Linea Directa Aseguradora Sa · BME:LDA
Linea Directa Aseguradora Sa — FY 2025 Earnings Presentation
31 slides from Linea Directa Aseguradora Sa's earnings presentation, Feb 23, 2026
Slide 1: Other Relevant Information
Línea Directa Aseguradora, S.A., Compañía de Seguros y Reaseguros (the “Company”), pursuant to legislation regulating the securities market, announces the following: OTHER RELEVANT INFORMATION Please find attached the Company’s fourth quarter 2025 results presentation for analysts and investors, whi
Slide 2: FY 2025 Results
FY 2025 Results Presentation for analysts and investors IFRS 17&9 23 February 2026
Slide 3: Legal notice
Legal notice This document has been prepared by Línea Directa Aseguradora, S.A., Compañía de Seguros y Reaseguros (“Línea Directa” or the “Company”) for the sole purpose of presenting results and may not be used for any other purpose. The statements contained in this document relating to forecasts,
Slide 4: Index
Index 01. Key Highlights 02. FY 2025 Results 03. Additional information 04. Market data
Slide 5: Key Highlights
01 Key Highlights
Slide 6: Key Highlights: outstanding growth and substantial increase in profitability
01. Key Highlights The year was marked by outstanding growth and a substantial increase in profitability GWP | 12M ‘25 Premiums by line of business Profitability 1,135M € COMBINED RATIO | 12M ‘25 +11.3% vs. 12M ‘24 +11.8% +6.3% +14.7% +132.9% 92.6% PREMIUMS PREMIUMS -2.1 p.p. vs. 12M ‘24 PREMIUMS PR
Slide 7: Operational efficiency is a critical component of service quality
01. Key Highlights Operational efficiency is a critical component of service quality DIGITALIZATION OF SERVICES ONLINE CHAT AI EFFICIENCY1 DIGITAL CUSTOMERS 12M 2025 var. YoY Digital tow trucks requests 65.5% +5.5p.p % increase 64% 91.6% 2025/2024 Digitally opened Inquiries 55.5% +5.0p.p motor claim
Slide 8: Strengthening our capacity for future growth
01. Key Highlights We continue to strengthen our capacity for future growth. A transformation aimed at bringing the direct model to its full potential Continue to build a Always putting the Making life easy for Becoming Consolidating Linea multi-product P&C customer at the customers through increasi
Slide 9: FY 2025 Results
02 FY 2025 Results
Slide 10: FY 2025 Results
02. FY 2025 Results IFRS17&9 Thousand euro 12M 2025 12M 2024 % var. 4Q 2025 Outstanding premium Gross written premiums (GWP) 1,134,670 1,019,606 11.3% 290,856 growth (+11.3%), with all Ordinary insurance activities income 1 1,076,705 991,329 8.6% 282,629 lines of business contributing Technical in
Slide 11: Premiums and Policyholders
02. Premiums and Policyholders Premiums and policyholders by line of business Premiums Policyholders 1,135M € 3,725 thousand Gross Written Premiums Policyholders Thousand euro 12M 2025 12M 2024 % var. 4Q 2025 % var. YoY Thousand 12M 2025 12M 2024 % var. 4Q 2025 Motor 924,049 826,194 11.8% 239,303 12
Slide 12: Combined Ratio
02. Combined Ratio IFRS17&9 -2.1 p.p. 94.7% 92.6% (1.0 p.p) (1.1 p.p) 22.1% 21.0% Prudent risk underwriting, with Gaining a 1.0 p.p. operational 72.6% improvement in the efficiency through 71.6% loss ratio digitalization 12M 2024 12M 2025 Loss ratio Expense ratio
Slide 13: Motor Segment
02. Motor Segment IFRS17&9 INCOME COMBINED RATIO IFRS 17 GWP INSURANCE INCOME (NET) IFRS 17 +11.8% +8.5% -2.0 p.p Thousand euro Excellent performance, with premiums increasing by 11.8% for the full year and 12.0% in Q4 on a stand-alone basis Combined ratio improved 2.0 p.p. YoY, with a notable
Slide 14: Home Segment
02. Home Segment IFRS17&9 INCOME COMBINED RATIO IFRS 17 GWP INSURANCE INCOME (NET) IFRS 17 -1.2 p.p +6.7% +6.3% Thousand euro Home continues to perform well, with premiums increasing 2025 recorded an all-time high profitability for this line of by 6.3% business, with combined ratios below 90s in
Slide 15: Health Segment
02. Health Segment IFRS17&9 INCOME COMBINED RATIO IFRS 17 GWP INSURANCE INCOME (NET) IFRS 17 +14.7% +16.0% -14.6 p.p Thousand euro Solid growth in premiums and customers (+9k in Q4 stand- Strong improvement in the combined ratio (14.6 p.p.), alone) nearing target levels Sustained progress in t
Slide 16: Financial Result
02. Financial Result IFRS17&9 Thousand euro 12M 2025 12M 2024 % var. Higher income from the fixed income portfolio Income 38,236 37,201 2.8% Interest on b ank deposits 848 1,754 -51.7% Lower income from the equity portfolio Interest on fixed income securities 24,653 22,306 10.5% (REITs/SOCIMIs)
Slide 17: Investment Portfolio, Movements Registered in OCI and Other Metrics
02. Investment Portfolio, Movements Registered in OCI and Other Metrics IFRS17&9 PORTFOLIO COMPOSITION Thousand euro 12M 2025 12M 2024 % var. Movements registered in OCI 7,493 12,899 -41.9% MTM fixed income and equity instruments 4,945 9,657 -48.8% Realised gains (losses) in equity instruments 2,548
Slide 18: Solvency II
02. Solvency II Solvency Margin Solvency Margin (post-final dividend) Eligible own funds walk for the full-year 2025 12M 2024 12M 2025 185% 183% 1. Solvency ratio and eligible own funds refer to Línea Directa Aseguradora stand-alone 17
Slide 19: Solvency II: Breakdown of Solvency Capital Required
02. Solvency II Breakdown of Solvency Capital Required Thousand euro 12M 2024 12M 2025 Explained by (i) interest rate and spread risk SCR Market 106,446 124,322 SCR and (ii) a higher symmetric adjustment in SCR Counterparty 5,273 5,604 MARKET equities, which accounts for the increase in the capita
Slide 20: Additional information
03 Additional information
Slide 21: Income Statement by Line of Business
03. Income Statement by Line of Business IFRS17&9 MOTOR HOME Thousand euro 12M 2025 12M 2024 % var. Thousand euro 12M 2025 12M 2024 % var. Gross written premiums 924,049 826,194 11.8% Gross written premiums 167,842 157,858 6.3% Income from ordinary insurance activities, Income from ordinary insuranc
Slide 22: Income Statement by Line of Business
03. Income Statement by Line of Business IFRS17&9 HEALTH OTHER INSURANCE BUSINESSES 1 Thousand euro 12M 2025 12M 2024 % var. Thousand euro 12M 2025 12M 2024 % var. Gross written premiums 38,833 33,860 14.7% Gross written premiums 3,946 1,694 132.9% Income from ordinary insurance activities, Income f
Slide 23: Consolidated Balance Sheet
03. Consolidated Balance Sheet IFRS17&9 ASSETS LIABILITIES AND EQUITY Thousand euro Thousand euro ASSETS 12M 2025 12M 2024 % var. LIABILITIES AND EQUITY 12M 2025 12M 2024 % var. Cash and cash equivalents 16,988 16,709 1.7% Financial liabilities at amortised cost 69,850 77,315 -9.7% Financial assets
Slide 24: Solvency II Ratio Sensitivities
03. Solvency II Ratio Sensitivities 193% 188% 187% 182% 191% 190% 183% 186% 180% 182% 173% 178% 176% SCR 100% Symmetric Solvency II Interest rates Credit spreads Equity markets Equity markets Real estate adjustment Ratio (+100bp / -100bp) (+100bp / -100bp) (+10% / -10%) (+30% / -30%) (+10% / -10%) (
Slide 25: Market data
04 Market data
Slide 26: Motor Segment: Inflation, Baremo and accident trends
04. Motor Segment Inflation, Baremo and wages Accident trends 9% The Baremo is calculated Fatal accidents (DGT) 8% based on the average 130 annual inflation through 7% November 120 6% The increase for 2026 has been set at +2.7% 110 5% 100 4% Count / month 90 3% 80 2% 1% 70 0% 60 2019 2020 2021 2022
Slide 27: Motor Segment: sector turnover and average premium
04. Motor Segment Sector turnover Average premium1 Insured fleet (FIVA) 34.8M +8.4% +6.0% 16 10% 450 8% 14 400 8% 6% 350 12 6% 300 4% 10 4% 250 14.5 years average vehicle age 8 2% 2% 200 6 150 0% 0% Sector combined ratio 4 100 -2% -2% 2 50 0 2019 2020 2021 2022 2023 2024 2025 -4% 0 2019 2020 2021 20
Slide 28: Home Segment: housing transactions and atmospheric events
04. Home Segment Housing market transactions (+12% YTD August YoY) Atmospheric events 6 75,000 14 9 8 18 15 16 events events events events events events 70,000 5 65,000 4 60,000 55,000 3 50,000 45,000 2 40,000 1 35,000 30,000 0 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2020 2021 2022 2023 202
Slide 29: Home Segment: turnover, average premium, housing stock
04. Home Segment Turnover Average premium Housing stock1 7 +7.4% 12% 350 +6.1% 9% 27.4 81.1% 90% Million 8% 27.2 80% 6 10% 300 7% 27.0 27.2 70% 5 250 8% 6% 27.0 60% 26.8 26.9 4 200 5% 26.8 50% 6% 26.6 26.7 3 150 4% 26.6 40% 4% 3% 26.4 30% 2 100 18.9% 2% 26.2 26.3 20% 1 2% 50 1% 26.0 10% 0 0% 0 0% 25
Slide 30: Health Segment: turnover and market penetration
04. Health Segment Turnover Policyholders and market penetration1 14 14% 60 26% +12.1% Million 12 12% 24% 50 24.7% 23.7% 23.9% 23.3% 22% 10 10% 22.7% 40 21.7% 20.9% 20% 8 8% 30 18% 6 6% 16% 20 4 4% +3.8% +3.0% +2.0% +3.5% 14% +4.0% +4.2% +4.7% 10 2 2% 12% 0 0% 0 10% 2019 2020 2021 2022 2023 2024 202
Slide 31: Thank you
Thank you For more information: Follow us on: LinkedIn.com/company/linea-directa- Beatriz Izard aseguradora beatriz.izard@lineadirecta.es Instagram.com/lineadirectaaseguradora/ Mark Brewer mark.brewer@lineadirecta.es TikTok.com/@lineadirectaaseguradora X.com/lineadirecta_es YouTube.com/@LineaDirecta
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