Overview
- Mexico’s 2026 fiscal law removed insurers’ ability to credit VAT on third‑party claims starting this year.
- CEO Marcos Ramírez said Banorte will shoulder a large share of the new cost to stay price‑competitive, though some of it will be reflected in premiums.
- Banorte will maintain its full insurance lineup, including auto, medical, property damage, SME, and home policies.
- Specialists foresee premium increases, particularly for auto and medical coverage, with some estimates of up to about 40% for certain medical plans for older adults, while widespread cancellations are not anticipated.
- Moody’s Local projects moderate sector growth and solid solvency but weaker profitability in 2026; Banorte reported Q4 2025 net income of 15,874 million pesos and 58,788 million for the year, and expects near‑10% growth in several areas.