Línea Directa Aseguradora (LDA) Q3 2026 earnings summary

Executive summary

• 9M 2026 gross written premiums reached €919.0m, up 8.9% YoY; policyholders rose 6.9% to 3.905m, adding 253,074 risks underwritten.

• Net profit increased 34.8% to €80.4m; the combined ratio improved 2.1 p.p. to 91.3%, ROAE was 25.6% and Solvency II ratio was 191.5%.

Financial highlights

• Insurance activities income was €879.8m, up 10.8% YoY; net technical result increased 45.6% to €74.3m.

• Insurance and financial result rose 31.9% to €104.0m; profit before tax was €104.0m, up 31.2%.

• Net investment result increased 7.7% to €34.5m; excluding the temporary building-renovation impact, it would have grown 13.9%.

• 3Q 2026 profit after tax was €28.3m.

Outlook and guidance

• Combined ratio target is the low-to-mid 90s, with 92%–93% viewed as comfortable; outcomes depend on inflation and competition.

• Premiums and policyholders are targeted to grow faster than the market in 2027 and 2028; no specific 2027 premium-growth figure was set.

• Motor policyholder additions target is ~50,000 per quarter; 43,000 were added in the latest quarter.

• Pricing and expenses may be adjusted if inflation rises; management monitored inflation throughout the year.

• Strong customer growth, above-market revenue growth and profitability support progress toward strategic objectives.