Mexico · Delayed Price · Currency is MXN Quálitas Controladora Earnings Call Transcripts
Fiscal Year 2026
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First quarter 2026 saw strong premium growth, disciplined cost control, and robust profitability, despite VAT-driven challenges and aggressive competition. Outlook remains cautious, with top-line growth and loss ratios expected at the upper end of target ranges.
Fiscal Year 2025
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Delivered record written premiums and strong net income in 2025, maintaining market leadership despite regulatory headwinds. 2026 is expected to be a transition year with continued VAT impact, but disciplined execution and pricing strategies aim to sustain profitability and ROE near 20%.
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Delivered strong Q3 and YTD results with 10.7% premium growth and 51.4% net income increase, while preparing for a one-time VAT impact in 2025 and ongoing higher claim costs from 2026. Maintained a combined ratio of 91.3% and a 12-month ROE of 26.7%.
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Strong Q2 and first half results featured 12.9% premium growth, 26.5% ROE, and a combined ratio below target. Market leadership was reinforced despite pricing pressures and macro volatility, with robust growth in Latin America and ongoing U.S. portfolio realignment.
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Premiums grew 12% year-over-year, with a combined ratio of 88.2% and net income of MXN 2.1 billion. Market share reached record highs, and strong cost control and investment income drove profitability. Guidance remains for high single-digit to low-teen growth despite macro volatility.
Fiscal Year 2024
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Record 2024 results with 29% top-line growth, 22.2% ROE, and 32.9% market share in written premiums. Outlook for 2025 is high single-digit to low-teens growth, with combined and loss ratios within target ranges and continued focus on service and profitability.
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Record premium growth and market share drove strong net income and ROE, with Q3 impacted by weather-related claims and higher costs. Outlook remains positive, with normalization expected in claims and combined ratios, and continued focus on disciplined capital allocation.
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Premiums grew 32.7% in H1 2024, with net income at MXN 2.6B and ROE at 23.5%. Full-year premium growth is expected in the low to mid-20% range, with strong cost control and a combined ratio of 91.4% within target.