Slide 1: Filing letter to the Spanish Securities and Exchange Commission
Madrid, February 11, 2021 SPANISH SECURITIES AND EXCHANGE COMMISSION Please find attached the documentation to be presented to investors in upcoming meetings. Ángel L. Dávila Bermejo General Counsel
Slide 2: 12M 2020 Results Analyst & Investor presentation
12M 2020 Results Analyst & Investor presentation February 11th, 2021
Slide 3: COVID-19 strategy: rapid and effective response to the crisis
COVID-19 strategy > rapid and effective response to the crisis PEOPLE > › Close to 90% of employees working from home at the peak of the crisis, in order to protect their health as well as the health of collaborators and clients › Essential services for clients maintained through our provider networ
Slide 4: Key highlights 2020: insurance units continue consolidating profitability trends
Key highlights 2020 > insurance units continue consolidating profitability trends COVID-19 P&L impacts > ‐ Largest impact is on the top-line due to confinement measures, lower economic activity, currency depreciation and an unfavorable environment for Life Savings products ‐ Lower frequency in P&C l
Slide 5: Key Figures 12M 2020
Key Figures > 12M 2020 Δ at constant H2 20 vs. Δ at constant 12M 2020 Δ H2 2020 exchange rates H2 19 exchange rates Revenue 25,419 -10.7% -4.6% 12,142 -9.5% -1.2% Total written and accepted premiums 20,482 -11.1% -4.1% 9,500 -9.7% 0.1% - Non-Life 16,110 -8.3% -1.9% 7,347 -6.5% 2.7% - Life 4,372 -20.
Slide 6: Adjusted attributable result
Adjusted attributable result 12M 2019 12M 2020 Δ (mn) Δ (%) 2019 2020 Attributable result 609.2 526.5 (82.7) -13.6% (1) Chilean riots Puerto Rican earthquakes NatCat claims (130.2) (67.7) 62.5 Direct insurance operations (1) (3.7) (28.4) (24.7) Japanese typhoons (-€106.5 mn) MAPFRE RE (2) (126.6) (3
Slide 7: Write-offs: goodwill & other intangibles
Write-offs > goodwill & other intangibles Write-offs* Total intangibles Other Goodwill Total 12.31.2019 12.31.2020 var. intangibles Total write-offs 127.5 4.1 131.6 Goodwill 1,773.2 1,409.8 (363.4) ABDA (Indonesia) 61.2 2.7 63.9 MAPFRE USA 650.7 597.3 (53.4) VERTI (Italy) 46.7 46.7 Bancassurance uni
Slide 8: Key figures by business unit
Key figures > by business unit Attributable result Premiums Combined ratio ROE Premiums – Breakdown by business unit 12M 2020 Δ mn Δ% 12M 2020 Δ% 12M 2020 Δ p.p. 12M 2020 Δ p.p. IBERIA 453.3 (44.4) -8.9% 6,999 -9.3% 92.0% -2.4 p.p 10.6% -2.0 p.p of which: (1) MAPFRE ESPAÑA 260.1 (2.5) -0.9% 5,279 0.
Slide 9: Life business: insurance units premiums and result
Life business > insurance units 12M 2019 12M 2020 mn Δ Life Premiums 4,891 3,819 -1,072 -21.9% IBERIA 2,425 1,677 -748 -30.9% Life Protection 470 477 7 1.5% Life Savings 1,955 1,200 -755 -38.6% BRAZIL 1,503 1,210 -293 -19.5% (1) OTHER 964 932 -31 -3.2% Life Attributable Result 253 185 -68 -27.0% IBE
Slide 10: Bankia business
Bankia business Overview BANKIA MAPFRE VIDA* – Life business 12M 2019 12M 2020 › In December 2020, Caixabank and Bankia’s AGMs Premiums 267 179 approved the merger of both entities, and remaining legal Pre-tax profit 138 168 and regulatory processes are expected to be completed in Net result 104 126
Slide 11: Assets under management
Assets under management Market value Breakdown by Asset Class 12.31.2019 12.31.2020 %Δ 12.31.2019 12.31.2020 Government fixed income 30.1 23.4 -22.2% 56.2% 52.1% Spain 18.2 12.8 -29.8% 34.0% 28.4% Italy 2.9 2.4 -18.0% 5.4% 5.3% Rest of Europe 2.2 2.0 -8.0% 4.1% 4.5% United States 1.6 1.5 -4.1% 3.0%
Slide 12: Investment portfolios
Investment portfolios Euro area - fixed income portfolios - actively managed1 Financial gains & losses – Euro area (€ mn)2 Market value (€bn) Accounting Market yield Modified Non-Life Life Total Yield (%) (%) duration (%) 12M 2019 12M 2020 12M 2019 12M 2020 12M 2019 12M 2020 12.31.2019 7.27 1.95 0.7
Slide 13: Shareholders' equity
Shareholders’ equity Change in shareholders’ equity (€ mn) Currency conversion differences (€ mn) Sensitivity to 1 12.31.2020 Δ % Δ currency pp move in Balance at 12/31 previous year 8,854 currency Result for the period 527 Total -1,916** -676 - Dividends -416 of which: Net unrealized capital gains
Slide 14: Capital position & credit metrics (I/II)
Capital position & credit metrics (I/II) Capital structure (€ bn) Solvency II position (€ mn) 09.30.2020 06.30.2020 03.31.2020 12.31.2019 Eligible Own Funds (EOF) 8,569 8,692 8,197 8,976 Leverage (1) 22.7% 23.3% Solvency Capital Requirement (SCR) 4,755 4,730 4,625 4,805 13.1 12.8 EOF-SCR 3,814 3,962
Slide 15: Capital position & credit metrics (II/II)
Capital position & credit metrics (II/II) ∆ 2020 TOTAL EQUITY -2.7% Resilient equity base > despite market volatility and currency depreciation, with high degree of diversification by geography, currency and asset class SHAREHOLDERS EQUITY -3.6% INTANGIBLE Prudent approach to asset valuation ASSETS
Slide 16: Strongly committed to sustainability
Strongly committed to sustainability Global commitments > ‐ United Nations (UN) Global Compact ‐ UN Environment Programme Finance Initiative (UNEPFI) ‐ Principles for Sustainable Insurance (PSI) ‐ Paris Pledge for Action ‐ UN Principles for Responsible Investment (PRI) ‐ UN 2030 agenda - Sustainable
Slide 17: Closing remarks
Closing remarks Insurance units (€791 mn net result, -2%) > outstanding performance and combined ratio < 93%, with lower frequency in Motor and restructuring efforts, offsetting negative COVID-19 impacts and NatCat ‐ IBERIA (€453 mn) > resilient growth in key Non-Life segments and strong underwritin
Slide 18: 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/ Upcoming events – H1 2021*: Follow us at: 11 February 12M 2020 Results re
Slide 19: 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 20: 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