“I prefer Israelis to Spartans any day”

“I prefer Israelis to Spartans any day,” said Clal Insurance CEO Yoram Naveh at the Mind the Tech London 2025 conference organized by Calcalist and Bank Leumi. According to Naveh, “the unique human factor in Israel is not only in high-tech, it runs through all of Israeli society.”

Naveh stressed that investing in Israel goes beyond Zionism. He recounted meeting billionaire Bill Ackman recently in Tel Aviv. Ackman, he said, spoke about his investment in the Israeli stock market, which yielded a return of more than 280% in less than two years: “He may have invested in Israel initially out of Zionism, but now he is receiving very high returns. The stock market reflects the strength of the Israeli economy.”

Seeking to convey Israel’s resilience, Naveh presented data underscoring the country’s economic strength despite inflation, high interest rates, and the ongoing war. “The war was a very personal experience for all of us,” he said. “On the morning of October 7, I had to pick up my daughter, who was serving in a special unit. And Ilan Dalal, the father of Guy Gilboa Dalal, who was kidnapped in Gaza, is one of our employees, and we had to support him.”

Clal itself endured challenges during the conflict. “The Max building took a direct hit and all the windows were shattered, but every credit transaction was processed as usual. We had been preparing for this for years,” Naveh noted.

He pointed to Israel’s economic resilience: GDP per capita stands at $55,000, compared with $48,000 in the OECD; the Bank of Israel holds more than $200 billion in foreign exchange reserves; and while Israel’s five-year CDS (risk premium) soared at the start of the war, it has nearly returned to prewar levels.

Turning to the stock markets, Naveh observed: “The Tel Aviv 125 index dipped slightly at the beginning of the war, but after proving our ability to withstand challenges and geopolitical shifts, it has outperformed nearly all global indices. The Tel Aviv 125 stands well above the S&P 500, and investors should consider it now that we’ve demonstrated our resilience.”

Naveh also highlighted Clal’s strategic transformation from an insurance and long-term savings company into a broader financial services firm following the integration of Max’s credit operations. “As a result, our market value tripled in two years to more than 13 billion shekels. We achieved a return on capital of over 20% and generated nearly one billion shekels in profit in the first six months of 2025,” he said.

“We have a dual mission,” Naveh concluded. “On one hand, to deliver high long-term returns to our clients and policyholders. On the other, to invest in Israel, especially at times when some global investors may be pulling their money out.”