Insurance industry and country risk assessment: Spain life

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      <subfield code="a">Current interest rates spur premium growth -- We expect profitability will remain robust -- Spain life: Forecast summary -- Related Criteria -- Related Research</subfield>
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      <subfield code="a">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 development.</subfield>
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