Slide 1: Activity Update Analyst & Investor presentation 9M 2023
Activity Update Analyst & Investor presentation 9M 2023 October 27th 2023 1
Slide 2: Disclaimer
DISCLAIMER MAPFRE S.A. (MAPFRE) hereby informs that the figures in this activity update report, unless stated otherwise, are presented under the accounting principles in force in each country, homogenized for comparison and aggregation purposes. This document is for information purposes only and its
Slide 3: Key Figures
ACTIVITY UPDATE – 9M 2023 KEY FIGURES 20,679 24,596 +10.9% +10.8% 471 546 -3.6% +11.7% ** PREMIUMS REVENUE NET RESULT 96.8% -1.7 p.p 197.3% 8.2% 9.1% +0.04 p.p ** +1.0 p.p NON-LIFE SOLVENCY ROE COMBINED RATIO RATIO* 3 Million euros / *Data at June 2023 **Without the goodwill writedown
Slide 4: Key Highlights
ACTIVITY UPDATE – 9M 2023 KEY HIGHLIGHTS LIFE NON-LIFE Continued improvement of Combined Ratio (96.8%) Excellent growth (+20%) Premiums (+8.7%) AUTO FINANCIAL INCOME Improved profitability (+7%) Strict focus on tariffs and Recurring investment underwriting to return to result up 26%* profitability I
Slide 5: Premiums
ACTIVITY UPDATE – 9M 2023 PREMIUMS TOTAL PREMIUMS REVENUE €20,679M +10.9% +12%* MAIN LINES INSURANCE +8.7% +20.0% 5 Million euros / * At constant exchange rates
Slide 6: Key Figures by Regions and Business Units
ACTIVITY UPDATE – 9M 2023 KEY FIGURES KEY FIGURES BY REGIONS AND BUSINESS UNITS ROE (main markets/units) Premiums Net result Non-Life Combined ratio 9M 2023 9M 2023 Δ% 9M 2023 Δ% 9M 2023 Δ% IBERIA 6,744.4 17.0% 245.5 -17.9% 98.4% 1.3 p.p IBERIA 10.6% BRAZIL 3,952.5 7.3% 181.7 95.1% 78.0% -11.5 p.p B
Slide 7: Key Figures > Auto
ACTIVITY UPDATE – 9M 2023 KEY FIGURES > AUTO Premiums Insured units Attributable result 9M 2022 9M 2023 Δ% Units (mn) Δ% 9M 2022 9M 2023 MAPFRE GROUP 4,451 4,625 3.9% 13.89 -3.0% -23.6 -42.3 IBERIA 1,671 1,757 5.1% 6.16 -1.1% 14.0 -6.1 NORTH AMERICA 1,146 1,176 2.6% 1.38 -4.8% -12.9 -24.3 BRAZIL 468
Slide 8: Capital Position & Credit Metrics
ACTIVITY UPDATE – 9M 2023 CAPITAL POSITION & CREDIT METRICS Leverage Ratio (%) 25% Reference 12.31.2020 12.31.2021 12.31.2022 09.30.2023 %Δ YTD 23% framework Shareholders' equity 8,536 8,464 7,289 7,649 4.9% Non-controlling interests 1,302 1,203 1,071 1,162 8.5% Total equity 9,838 9,667 8,360 8,811
Slide 9: Assets Under Management
ACTIVITY UPDATE – 9M 2023 ASSETS UNDER MANAGEMENT Market value 09.30.2023 %Δ Government fixed income 21.3 7.9% Spain 8.9 -0.2% Italy 2.7 10.1% Rest of Europe 1.3 -24.4% United States 1.7 64.2% Brazil 3.3 21.2% Rest of LATAM 2.5 25.0% Other 0.9 3.0% Corporate fixed income 8.1 9.6% Real Estate* 1.9 -9
Slide 10: Investment Portfolio
ACTIVITY UPDATE – 9M 2023 INVESTMENT PORTFOLIO Eurozone – Fixed income portfolios – Active management Market value Accounting Market yield Modified (€bn) Yield (%) (%) duration (%) 12.31.2022 3.00 2.16 3.60 8.97 IBERIA NON-LIFE* 09.30.2023 3.11 2.36 4.03 7.79 12.31.2022 3.26 1.87 4.04 3.46 MAPFRE RE
Slide 11: Commitment to Shareholders: Dividends Paid
ACTIVITY UPDATE – 9M 2023 DIVIDENDS PAID PROVEN 2023* € 447 M COMMITMENT TO SHAREHOLDERS 2022 € 447 M € 416 M ≈8 % 2021 6 Cents per share 447 mn€ ** 2023 interim dividend Dividend in 2023 Average dividend yield 2020 € 416 M 2019 € 447 M *Includes recently approved interim dividend **2023 calculated
Slide 12: We are accelerating our transformation to better adapt to the context
ACTIVITY UPDATE – 9M 2023 We are accelerating our TRANSFORMATION to better adapt to the context NEW LEVERAGE NEW TEAM STRUCTURE OPPORTUNITIES 12
Slide 13: Closing Remarks
ACTIVITY UPDATE – 9M 2023 CLOSING REMARKS MAPFRE is entering a new stage with solid results 10.9% 96.8% 9.1% +12% like-for-like ≈96% in Q2 and Q3 stand alone excluding goodwill writedown in USA PREMIUM NON-LIFE ROE GROWTH COMBINED RATIO 24.8% 197.3% at June 2023 LEVERAGE SOLVENCY RATIO RATIO 13
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 Leslie Hoffman Natalia Chavarría Lidia Bermú
Slide 15: 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