Slide 1: Year end 2015 results
Year end 2015 results Presentation for investors and analysts 10th February 2016
Slide 2: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Financial supplement: Regional Areas and Business Units 4 Financial supplement: Operating Companies 5 Appendix 6 Schedule and contacts 2
Slide 3: MAPFRE continues growing, while setting the foundations for profitable growth
1 Key highlights MAPFRE continues growing, while setting the foundations for profitable growth Revenues 26,702.2 4.1% Premiums 22,311.8 2.3% -Non-life 17,441.3 6.5% -Life 4,870.5 -10.6% Non-life combined ratio 98.6% 2.8 p.p. -Loss ratio 70.0% 2.0 p.p. -Expense ratio 28.6% 0.8 p.p. Attributable resul
Slide 4: Key highlights
1 Key highlights Key highlights Growth in Non-Life premiums in IBERIA, which benefitted from the improvements in the Spanish market, where the return to growth in the Motor business must be pointed out, and in the rest of the countries. In addition, the consolidation of DIRECT LINE and the strength
Slide 5: Strict and prudent measures to pave the way for profitable growth
1 Key highlights In 2015, strict and prudent measures have been taken to pave the way for profitable growth Reserve increases Alignment of Impact on pre-tax results 12M 2015 underwriting standards Cancellation of Identification of unprofitable contracts and optimization -54.5 unprofitable business o
Slide 6: MAPFRE BRASIL maintains its leading market position with resilient growth
1 Key highlights MAPFRE BRASIL maintains its leading market position with resilient growth . . . BB MAPFRE- Market shares and ranking MAPFRE BRASIL - Premium growth 2015 LIFE -0.4% 18.8% 20.4% 17.7% MOTOR 14.8% +1.1% OTHER P&C +11.0% Total (excl. Life Life - protection Motor Other P&C Savings) TOTAL
Slide 7: A proven track record of profitability
1 Key highlights . . . a proven track record of profitability . . . Profitability and growth in 2015 Outstanding operational efficiency 92.6% 96.1% 94.1% 92.6% 93.8% 93.6% MAPFRE BRASIL Var 61.2% 56.8% 62.7% 59.6% 60.7% 59.7% Gross result 842.5 11.6% 39.3% Net result 169.8 16.9% 33.5% 32.9% 33.0% 33
Slide 8: Good prospects for 2016
1 Key highlights . . . and good prospects for 2016 Outlook 2016 - main business lines Initiatives Projects currently underway: LIFE RISK +4.8% •Cost reduction plans MOTOR +3.7% •Increase distribution platforms •Increase client penetration OTHER P&C +7.5% •Cross selling initiatives Source: CNSeg, out
Slide 9: MAPFRE has continued creating value for its shareholders
1 Key highlights Over the last three-year period, MAPFRE has continued creating value for its shareholders . . . Average share price (€) Pay-out (%) Equity* CAGR +6.6% +9.8% 2.85 2.35 56.5 50.6 51.0 >50% Target 7,810 8,574 2010-2012 2013-2015 2013 2014 2015 2012 2015 +5.6% Annual average dividend yi
Slide 10: New global structure that has laid the foundation
1 Key highlights . . . while implementing a new global structure that has laid the foundation . . . Decentralized management with homogeneous operational MAPFRE S.A. framework Strong management and supervisory team at the head of each Regional Area INSURANCE / ASSISTANCE / GLOBAL RISK REINSURANCE Hi
Slide 11: Next three-year strategic plan focused on profitable growth
1 Key highlights . . . to successfully face the next three-year strategic plan, focused on profitable growth . . . PROFITABLE GROWTH Excellence in Technical Culture and Human Digital Transformation Client Orientation Management Talent Management • Special focus on • VERTI as the brand for • Client S
Slide 12: Reaffirming its key strategic objectives
1 Key highlights . . . reaffirming its key strategic objectives (indicators) Combined Ratio (%) Expense Ratio (%) 98.6 <96.0 29.1 28.6 97.3 28.0 96.1 95.8 27.8 2013 2014 2015 Target 2013 2014 2015 Target Extraordinary impact at MAPFRE USA of snowstorms in the United States Pay-out (%) Revenues (€ mi
Slide 13: Regional Areas & Business Units
1 Key highlights Regional Areas & Business Units Premiums Contribution to consolidated results EUR M % IBERIA 494.8 57.9% MAPFRE RE BRAZIL 153.4 18.0% 3,731.9 (15.6%) IBERIA APAC 6,696.7 (27.8%) NORTH AMERICA -32.7 -3.8% 114.6 (0.5%) LATAM SOUTH 49.4 5.8% LATAM NORTH EMEA -2.4 -0.3% 1,849.6 (7.7%) €
Slide 14: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Financial supplement: Regional Areas and Business Units 4 Financial supplement: Operating Companies 5 Appendix 6 Schedule and contacts 14 (*) In this section, Profit & Loss information for 12M 2014 has been restated with CATALUNYACAIXA
Slide 15: Development of Non-Life insurance results
2 Consolidated financial information Development of Non-Life insurance results Cumulative figures Quarterly figures U % o/ U % o/ 12M 2014 12M 2015 U% 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 Gross written and accepted premiums 16,370.1 17,441.3 6.5% 3,846.4 4,141.1 3,660.9 -11.6% -4.8% Underwriting
Slide 16: Non-Life results: key highlights
2 Consolidated financial information Development of Non-Life insurance results: key highlights Premiums increased 6.5% during 2015 (+€1,071 million), explained by: • NORTH AMERICA (+€665 million), stemming from the good development of Motor, Premiums Home and Assistance business in USA, mainly due
Slide 17: Non-Life results: key highlights
2 Consolidated financial information Development of Non-Life insurance results: key highlights The 11.6% decrease in business volumes (-€480 million) in the fourth quarter of 2015, with respect to the third quarter, reflects: Premiums • a strong contraction in LATAM SOUTH (-€313 million) due to th
Slide 18: Non-Life results: key highlights
2 Consolidated financial information Development of Non-Life insurance results: key highlights Claims Year-on-year increase of 2.0 p.p. in the loss ratio, which reflects: 9 exceptional claims volume in the first half of the year in Home insurance in NORTH AMERICA due to the strong snowstorms in th
Slide 19: Non-Life results: key highlights
2 Consolidated financial information Development of Non-Life insurance results: key highlights Claims Increase of 1.9 p.p. in the loss ratio with respect to the previous quarter, explained by: 9 a higher ratio in Spain due to reserve increases in Motor and Commercial General Liability, and higher
Slide 20: Non-Life results: key highlights
2 Consolidated financial information Development of Non-Life insurance results: key highlights Expenses Year-on-year increase of 0.8 p.p. in the expense ratio, mainly due to: rising acquisition cost in several countries: 9 Spain, due to higher commissions, as well as the launch of new marketing
Slide 21: Development of Life Assurance results
2 Consolidated financial information Development of Life Assurance results Cumulative figures Quarterly figures U % o/ U % o/ 12M 2014 12M 2015 U% 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 Gross written and accepted premiums 5,445.4 4,870.5 -10.6% 1,521.6 1,024.3 1,310.3 27.9% -13.9% Technical-financi
Slide 22: Life Assurance results: key highlights
2 Consolidated financial information Development of Life Assurance results: key highlights Business volumes fell by 10.6% during 2015, as a result of: 9 a decline of €355 million in IBERIA that reflects: • the decrease in premium volume in Life-Savings insurance (-€258.4 million), due to Premiums
Slide 23: Life Assurance results: key highlights
2 Consolidated financial information Development of Life Assurance results: key highlights The 27.9% increase in business volumes (+€286 million) in the fourth quarter of 2015, with respect to the third quarter, reflects: Premiums 9 the good performance in IBERIA (+€96 million), due to the agents’
Slide 24: Development of results from Other Business Activities
2 Consolidated financial information Development of results from Other Business Activities Cumulative figures Quarterly figures U % o/ U % o/ 12M 2014 12M 2015 U% 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 Operating revenues 446.1 417.0 -6.5% 59.0 87.9 91.3 3.9% 54.7% Operating expenses -473.1 -519.0 9
Slide 25: Development of results from Other Business Activities
2 Consolidated financial information Development of results from Other Business Activities Operating revenues and 6.5% decrease in operating revenues and 9.7% increase in operating expenses, reflecting: expenses 9 lower net operating revenues at MAPFRE ASISTENCIA due the identification of unprofit
Slide 26: Consolidated result
2 Consolidated financial information Consolidated result Cumulative figures Quarterly figures U % o/ U % o/ 12M 2014 12M 2015 U% 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 Result on restatement of financial accounts -73.5 -8.0 -89.1% -15.5 -3.6 24.8 --- --- Result before tax and non-controlling interes
Slide 27: Development of the consolidated result: key highlights
2 Consolidated financial information Development of the consolidated result: key highlights Decline in the underwriting result of the Non-Life business, mainly due to losses from the exceptionally strong snowstorms in the United States, and the previously mentioned Pre-tax increase in reserves res
Slide 28: Development of the balance sheet
2 Consolidated financial information Development of the balance sheet 31.12.14 31.12.15 Goodwill 2,030.5 2,068.0 Other intangible assets 2,046.3 1,629.6 Other fixed assets 303.8 331.1 Cash 1,188.6 989.1 Investments and real estate 47,484.5 45,275.6 The variations with respect to 31.12.2014 include:
Slide 29: Stable asset allocation with a prudent investment policy
2 Consolidated financial information Stable asset allocation with a prudent investment policy adapted to the insurance business Mutual funds Other investments(2) 1,284.2 (2.8%) 3,429.3 (7.4%) Cash 989.1 (2.1%) Equities 1,473.2 (3.2%) Property 2,267.7 (4.9%) Government fixed €46,264.7 income(1) 26,41
Slide 30: Development of equity
2 Consolidated financial information Development of equity 12M 2015 12M 2014 Equity Non- attributable to Total Total controlling controlling Equity Equity interests company BALANCE AS AT PRIOR YEAR END 9,152.7 2,316.7 11,469.4 9,893.7 Additions and deductions accounted for directly in equity Investm
Slide 31: Development of equity: key highlights
2 Consolidated financial information Development of equity: key highlights Investments Decrease in the value of the financial investment portfolio - partially offset by available for sale shadow accounting - as a result of market turbulences, despite improvement in the fourth quarter Currency conv
Slide 32: Financing structure
2 Consolidated financial information Financing structure Capital structure Interest coverage(1) Bank financing (9.6%) 23.1 22.6 21.9 20.1 19.5 17.7 Hybrid debt Equity 2013 2014 2015 (4.9%) (85.5%) EBITDA / interest coverage excluding operating debt (x) EBITDA / interest coverage including operating
Slide 33: High level of financial flexibility
2 Consolidated financial information High level of financial flexibility Change 2013 2014 2015 y-o-y Senior debt MAPFRE S.A. - 11/2015 1,003 1,005 0 -1,005 Subordinated debt - 7/2017 596 596 595 -1 Syndicated credit facility - 12/2020 (€ 1,000 M) --- 0 1,000 1,000 Operating debt at subsidiaries 126
Slide 34: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Financial supplement: Regional Areas and Business Units 4 Financial supplement: Operating Companies 5 Appendix 6 Schedule and contacts (*) In this section, Consolidated Profit & Loss information for 12M 2014 has been restated with CATA
Slide 35: Written premiums
3 Financial supplement: Regional Areas and Business Units Written premiums Cumulative figures Quarterly figures U % o/ U % o/ REGIONAL AREA 12M 2014 12M 2015 U% 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 IBERIA 6,865.2 6,696.7 -2.5% 1,582.4 1,379.2 1,611.5 16.8% 1.8% BRAZIL 5,553.3 4,814.2 -13.3% 1,477
Slide 36: Attributable results
3 Financial supplement: Regional Areas and Business Units Attributable results Cumulative figures Quarterly figures U % o/ U % o/ REGIONAL AREA 12M 2014 12M 2015 U% 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 IBERIA 448.1 494.8 10.4% 98.6 214.0 78.6 -63.3% -20.3% BRAZIL 142.9 153.4 7.3% 39.4 46.9 21.0 -
Slide 37: IBERIA
3 Financial supplement: Regional Areas and Business Units IBERIA Cumulative figures PREMIUMS GROSS RESULT 12M 2014 12M 2015 U % 12M 2014 12M 2015 U % IBERIA 6,865.2 6,696.7 -2.5% 648.7 515.4 -20.5% SPAIN 6,665.5 6,497.9 -2.5% 648.0 512.4 -20.9% PORTUGAL 199.7 198.8 -0.5% 0.7 3.0 --- Quarterly figure
Slide 38: LATAM cumulative figures
3 Financial supplement: Regional Areas and Business Units LATAM Cumulative figures PREMIUMS GROSS RESULT U % local U % local 12M 2014 12M 2015 U% (1) 12M 2014 12M 2015 U% (1) currency currency BRAZIL 5,553.3 4,814.2 -13.3% 3.6% 748.1 818.6 9.4% 33.9% LATAM SOUTH 2,863.9 2,030.4 -29.1% 136.0 99.1 -27
Slide 39: LATAM quarterly figures
3 Financial supplement: Regional Areas and Business Units LATAM Quarterly figures PREMIUMS GROSS RESULT U % o/ U % o/ U % o/ U % o/ 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 BRAZIL 1,477.3 1,198.3 1,103.6 -7.9% -25.3% 204.8 204.6 169.1 -17.4% -17.4% LATAM SOUTH
Slide 40: INTERNATIONAL cumulative figures
3 Financial supplement: Regional Areas and Business Units INTERNATIONAL Cumulative figures PREMIUMS GROSS RESULT U % local U % local 12M 2014 12M 2015 U% currency 12M 2014 12M 2015 U% currency (1) (1) NORTH AMERICA 2,105.9 2,776.8 31.9% --- 95.3 -54.5 --- --- of which: USA 1,796.7 2,390.1 33.0% 8.7%
Slide 41: INTERNATIONAL quarterly figures
3 Financial supplement: Regional Areas and Business Units INTERNATIONAL Quarterly figures PREMIUMS GROSS RESULT U % o/ U % o/ U % o/ U % o/ 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 4Q 2014 3Q 2015 4Q 2015 3Q 2015 4Q 2014 NORTH AMERICA 532.5 739.9 673.7 -8.9% 26.5% 33.3 20.7 17.9 -13.5% -46.2% of whic
Slide 42: MAPFRE RE
3 Financial supplement: Regional Areas and Business Units MAPFRE RE Cumulative figures PREMIUMS GROSS RESULT 12M 2014 12M 2015 U % 12M 2014 12M 2015 U % MAPFRE RE 3,343.3 3,731.9 11.6% 200.3 205.1 2.4% Quarterly figures PREMIUMS GROSS RESULT U % o/ U % o/ U % o/ U % o/ 4Q 2014 3Q 2015 4Q 2015 3Q 201
Slide 43: Non-Life Income Statement 12M 2015
3 Financial supplement: Regional Areas and Business Units Non-Life Income Statement 12M 2015 LATAM LATAM NORTH CONSOLID. NON-LIFE INSURANCE AND REINSURANCE IBERIA NORTH SOUTH BRAZIL EMEA AMERICA APAC MAPFRE RE ADJUST. TOTAL Gross written and accepted premiums 4,902.5 1,517.3 1,762.3 3,176.5 1,755.0
Slide 44: Life Income Statement 12M 2015
3 Financial supplement: Regional Areas and Business Units Life Income Statement 12M 2015 LATAM LATAM NORTH CONSOLID. LIFE INSURANCE AND REINSURANCE IBERIA NORTH SOUTH BRAZIL EMEA AMERICA APAC MAPFRE RE ADJUST. TOTAL Gross written and accepted premiums 1,794.2 332.3 268.1 1,637.8 226.7 10.7 0.0 600.6
Slide 45: Other business activities and net result 12M 2015
3 Financial supplement: Regional Areas and Business Units Other business activities and net result 12M 2015 HOLDING & LATAM LATAM NORTH CONSOL. IBERIA NORTH SOUTH BRAZIL EMEA AMERICA APAC MAPFRE RE ADJUST. TOTAL Results from other business activities 60.0 -2.6 0.9 3.0 -11.4 -10.1 -3.0 0.0 -170.9 -13
Slide 46: Non-Life Income Statement 12M 2014
3 Financial supplement: Regional Areas and Business Units Non-Life Income Statement 12M 2014 LATAM LATAM NORTH CONSOLID. NON-LIFE INSURANCE AND REINSURANCE IBERIA NORTH SOUTH BRAZIL EMEA AMERICA APAC MAPFRE RE ADJUST. TOTAL Gross written and accepted premiums 4,716.3 982.5 2,454.1 3,581.0 1,129.7 2,
Slide 47: Life Income Statement 12M 2014
3 Financial supplement: Regional Areas and Business Units Life Income Statement 12M 2014 LATAM LATAM NORTH CONSOLID. LIFE INSURANCE AND REINSURANCE IBERIA NORTH SOUTH BRAZIL EMEA AMERICA APAC MAPFRE RE ADJUST. TOTAL Gross written and accepted premiums 2,148.8 229.0 409.7 1,972.2 158.3 4.8 0.0 522.4
Slide 48: Other business activities and net result 12M 2014
3 Financial supplement: Regional Areas and Business Units Other business activities and net result 12M 2014 HOLDING & LATAM LATAM NORTH CONSOL. IBERIA NORTH SOUTH BRAZIL EMEA AMERICA APAC MAPFRE RE ADJUST. TOTAL Results from other business activities 56.2 -1.4 -0.4 12.8 0.7 -1.0 -2.7 0.0 -222.3 -158
Slide 49: Non-Life management ratios
3 Financial supplement: Regional Areas and Business Units Non-Life management ratios(*) EXPENSE LOSS COMBINED 12M 2014 12M 2015 12M 2014 12M 2015 12M 2014 12M 2015 IBERIA 20.9% 22.2% 74.0% 75.0% 94.9% 97.2% LATAM NORTH 35.5% 35.9% 59.5% 60.9% 95.0% 96.8% LATAM SOUTH 33.3% 38.1% 65.6% 60.0% 98.9% 98.
Slide 50: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Financial supplement: Regional Areas and Business Units 4 Financial supplement: Operating Companies 5 Appendix 6 Schedule and contacts 50 (*) In this section, Profit & Loss information for 12M 2014 for MAPFRE ESPAÑA and MAPFRE VIDA has
Slide 51: MAPFRE ESPAÑA
4 Financial supplement: Operating Companies MAPFRE ESPAÑA (*) 2014 2015 U% Gross written and accepted premiums 4,352.1 4,429.1 1.8% Net premiums earned 3,934.0 3,988.2 1.4% Underwriting result 172.2 83.2 -51.7% Net financial income 221.5 190.4 -14.0% Other business activities 5.8 7.1 22.4% Other non
Slide 52: MAPFRE ESPAÑA – Domestic business by insurance lines
4 Financial supplement: Operating Companies MAPFRE ESPAÑA – Domestic business by insurance lines (*) Motor 2014 2015 U% Health 2014 2015 U% Gross written and accepted premiums Gross written and accepted premiums 2,025.9 2,043.8 0.9% 426.5 458.1 7.4% Net premiums earned 1,810.4 1,814.0 0.2% Net premi
Slide 53: MAPFRE ESPAÑA – Domestic business by insurance lines
4 Financial supplement: Operating Companies MAPFRE ESPAÑA – Domestic business by insurance lines (*) Other 2014 2015 U% Commercial insurance 2014 2015 U% Gross written and accepted premiums 186.3 194.6 4.5% Gross written and accepted premiums 640.7 637.2 -0.5% Net premiums earned 170.5 167.9 -1.5% N
Slide 54: MAPFRE VIDA
4 Financial supplement: Operating Companies MAPFRE VIDA 2014 2015 U % Breakdown of premiums 2014 2015 U% Technical Reserves excluding Regular Premiums 498.3 628.1 26.0% shadow accounting 20,383.8 18,049.3 -11.5% - Agents' and other channels 261.7 347.0 32.6% Shadow accounting adjustments 4,048.1 3,9
Slide 55: MAPFRE VIDA
4 Financial supplement: Operating Companies MAPFRE VIDA Managed savings 2014 2015 U% Change in funds under management 2014 2015 Regular premiums insurance 6,417.2 5,873.9 -8.5% IFRS technical reserves (1) 4,928.5 -2,450.0 - Agents' channel and others 3,950.7 3,861.1 -2.3% Variation w/o the effect of
Slide 56: MAPFRE AMÉRICA
4 Financial supplement: Operating Companies MAPFRE AMÉRICA MAPFRE AMÉRICA (by lines) Non-Life 2014 2015 U % 2014 2015 U% Gross written and accepted premiums 6,613.9 6,068.7 -8.2% Gross written and accepted premiums 9,224.9 8,306.8 -10.0% Net premiums earned 4,509.5 3,771.5 -16.4% Net premiums earned
Slide 57: MAPFRE BRASIL
4 Financial supplement: Operating Companies MAPFRE BRASIL MAPFRE BRASIL (by lines) 2014 2015 U% Non-Life 2014 2015 U% Gross written and accepted premiums 3,432.4 3,031.1 -11.7% Gross written and accepted premiums 5,404.7 4,668.8 -13.6% Net premiums earned 2,534.2 2,301.6 -9.2% Net premiums earned 4,
Slide 58: MAPFRE INTERNACIONAL
4 Financial supplement: Operating Companies MAPFRE INTERNACIONAL MAPFRE INTERNACIONAL (by lines) 2014 2015 U% Non-Life 2014 2015 U% Gross written and accepted premiums 2,658.1 3,854.8 45.0% Gross written and accepted premiums 2,495.0 3,617.4 45.0% Net premiums earned 2,221.4 2,956.3 33.1% Net premiu
Slide 59: MAPFRE USA
4 Financial supplement: Operating Companies MAPFRE USA 2014 2015 U% Gross written and accepted premiums 1,624.3 2,110.1 29.9% Net premiums earned 1,429.3 1,716.4 20.1% Underwriting result -44.3 -187.0 --- Net financial income 121.8 118.9 -2.4% Other business activities 0.0 0.0 --- Other non-technica
Slide 60: MAPFRE RE
4 Financial supplement: Operating Companies MAPFRE RE MAPFRE RE (by lines) 2014 2015 U% Non-Life 2014 2015 U% Gross written and accepted premiums 3,343.3 3,731.9 11.6% Gross written and accepted premiums 2,820.9 3,131.3 11.0% Net premiums earned 2,026.4 2,294.3 13.2% Net premiums earned 1,636.3 1,83
Slide 61: MAPFRE GLOBAL RISKS and MAPFRE ASISTENCIA
4 Financial supplement: Operating Companies MAPFRE GLOBAL RISKS MAPFRE ASISTENCIA 2014 2015 U% 2014 2015 U% Gross written and accepted premiums 1,048.9 1,174.7 12.0% Operating income 1,137.1 1,209.8 6.4% - Global Risks 986.7 1,090.4 10.5% - Gross written and accepted premiums 973.4 1,094.4 12.4% - C
Slide 62: Non-Life management ratios – Companies
4 Financial supplement: Operating Companies Non-Life management ratios – Companies (*) EXPENSE LOSS COMBINED 12M 2014 12M 2015 12M 2014 12M 2015 12M 2014 12M 2015 MAPFRE ESPAÑA 20.9% 22.0% 74.7% 75.6% 95.6% 97.6% MAPFRE AMÉRICA 33.5% 35.6% 61.6% 60.5% 95.1% 96.1% MAPFRE BRASIL 33.0% 33.9% 59.6% 59.7
Slide 63: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Financial supplement: Regional Areas and Business Units 4 Financial supplement: Operating Companies 5 Appendix 6 Schedule and contacts 63
Slide 64: Consolidated income statement 12M 2014: CatalunyaCaixa impact
5 Appendix Consolidated income statement 12M 2014: CatalunyaCaixa impact U % vs. (*) Catalunya 2014 2014 2015 2014 Caixa Restated Restated NON-LIFE INSURANCE AND REINSURANCE Gross written and accepted premiums 16,409.4 39.2 16,370.1 17,441.3 6.5% Premiums earned, net of ceded and retroceded reinsura
Slide 65: Net financial income: selected information
5 Appendix Net financial income: selected information Net financial income (1) Net realization gains (2) 2014 2015 2014 2015 U% MAPFRE ESPAÑA 77.8 61.8 Non-life 799.0 781.6 -2.2% MAPFRE VIDA 48.1 14.1 - of which realized capital gains and MAPFRE AMÉRICA 0.0 0.0 141.8 121.5 -14.3% impairments MAPFRE
Slide 66: Debt ratios: MAPFRE S.A.
5 Appendix Debt ratios: MAPFRE S.A. 2013 2014 2015 Total equity 9,894 11,469 10,408 Total Debt 1,725 1,788 1,773 - of which: financial debt 1,600 1,601 1,595 - of which: operating debt 126 188 178 Earnings before tax and interest payments (EBIT) 1,564 1,824 1,476 Financial expenses 111 118 107 - fin
Slide 67: Loss experience trend
5 Appendix Loss experience trend Development of claims reserves in Non-Life direct insurance (%) 2005 & 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 PRIOR At the end of year of occurrence 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 As at 31.12.2015 96.8 93.8 93.5 93.5 94.0
Slide 68: MAPFRE RE: Premium breakdown (2015)
5 Appendix 3 MAPFRE RE: Premium breakdown (2015) Gross premiums Net premiums Ceding company Ceding company MAPFRE 43.9% MAPFRE 24.5% Others 56.1% Others 75.5% Region Region IBERIA 17.2% IBERIA 9.5% EMEA 35.1% EMEA 47.2% LATAM 22.4% LATAM 21.5% NORTH AMERICA 18.3% NORTH AMERICA 12.6% APAC 7.1% APAC 9
Slide 69: Expansion in MAPFRE USA to other states offers important benefits
5 Appendix Expansion in MAPFRE USA to other states offers important benefits to the Group´s business profile and balance sheet • Leveraging of market and operational efficiencies • Exposure to the largest insurance market in the world • Presence in a mature market with a stable long term economic an
Slide 70: MAPFRE USA has steadily diversified outside of Massachusetts
5 Appendix MAPFRE USA has steadily diversified outside of Massachusetts, and upstreamed over 30% of the initial investment in dividends Premiums – breakdown by geography Dividends up-streamed 2008-2015* CAGR 2008-2015 165 165 18% 30% +11.6% 105 90 80 65 82% 70% +1.3% 18 2008 2009 2010 2011 2012 2013
Slide 71: Extraordinary weather conditions impact on underwriting result
5 Appendix Extraordinary weather conditions and a high concentration in the North East have had a negative impact on the underwriting result . . . Loss Ratio 83.4% 81.2% 76.2% 74.6% 74.8% 75.2% 73.2% 73.3% 71.2% 73.1% 72.4% 71.9% 71.2% 68.9% 2009 2010 2011 2012 2013 2014 2015 Total Loss ratio Exclud
Slide 72: Strong positioning in Massachusetts has helped finance diversification
5 Appendix . . . however strong positioning in Massachusetts has helped finance diversification to other states, new lines of business and internal projects Combined Ratio: Massachusetts vs. ex-Massachusetts 127.2% 128.0% 118.9% 117.8% 113.4% 114.6% 109.8% 107.3% 104.3% 99.1% 97.7% 94.1% 97.1% 97.1%
Slide 73: Main currency movements
5 Appendix Main currency movements US Dollar Brazilian Real Turkish Lira Colombian Peso Venezuelan Bolivar 19% 12% 11% 1% 4% -5% 0% -11% -12% -17% -17% -25% -52% Var. Average Exchange Rates 12M 2015 vs. 12M 2014 Var. Exchange Rates 31/12/2015 vs. 31/12/2014 Var. Exchange Rates 31/12/2015 vs. 30/09/2
Slide 74: Glossary
5 Appendix Glossary (Operating expenses, net of reinsurance – other technical income + other technical Expense ratio – Non-Life expenses) / Net premiums earned. Figures for the Non-life segment (Net claims incurred + variation in other technical reserves + profit sharing and Loss ratio – Non-Life re
Slide 75: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Financial supplement: Regional Areas and Business Units 4 Financial supplement: Operating Companies 5 Appendix 6 Schedule and contacts 75
Slide 76: Schedule
6 Schedule and contacts Schedule Release 2015 Results 10-Feb-2016 Madrid Webcast –2015 Results 11-Feb-2016 London Presentation to analysts –2015 Results 76
Slide 77: Investor Relations Department
6 Schedule and contacts Investor Relations Department Capital Markets Director Natalia Núñez Arana +34-91-581-8664 Head of Investor Relations Antonio Triguero Sánchez Investor Relations +34-91-581-5211 Alberto Fernández-Sanguino Investor Relations +34-91-581-2255 Leandra Elizabeth Clark Investor Rel
Slide 78: 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