Slide 1: Year end 2009 results
Year end 2009 results Presentation for investors and analysts 3rd February 2010 Nº 2009 - 25
Slide 2: Agenda
Key highlights Consolidated financial information Business development Appendix Financial supplement Contacts 2 Nº 2009 - 25
Slide 3: Summary
Summary Business and results grow in a remarkably difficult economic environment Revenues 18,830.4 +6.3% Premiums 15,606.8 +9.1% Funds under management 24,130.5 +3.6% Non-life combined ratio 95.7% +1.8p.p. Million Euros resulting in … A net result of €926.8 million EPS of (+2.9%) €32.54 cents (-1.8%
Slide 4: 2009 Highlights
2009 Highlights The Group’s growth was driven by the international business and the Life, Homeowners’ and Health businesses in Spain The international business contributed over 50% of premiums and 34% of results The combined ratio remains very good, despite intense pressure on prices The financial r
Slide 5: Growth of ordinary results
Growth of ordinary results Attributable result Earnings per share(1) Reported result Extraordinary items Reported result Extraordinary items TACC: +13.0% TACC: +1.7% 951.2 933.8 35.38 35.00 50.5 7.0 31.70 1.88 1.86 32.79 0.25 731.1 +2.9% 926.8 900.7 31.70 33.50 33.14 32.54 -1.8% 731.1 2007 2008 2009
Slide 6: Development of the adjusted attributable result
Development of the adjusted attributable result 49.0 9.8 20.6 21.3 (37.7) (56.0) 926.8 933.8 2009 Attributable Partial buyback of Losses arising from MAPFRE Use of provision for Restatement for Restructuring of 2009 Adjusted result subordinated debt equity accounted INMUEBLES economic inflation in h
Slide 7: Debt fallen 32.3% and solvency margin increased
In 2009 the debt has fallen 32.3% and the solvency margin has increased by 80.5 p.p. Financial and subordinated debt Solvency margin + 45.8 p.p. 3,417.0 -1,354.4 290.6% 284.8% 3,044.5 239.0% 2,652.0 204.3% 2,062.6 30.06.08 31.12.08 30.06.09 31.12.09 30.06.08 31.12.08 30.06.09 31.12.09 Millones de eu
Slide 8: Memorandum of Understanding with Banco do Brasil
Memorandum of Understanding with BANCO DO BRASIL MAPFRE and BANCO DO BRASIL have signed a memorandum of understanding to negotiate the establishment of a strategic alliance to develop their Personal, Property and Motor insurance businesses This agreement will lead to the creation of one of the leadi
Slide 9: Strategic alliance with Grupo Mundial
Strategic alliance with GRUPO MUNDIAL (Panama and Central America) Highlights Expected organisation chart Description Strategic alliance to jointly develop Direct Insurance in Central America MAPFRE GRUPO MUNDIAL AMÉRICA Both companies will contribute their subsidiaries in the region to a 65% 35% ho
Slide 10: Bancassurance alliance with Finibanco
Bancassurance alliance with FINIBANCO Highlights Distribution network Description Acquisition of 50% of FINIBANCO 4 VIDA, which will be managed by MAPFRE SEGUROS GERAIS 15 FINIBANCO will distribute 5 4 exclusively products of 33 FINIBANCO VIDA and MAPFRE 5 SEGUROS GERAIS 28 2 MAPFRE will boost and p
Slide 11: Returns to shareholders
Returns to shareholders Final dividend for the year Evolution of dividends(1) Dividends paid in the year amount to €420 CAGR +22.7% million in absolute terms, a 12% rise 0.150 0.150 compared to 2008 0.130 The Board of Directors has agreed to propose to the General Meeting a final dividend against th
Slide 12: Key highlights of the year
Key highlights of the year Jan- Partial buyback of subordinated debt Mar MAPFRE is included among the world’s 40 best companies according Oct to research conducted by Business Week and A.T. Kearney Oct Memorandum of Understanding with BANCO DO BRASIL Agreement with GRUPO MUNDIAL to develop Direct In
Slide 13: Key figures
Key figures 2009 2008 % 09/08 Results Gross written and accepted premiums 15,606.8 14,304.8 9.1% - Non-life 11,900.3 10,890.8 9.3% - Life 3,706.5 3,414.0 8.6% Net result, group share 926.8 900.7 2.9% Earnings per share (Euro cents) 32.54 33.14 -1.8% Adjusted earnings per share (Euro cents) 32.79 35.
Slide 14: Agenda
Key highlights Consolidated financial information Business development Appendix Financial supplement Contacts 14 Nº 2009 - 25
Slide 15: International and reinsurance contribution to premiums and results
The international and reinsurance businesses contributed over 50% of premiums and 34% of results… Premiums(1) Contribution to consolidated results (%) Non-Life Reinsurance (Spain) 12.4% 33.8% Segment % Non Life Spain 54.8 Life Non Life (Abroad) Non Life Abroad 17.6 72.4 5.8% Life Spain 13.5 Life Lif
Slide 16: Growth drivers by unit
… driving the Group’s growth, together with the Life, Homeowners’ and Health businesses in Spain Change in premiums Premiums € million € Mn. % Var. MAPFRE AMÉRICA 697.5 4,305.4 +19.3% INTERNATIONAL OP. UNIT 521.5 1,640.9 +46.6% MAPFRE RE 275.1 2,053.7 +15.5% LIFE ASSURANCE OP. UNIT 67.8 2,567.5 +2.7
Slide 17: Premiums by distribution channel in Spain
Breakdown of premiums by distribution channel in Spain Agents and other channels(1) Bank channel(1) 194.5 1,396.5 5,382.2 6,747.7 1,202.0 1,365.5 Y-o-y change +6.6% -4.1% -2.2% -1.4% -9.3% -2.6% LIFE NON-LIFE TOTAL LIFE NON-LIFE TOTAL 1) Gross written and accepted premiums Million Euros Consolidated
Slide 18: Excellent combined ratios in a difficult environment
Excellent combined ratios in a difficult economic environment Change in Non-life underwriting result Non-life combined ratio (%) € million 2009 2008 MAPFRE RE 28.5 93.5 95.5 MAPFRE ASISTENCIA 7.6 91.2 93.4 INTERNATIONAL OP. UNIT 2.9 98.9 98.6 -23.5 MAPFRE AMÉRICA 103.9 103.7 -52.1 COMMERCIAL INS.OP.
Slide 19: Development of Non-life insurance results
Development of Non-life insurance results Non-life Account Key points 2009 2008 % 09/08 Premiums growth reflects: Gross written and accepted – the growth in Latin America, in the reinsurance 11,900.3 10,890.8 9.3% business and in the Homeowners' and Health premiums insurance lines in Spain Underwrit
Slide 20: Development of Life Assurance results
Development of Life Assurance results Life Account Key points Premiums development reflects: 2009 2008 % 09/08 – the good performance in the issuance of Life - Protection premiums Gross written and accepted 3,706.5 3,414.0 8.6% – an increase in sales of Savings products through premiums the agents’
Slide 21: Results from Other Business Activities
Development of results from Other Business Activities Other Business Activities(1) Key points Larger operating revenues thanks to the growth 2009 2008 % 09/08 at MAPFRE QUAVITAE and the non-insurance subsidiaries of MAPFRE FAMILIAR Operating revenues 532.5 502.6 5.9% Appropriation of €14 million of
Slide 22: Net results
Net results Change in net results Net results € million € Mn. % Var. INTERNATIONAL OP. UNIT 60.8 116.0 +110.1% MAPFRE RE 8.3 112.5 +8.0% MAPFRE ASISTENCIA 5.5 16.3 +50.9% MAPFRE AMÉRICA -0.1 113.4 -0.1% -23.6 LIFE ASSURANCE OP. UNIT(1) 125.2 -15.9% -37.8 COMMERCIAL INS.OP. UNIT 76.7 -33.0% -73.1 MAP
Slide 23: Results
Results 2009 2008 % 09/08 Result before tax and minority interests 1,446.2 1,383.2 4.6% Taxes -407.8 -385.1 5.9% Result after tax 1,038.4 998.1 4.0% Result after tax from discontinued operations -2.3 -2.2 4.5% Result for the year 1,036.1 995.9 4.0% Result attributable to minority shareholders -109.2
Slide 24: Strengthened financial position
Strengthened financial position Balance Sheet Key points 2009 2008 % 09/08 Increase in the investments and real estate figure, mainly due to business growth and Goodwill 1,643.9 1,601.3 2.7% the rise in the market value of securities held Fixed assets 480.6 373.7 28.6% in the investment portfolio Ca
Slide 25: A prudent and professional investment policy
A prudent and professional investment policy Breakdown by type of asset Other investments Corporate fixed income 6.4% 44.2% Mutual funds 1.7% Equities 1.8% Cash €31,705.2 2.7% million Property Government fixed income 6.0% 37.2% Consolidated financial information 25 Nº 2009 - 25
Slide 26: Diversified fixed income portfolio
Diversified fixed income portfolio By issuer By type of guarantee Other Spanish Government Other guarantees Ordinary 15.9% 15.4%(1) 8.3% 74.4% ABS 1.4% Financial Other institutions Governments Hybrid Covered bonds 38.1% 30.6% 4.9% 11.0% By currency By S&P ratings Other currencies Euro Unrated AAA 6.
Slide 27: Equity increased by nearly €1.4 billion during 2009
MAPFRE’s equity has increased by nearly €1.4 billion during 2009 Statement of changes in equity Key points 2009 2008 Equity shows an increase of €1,377.4 million BALANCE AS AT PRIOR YEAR END 5,716.4 5,614.4 since 31.12.2008, which reflects: Additions and deductions accounted for directly in – the re
Slide 28: Financing structure
Financing structure Capital structure 2009 Interest coverage(1) Bank financing Equity 89.2 89.2 92.3 11.1% 77.5% 51.5 67.9 22.1 53.5 44.6 15.4 32.8 12.4 18.0 2004 2005 2006 2007 2008 2009 EBITDA interest coverage excluding operating debt (x) EBITDA interest coverage including operating debt (x) €9,1
Slide 29: Agenda
Key highlights Consolidated financial information Business development Appendix Financial supplement Contacts 29 Nº 2009 - 25
Slide 30: MAPFRE FAMILIAR: Key highlights 2009
MAPFRE FAMILIAR: Key highlights 2009 In an adverse market environment, MAPFRE FAMILIAR has managed to: – successfully complete the integration of the company, achieving synergies that have led to a notable reduction of the expense ratio in its first year – achieve above-market growth in the Homeowne
Slide 31: MAPFRE FAMILIAR – key figures
MAPFRE FAMILIAR – key figures Business activity indicators Profitability indicators -3.4% +1.9p.p. 4,215.9 4,071.9 88.8% 90.7% Gross written -1.0p.p. and accepted 18.3% 17.3% premiums Combined +2.9p.p. 2008 2009 Ratio 70.5% 73.4% -18.3% 459.2 375.1 Underwriting result 2008 2009 Loss ratio Expense ra
Slide 32: MAPFRE FAMILIAR - information by business line
MAPFRE FAMILIAR - information by business line Premiums evolution Combined ratio 89.9% +1.8p.p. 91.7% -7.4% 15.0% 13.5% 2,535.3 2,348.5 74.9% 78.2% Motor Motor 2008 2009 2008 2009 +1.0p.p. 82.3% 83.3% +0.2% 25.2% 24.8% 850.9 852.9 Property Property 57.1% 58.5% 2008 2009 2008 2009 91.5% +3.7p.p. 95.2
Slide 33: MAPFRE FAMILIAR: Key highlights
MAPFRE FAMILIAR: Key highlights The 3.4% decrease in premiums reflects: – a 7.4% decline in Motor insurance, due to the contraction in car sales, the intense competition and customer demand for products with fewer covers. This trend has begun to change in the last quarter, thanks to the positive eff
Slide 34: MAPFRE FAMILIAR: combined ratio versus the market
MAPFRE FAMILIAR: An excellent combined ratio, with a widening gap vis-á-vis the market(1) Motor 98.4% 97.5% 96.2% 95.7% 95.6% 95.9% 95.1% 94.9% 94.4% 94.5% 94.6% 95.8% 94.0% 94.2% 93.8% 7.3 p.p. 92.6% 93.4% 93.2% 92.8% 93.0% 92.0% 91.3% 91.0% 91.1% 90.6% 90.6% 90.2% 89.8% 89.9% 89.1% 3M06 6M06 9M06
Slide 35: Reorganisation of the Commercial Insurance Business
COMMERCIAL INSURANCE OPERATING UNIT: Reorganisation of the Commercial Insurance Business The organisational and operational restructuring process of MAPFRE EMPRESAS has concluded with the granting of all the relevant administrative authorisations As from 1st January 2010, business activities will be
Slide 36: MAPFRE EMPRESAS – key figures
MAPFRE EMPRESAS – key figures Business activity indicators Profitability indicators -6.7% 1,613.6 +6.6p.p. 94.8% 1,504.8 88.2% 156.6 125.2 +4.6p.p. Gross written 620.8 26.2% C&S 713.2 21.6% and accepted +2.0p.p. G. Risks premiums 836.1 Industrial Combined 666.4 Ratio 2008 2009 66.6% 68.6% Underwriti
Slide 37: MAPFRE EMPRESAS – information by business line
MAPFRE EMPRESAS – information by business line Premiums growth Combined ratio -20.3% +10.9p.p. 93.7% 836.1 82.8% 666.4 27.1% 21.2% MAPFRE MAPFRE EMPRESAS EMPRESAS 61.7% 66.6% 2008 2009 2008 2009 -9.2p.p. +7.8% 777.5 838.4 107.3% 98.1% 23.1% 23.3% MAPFRE MAPFRE GLOBAL GLOBAL RISKS RISKS 84.1% 74.8% 2
Slide 38: MAPFRE EMPRESAS: Key highlights
MAPFRE EMPRESAS: Key highlights Reflects: Growth in – lower demand as a result of the slowdown in economic activity – the contraction in the Credit line, due to the non-renewal of loss-making portfolios premiums – the good performance of the Global Risks business in Latin America and Europe Its incr
Slide 39: Non-life business in Spain: Key operating figures
Non-life business in Spain: Key operating figures Net Expense ratio(1) Combined ratio(1) Revenues % Var. result % Var. 2009 2008 2009 2008 MAPFRE FAMILIAR 4,738.9 -3.7% 430.8 -14.5% 17.3% 18.3% 90.7% 88.8% MAPFRE EMPRESAS(2)(3) 1,680.3 -5.8% 76.7 -33.0% 26.2% 21.6% 94.8% 88.2% NON LIFE BUSINESS (3)
Slide 40: Life Assurance Operating Unit: Key events of 2009
Life Assurance Operating Unit: Key events of 2009 During 2009, the market environment for Life and Savings products has undergone significant changes compared to the previous year: – the recovery of a positive slope of the interest rate curve in favour of long-term rates – larger household saving ra
Slide 41: Life Assurance Operating Unit – key figures
Life Assurance Operating Unit – key figures Business activity indicators Profitability indicators +2.7% Gross written 2,567.5 2,499.7 and accepted +0.24p.p. 1.16% premiums 0.92% 2008 2009 Expense ratio(1) +0.5% 184.5 185.5 Underwriting 32.6 +22.1% and financial 2008 2009 result 151.9 2008 2009 -4.2%
Slide 42: Life Assurance Operating Unit: Key highlights
Life Assurance Operating Unit: Key highlights The evolution of premiums is the result of the following factors: – a larger issuance of Life – Savings products through the agents channel – the good performance of Life – Protection premiums, which have grown 6.7% – the winning of operations with large
Slide 43: Life Assurance: Breakdown of premiums
Life Assurance Operating Unit: Breakdown of premiums(1) 2009 2008 % 09/08 By type of premium Regular Premiums 512.2 448.2 14.3% - Agents and other channels 375.0 349.5 7.3% Life - Protection Life - Savings - Bank channel - CAJA MADRID 41.2 24.8 66.0% 13.9% 86.1% - Bank channel - Other(2) 96.0 73.9 3
Slide 44: Life Assurance: Breakdown of funds under management
Life Assurance Operating Unit: Breakdown of funds under management(1) 2009 2008 % 09/08 By type of business Regular premiums insurance 4,279.7 4,368.8 -2.0% - Agents channel and others 3,566.8 3,681.2 -3.1% Pension funds Regular - Bank channel - CAJA MADRID 277.9 298.4 -6.9% premiums - Bank channel
Slide 45: Life Assurance: Change in funds under management
Life Assurance Operating Unit: Change in funds under management(1) 2009 2008 (2) IFRS technical reserves 30.4 -223.7 > Variation excluding shadow accounting -140.1 -193.8 - Agents channel and others -45.4 146.4 - Bank channel - CAJA MADRID -137.5 -220.4 - Bank channel - Other(3) 42.8 -119.8 Pension
Slide 46: MAPFRE AMÉRICA: Key events of 2009
MAPFRE AMÉRICA: Key events of 2009 Sustained growth in business volume, considerably above the GDP of the region MAPFRE has been chosen for the fourth consecutive year as the best insurance company in Latin America by the “Reactions” magazine (Euromoney Group) Memorandum of Understanding with BANCO
Slide 47: MAPFRE AMÉRICA – key figures
MAPFRE AMÉRICA – key figures Business activity indicators Profitability indicators +0.2p.p. +19.3% 4,305.4 103.7% 103.9% 3,607.9 -2.9p.p. Gross written 36.1% 33.2% and accepted Non-Life 3,395.7 premiums 2,835.9 Non-life Life +3.1p.p. Combined 772.0 909.7 Ratio 2008 2009 70.7% 67.6% Underwriting 182.
Slide 48: MAPFRE AMÉRICA - Key highlights
MAPFRE AMÉRICA - Key highlights The strong premiums growth reflects: Growth in – the excellent business performance in most countries of the region, especially in the premiums Health and Accident lines – the strength of the regional network and the new distribution channels, which compensated for th
Slide 49: MAPFRE AMÉRICA: Premiums and results by country
MAPFRE AMÉRICA: Premiums and results by country PREMIUMS RESULTS (1) Local Local Currency Currency COUNTRY 2009 2008 % 09/08 % 09/08 2009 2008 % 09/08 % 09/08 BRAZIL(2) 1,644.5 1,419.4 15.9% 19.2% 131.0 115.8 13.1% 16.4% VENEZUELA 855.4 483.9 76.8% 69.5% 19.6 28.2 -30.5% -33.5% ARGENTINA 402.1 378.9
Slide 50: MAPFRE AMÉRICA: Key highlights by countries
MAPFRE AMÉRICA: Key highlights by countries Brazil: its growth reflects the good performance of the Motor, General, Life Assurance and Burial insurance lines. Venezuela: The significant increase in the business mainly reflects the growth in Motor and Health segments. Moreover, in accordance with IAS
Slide 51: Impacts of the inflation restatement in Venezuela
Breakdown of the main impacts of the inflation restatement in Venezuela Impact of the inflation restatement on MAPFRE AMERICA's accounts 2009 84.2 Gross written and accepted premiums Underwriting and financial result 2.5 Net result -24.0 Shareholders' equity (1) 60.6 Impact on the ROE -2.2p.p. Milli
Slide 52: INTERNATIONAL OPERATING UNIT: Key events of 2009
INTERNATIONAL OPERATING UNIT: Key events of 2009 THE COMMERCE GROUP: – the redesign of the company’s functional structure was finalised – the IT integration plan continues according to plan – further progress in the strategy to unify brand and products GENEL SIGORTA: – introduction of the MAPFRE GEN
Slide 53: International Operating Unit – key figures
International Operating Unit(1) – key figures Business activity indicators Profitability indicators 1,640.9 98.6% 98.9% 1,119.4 Gross written 27.3% 27.3% and accepted premiums Non-life Ratio Combined combinado 2008 2009 Ratio No Vida 71.3% 71.6% Underwriting and financial 8.9 result 2008 2009 -9.6 L
Slide 54: International Operating Unit: Key highlights
International Operating Unit: Key highlights New subsidiaries The variation in the results of the Unit mainly reflects the significant improvement in the results from THE COMMERCE GROUP, which in addition has been consolidated for the whole year Highlights: – the recovery in sales in the Motor insur
Slide 55: International Operating Unit: Premiums and results by country
International Operating Unit: Premiums and results by country PREMIUMS RESULTS (1) Local Local currency currency COUNTRY 2009 2008 % 09/08 % 09/08 2009 2008 % 09/08 % 09/08 USA(2) 1,263.8 721.6 --- --- 129.2 14.2 --- --- TURKEY 212.8 232.1 -8.3% 6.4% 36.3 59.2 -38.7% -28.8% PORTUGAL 141.1 143.9 -1.9
Slide 56: MAPFRE RE: Key events of 2009
MAPFRE RE: Key events of 2009 The difficult economic environment of the year has allowed MAPFRE RE to leverage the value of its business model, which is based on: – economic solvency and strength – a long-term and close relation with customers The business development of MAPFRE RE has been character
Slide 57: MAPFRE RE – key figures
MAPFRE RE – key figures Business activity indicators Profitability indicators +15.5% -2.0p.p. 2,053.7 95.5% 93.5% 123.9 1,778.6 175.9 -0.5p.p. -1.2pp Gross written Life and accepted 30.4% 29.9% Non-life 1,877.8 premiums 1,654.7 Non-life Ratio -1.5p.p. +5.1p.p Combined combinado Ratio No Vida 2008 20
Slide 58: MAPFRE RE: Key highlights
MAPFRE RE: Key highlights Growth continues reflecting the winning of new business and quota increases in Growth in existing contracts, as well as larger cessions from the Group’s international premiums subsidiaries The improvement in the loss ratio mainly reflects a lower frequency of large Combined
Slide 59: MAPFRE RE: Renewal campaign of January 2010
MAPFRE RE: Renewal campaign of January 2010 The renewal campaign was characterised by an increase in both capacity on offer and competition, which resulted in a moderate fall in prices The volume of the business accepted in January is expected to grow by 5%, thanks mainly to the winning of new busin
Slide 60: Agenda
Key highlights Consolidated financial information Business development Appendix Financial supplement Contacts 60 Nº 2009 - 25
Slide 61: Distribution network in Spain - 2009
Distribution network in Spain - 2009 80 51 155 CANTABRIA BASQUE COUNTRY ASTURIAS GALICIA 58 CATALONIA 222 LA RIOJA NAVARRE 399 22 CASTILLE LEON 239 ARAGON 97 C. MADRID BALEARIC ISLANDS 271 53 MAPFRE Network 3,278 VALENCIANA CASTILLE LA MANCHA 404 EXTREMADURA 246 113 MURCIA 91 ANDALUSIA 637 CANARY IS
Slide 62: Organisation chart
Organisation chart MAPFRE S.A. 100% 100% 100% 100% 91.5% COMMERCIAL 88.9% MAPFRE MAPFRE OTHER MAPFRE MAPFRE INSUR. OPER. MAPFRE RE FAMILIAR VIDA AMÉRICA ASISTENCIA BUSINESSES UNIT(1) 87.5% MAPFRE INTER- NACIONAL INTERNATIONAL DIRECT INSURANCE DIVISION INSURANCE IN SPAIN INSURANCE ABROAD 1) During 20
Slide 63: Key quarterly consolidated figures
Key quarterly consolidated figures 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 Non-life gross written and accepted premiums 3,137.1 2,556.5 2,661.3 2,535.9 3,656.5 2,792.5 2,775.6 2,675.7 Life gross written and accepted premiums 915.3 728.5 669.4 1,100.8 845.4 1,018.7 813.0 1,029
Slide 64: Variations in financial debt
Variations in financial debt Change since: 30.6.08 31.12.08 30.9.09 31.12.09 Dec-08 Jun-08 Bridge loan -12/2009 1,000.0 1,002.0 450.0 0.0 -1,002.0 -1,000.0 Senior debt MAPFRE S.A. - 7/2011 295.8 286.8 281.5 285.3 -1.5 -10.5 Senior debt COMMERCE - 12/2013 189.6 176.4 147.7 142.7 -33.7 -46.9 Syndicate
Slide 65: Reconciliation of earnings per share
Reconciliation of earnings per share(1) Earnings per share 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 As reported Quarterly EPS 10.59 8.99 6.88 6.79 10.38 8.52 7.40 6.30 Adjusted (Factor) 0.9969 0.9969 0.9969 0.9969 0.9969 0.9969 0.9969 (*) Quarterly EPS - reported 10.55 8.96 6.86 6.77 10.35 8.
Slide 66: Consolidated income statement
Consolidated income statement 2009 2008 % 09/08 NON-LIFE INSURANCE AND REINSURANCE Gross written and accepted premiums 11,900.3 10,890.8 9.3% Premiums earned, net of ceded and retroceded reinsurance 10,242.4 9,192.9 11.4% Net claims incurred and variation in other technical provisions -7,244.0 -6,32
Slide 67: Profit breakdown by units and companies
Profit breakdown by units and companies Contribution Contribution to consolidated to consolidated result result Net Minority 2009 2008 Result interests € Million % € Million % INSURANCE ACTIVITIES LIFE ASSURANCE OPERATING UNIT(1) 125.2 125.2 13.5% 148.8 16.5% MAPFRE FAMILIAR 430.8 430.8 46.5% 503.9
Slide 68: Expense and loss ratios
Expense and loss ratios EXPENSE RATIO(1) LOSS RATIO(2) COMBINED RATIO(3) COMPANY 2009 2008 2009 2008 2009 2008 MAPFRE S.A. consolidated 24.9% 25.1% 70.8% 68.8% 95.7% 93.9% Companies operating primarily in Spain MAPFRE FAMILIAR 17.3% 18.3% 73.4% 70.5% 90.7% 88.8% MAPFRE EMPRESAS 26.2% 21.6% 68.6% 66.
Slide 69: Breakdown of net financial income
Breakdown of net financial income (before taxes) 2009 2008 % 09/08 Net financial income 1,513.6 1,592.0 -4.9% (1) - of which realised capital gains 140.0 124.1 12.8% - of which foreign exchange income/(losses) -4.7 71.4 -106.6% Million Euros 1) Figures for 2009 include capital gains of €53.8 million
Slide 70: Effect on equity of the investments available for sale
Effect on equity of the investments available for sale Additions and deductions 2009 2008 accounted for directly in equity LIFE NON-LIFE LIFE NON-LIFE Investments available for sale 113.5 348.5 -213.0 -434.7 Shadow accounting -89.5 153.2 TOTAL 24.0 348.5 -59.8 -434.7 Million Euros Appendix 70 Nº 200
Slide 71: Breakdown of equity by units and companies
Breakdown of equity by units and companies Total equity 2009 2008 Var. % Stake Stake Controlling Controlling Controlling Minorities Minorities Minorities shareholder shareholder shareholder MAPFRE FAMILIAR 1,336.5 --- 1,322.0 --- 1.1% --- LIFE ASSURANCE OP. UNIT 858.5 --- 850.7 --- 0.9% --- COMMERCI
Slide 72: EBITDA coverage
EBITDA coverage Spanish GAAP IFRS (1) SISTEMA MAPFRE MAPFRE S.A.(2) 2001 2002 2003 2004 2005 2006 2007 2008 2009 Earnings before tax (EBT) 316.1 440.0 606.0 847.3 872.0 1,156.1 1,365.7 1,383.2 1,446.2 Variation in equalisation reserves 26.8 61.1 85.3 -- -- -- -- -- -- Adjusted EBT 342.9 501.1 691.3
Slide 73: Equity, debt and leverage
Equity, debt and leverage Spanish GAAP IFRS SISTEMA MAPFRE(1) MAPFRE S.A. (2) 2001 2002 2003 2004 2005 2006 2007 2008 2009 Shareholders' equity 1,090.5 1,171.3 1,393.5 2,061.8 3,534.6 4,026.4 4,331.4 4,902.2 6,165.7 Minority interests 1,126.0 1,033.4 1,102.5 1,634.5 931.9 1,027.8 1,283.0 814.2 928.1
Slide 74: MAPFRE RE: Breakdown of premiums
MAPFRE RE: Breakdown of premiums By region By type of ceding company 2009 2009 Other countries Spain Other MAPFRE 9.6% 25.9% 63.4% 36.6% North America 6.9% Latin America Europe 30.8% 26.8% 2008 2008 Other countries Spain Other MAPFRE 8.5% 31.0% 61.4% 38.6% North America 5.5% Latin America Europe 27.
Slide 75: MAPFRE RE: Breakdown of premiums
MAPFRE RE: Breakdown of premiums By type of business By line of business 2009 2009 Facultative Proportional Other Property 7.1% 70.5% 8.4% 60.5% Marine & transport 7.4% Non proportional 22.4% Motor 7.1% Life & accident 16.6% 2008 2008 Facultative Proportional Other Property 6.8% 71.0% 9.3% 61.4% Mar
Slide 76: Grupo Mundial alliance: impact on the balance sheet
Strategic alliance with GRUPO MUNDIAL: impact on the balance sheet ASEGURADORA MUNDIAL TOTAL MUNDIAL DESARROLLO Goodwill 21.5 3.0 24.5 Fixed assets 3.7 0.7 4.4 Investments 104.1 27.7 131.8 Total Assets 184.7 78.9 263.6 Debt and payables 44.4 20.7 65.1 Technical reserves 99.9 18.3 118.2 Million Euros
Slide 77: Agenda
Key highlights Consolidated financial information Business development Appendix Financial supplement Contacts 77 Nº 2009 - 25
Slide 78: Operating Companies and Units Key figures
Operating Companies and Units Key figures MAPFRE FAMILIAR MAPFRE FAMILIAR – by lines 2008 % 09/08 MAPFRE FAMILIAR - Motor 2009 2009 2008 % 09/08 Gross written and accepted premiums 4,071.9 4,215.9 -3.4% Gross written and accepted premiums 2,348.5 2,535.3 -7.4% Net premiums earned 2,408.7 2,559.4 -5.
Slide 79: Operating Companies and Units Key figures
Operating Companies and Units Key figures COMMERCIAL INSUR. OPER. UNIT MAPFRE EMPRESAS – by lines 2009 2008 % 09/08 MAPFRE SEGUROS DE EMPRESAS Gross written and accepted premiums 1,504.8 1,613.6 -6.7% 2009 2008 % 09/08 - Industrial business 666.4 836.1 -20.3% Gross written and accepted premiums 666.
Slide 80: Operating Companies and Units Key figures
Operating Companies and Units Key figures LIFE ASSURANCE OP. UNIT 2009 2008 % 09/08 Technical Reserves excluding shadow accounting 15,358.4 15,498.6 -0.9% Shadow accounting adjustments 597.6 427.1 39.9% Technical Reserves IFRS 15,956.0 15,925.7 0.2% Mutual Funds and managed portfolios 2,686.0 2,655.
Slide 81: Operating Companies and Units Key figures
Operating Companies and Units Key figures MAPFRE AMÉRICA MAPFRE AMÉRICA – by lines MAPFRE AMERICA - Non Life 2009 2008 % 09/08 2009 2008 % 09/08 Gross written and accepted premiums 3,395.7 2,835.9 19.7% Gross written and accepted premiums 4,305.4 3,607.9 19.3% Net premiums earned 2,533.8 2,026.1 25.
Slide 82: Operating Companies and Units Key figures
Operating Companies and Units Key figures INTERNATIONAL OP. UNIT(1) THE COMMERCE GROUP(1) 2009 2008 % 09/08 2009 2008 % 09/08 Gross written and accepted premiums 1,640.9 1,119.4 46.6% Gross written and accepted premiums 1,263.8 1,244.9 1.5% Net premiums earned 1,483.3 1,013.9 46.3% Net premiums earn
Slide 83: Operating Companies and Units Key figures
Operating Companies and Units Key figures MAPFRE GENEL SIGORTA MAPFRE RE 2009 2008 % 09/08 2009 2008 % 09/08 Gross written and accepted premiums 212.8 232.0 -8.3% Gross written and accepted premiums 2,053.7 1,778.6 15.5% - Life 5.5 8.2 -32.9% - of which Life premiums 175.9 123.9 42.0% Net premiums e
Slide 84: Operating Companies and Units Key figures
Operating Companies and Units Key figures BANCO DE SERVICIOS FINANCIEROS MAPFRE INMUEBLES CAJA MADRID-MAPFRE (Affiliate company) 2009 2008 % 09/08 2009 2008 % 09/08 Net interest income 149.3 126.2 18.3% Operating revenues 45.4 59.2 -23.3% Operating revenues EBIT -0.5 -20.4 97.5% 150.9 125.3 20.4% Ne
Slide 85: Operating Companies and Units Key figures
Operating Companies and Units Key figures MAPFRE ASISTENCIA MAPFRE QUAVITAE (1) 2009 2008 % 09/08 2009 2008 % 09/08 Operating income 483.8 425.8 13.6% Operating revenues 134.7 118.7 13.5% - Gross written and accepted premiums 357.1 301.5 18.4% EBIT -1.1 3.1 -135.5% - Other income 126.7 124.3 1.9% To
Slide 86: Agenda
Key highlights Consolidated financial information Business development Appendix Financial supplement Contacts 86 Nº 2009 - 25
Slide 87: Investor Relations Department
Investor Relations Department Luigi Lubelli Finance Director +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 Antonio Triguero Sánchez Investor Relati
Slide 88: 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