The insurance company Insurance hotline came out of losses with a net profit of 40.7 million euros over the first nine months of the year, compared to red numbers compared to the same period of last year which reached 12.5 million euros, as reported this Monday by the insurance company at National Securities Market Commission (CNMV).
The entity has assigned its good results to the increase in the insurance margin, as well as the growth of revenues and customers, highlighting that between January and September all turnoverconsolidating the positive trend started in the second half of 2023.
The company explained that this favorable development of its results is due to the improvement in the combined ratio, which at the end of the third quarter of 2024 amounts to 95.4%, which represents an increase of 10.6 points compared to at the same period of the previous year.
Línea Directa highlights that the notable recovery of the insurance margin over the last year is based on the reduction of cost of claim and in greater operational efficiency.
Hotline Results
More precisely, the accident rate of the group improved by 10.2 points to reach 73.4%. This was possible thanks to rigorous underwriting, the implementation of more effective claims management measures, moderation of inflationat a controlled frequency of incidents and the lowest incidence of atmospheric events. Furthermore, the overload rate decreases slightly to 22%, a drop of 0.4 points.
On the other hand, the company bonuses increased by 3.5% over the first nine months of the year, to reach 757.6 million euros, with an increase in billings in all businesses. Insurance revenue also increased by 2.9%.
By profession, the sector Engine recorded a growth of 2.9% in its premiums, reaching 612.5 million euros, while insurance income they increased by 2.4%. In the third quarter, premiums increased by 5.4%, which allowed the insured portfolio to reach 2.48 million people.
In the segment of HomeLínea Directa experienced an increase in both written premiums, with 117 million euros (4.8% more), and insurance revenues, which increased by 4.6% to 110.6 million euros in the during the first nine months of the year. The policy portfolio in this area exceeded 731,500.
Concerning the affairs of Healthwhich has 117,500 policyholders, premiums increased by 10%, reaching 26.8 million euros, while insurance income increased by 8.7%.
THE New products of Línea Directa, which includes home occupation insurance, pet insurance and personal mobility insurance, already has 44,000 policies, and the premium volume has exceeded 1.3 million euros , which represents an increase of 77%.
This increase in salescombined with the improvement in retention rates, allowed the group to increase its portfolio by 58,750 policyholders (+1.8%) compared to the end of 2023, to reach 3.38 million customers, or 0.5% of more than in September of the previous year.
He financial result de Línea Directa during the first nine months of 2024 reached 26.9 million euros, representing an increase of 11.7% in recurring terms, driven by higher profitability in fixed income. Including extraordinary items, the financial result increased by 6.1%.
Línea Directa increased its solvency margin to 189.5% at the end of the third quarter, “completely made up of capital Level 1 or of maximum quality.
“THE evolution of our results “It is very solid quarter after quarter and shows a clear upward trend in all indicators, with a gradual acceleration in revenue and customer growth and a very robust level of solvency,” he stressed. Patricia AyuelaCEO of Línea Directa Aseguradora.
