also operates a quarry and concrete plant near the settlement of Nili in the occupied West Bank. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the expansion of the JLR network: The J-Net project.
Phoenix holds 6.37% 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.
Services to the Israeli Ministry of Defense
Phoenix holds 4.96% 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.
Phoenix provides group health insurance services for the Ministry of Defense Rehabilitation Department.
Phoenix holds 13.63% in Mayer Cars & Trucks Co., the exclusive importer of Volvo Group in Israel. Mayer Cars provides Volvo equipment, vehicles, spare parts and maintenance services to the Israeli Ministry of Defense (IMOD). Through its subsidiary, Merkavim Transportation Technologies Ltd., jointly held with Volvo Group, Mayer Cars provides armored buses to settlements in the occupied West Bank and to transportation companies operating bus lines in the occupied West Bank and East Jerusalem. The company has also provided buses for the Israel Prison Service.
Holdings in Israeli Banks
Phoenix holds shares in Israeli banks Discount Bank (7.6%), Leumi Bank (7.42%), and Hapoalim Bank (7.33%), 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 Israel Police
Phoenix provides group dental insurance for officers and retirees of the Israel Police and their families. In March 2023, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 42,000,000 for four years.
Phoenix Financial
הפניקס פיננסים בע"מ
Head office: HaShalom Rd 53, Giv'atayim 5345433, Israel. Tel.: +972-3-7332997
Phoenix Financial (formerly The Phoenix Holdings) is a publicly traded Israeli company operating in the fields of insurance, asset and investment management, agencies, financial services and credit.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense and the Israel Police.
As previous research by Who Profits has shown, Phoenix 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, Phoenix is complicit in the exploitation of occupied natural resources, development of settlement transportation projects and settlement construction, and providing services to the Israeli military and police.
Exploitation of Occupied Natural Resources
Emek Habacha
Phoenix holds 8.45% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Phoenix, together with a consortium of Bank Hapoalim and Harel Insurance, 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.
ARAN Wind Project
Phoenix holds 6.87% of the shares of Afcon Holdings, which won the tender for Afcon won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
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.
Renewable Energy in the Naqab
The company provided financial support to the Neot Hovav solar field in the Naqab established by Energix Renewable Energies. The project is contingent on the dispossession of local Palestinian Bedouin communities in the region and the demolition of over 1,000 Bedouin homes while exposing thousands of residents of the area to health risks.
Phoenix financed additional renewable energy projects in the Naqab region in which it holds shares. For more on developmental projects in the Naqab, see Who Profits Dynamic Map Tools of Dispossession in the Naqab: Development & Military Projects.
Construction on Occupied Land
Phoenix owns 80% of the Ramot shopping mall, located in the settlement neighborhood of Ramot in occupied East Jerusalem.
Phoenix holds 10.24% of the shares of the construction and real estate company Z.M.H. Hammerman which is engaged in settlement construction and holds real estate in the occupied West Bank.
Phoenix holds 9.28% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Phoenix holds 7.11% of the shares of Lesico Group, a publicly traded Israeli company that carried out works for the expansion of the Kidron water treatment plant located in the occupied West Bank and provides services to settlements in the occupied West Bank.
Phoenix holds 7.3% of the shares of Oron Group, which is involved in construction on occupied land and the exploitation of occupied natural resources in the occupied West Bank. The company owns and operates the Meitarim Quarry located near the settlement of Tene Omarim in the southern Hebron Hills in the occupied West Bank.
Phoenix holds 6.38% in Shapir Engineering and Industry, the co-operator and developer of the Jerusalem Light Rail which connects Israeli settlements in occupied East Jerusalem. The company also operates a quarry and concrete plant near the settlement of Nili in the occupied West Bank. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the expansion of the JLR network: The J-Net project.
Phoenix holds 6.37% 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.
Services to the Israeli Ministry of Defense
Phoenix holds 4.96% 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.
Phoenix provides group health insurance services for the Ministry of Defense Rehabilitation Department.
Phoenix holds 13.63% in Mayer Cars & Trucks Co., the exclusive importer of Volvo Group in Israel. Mayer Cars provides Volvo equipment, vehicles, spare parts and maintenance services to the Israeli Ministry of Defense (IMOD). Through its subsidiary, Merkavim Transportation Technologies Ltd., jointly held with Volvo Group, Mayer Cars provides armored buses to settlements in the occupied West Bank and to transportation companies operating bus lines in the occupied West Bank and East Jerusalem. The company has also provided buses for the Israel Prison Service.
Holdings in Israeli Banks
Phoenix holds shares in Israeli banks Discount Bank (7.6%), Leumi Bank (7.42%), and Hapoalim Bank (7.33%), 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 Israel Police
Phoenix provides group dental insurance for officers and retirees of the Israel Police and their families. In March 2023, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 42,000,000 for four years.
Ownership
The company is publicly traded on the Tel Aviv Stock Exchange under the ticker symbol: PHOE
Major shareholders include Clal Insurance Enterprises Holdings Ltd. (6.87%) and Harel Insurance Investments & Financial Services Ltd. (6.15%).
CEO: Eyal Ben Simon
Chair of the Board of Directors: Benjamin Gabbay
Subsidiaries
The Phoenix Investment and Finances Ltd. (100%), The Phoenix Advanced Investments Ltd. (100%), Gama Management and Clearing Ltd. (100%), The Phoenix Insurance Company Ltd. (100%), The Phoenix Capital Raising (2009) Ltd. (100%), The Phoenix Pension and Fund Ltd. (100%), The Phoenix IEC Central Pension Fund Ltd. (100%), The Phoenix Investments House Ltd. (88.44%), The Phoenix Insurance Agency 1989 Ltd. (79.4%), Shekel Insurance Agency (2008) Ltd. (79.4%), Agam Liderim (Israel) Insurance Agency (2003) Ltd. (79.4%), The Phoenix Capital Ltd. (71.3%), Phoeniclass Ltd. (67%), Oren Mizrah Insurance Agency Ltd. (49.59%), Cohen Givon Insurance Agency Ltd. (41.28%), Quality Pension Insurance Fund Ltd. (40.09%), Oren Cohen Insurance Agency (2000) Ltd. (30.17%).
Partners
PowerGen, Energix Renewable Energies, Bank Hapoalim, Harel Insurance
* This section refers to the company's general business partners