Who Owns Phoenix Holdings Company?

Who controls Phoenix Holdings now?

The Delek Group sold its controlling stake in late 2019 to an international private equity consortium, marking Phoenix Holdings’ shift to institutional management. This change reframed the company’s strategic role in Israel’s financial sector.

Today Phoenix Holdings is owned primarily by global private equity firms including Centerbridge Partners and Gallatin Point Capital, with meaningful participation from sovereign wealth funds and public shareholders; AUM exceeded 470 billion NIS in Q1 2025 and market cap neared 11 billion NIS.

Explore a product analysis: Phoenix Holdings Porter's Five Forces Analysis

Founded in 1949 by David Hackmey, Phoenix Holdings began as a family-controlled insurer that grew into a market leader through conservative underwriting and international expertise; the Hackmey family retained roughly 57% equity via their family office until 2002.

Founder

David Hackmey established Phoenix Holdings in 1949 and set underwriting standards ahead of domestic peers.

Family Control

The Hackmey family office held an estimated 57% of equity, ensuring concentrated voting power and strategic stability.

Succession

Leadership passed from David to his son Joseph Hackmey, who continued the family’s conservative approach to growth.

Early Backers

Prominent Israeli business figures and historical ties to Israel Discount Bank provided liquidity for expansion into broader financial services.

Ownership Style

Ownership emphasized dynastic legacy over modern vesting schemes, with the family retaining absolute voting influence.

2002 Sale

In 2002 Joseph Hackmey sold the family’s controlling stake to the Delek Group for approximately USD 310 million, ending the founding era.

The sale reflected regulatory shifts in Israel’s financial sector and the family’s decision to diversify personal assets; the transaction transferred control from the Hackmey dynasty to a large industrial conglomerate and changed Phoenix Holdings Company ownership dynamics.

Key early ownership facts

Founders and early ownership shaped Phoenix’s corporate trajectory and voting control.

• Founded by David Hackmey in 1949
• Family office held about 57% equity through mid-20th century
• Joseph Hackmey led until the 2002 sale for ~USD 310 million
• Early financial backers included Israel Discount Bank and prominent Israeli investors

For more on corporate culture and values tied to the founders’ approach see Mission, Vision & Core Values of Phoenix Holdings

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The ownership of Phoenix Holdings shifted dramatically after the 2019 sale of a 32.5% stake to Centerbridge Partners and Gallatin Point Capital for 1.57 billion NIS, driven by the Israeli Law for Promotion of Competition and Reduction of Concentration; since then the cap table has fragmented and internationalized, leaving Phoenix without a single controlling shareholder by 2025.

Fragmentation of ownership altered governance and strategy: with no dominant parent, Phoenix pivoted to ROE-driven targets, seeking a ≥15% return on equity and benefiting from improved liquidity that attracts global institutional capital.

Ownership Milestones

Key shifts since 2019 reshaped Phoenix Holdings Company ownership and investor mix by 2025.

• 2019: 32.5% sale to Centerbridge & Gallatin Point for 1.57 billion NIS
• 2020–2025: public float rose from 45% to >65%
• Sovereign funds (ADIA, GIC) entered near 5% each
• Domestic insurers and pension funds hold a combined stake exceeding 30%

Regulatory filings and annual reports through 2025 document these changes; for contextual competitive positioning see Competitors Landscape of Phoenix Holdings.

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The current board of Phoenix Holdings includes Benny Gabbay as Chairman and comprises 10–12 directors, blending institutional representatives, initial private equity consortium appointees, and independent directors with regulatory and market experience.

The board operates under a one-share-one-vote regime with no dual-class shares or golden shares, favoring minority shareholders and aligning with global governance norms.

Board Composition and Voting Dynamics

Board composition reflects international institutional ownership and independent oversight; voting is democratic but requires coalition-building among major blocks.

• One-share-one-vote structure prevents entrenched control
• 2019 purchase agreement granted nomination rights to Delek–Centerbridge/Gallatin consortium, later diluted
• By 2025 consensus-based governance: major institutional blocks must align for major actions
• High governance ratings from agencies such as Entrust and ISS support ESG-focused investors

Proxy contests have been rare due to steady financials and dividends; notable 2024 shareholder vote approved a remuneration policy balancing CEO Eyal Ben-Simon’s compensation needs with institutional cost sensitivity.

Key metrics: as of 2025 institutional shareholders collectively hold an estimated 60–75% of free‑float, independent directors constitute roughly 30–40% of the board, and the company maintained top-tier governance scores that helped retain ESG fund allocations near industry averages.

See additional corporate context in Marketing Strategy of Phoenix Holdings for related ownership and investor relations detail.

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Over the past three years Phoenix Holdings Company ownership has trended toward institutionalization and strategic consolidation, driven by major M&A and growing Gulf investor participation; management signaled confidence via a 100 million NIS share buyback and debt-funded acquisitions rather than equity dilution.

Analysts at Meitav Dash and IBI Investment House highlight that Phoenix Holdings Company is trading at a P/E competitive with European peers in 2025, attracting value-style institutional investors while Israeli regulation favors a distributed ownership model for systemic insurers.

Funding strategy

Recent deals used internal cash flow and bond issuance instead of equity, preserving existing ownership stakes and avoiding dilution.

Investor mix

Institutionalization increased: domestic asset managers, international value funds, and growing Gulf-based allocations reshaped Phoenix Holdings investors.

Strategic plan to 2027

Phoenix 2027 targets 600 billion NIS AUM, with expected further reduction of private equity buyer stakes and potential for full public float or new strategic partner entry.

Governance and payout policy

Succession remains stable; a 30–50 percent dividend payout target is established and likely to face activist scrutiny if altered.

For further context on Phoenix Holdings Company acquisition history and strategic direction see Growth Strategy of Phoenix Holdings

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