Beatriz Izard
Head of Investor Relations
Good morning, everyone, and thank you for joining us today. We are pleased to welcome you to Línea Directa’s First Half 2026 Results Presentation. I am joined by our CFO, Carlos Rodriguez Ugarte, who will take you through the main highlights of the period, followed by the Q&A session.
Carlos, over to you.
Carlos Rodriguez
Chief Financial Officer
Thank you very much, Beatriz, and good morning to everyone on the call. We are pleased to present a strong first half for Línea Directa, combining growth, improved technical margins and a robust solvency position.
Let me start with the key numbers for the period shown on the first slide of the deck. Gross written premiums reached EUR 609.3 million, up 9.2% year-on-year, with all business lines contributing to our growth. The portfolio stood at EUR 3.86 million risk, 7.8% higher than in June 2025 after adding close to 278,000 risk over the last 12 months. Technical profitability continued to improve with a combined ratio of 91.1%, 1.2 percentage points better than in the first half of 2025.
Net profit increased by 19% to EUR 52.1 million, supported by higher volumes, better underwriting performance and efficiency. Return on equity stood at 23.3%, while the Solvency II ratio fortified to 196.3%, already reflecting the EUR 18 million first interim dividend for the year. I will now go through the main drivers of this first half performance.
