Mapfre Sa · BME:MAP
Mapfre Sa — Q1 2023 Earnings Presentation
12 slides from Mapfre Sa's earnings presentation, Apr 28, 2023
Slide 1: Activity Update Analyst & Investor presentation Q1 2023
Activity Update Analyst & Investor presentation Q1 2023 April 28th 2023 1
Slide 2: Disclaimer
DISCLAIMER MAPFRE S.A. (MAPFRE) hereby informs that the figures in this activity update report are presented under the accounting principles in force in each country, homogenized for comparison and aggregation purposes. These figures should not be considered an indication of the future financial inf
Slide 3: Activity Update Q1 2023: solid business model growing in a complex environment
ACTIVITY UPDATE ‐ Q1 2023 Premiums grew 19%, with a Net impact earthquake in Turkey noteworthy increase in LIFE of close to €77 M 60% MAPFRE keeps demonstrating a IBERIA outperforms market growth Gradual adjustment to inflationary and continues to be the region with context SOLID BUSINESS the highes
Slide 4: Key Figures
KEY FIGURES 9,121 7,786 +20.5% +18%* +19.1% REVENUE PREMIUMS 128 98.5% ‐17.4% NET NON‐LIFE Million euros. / *At constant rates. RESULT COMBINED RATIO 4
Slide 5: Revenue and premiums by main lines
REVENUE TOTAL PREMIUMS REVENUE €7,786M +19.1% €9,121M +20.5% +18%* 2,124 1,575 1,109 1,063 674 GENERAL SEGUROS P&C GENERALES AUTO AUTOS HEALTH SALUD && ACCIDENT ACCIDENTES LIFE PROTECTION VIDA RIESGO LIFE VIDA SAVINGS AHORRO +10.6% +7.1% +12.6% +19% +136.5% MAIN LINES DIRECT INSURANCE 5 Million euro
Slide 6: Key figures by regions, business units and main ratios
KEY FIGURES BY REGIONS, BUSINESS UNITS AND MAIN RATIOS KEY FIGURES BY REGIONS AND BUSINESS UNITS Premiums Net result Non‐Life Combined ratio MAR 2023 Δ% MAR 2023 Δ% MAR 2023 Δ% IBERIA 3,328 30.9% 67.3 ‐34.1% 99.8% 4.4 p.p BRAZIL 1,198 21.5% 53.6 362.1% 81.6% ‐23.0 p.p LATAM SOUTH CENTRAL 826 12.1% 2
Slide 7: Impacts of the new IFRS & standards
IMPACTS OF THE NEW IFRS 17 & 9 STANDARDS TRANSITION BALANCE SHEET (1/1/2022) IFRS 9 IMPACTS (3M 2023) ADJUSTED LOCAL 8.5 CONCEPT AMOUNT IFRS 9 +0.2 8.3 ACCOUNTING ‐0.3 ‐0.1 Impact in Other Realized gains – €22M Impact in P&L comprehensive income equity portfolio (OCI) Impact in Other Unrealized gain
Slide 8: Annex
92 MAPFRE Annex
Slide 9: Annex: IFRS 17 – Valuation approaches
Annex: IFRS 17 – Valuation approaches Assesses fulfillment cash flows using a dynamic calculation, updating Based on technically defined directives, MAPFRE believes Building hypotheses with each calculation, and recognizing expected profit that, in general, it will assess insurance and reinsurance B
Slide 10: Annex: IFRS 17&9 – Valuation approaches and options taken
Annex: IFRS 17&9 – Valuation approaches and options taken Valuation approach Type of product Liability Asset Remarks Burial Variations in yield curve (risk‐ ≈100% Fixed Income portfolios If durations and yields are Building Block Life matched free curve + spread) reflected in measured at FVOCI with
Slide 11: Investor Relations
INVESTOR RELATIONS For further information, please contact or visit: Email: IR@mapfre.com Telephone: (+34) 91 581 23 18 Corporate website: www.mapfre.com Financial documentation center: www.mapfre.com/en/financial‐information/ Felipe Navarro Leandra Clark Leslie Hoffman Natalia Chavarría Lidia Bermú
Slide 12: Terminology
TERMINOLOGY Combined ratio – Non‐Life Expense ratio + Loss ratio Expense ratio – Non‐Life (Operating expenses, net of reinsurance – other technical revenue + other technical expenses) / Net premiums earned Loss ratio – Non‐Life (Net claims incurred + variation in other technical reserves + profit sh