Quálitas Controladora S.A.B (Q) Q3 2025 earnings summary

Executive summary

• Written premiums grew 7.3% in Q3 and 10.7% year to date, reflecting resilient growth and strategic focus.

• Net income increased 51.4% in Q3 and 40.3% year to date, with a 12-month ROE of 26.7%.

• Combined ratio improved to 93.0% in Q3 and 91.3% year to date, outperforming long-term targets.

• Announced leadership transition: Bernardo Risoul to become CEO in 2026, with current CEO moving to Executive President.

• Insured units reached a record 6.1 million, up 7.9% year-over-year.

Significant events and developments

• Mexican Congress introduced a VAT amendment affecting insurance claims, eliminating past liabilities but requiring a one-time 2025 impact and higher ongoing claim costs from 2026.

• The one-time VAT impact for 2025 is estimated at MXN 2–2.3 billion in net income, pending final regulatory approval.

• Strategic partnership in the U.S. to focus on cross-border business and reduce risk exposure.

• Reserve release of $460 million in Q3 due to stable premium growth and lower claims.

• Share buyback fund of $800 million pesos remains, with 5.4 million shares in treasury.

Financial highlights

• Earned premiums rose 16.2% in Q3 and 14.8% year to date.

• Net income reached MXN 1.7 billion in Q3 and MXN 5.3 billion year to date, with net margins of 10% and 9.9%.

• Comprehensive financial income was MXN 1.1 billion in Q3 and MXN 3.9 billion year to date, with ROI of 7.6% in Q3 and 8.9% year to date.

• Regulatory capital at MXN 6 billion, solvency margin of MXN 18 billion, and solvency ratio of 401%.

• EPS (12M) reached $16.6.