Linea Directa Aseguradora, S.A. (LNDAF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thank you for joining us today. Welcome to Línea Directa's first quarter 2026 results conference call. My name is Beatriz Izar, Head of Investor Relations. Joining me today is our CFO, Carlos Rodríguez Huarte, who will lead this presentation. This will be followed by a Q&A session. With that, I will now turn the call over to Carlos. Thank you very much, Beatriz, and good morning to everyone on the call. We are very pleased to report another excellent set of results. Please let me guide you through the financial highlights presented on the first slide of the deck. We delivered top-line growth of 10.2%, nearly two times the non-line market growth of 5.36%. This solid momentum was achieved while maintaining an excellent combined ratio at 91.7%. Our customer portfolio reached 3.8 million clients, adding 72,000 in the first quarter in 2026, representing a 9.9 quarter-on-quarter increase. Net income grew by 12.3% to 23.4 million euros, reflecting a strong combination of growth and profitability. Return on equity stood at 22.5%, underscoring the efficiency of our business model And finally, solvency ratio was very strong, reaching 190.6%. Now, let's move on to a more detailed review of the quarterly results. As shown on page 7, the message remains consistent with prior quarters. A strong top-line growth of 10.2%, supported by high retention, reflecting increased customer loyalty, and continued new customer acquisition. Technical result was up 20.1% to 22.9 million euros. The combined ratio was very solid for the first quarter at 91.7%, with an exceptional expense ratio. The financial result was affected by mark-to-market movements in equity mutual funds in a volatile market environment. although the overall impact was limited to less than 1 milli...