S&P Global RatingsInsurance industry and country risk assessment: Spain life / S&P Global Ratings. — New York : Standard & Poor's Financial Services LLC, 20264 p.Current interest rates spur premium growth -- We expect profitability will remain robust -- Spain life: Forecast summary -- Related Criteria -- Related Research. — Sumario: S&P Global Ratings assesses the Spanish life insurance sector's industry and country risk as supportive, expecting strong profitability to continue. Return on assets was about 1.25% in 2025 and is projected to decline only marginally in 20262027 amid average interest rates slightly above 3%. Higher rates support margins on guaranteed products and have spurred demand for savings and protection policies, with GPW rebounding 23% in 2025 and forecast to grow 2%3% in 20262027. The market benefits from strict assetliability matching, lowering interestrate and surrender risks. Governance is robust under the Dirección General de Seguros y Fondos de Pensiones and Solvency II, with ongoing integration of AI and data governance. Capitalization remains strong, with a sector Solvency II ratio near 240% (Sep. 2025). Despite progress, limited tax incentives constrain market development1. Mercado de seguros. 2. Gerencia de riesgos. 3. Perspectivas del seguro. 4. Tipos de interés. 5. Primas. 6. España. I. Standard & Poor's Financial Services LLC. II. Title.
