This report does not constitute a rating action. The improvement mainly stems from the group?s property and casualty business, which saw its combined ratio improve to 92.6%, compared with 94.8% in the first nine months of 2024, according to local accounting standards. Premiums grew by 3.5% to €22.4 billion across life and nonlife insurance sectors, although currency fluctuations impacted this growth. Specifically, the U.S. dollar and several Latin American currencies depreciated against the euro throughout the year. The group?s solvency II ratio remains stable and within the group?s target range, standing at 210% as of September 2025, a slight increase from 207% at the end of December 2024. These results align with our expectation that the group will continue to
