BMV: Q* · Mexico’s largest auto insurer (34.2% market share, AMIS) · Insurance subsidiaries in Mexico, El Salvador, Costa Rica, the United States, Peru and Colombia, plus non-insurance service verticals
Figures in nominal Mexican pesos (Ps.) millions, consolidated, prepared under the accounting criteria of the CNSF (Mexico’s insurance regulator) rather than IFRS — unaudited quarterly releases. Covers 1Q24 through 2Q26 (10 quarters), sourced from Quálitas’ quarterly reports and its historical financial data file on the IR site (qinversionistas.qualitas.com.mx), with the 2Q26 filing located on the BMV. No accounting-regime change falls inside the window (IFRS 17 has not been adopted in these statements). Two items affect comparability: 4Q25 carries a non-recurring, full-year charge from the change in the VAT (IVA) treatment of claims costs, and 4Q24 figures are the audited year-end numbers rather than the original release; see footnotes.
2Q26 Snapshot
Latest reported quarter (ended June 30, 2026) vs. the same quarter a year earlier. Ratios follow Quálitas’ own CNSF-style definitions; changes in ratios are shown in basis points (bp).
Key Revenue Drivers
Written premiums (prima emitida) by line of business and insured units (unidades aseguradas), quarterly and annually, back to 2022 — the volume and price levers behind the top line. 2026 annual figures are year-to-date through 2Q26.
Written premiums
Written premiums by line of business, by quarter
Ps. millions, stacked, 1Q22–2Q26. Individual + fleets = the “traditional” channel (agents); financial institutions = policies sold with auto loans, largely multi-year; foreign subsidiaries = El Salvador, Costa Rica, U.S., Peru and Colombia. 4Q seasonality reflects fleet and multi-year renewals.
Written premiums — YoY growth by quarter
% change vs. same quarter prior year, 1Q23–2Q26.
Written premiums by line of business, by year
Ps. millions, stacked, 2022–2026 YTD.
Written premiums — YoY growth by year
% change vs. prior year (2026 vs. same 6M period in 2025).
Trailing-12-month written premium per insured unit
Ps. per unit, 1Q24–2Q26: TTM written premiums ÷ average of insured units at the start and end of the 12-month window — the blended price/mix yield.
Insured units
Insured units at quarter-end
Thousands of vehicles, all subsidiaries (Mexico is ~94%), 1Q22–2Q26.
Insured units — YoY growth by quarter
% change vs. same quarter-end prior year, 1Q23–2Q26.
Insured units at year-end
Thousands of vehicles, 2022–2025 year-end and 2Q26.
Insured units — YoY growth by year
% change vs. prior year-end (2Q26 vs. 2Q25 for the partial year).
Income Statement
2Q26 vs. 2Q25 (same quarter, one year ago), with the YoY change in the column to the right. Ordered as: insured-unit and per-unit drivers, written premiums by line and by country, the bridge from written to earned premiums, acquisition and claims costs, technical and operating result, financing result (RIF) and net income. Indented italic rows are always a derived metric (ratio, margin or rate) — never a reported line item.
Written premiums — YoY growth by quarter
% change vs. same quarter prior year, all 10 quarters shown (trend context for the 2Q26-vs-2Q25 comparison below).
Combined ratio, decomposed
Acquisition ratio (÷ retained premiums) + loss ratio (÷ earned premiums) + operating ratio (÷ written premiums), Quálitas’ own definitions; company target range 92–94%.
Loss ratio vs. the 62–65% target band
Claims cost ÷ earned premiums, all 10 quarters. The shaded band is the company’s stated long-term target range; 4Q25 carries the full-year VAT charge.
Ratio methodology (CNSF / Quálitas convention): acquisition ratio = acquisition cost ÷ retained premiums; loss ratio = claims cost ÷ earned retained premiums; operating ratio = operating expenses ÷ written premiums; combined ratio = the sum of the three. Because each ratio uses a different denominator, the combined ratio is not directly comparable with the international convention; the “adjusted combined ratio” row divides all three costs by earned premiums, which is the figure Quálitas publishes for cross-border comparison. Operating margin is operating result ÷ earned premiums and net margin is net income ÷ written premiums, again as the company defines them. All ratios in the table are computed from the raw statement figures, not from the company’s pre-rounded percentages, so bp changes can differ from the release by a basis point.
VAT (IVA) charge and the 2025–2026 loss-ratio comparison: in 4Q25 Quálitas recognized a non-recurring charge for the full year 2025 arising from the non-creditability of VAT on certain components of claims costs, which took the 4Q25 loss ratio to 77.0%, the combined ratio to 102.6% and the quarter to a net loss of Ps. 190m; the company states that excluding it, 2025 net income would have been Ps. 6,778m (ROE 12M 26.9%) instead of Ps. 5,095m (20.2%). From 2026 the higher claims cost is a run-rate item: at 6M26 the company puts the VAT effect at ~320 bp of the loss ratio, which is most of the 2Q26-vs-2Q25 deterioration shown above. The November 2025 Ley de Ingresos 2026 gave certainty on the treatment going forward.
Reading the premium bridge: the net increase in the unearned-premium reserve is the difference between written and earned premiums — positive when the book is growing (premiums written but not yet earned, typically 1Q and 4Q with multi-year and fleet renewals), negative when reserves are released (2Q26: a Ps. 322m release after a large multi-year account changed coverage, which is also why written premiums fell 0.5% while earned premiums grew 4.4%). The share of multi-year policies, which drives this timing, fell from 23.0% of written premiums in 2Q25 to 20.7% in 2Q26.
Balance Sheet
Consolidated statement of financial position (balance general) at each quarter-end under CNSF format, plus leverage and coverage metrics. CNSF balance sheets carry no current/non-current split, so a current ratio is not computable; the coverage of technical reserves by investments is the insurer’s equivalent liquidity measure.
Assets, liabilities & equity
Ps. millions, quarter-end balances.
Leverage & reserve coverage
Total liabilities / equity, and total investments / technical reserves.
What is specific to this balance sheet: premium receivables (deudor por primas) are ~40% of total assets because policies sold through financial institutions are multi-year and paid in installments; the offsetting liability is the unearned-premium reserve inside technical reserves. Investments cover ~83% of technical reserves at 2Q26, with the remainder effectively funded by those receivables. Equity is held down by a steady dividend and buyback policy; the 400m share count has been constant across the window.
4Q24 figures: the 4Q24 column shows the audited 2024 year-end statements, as carried in the company’s historical data file and in the 4T25 release’s comparative column. They differ modestly from the original 4T24 release (total assets Ps. 107,900m and technical reserves Ps. 59,446m in the original vs. Ps. 108,134m and Ps. 59,301m audited; 4Q24 net income Ps. 1,378m original vs. Ps. 1,352m audited). Every other quarter is as originally reported.
Investments & Solvency
The two things that replace a cash-flow statement in an insurer’s analysis: the investment portfolio that funds the reserves (and produces the financing result, RIF), and the regulatory capital position. Quarterly, 1Q24–2Q26.
Securities portfolio by instrument
Ps. millions, stacked, quarter-end (valores only; excludes repo receivables, the loan book and real estate). Government paper dominates; corporate fixed-rate has grown as the company extended duration into the 2025–26 rate-cutting cycle.
Comprehensive financing result (RIF) by component — quarterly
Ps. millions. Investment income is the accrual on the portfolio; realized gains and mark-to-market valuation are the volatile pieces; “other” bundles the surcharge on premiums paid in installments, FX, loan interest and provisions.
Return on investments (RSI) and ROE 12M
% as reported by the company: RSI is the annualized quarterly RIF on the investment portfolio; ROE 12M is trailing-twelve-month net income on equity.
Regulatory solvency
Ps. millions: regulatory capital requirement (RCS) plus solvency margin = eligible own funds; the solvency index (own funds ÷ RCS) is in the tooltip and labeled on the latest bar.
Definitions:float (invested assets), as Quálitas reports it, = securities + repo receivables + net loan portfolio, i.e. total investments excluding real estate. RSI is the company’s reported annualized return on the portfolio; it excludes unrealized gains on positions not marked to market (the company put these at ~Ps. 2.4bn at 2Q26, which would have lifted the 2Q26 RSI to 13.6%). Fixed-income share and duration are as disclosed in each release. Solvency index = (solvency margin + RCS) ÷ RCS, which is how the company’s reported figures reconcile (e.g. 2Q26: (15,984 + 6,646) ÷ 6,646 = 341%); the CNSF minimum is 100%. The company notes that from 2024 its solvency figures are consolidated across subsidiaries.