Quálitas Controladora S.A.B (Q) Q4 2025 earnings summary

Executive summary

• Achieved strong performance in 2025, maintaining market leadership with 32.7% share in written premiums and 35.9% in earned premiums, and 6,072,305 insured units with a 9.9% CAGR over five years.

• Leadership transition executed smoothly with a best-in-class succession plan and new CEO effective January 1, 2026, ensuring strategic continuity.

• Focused on disciplined execution, underwriting, and service excellence amid a challenging macroeconomic and competitive environment, accelerating profitable growth and expanding within the insurance ecosystem.

• Written premiums grew 6.4% in 4Q25 and 9.4% for the full year, reaching $75,804 million MXN, in line with expectations.

• Insured units increased by 335,000 to approximately 6.1 million, maintaining a 5.8% annual growth.

Financial highlights

• Record annual written premiums of MXN 75.8 billion, up 9.4% year-over-year; 4Q25 written premiums were $22,233M MXN, a 6.4% increase from 4Q24.

• Net income for 2025 reached MXN 5.1 billion, with a net margin of 6.7%; 4Q25 net income was $1,225M MXN, down 21.3% from 4Q24.

• Earned premiums for 2025 totaled $69,323M MXN, a 13.1% increase year-over-year.

• Comprehensive financial income grew 3.6% year-over-year, with portfolio yield to maturity at 8.4% and an average duration of 2.3 years.

• EPS for the last twelve months was $12.7 MXN; stockholders’ equity rose 4.3% to $25,716 million.

Outlook and guidance

• 2026 expected to be a transition year with continued VAT impact; combined ratio anticipated at the upper end or slightly above the 92%-94% target.

• Written premiums projected to grow high single to low double digits, with earned premiums outpacing.

• Loss ratio expected to normalize over the year as repricing and cost-saving measures take effect, anticipated at the higher end of the 62–65% target range or slightly above.

• ROE targeted at or near 20%, though quarterly volatility expected.

• Comprehensive financial result expected to remain consistent year over year.