Slides
Page 1
September 2026 Results Presentation for analysts and investors 28 October 2026
Page 2
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, plans, expectations or the future performance of the Company, its businesses or their financial figures do not constitute commitments or any assurance as to the future performance of the Company or the effective achievement of its objectives or estimated results. These statements rely on assumptions and estimates that are conditional on multiple factors, thus exposing them to various risks and uncertainties that could cause the actual results to differ materially from the objectives, projections and expectations expressed or implied in this presentation. Possible factors that might introduce an element of uncertainty to the estimates include: changes within the insurance industry, in market trends or in the general economic climate; legal reforms; court rulings; technological changes; changes in monetary policy or interest rates; the performance of our peers and competitors; changes in the claims that are covered; fluctuations in liquidity levels, or in the value of or return on the assets that make up the investment portfolio of Línea Directa; changes in the credit capacity and solvency of customers, etc. Línea Directa is under no obligation to regularly review or update the information contained in this document, nor to adapt that information in response to events or circumstances that occur after this presentation has been published. Some of the figures included in this document have been rounded off. This could cause discrepancies between the total figures and itemised figures provided in the tables. This document does not constitute an offer or invitation to acquire or subscribe for shares, in accordance with applicable law and regulations on the securities market, nor does it constitute an offer to buy, sell or exchange securities, or a solicitation to offer, sell or exchange securities. Legal notice
Page 3
Contents 01. Key Highlights 02. September 2026 Results 03. Appendices
Page 4
01 Key Highlights
Page 5
Lines of Business Profitability COMBINED RATIO | 9M ‘26 91.3% RoAE | 9M ‘26 Solvency II Ratio -2.1 p.p. vs. 9M ‘25 GWP | 9M ‘26 919.0M € +8.9% vs. 9M ‘25 Portfolio 3.90M +6.9% vs. 9M ‘25 +253,074 risks 25.6% Net Profit | 9M ‘26 80.4M € +34.8% vs. 9M ’25 191.5% 01. Key Highlights PREMIUMS +9.5% vs. 9M ’25 750.0M€ POLICIES +7.9% 2.89M PREMIUMS +2.6% vs. 9M ’25 128.9M€ POLICIES +3.5% 795.8k PREMIUMS +17.0% vs. 9M ’25 35.7M€ RISKS1 +10.9% 131.2k PREMIUMS +50.4% vs. 9M ’25 4.5M€ POLICIES +2.0% 86.4k Growth, profitability and solvency 1. 1,7x risks underwritten per policy
Page 6
02 September 2026 Results
Page 7
Thousand euro 9M 2026 9M 2025 % var. 3Q 2026 Gross written premiums (GWP) 919,047 843,814 8.9% 309,749 Ordinary insurance activities income 1 879,822 794,076 10.8% 302,694 Technical insurance result, net of reinsurance 74,298 51,039 45.6% 24,567 Inve stme nts re sult 34,450 31,998 7.7% 12,626 Credited interest 2 (4,719) (4,182) -12.9% (1,300) Insurance and financial result 104,028 78,855 31.9% 35,892 Other income/expenses and non-assignable expenses (13) 409 - (197) Profit / (loss) before tax 104,015 79,264 31.2% 35,695 Income tax (23,600) (19,592) -20.5% (7,375) Profit / (loss) after tax 80,415 59,672 34.8% 28,320 9M 2026 9M 2025 p.p. var. 3Q 2026 Loss ratio 71.3% 72.3% -1.0 p.p 72.2% Expense ratio 20.0% 21.1% -1.1 p.p 19.4% Combined ratio 3 91.3% 93.4% -2.1 p.p 91.7% 1. Equivalent to the gross premium earned (before reinsurance) under IFRS4 2. The credited interest shows the impact of last year’s financial unwinding on the discounting of the provision for claims incurre d. It is presented separately from the investments result for ease of understanding 3. LIC discounted to the risk-free curve. The effect of discounting in the movement of the curve is accounted for in equity (+4.1 million euro as of September 2026) 7 IFRS17&9 02. September 2026 Results Strong commercial momentum: insurance revenue increased by 10.8%, with gross written premiums up 8.9%. Insurance technical result increased by 45.6%, driven by favourable claims performance and improved efficiency. The combined ratio stood at 91.3%, improving by 2.1 p.p. compared with 9M 2025. The expense ratio decreased to 20.0%, improving by 1.1 p.p. year- on-year. Net profit increased by 34.8% to €80.4 million, supported by the improvement in technical performance and business growth.
Page 8
Thousand 9M 2026 9M 2025 % var. 3Q 2026 Motor 2,891.4 2,679.6 7.9% 42.9 Home 795.8 769.1 3.5% 7.5 Health 131.2 118.3 10.9% 3.0 Other1 86.4 84.7 2.0% (5.6) Total 3,904.8 3,651.7 6.9% 47.8 Policyholders Thousand euro 9M 2026 9M 2025 % var. 3Q 2026 % var. YoY Motor 749,983 684,746 9.5% 259,202 9.0% Home 128,860 125,558 2.6% 42,618 3.8% Health 35,687 30,505 17.0% 6,725 13.8% Other1 4,518 3,005 50.4% 1,205 33.7% Total 919,047 843,814 8.9% 309,749 8.5% Gross Written Premiums Premiums Policyholders 3,904.8 thousand919.0M € 8 Premiums and policyholders by line of business 02. Premiums and policyholders 1. The Other insurance businesses segment includes Pet insurance, Small Business insurance, Personal Mobility insurance, Squatter p rotection insurance and Travel insurance for Bankinter cardholders under 8 group policies (not included in the policyholders' figures)
Page 9
02. Combined Ratio IFRS17&9 -2.1 p.p. Increased scale and operational efficiency Underwriting and pricing discipline, alongside favourable claims frequency
Page 10
02. Motor Segment COMBINED RATIO IFRS 17 INCOME GWP INSURANCE REVENUE (NET) IFRS 17 IFRS17&9 -2.1 p.p+9.5% Thousand euro +11.4% Motor continues to deliver strong commercial momentum, with premiums up 9.5% to €750 million. The portfolio added 211,788 policies in the first nine months of the year, representing 7.9% YoY growth. Excellent technical profitability, with a combined ratio of 91.3% in 9M, improving by 2.1 p.p. year-on-year, and 91.5% in Q3 standalone.
Page 11
02. Home Segment COMBINED RATIO IFRS 17INCOME GWP IFRS17&9 INSURANCE REVENUE (NET) IFRS 17 +2.6% +4.3% -1.4 p.p Thousand euro Excellent technical performance, with combined ratios consistently below 90% throughout the year: 87.1% in Q3 and 86.8% for the first nine months. Home continues to gain scale, with premiums up 2.6% and 26,736 additional policyholders, bringing the customer base close to the 800,000 mark
Page 12
02. Health Segment COMBINED RATIO IFRS 17INCOME IFRS17&9 INSURANCE REVENUE (NET) IFRS 17 GWP Thousand euro -6.9 p.p+17.0% +15.5% Health consolidates its strong growth: premiums up 17% to €35.7m and policies up 10.9%, reaching 131,186 customers. The product mix continues to improve, with higher-coverage products increasing their share to 68.2% of the total. Significant improvement in the combined ratio, down 6.9 p.p. The Q3 combined ratio stood at 122.3%, reflecting continued progress towards technical break-even.
Page 13
Thousand euro 9M 2026 9M 2025 % var. Income 31,974 29,051 10.1% Interest on bank deposits 496 645 -23.1% Interest on fixed income securities 21,498 18,068 19.0% Income on equity instruments 2,525 3,597 -29.8% Other financial income 7,455 6,741 10.6% Mark-to-Market (Equity mutual funds and derivatives) 3,005 1,786 68.2% Realised gains (losses) in P&L (959) (354) -170.8% Impairments (+/-) (114) (43) -165.8% Exchange rate and conversion differences (+/-) 384 (401) - F inancial investments result 34,289 30,039 14.1% Real estate investments result 160 1,959 -91.8% Net investments result 34,450 31,998 7.7% Credited interest 1 (4,719) (4,182) -12.9% Insurance financial result 29,730 27,816 6.9% IFRS17&9 02. Financial Result 131. The credited interest reflects the impact of the curve roll-forward or financial “unwinding” on the provision for incurred claims 2. Rental income from the building until July 2025 amounted to 242k€ per month Fixed-income portfolio rotation to increase the average yield alongside a reduction in net equity exposure. The contribution of real estate investments includes the transitory impact of the renovation of a building. The works will be completed by the end of 2026 and the rent associated with the property will resume before June 2027 in accordance with the new conditions 2 Without considering this effect, the net result of investments would have grown by 13.9%
Page 14
(%) 9M 2026 9M 2025 var. p.p Fixed income 2.71% 2.65% +0.06 p.p Equity instruments 6.77% 6.15% +0.62 p.p Investment property 2.26% 6.49% -4.23 p.p Total average return 3.14% 3.31% -0.17 p.p Portfolio return (ex net realised gains) 2.64% 3.13% -0.49 p.p Reinves tment yield 2.62% 2.49% +0.13 p.p Thousand euro 9M 2026 9M 2025 % var. Movements registered in OCI (22,875) 6,522 - MTM fixed income and equity instruments (24,319) 4,233 - Realised gains (losses) in equity instruments 1,444 2,289 -36.9% 9M 2026 9M 2025 var. Fixed income duration 3.45 4.00 -0.55 Fixed income modified duration 3.69% 4.32% -0.63 p.p. VaR 1.44% 1.63% -0.19 p.p. PORTFOLIO COMPOSITION 1. Revenue recognised over the last 12 months divided by assets under management (fixed income and equity portfolios and investment property). Includes capital gains and losses realised and impairment losses. Thousand euro 14 IFRS17&9 02. Investment Portfolio, Movements Registered in OCI and Other Metrics PORTFOLIO RETURN (R12) AND OTHER METRICS1
Page 15
Thousand euro 12M 2025 9M 2026 SCR Market 124,322 127,850 SCR Counterparty 5,604 6,170 SCR Health 4,242 5,319 SCR Non-Life 228,181 245,632 BSCR 289,238 307,759 SCR Operational 32,351 34,925 Deferred tax adjustment (80,397) (85,671) SCR 241,191 257,013 Eligible own funds Solvency II 440,389 492,302 Solvency II ratio 182.6% 191.5% 02. Solvency II 15 Solvency ratio 1. The solvency ratio and eligible shareholders' funds refer to Línea Directa Aseguradora individual entity Non-Life underwriting risk increased in line with business growth, both in premiums and exposure. The increase in market risk mainly reflects the quarterly increase in the interest rate curve. Health and operational risk evolved in line with business growth. The performance to September mainly reflects strong organic capital generation, partly offset by the negative impact of higher interest rates on the valuation of the investment portfolio. SOLVENCY II OWN FUNDS SOLVENCY CAPITAL REQUIREMENT (SCR)
Page 16
03 Appendices
Page 17
MOTOR Thousand euro 9M 2026 9M 2025 % var. Gross written premiums 749,983 684,746 9.5% Income from ordinary insurance activities, net of reinsurance 711,977 638,868 11.4% Claims for the period, net of reinsurance (521,417) (474,722) -9.8% Net operating expenses (128,282) (122,233) -4.9% Net technical res ult 62,278 41,913 48.6% 9M 2026 9M 2025 p.p. var. Loss ratio 73.3% 74.3% -1.0 p.p Expense ratio 18.0% 19.1% -1.1 p.p Combined ratio 1 91.3% 93.4% -2.1 p.p Clients (thousand) 2,891,364 2,679,576 211,788 1. LIC discounted to the risk-free curve. The financial effect of the curve's movement is accounted for in equity HOME Thousand euro 9M 2026 9M 2025 % var. Gross written premiums 128,860 125,558 2.6% Income from ordinary insurance activities, net of reinsurance 123,238 118,104 4.3% Claims for the period, net of reinsurance (73,163) (72,178) -1.4% Net operating expenses (33,791) (32,038) -5.5% Net technical res ult 16,284 13,887 17.3% 9M 2026 9M 2025 p.p. var. Loss ratio 59.4% 61.1% -1.7 p.p Expense ratio 27.4% 27.1% 0.3 p.p Combined ratio 1 86.8% 88.2% -1.4 p.p Clients (thousand) 795,826 769,090 26,736 1. LIC discounted to the risk-free curve. The financial effect of the curve's movement is accounted for in equity IFRS17&9 03. Income Statement by Line of Business
Page 18
HEALTH Thousand euro 9M 2026 9M 2025 % var. Gross written premiums 35,687 30,505 17.0% Income from ordinary insurance activities, net of reinsurance 17,140 14,845 15.5% Claims for the period, net of reinsurance (14,309) (11,819) -21.1% Net operating expenses (6,962) (7,621) 8.7% Net technical res ult (4,131) (4,596) 10.1% 9M 2026 9M 2025 p.p. var. Loss ratio 83.5% 79.6% 3.9 p.p Expense ratio 40.6% 51.3% -10.7 p.p Combined ratio 1 124.1% 131.0% -6.9 p.p Clients (thousand) 131,186 118,340 12,846 1. LIC discounted to the risk-free curve. The financial effect of the curve's movement is accounted for in equity OTHER INSURANCE BUSINESSES Thousand euro 9M 2026 9M 2025 % var. Gross written premiums 4,518 3,005 50.4% Income from ordinary insurance activities, net of reinsurance 3,111 1,779 74.9% Claims for the period, net of reinsurance (1,519) (345) -340.6% Net operating expenses (1,724) (1,599) -7.8% Net technical res ult (133) (165) 19.8% 9M 2026 9M 2025 p.p. var. Combined ratio 104.3% 109.3% -5.0 p.p Clients (thousand) 86,384 84,680 1,704 18 IFRS17&9 03. Income Statement by Line of Business 1. The Other insurance businesses segment includes Pet insurance, Small Business insurance, Personal Mobility insurance, Squatter p rotection insurance and Travel insurance for Bankinter cardholders under 8 group policies (not included in the policyholders' figures) 1
Page 19
Thousand euro LIABILITIES AND EQUITY 9M 2026 12M 2025 % var. Financial liabilities at amortised cost 86,496 69,850 23.8% Liabilities under insurance contracts 896,075 853,522 5.0% Liabilities for remaining coverage 429,648 404,153 6.3% Liabilities for claims incurred 466,428 449,369 3.8% Non-technical provisions 13,063 9,048 44.4% Other liabilities 47,355 37,825 25.2% Total liabilities 1,042,989 970,245 7.5% Equity 460,615 408,301 12.8% Valuation adjustments (24,112) (3,846) -526.9% Equity instruments at fair value through equity 2,771 4,562 -39.3% Debt securities at fair value through equity (30,714) (8,186) -275.2% OCI insurance contracts 3,955 (154) - OCI reinsurance contracts (124) (68) -82.7% Total equity 436,502 404,455 7.9% Total libilities and equity 1,479,492 1,374,700 7.6% Thousand euro ASSETS 9M 2026 12M 2025 % var. Cash and cash equivalents 21,457 16,988 26.3% Financial assets at fair value through P&L 56,167 60,066 -6.5% Equity instruments 56,167 60,066 -6.5% Financial assets at fair value through equity 1,152,565 1,075,297 7.2% Equity instruments 79,300 83,292 -4.8% Debt securities 1,073,265 992,005 8.2% Financial assets at amortised cost 12,041 10,979 9.7% Hedging derivatives - 5,062 -100.0% Reinsurance contract assets 33,954 29,151 16.5% Property, plant and equipment and investment property 109,945 103,414 6.3% Tangible fixed assets 41,830 42,471 -1.5% Investment property 68,115 60,943 11.8% Intangible assets 65,738 54,621 20.4% Other assets 27,626 19,122 44.5% Total assets 1,479,492 1,374,700 7.6% LIABILITIES AND EQUITYASSETS IFRS17&9 03. Consolidated Balance Sheet
Page 20
Thank you For more information: Beatriz Izard beatriz.izard@lineadirecta.es Mark Brewer mark.brewer@lineadirecta.es Lineadirectaaseguradora.com Follow us: LinkedIn.com/company/linea-directa-aseguradora Instagram.com/lineadirectaaseguradora TikTok.com/@lineadirectaaseguradora X.com/lineadirecta_es YouTube.com/LineaDirectaSeguros Lineadirectaaseguradora.com/blog