| LDR | | | 00000cam a22000004 44500 |
| 001 | | | MAP20260017839 |
| 003 | | | MAP |
| 005 | | | 20260603180602.0 |
| 008 | | | 260525s2026 esp|||| ||| ||eng d |
| 040 | | | $bspa$aMAP$dMAP |
| 084 | | | $a341 |
| 110 | | | $0MAPA20260010694$aS&P Global Ratings |
| 245 | 1 | 0 | $aInsurance industry and country risk assessment: Spain life$cS&P Global Ratings |
| 260 | | | $aNew York$bStandard & Poor's Financial Services LLC$c2026 |
| 300 | | | $a4 p. |
| 505 | | | $aCurrent interest rates spur premium growth -- We expect profitability will remain robust -- Spain life: Forecast summary -- Related Criteria -- Related Research |
| 520 | | | $aS&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. |
| 650 | | | $0MAPA20080586294$aMercado de seguros |
| 650 | | | $0MAPA20080591182$aGerencia de riesgos |
| 650 | | | $0MAPA20080611880$aPerspectivas del seguro |
| 650 | | | $0MAPA20080578527$aTipos de interés |
| 650 | | | $0MAPA20080542160$aPrimas |
| 651 | | | $0MAPA20080637736$aEspaña |
| 710 | | | $0MAPA20260010700$aStandard & Poor's Financial Services LLC |
| 856 | | | $uhttps://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3568240 |
