Slide 1: 3M 2021 Results Analyst & Investor presentation
3M 2021 Results Analyst & Investor presentation April 29th, 2021
Slide 2: Key highlights 3M 2021
Key highlights 3M 2021 > excellent top line performance in a challenging environment, with lower Motor frequency continuing to mitigate COVID related claims • IBERIA > outperforming market in key segments, with an excellent technical result mitigating lower financial income • USA > strong underwriti
Slide 3: Key Figures 3M 2021
Key Figures > 3M 2021 Δ at constant 3M 2021 Δ exchange rates Revenue 7,304 -0.4% 5.5% Total written and accepted premiums 5,896 -3.3% 3.2% - Non-Life 4,770 -2.6% 3.5% - Life 1,126 -6.2% 1.7% Non-Life Combined Ratio - MAPFRE S.A. 94.3% -5.7 p.p Non-Life Loss Ratio 66.3% -4.5 p.p Non-Life Expense Rati
Slide 4: Adjusted attributable result
Adjusted attributable result 3M 2020 3M 2021 Δ (mn) Δ (%) Attributable result 126.8 173.3 46.5 36.7% (1) NatCat claims (53.9) 0.0 53.9 Direct insurance operations (21.5) 21.5 MAPFRE RE (32.4) 32.4 Attributable result (adjusted for NatCat claims) 180.7 173.3 -7.4 -4.1% Financial Gains & Losses 38.2 9
Slide 5: Key figures by business unit
Key figures > by business unit Premiums Attributable result Combined ratio Premiums – Breakdown by business unit 3M 2021 Δ% 3M 2021 Δ mn Δ% 3M 2021 Δ p.p. IBERIA 2,485 2.9% 108.3 5.1 4.9% 93.3% -3.2 p.p ASISTENCIA of which: 1.8% MAPFRE ESPAÑA (1) 2,020 4.9% 64.9 2.9 4.7% 94.0% -3.1 p.p MAPFRE VIDA 4
Slide 6: Key figures Life business insurance units
Key figures > Life business > insurance units Key figures 3M 2020 3M 2021 mn Δ › IBERIA > resilient performance in both Protection and Savings products, despite challenging market context Premiums Life Premiums IBERIA 1,091.2 471.5 958.2 463.3 (133.0) (8.2) -12.2% -1.7% › BRAZIL > currency depreciat
Slide 7: Assets under management
Assets under management Market value Breakdown by Asset Class 12.31.2020 03.31.2021 %Δ 12.31.2020 03.31.2021 Government fixed income 23.4 22.9 -2.1% 56.2% 51.3% Spain 12.8 12.3 -3.3% 34.0% 27.7% Italy 2.4 2.6 7.9% 5.4% 5.8% Rest of Europe 2.0 1.9 -5.7% 4.1% 4.3% United States 1.5 1.6 1.9% 3.0% 3.5%
Slide 8: Investment portfolios
Investment portfolios Euro area - fixed income portfolios - actively managed Financial gains & losses – Euro area (€ mn) 1 Market value (€bn) Accounting Market yield Modified Non-Life Life Total Yield (%) (%) duration (%) 3M 2020 3M 2021 3M 2020 3M 2021 3M 2020 3M 2021 NON-LIFE 12.31.2020 7.46 1.68
Slide 9: Shareholders' equity
Shareholders’ equity Change in shareholders’ equity (€ mn) Currency conversion differences (€ mn) Sensitivity to 1 Balance at 12/31 previous year 8,536 03.31.2021 Δ % Δ currency pp move in currency Result for the period 173 Total -1,837 ** 79 - Dividends -231 of which: Net unrealized capital gains o
Slide 10: Capital position & credit metrics
Capital position & credit metrics Capital structure (€ bn) Solvency II position (€ mn) 12.31.2020 Leverage (1) 23.3% 23.7% Eligible Own Funds (EOF) 8,917 12.8 12.6 Solvency Capital Requirement (SCR) 4,622 0.9 0.9 EOF-SCR 4,295 1.0 1.0 1.1 1.1 Solvency II ratio (1) 192.9% (2) Fully loaded 178.4% 9.8
Slide 11: Market Consistent Embedded Value 2020
Market Consistent Embedded Value 2020 Key figures Sensitivities Value Variation Impact on MCEV Adjusted Net Asset Value (ANAV) (1) 2,348 4.5% Base case 7,819 Value of In-force Business (VIF) (1) 5,471 -2.4% Interest rate +100bp -547 Market Consistent Embedded Value (MCEV) (1) 7,819 -0.5% Interest ra
Slide 12: Bankia business update
BANKIA business > MAPFRE will continue to inform the market of any further developments 2020 September › CAIXABANK and BANKIA’s Boards of Directors approved proposed merger of both entities December › CAIXABANK and BANKIA’s AGMs approved merger of both entities March 26th › CAIXABANK and BANKIA merg
Slide 13: Closing remarks
Closing remarks IBERIA › Excellent growth and outperforming market in key segments while maintaining strong technical margins USA › Strong underwriting results, especially in the Northeast, while making progress in business streamlining LATIN AMERICA › Challenging situation resulting from pandemic a
Slide 14: 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 Marta Sanchidrián Fernando García de la Sant
Slide 15: Terminology
Terminology Revenue Top line figure which includes premiums, financial income, and revenue from non-insurance entities and other revenue Combined ratio – Non-Life Expense ratio + Loss ratio Expense ratio – Non-Life (Operating expenses, net of reinsurance – other technical revenue + other technical e
Slide 16: Disclaimer
Disclaimer This document is purely informative. Its content does not constitute, nor can it be interpreted as, an offer or an invitation to sell, exchange or buy, and it is not binding on the issuer in any way. The information about the plans of the Company, its development, its results and its divi