Línea Directa reports a 19% increase in first-half earnings to €52.1 million, driven by growth across all business lines and an improved combined ratio

• Gross written premiums rose 9.2% year-on-year to €609.3 million, supported by growth in the number of policyholders across all business segments.
• The customer portfolio reached 3.86 million policyholders (+7.8%), following the addition of nearly 278,000 new customers over the last twelve months.
• Greater scale, improved efficiency through digitalisation and strong underwriting discipline reduced the combined ratio to 91.1% (-1.2 p.p.).
• The Company maintained a solid financial position, with a RoAE of 23.3% and a solvency ratio of 196.3%.

Madrid, 27 July 2026. Línea Directa f of 2026 with solid and growing results, demonstrating an outstanding combination of business growth, profitability and solvency.

The Company recorded a net profit of €52.1 million in the first six months of the year, representing a 19% increase compared with the same period of 2025. This positive performance was underpinned by growth across all business lines (Motor, Home, Health and Other Products), together with an improvement in the combined ratio, supported by contained claims frequency and continued gains in operational efficiency.

Gross written premiums reached €609.3 million, up 9.2% year-on-year and ahead of the overall growth of the Spanish Non-Life insurance market, which expanded by 5.5% during the same period according to ICEA data. This increase in revenue reflects the Company’s strong commercial performance and continued growth in its customer base.

The portfolio reached 3.86 million policyholders, an increase of 7.8% compared with a year earlier, after adding nearly 278,000 new customers over the last twelve months.

Improvement in technical profitability

Alongside business growth, Línea Directa’s first-half results were also driven by a significant improvement in technical profitability.

The combined ratio improved to 91.1%, representing a 1.2 percentage point improvement in underwriting profitability compared with the same period last year.

This performance was supported, firstly, by a reduction in the loss ratio to 70.9% (-0.2 p.p.). Despite continued pressure on claims costs, the Company's underwriting rigour, technical discipline and claims management capabilities enabled it to keep this ratio under control.

Secondly, the expense ratio improved by 1 percentage point to 20.2%, remaining among the lowest in the sector. This reflects the Company’s high level of efficiency, supported by ongoing digitalisation of operations and the benefits derived from increased scale.

As a result, the technical result from insurance operations increased by 28.4% to €49.7 million. Meanwhile, the investment result amounted to €21.8 million, broadly in line with the level recorded a year earlier.

Return on Average Equity (RoAE) reached 23.3%, while the Group maintained a strong financial position, with a solvency ratio of 196.3%.

According to Patricia Ayuela, Chief Executive Officer of Línea Directa Aseguradora: “The results achieved in the first half confirm the strength of our business model and the effectiveness of the strategy we have pursued. They already reflect the benefits of the strategic capabilities we are building to support future growth. We continue to deliver strong business growth across all our lines of activity, further improve technical profitability with efficiency levels among the best in the industry, and maintain excellent profitability and solvency ratios. We remain fully committed to providing an increasingly transparent and agile service while further enhancing efficiency, enabling us to pass these benefits on to our customers through more competitive pricing.”

Main Figures H1 2026

Main Figures (million euro)	H1 2026	H1 2025	Change 26/25
Gross written premiums	609.3	558.2	+9.2%
Insurance activities income	577.1	518.9	+11.2%
Insurance operating result	49.7	38.7	+28.4%
Investment result	21.8	22.2	-1.8%
Profit before tax	68.3	58.1	+17.5%
Profit after tax	52.1	43.8	+19.0%
Loss ratio	70.9%	71.1%	-0.2 p.p.
Expense ratio	20.2%	21.2%	-1.0 p.p.
Combined ratio	91.1%	92.3%	-1.2 p.p.
Policyholders (million)	3.857	3.579	+7.8%