Slide 1: First quarter results 2012
First quarter results 2012 Presentation for investors and analysts 9th May 2012
Slide 2: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Business development 4 Appendix 5 Financial supplement 6 Schedule and contacts 2 No. 2012 - 5
Slide 3: Key highlights: An excellent start to the year
1 Key highlights An excellent start to the year Revenues 6,834.8 11.5% Premiums 5,894.0 15.1% Managed savings 30,171.1 8.2% Non-life combined ratio 95.6% -1.0 p.p. Attributable result 271.4 -12.5% Recurring attributable result 250.7 3.7% Earnings per share (Euros) 0.09 -10.0% Recurring earnings per
Slide 4: Highlights of the results
1 Key highlights Highlights of the results The international business continues to grow Non-Life: excellent underwriting result thanks to the strength of the domestic business and the lower impact of catastrophe and weather-related losses Life: improvement in recurring results thanks to the growth o
Slide 5: Development of recurring results
1 Key highlights Development of recurring results 3M 2011 3M 2012 % Result from insurance operations 357.7 247.8 -30.7% Impact of the earthquakes in Japan and New Zealand 64.1 --- Greek fixed income --- 41.5 Net realised gains -39.0 -20.7 -46.9% Gain from alliance with BANCO DO BRASIL -96.8 --- RECU
Slide 6: Agreement with BFA relating to MAPFRE AMÉRICA
1 Key highlights Agreement with BFA relating to MAPFRE AMÉRICA MAPFRE has acquired from Banco Financiero y de Ahorros (BFA) a 10.36% shareholding in MAPFRE AMÉRICA for €244 million Following this operation, MAPFRE S.A. holds 99.22% of the subsidiary The operation will be financed from the Group’s ow
Slide 7: The final dividend will be fully paid in cash on 29th June
1 Key highlights The final dividend will be fully paid in cash on 29th June On 10th March, the AGM approved the payment of a final dividend payable against the 2011 results of €0.08 gross per share 2011 Final dividend Thus, the outlay against the 2011 results amounts to €461.9 million, a 2.2% ri
Slide 8: A diversified investment portfolio, driven by the business
1 Key highlights A diversified investment portfolio, driven by the business Fixed income portfolio: information as at 31st March 2012(1) SOVEREIGN FINANCIAL SECTOR TYPE OF GUARANTEE Spain 9,220.8 59.4% Spain 5,767.3 54.6% Covered 3,242.7 Brazil 2,432.5 15.7% USA 900.9 8.5% Senior 1,431.0 (2) USA 719
Slide 9: Consolidated financial information
1 Key highlights 2 Consolidated financial information 3 Business development 4 Appendix 5 Financial supplement 6 Schedule and contacts 9 No. 2012 - 5
Slide 10: Organisation chart and new segmentation of the financial information
2 Consolidated financial information Organisation chart and new segmentation of the financial information MAPFRE S.A. DOMESTIC INSURANCE INTERNATIONAL INSURANCE GLOBAL BUSINESSES The segmentation of the financial information has been adapted to MAPFRE’s new management structure The key figures o
Slide 11: Breakdown of premiums and results by line of business and geographical areas
2 Consolidated financial information Breakdown of premiums and results by line of business and geographical areas Premiums(1) Contribution to consolidated results Segment EUR MM % Spain 38.2% Abroad 61.8% Non-Life Spain 95.9 38.7% 11.8% Non-Life Abroad 59.4 24.0% Life Spain 40.6 16.4% 9.9% 40.1% Lif
Slide 12: Information by business areas
2 Consolidated financial information Information by business areas Contribution to premiums(1) Contribution to insurance results 3M 2011 3M 2012 3M 2011 3M 2012 Business area % % EUR MM Business area % % EUR MM DOMESTIC INSURANCE 45.8% 38.2% 2,387.3 DOMESTIC INSURANCE 57.2% 55.1% 136.5 (2) MAPFRE BR
Slide 13: Development of Non-Life insurance results
2 Consolidated financial information Development of Non-Life insurance results Non-Life business – Main business areas Premiums Underwriting result Combined ratio (1) Business area 3M 2011 3M 2012 % 3M 2011 3M 2012 % 3M 2011 3M 2012 DOMESTIC INSURANCE 1,682.6 1,623.3 -3.5% 150.4 131.0 -12.9% 87.2% 8
Slide 14: Development of Non-Life insurance results: Non-Life Account
2 Consolidated financial information Development of Non-Life insurance results Non-Life Account Key points 3M 2011 3M 2012 % Gross written and accepted Organic growth of the international business, 3,937.4 4,386.4 11.4% especially in Direct Insurance, which offsets the premiums effects of a lower
Slide 15: Development of Life Assurance results
2 Consolidated financial information Development of Life Assurance results Life business – Main business areas Underwriting and financial Premiums result Business area 3M 2011 3M 2012 % 3M 2011 3M 2012 % DOMESTIC INSURANCE 797.7 764.0 -4.2% 63.6 67.4 6.0% MAPFRE BRASIL 174.9 436.0 149.3% 19.0 77.7 -
Slide 16: Development of Life Assurance results: Life Account
2 Consolidated financial information Development of Life Assurance results Life Account Key points 3M 2011 3M 2012 % Organic growth of the international business Very good performance of the agents’ channel, partly Gross written and accepted 1,181.7 1,507.6 27.6% offset by the weakness of the ba
Slide 17: Development of results from Other Business Activities
2 Consolidated financial information Development of results from Other Business Activities Other Business Activities(1) Key points 3M 2011 3M 2012 % Operating revenues 108.3 109.9 1.5% Operating expenses -111.2 -108.0 -2.9% Lower interest payments An impairment provision of €40.8 million was Net
Slide 18: Consolidated result
2 Consolidated financial information Consolidated result 3M 2011 3M 2012 % Result on restatement of financial accounts -5.0 -1.7 -66.0% Result before tax and minority interests 506.6 498.2 -1.7% Taxes -155.5 -144.8 -6.9% Result after tax 351.1 353.4 0.7% Result after tax from discontinued operations
Slide 19: Growth in assets
2 Consolidated financial information Growth in assets Balance Sheet Key points 31.3.11 31.12.11 31.3.12 Goodwill 2,203.1 2,266.4 2,271.1 Other intangible assets 882.6 2,450.1 2,340.0 Seasonal decrease in “Cash & equivalents” as a result Fixed assets 383.8 382.0 383.1 of the purchase of financial a
Slide 20: Equity grew in excess of €100 million in 3M 2012
2 Consolidated financial information Equity grew in excess of €100 million in 3M 2012 Statement of changes in equity Key points Equity Minority TOTAL TOTAL interests 3M 2012 3M 2011 BALANCE AS AT PRIOR YEAR END 7,042.9 2,683.7 9,726.6 7,795.8 Improvement in the market value of Additions and deductio
Slide 21: Business development
1 Key highlights 2 Consolidated financial information 3 Business development 4 Appendix 5 Financial supplement 6 Schedule and contacts 21 No. 2012 - 5
Slide 22: Domestic Insurance Division: Key highlights
3 Business development Domestic Insurance Division DOMESTIC INSURANCE: Key highlights 3M 2011 3M 2012 % NON-LIFE BUSINESS 3M 2011 3M 2012 % Written and accepted premiums 1,682.6 1,623.3 -3.5% Written and accepted 2,480.3 2,387.3 -3.7% Underwriting result 150.4 131.0 -12.9% premiums Underwriting and
Slide 23: Domestic Insurance Division: highlights of the results
3 Business development Domestic Insurance Division: highlights of the results Premiums The variation in premiums is the result of: evolution a 3.1% decrease in Motor insurance, versus a 4.8% contraction for the rest of the sector the positive performance of Home insurance (+3.4%) the contracti
Slide 24: Domestic Insurance Division: Non-Life
3 Business development Domestic Insurance Division Non-Life Premiums Combined ratio(1) 3M 2011 3M 2012 584.1 -3,1 % Loss ratio 81.0% 77.2% MOTOR MOTOR Expense ratio 16.6% 16.9% Loss ratio 86.4% 82.2% HEALTH 411.4 -0,3 % HEALTH Expense ratio 17.9% 18.4% Loss ratio 38.3% 52.3% BURIAL & 317.5 -15,6 % B
Slide 25: Domestic Insurance Division: Life business activity indicators
3 Business development Domestic Insurance Division Life business: activity indicators GROSS WRITTEN AND ACCEPTED PREMIUMS 3M 2011 3M 2012 % CHANGE IN FUNDS UNDER MANAGEMENT (1) 3M 2011 3M 2012 (2) Regular premiums 174.2 137.6 -21.0% IFRS technical reserves -67.9 302.6 Single premiums 478.7 458.1 -4.
Slide 26: International Insurance Division: Key highlights
3 Business development International Insurance Division INTERNATIONAL INSURANCE: Key highlights 3M 2011 3M 2012 % MAPFRE AMÉRICA 3M 2011 3M 2012 % Written and accepted 1,872.9 2,652.7 41.6% Gross written and accepted premiums 1,383.1 2,093.2 51.3% premiums Underwriting and financial result 73.7 138.
Slide 27: International Insurance Division: MAPFRE AMÉRICA premiums and results by countries
3 Business development International Insurance Division: MAPFRE AMÉRICA Premiums and results by countries PREMIUMS RESULTS (1) Local Local Currency Currency COUNTRY 3M 2011 3M 2012 % % 3M 2011 3M 2012 % % BRAZIL 584.4 1,142.0 95.4% 98.7% 223.0 105.2 -52.8% -52.0% VENEZUELA 146.5 173.6 18.5% 13.2% 4.
Slide 28: International Insurance Division: MAPFRE AMÉRICA
3 Business development International Insurance Division: MAPFRE AMÉRICA Consolidation of the businesses with BANCO DO BRASIL since 31.5.2011 Highlights Increase in the combined ratio due to: of the Unit – a higher loss ratio versus 2011 in the Motor, Agricultural and Health & Accidents segments
Slide 29: International Insurance Division: MAPFRE INTERNACIONAL premiums and results
3 Business development International Insurance Division: MAPFRE INTERNACIONAL Premiums and results by countries PREMIUMS RESULTS (1) Local Local Currency Currency COUNTRY 3M 2011 3M 2012 % % 3M 2011 3M 2012 % % USA 363.3 373.7 2.9% -1.5% -3.7 28.1 --- --- TURKEY 77.0 107.2 39.3% 48.6% 6.4 4.3 -33.2%
Slide 30: International Insurance Division: MAPFRE INTERNACIONAL
3 Business development International Insurance Division: MAPFRE INTERNACIONAL Positive impact of the depreciation of the Euro against the USD(1) USA Rate increases in all the States Decrease in production in some States other than Massachusetts, as a result of a change in the sales strategy, t
Slide 31: Global Businesses Division: Key highlights
3 Business development Global Businesses Division GLOBAL BUSINESSES: Key highlights 3M 2011 3M 2012 % MAPFRE RE 738.4 12.5% Premiums & operating 1,106.1 1,245.9 12.6% MAPFRE GLOBAL RISKS 293.6 11.3% income MAPFRE ASISTENCIA 213.9 15.0% Underwriting and financial 25.8 65.7 154.7% result Other non-tec
Slide 32: Global Businesses Division: MAPFRE RE
3 Business development Global Businesses Division: MAPFRE RE Key figures Key highlights 3M 2011 3M 2012 % Gross written and accepted 656.4 738.4 12.5% Growth in all segments, especially in the Life Assurance premiums business Growth at constant exchange rates of 8.8% - of which Life premiums 84.
Slide 33: Global Businesses Division: MAPFRE GLOBAL RISKS
3 Business development Global Businesses Division: MAPFRE GLOBAL RISKS Key figures Key highlights 3M 2011 3M 2012 % Gross written and accepted 263.7 293.6 11.3% Growth in new international markets, especially in premiums the Property Damage line Underwriting result 9.5 5.5 -42.1% Gross result(1) 9
Slide 34: Global Businesses Division: MAPFRE ASISTENCIA
3 Business development Global Businesses Division: MAPFRE ASISTENCIA Key figures Key highlights 3M 2011 3M 2012 % Growth driven by Travel Assistance Insurance, Operating income 186.0 213.9 15.0% especially in the UK and France Underwriting result 9.1 6.1 -33.0% Gross result(1) 7.4 8.4 13.5% Appr
Slide 35: Appendix
1 Key highlights 2 Consolidated financial information 3 Business development 4 Appendix 5 Financial supplement 6 Schedule and contacts 35 No. 2012 - 5
Slide 36: Organisation chart
4 Appendix Organisation chart MAPFRE S.A. DOMESTIC INSURANCE INTERNATIONAL INSURANCE GLOBAL BUSINESSES 100% 99.2% 91.5% MAPFRE FAMILIAR MAPFRE AMÉRICA MAPFRE RE 100% 100% MAPFRE 100% MAPFRE MAPFRE VIDA INTERNACIONAL ASISTENCIA 100% 100% MAPFRE EMPRESAS MAPFRE GLOBAL RISKS 36 No. 2012 - 5
Slide 37: Consolidated income statement
4 Appendix Consolidated income statement 3M 2011 3M 2012 % NON-LIFE INSURANCE AND REINSURANCE Gross written and accepted premiums 3,937.4 4,386.4 11.4% Premiums earned, net of ceded and retroceded reinsurance 2,938.2 3,286.9 11.9% Net claims incurred and variation in other technical provisions -2,09
Slide 38: Profit breakdown by units and companies
4 Appendix Profit breakdown by units and companies Contribution to consolidated result Net Minority 3M 2012 3M 2011 Result interests € Million % € Million % DOMESTIC INSURANCE 136.5 136.5 204.7 MAPFRE VIDA 40.6 40.6 15.0% 39.5 12.7% MAPFRE FAMILIAR 60.5 60.5 22.3% 129.6 41.8% MAPFRE EMPRESAS 35.4 35
Slide 39: Net financial income: selected information
4 Appendix Net financial income: selected information Breakdown of net financial income (before taxes) 3M 2011 3M 2012 % Net financial income, Non-life 195.2 211.0 8.1% - of which realised capital gains and impairments 56.9 24.2 -57.5% - of which foreign exchange gains/(losses) -4.0 -3.0 -25.3% Net
Slide 40: Net financial income: selected information (contd.)
4 Appendix Net financial income: selected information (contd.) Realisation gains and impairments Exchange of Greek Impact on pre-tax Realisation gains (1) Other impairments bonds result 3M 2011 3M 2012 3M 2011 3M 2012 3M 2011 3M 2012 3M 2011 3M 2012 MAPFRE FAMILIAR 35.2 12.8 -41.4 -1.9 35.2 -30.5 (2
Slide 41: Financial supplement
1 Key highlights 2 Consolidated financial information 3 Business development 4 Appendix 5 Financial supplement 6 Schedule and contacts 41 No. 2012 - 5
Slide 42: Operating companies: Key figures MAPFRE FAMILIAR
5 Financial supplement Operating companies: Key figures MAPFRE FAMILIAR 3M 2011 3M 2012 % Gross written and accepted premiums 1,470.3 1,406.8 -4.3% Net premiums earned 1,031.4 982.3 -4.8% Underwriting result 116.9 89.4 -23.5% Net financial income 67.3 1.3 -98.1% Other business activities 1.5 1.5 0.0
Slide 43: MAPFRE FAMILIAR – by insurance lines
5 Financial supplement Operating companies: Key figures MAPFRE FAMILIAR – by insurance lines Motor 3M 2011 3M 2012 % Health 3M 2011 3M 2012 % Gross written and accepted premiums Gross written and accepted premiums 584.1 565.9 -3.1% 411.4 410.3 -0.3% Net premiums earned 568.0 571.4 0.6% Net premiums
Slide 44: Operating companies: Key figures MAPFRE EMPRESAS
5 Financial supplement Operating companies: Key figures MAPFRE EMPRESAS 3M 2011 3M 2012 % Gross written and accepted premiums 213.0 217.2 2.0% Net premiums earned 134.3 135.9 1.2% Underwriting result 30.9 41.0 32.7% Net financial income 19.9 9.6 -51.8% Other business activities -0.4 -0.1 --- Other n
Slide 45: Operating companies: Key figures MAPFRE VIDA
5 Financial supplement Operating companies: Key figures MAPFRE VIDA 3M 2011 3M 2012 % Breakdown of premiums 3M 2011 3M 2012 % Technical Reserves excluding Regular Premiums 174.2 137.6 -21.0% shadow accounting 18,092.9 18,262.4 0.9% - Agents' and other channels 89.6 85.1 -5.0% Shadow accounting adjus
Slide 46: Operating companies: Key figures MAPFRE VIDA funds under management
5 Financial supplement Operating companies: Key figures MAPFRE VIDA Funds under management 3M 2011 3M 2012 % Change in funds under management(1) 3M 2011 3M 2012 Regular premiums insurance 4,729.7 4,722.0 -0.2% (2) - Agents' channel and others 3,255.0 3,248.1 -0.2% IFRS technical reserves -67.9 302.6
Slide 47: Operating companies: Key figures MAPFRE AMÉRICA
5 Financial supplement Operating companies: Key figures MAPFRE AMÉRICA MAPFRE AMÉRICA – by lines 3M 2011 3M 2012 % Non-Life 3M 2011 3M 2012 % Gross written and accepted premiums 1,383.1 2,093.2 51.3% Gross written and accepted premiums 1,096.5 1,515.4 38.2% Net premiums earned 1,027.9 1,606.7 56.3%
Slide 48: Operating companies: Key figures MAPFRE BRASIL
5 Financial supplement Operating companies: Key figures MAPFRE BRASIL MAPFRE BRASIL – by lines 3M 2012 Non-Life 3M 2012 Gross written and accepted premiums 706.0 Gross written and accepted premiums 1,142.0 Net premiums earned 602.7 Net premiums earned 983.3 Underwriting result -12.1 Underwriting and
Slide 49: Operating companies: Key figures MAPFRE INTERNACIONAL
5 Financial supplement Operating companies: Key figures MAPFRE INTERNACIONAL MAPFRE INTERNACIONAL – by lines 3M 2011 3M 2012 % Non-Life 3M 2011 3M 2012 % Gross written and accepted premiums 489.9 559.5 14.2% Gross written and accepted premiums 476.6 524.1 10.0% Net premiums earned 406.3 472.0 16.2%
Slide 50: Operating companies: Key figures MAPFRE USA, MAPFRE GLOBAL RISKS
5 Financial supplement Operating companies: Key figures MAPFRE USA MAPFRE GLOBAL RISKS 3M 2011 3M 2012 % 3M 2011 3M 2012 % Gross written and accepted premiums 263.7 293.6 11.3% Gross written and accepted premiums 363.3 373.7 2.9% - Global Risks 229.6 257.0 11.9% Net premiums earned 320.1 344.6 7.7%
Slide 51: Operating companies: Key figures MAPFRE RE
5 Financial supplement Operating companies: Key figures MAPFRE RE MAPFRE RE – by lines 3M 2011 3M 2012 % Non Life 3M 2011 3M 2012 % Gross written and accepted premiums 656.4 738.4 12.5% Gross written and accepted premiums 572.4 608.0 6.2% Net premiums earned 509.6 500.9 -1.7% Net premiums earned 434
Slide 52: Operating companies: Key figures MAPFRE ASISTENCIA
5 Financial supplement Operating companies: Key figures MAPFRE ASISTENCIA 3M 2011 3M 2012 % Operating income 186.0 213.9 15.0% - Gross written and accepted premiums 148.7 173.5 16.7% - Other income 37.3 40.4 8.3% Net premiums earned 108.8 123.2 13.2% Underwriting result 9.1 6.1 -33.0% Net financial
Slide 53: Schedule and contacts
1 Key highlights 2 Consolidated financial information 3 Business development 4 Appendix 5 Financial supplement 6 Schedule and contacts 53 No. 2012 - 5
Slide 54: 2012 Provisional Schedule
6 Schedule and contacts 2012 Provisional Schedule Release 2012 First Quarter Results 9-May-12 Madrid Conference Call – 2012 First Quarter Results Release 2012 First Half Results 26-July-12 Madrid Conference Call – 2012 First Half Results Release 2012 Third Quarter Results 26-Oct-12 Madrid
Slide 55: Investor Relations Department
6 Schedule and contacts Investor Relations Department Luigi Lubelli Deputy General Manager – Finance +34-91-581-6071 Jesús Amadori Carrillo Head of Investor Relations +34-91-581-2086 Alberto Fernández-Sanguino Investor Relations +34-91-581-2255 Natalia Núñez Arana Investor Relations +34-91-581-8664
Slide 56: 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 evolution, its results and its divide