Slide 1: Activity Update 9M 2024 Analyst & Investor presentation
Activity Update Analyst & Investor presentation 9M 2024 October 29th 2024 1
Slide 2: Disclaimer
DISCLAIMER MAPFRE S.A. hereby informs that the figures and ratios in this activity report are presented under the accounting principles in force in each country, homogenized for comparison and aggregation between units and regions. As such, certain adjustments have been applied, the most relevant of
Slide 3: Interim dividend increased on the back of strong profitability
ACTIVITY UPDATE – 9M 2024 Interim dividend increased on the back of strong profitability PREMIUMS NON-LIFE NET RESULT COMBINED RATIO Accumulated €21,622 mn 94.8% -2.0 p.p. €654 mn +38.9% +4.6% At constant exchange rates Q3 standalone €744 mn +36.3% +6.1% 92.9% -2.8 p.p. w/o goodwill writedown * ROE
Slide 4: Profitable growth strategy and diversified business model
ACTIVITY UPDATE – 9M 2024 Profitable growth strategy and diversified business model IBERIA LATAM Largest contributor Profit is up 15.5% to earnings Highly diversified and Strong financial income and improvements in profitable Life business technical management €305 mn (+7.7%) NORTH AMERICA MAPFRE RE
Slide 5: Premiums €21,622M +4.6%
ACTIVITY UPDATE – 9M 2024 PREMIUMS TOTAL PREMIUMS MAIN LINES OF BUSINESS €21,622M +4.6% +6.1%* Million euros / * At constant exchange rates Local accounting 5
Slide 6: Key figures and ratios
ACTIVITY UPDATE – 9M 2024 KEY FIGURES AND RATIOS KEY FIGURES BY REGIONS AND BUSINESS UNITS ROE (main markets/units) Premiums Net result Non-Life Combined ratio 9M 2024 9M 2024 Δ% 9M 2024 Δ% 9M 2024 Δ% IBERIA 13.1% IBERIA 7,159.4 6.2% 283.4 15.5% 98.4% -0.1 p.p BRAZIL 24.0% BRAZIL 3,740.9 -5.4% 187.7
Slide 7: Key figures > General P&C
ACTIVITY UPDATE – 9M 2024 KEY FIGURES > GENERAL P&C Premiums Attributable result Combined ratio 9M 2023 9M 2024 Δ% 9M 2023 9M 2024 9M 2023 9M 2024 MAPFRE GROUP 6,686 6,758 1.1% 170.5 306.6 87.1% 81.1% BRAZIL 2,299 2,142 -6.8% 109.7 116.5 68.6% 64.9% IBERIA 1,954 2,084 6.6% 56.3 120.7 98.1% 93.4% NOR
Slide 8: Key figures > Auto
ACTIVITY UPDATE – 9M 2024 KEY FIGURES > AUTO Premiums Insured units Attributable result Combined Ratio Units 9M 2023 9M 2024 Δ% Δ% 9M 2023 9M 2024 9M 2023 9M 2024 (mn) MAPFRE GROUP 4,625 4,829 4.4% 12.97 -6.7% -42.3 -16.8 105.9% 104.2% IBERIA 1,757 1,860 5.9% 5.97 -3.2% -6.1 -30.6 102.9% 104.7% NORT
Slide 9: Key figures > Life business
ACTIVITY UPDATE – 9M 2024 KEY FIGURES > LIFE BUSINESS Premium growth > Insurance units Life technical-financial result 9M 2023 9M 2024 Δ YoY Total MAPFRE Group* 573.2 540.4 -5.7% Total Insurance Units 557.1 515.7 -7.4% of which: IBERIA 173.4 194.0 11.9% BRAZIL 302.5 246.6 -18.5% OTHER 81.1 75.1 -7.4
Slide 10: Capital position & credit metrics
ACTIVITY UPDATE – 9M 2024 CAPITAL POSITION & CREDIT METRICS Capital structure Evolution of Shareholders’ Equity 12.31.2023 09.30.2024 %Δ YTD Total equity 9,214 9,552 3.7% Balance at 12.31.2023 8,071 Total debt 2,701 2,727 1.0% Result for the period 654 Senior debt 864 861 -0.3% Dividends -277 Subord
Slide 11: Assets under management
ACTIVITY UPDATE – 9M 2024 ASSETS UNDER MANAGEMENT Investment portfolio Fixed income portfolios Accounting Yield Market €44 bn €45.4 bn % ∆ YTD value (€bn) ACTIVELY MANAGED IBERIA NON-LIFE 3.79 2.66 0.16 EUROZONE MAPFRE RE NON-LIFE 4.48 2.81 0.27 IBERIA LIFE 3.99 3.74 0.10 REGIONS AND UNITS BRAZIL 2.
Slide 12: Financial income
ACTIVITY UPDATE – 9M 2024 FINANCIAL INCOME Net Financial Income – Non-Life Net realized gains and losses* 9M 2023 9M 2024 Δ% 9M 2023 9M 2024 IBERIA 103.3 118.0 14.2% IBERIA 9.9 34.9 BRAZIL 66.7 62.8 -5.8% Non-Life 8.3 3.8 OTHER LATAM 142.7 135.1 -5.3% Life 1.6 31.1 NORTH AMERICA 69.4 71.0 2.4% NORTH
Slide 13: Dividends: commitment to shareholders
ACTIVITY UPDATE – 9M 2024 DIVIDENDS PROVEN DIVIDENDS PAID COMMITMENT 2024* € 477 M TO SHAREHOLDERS 2023 € 447 M 2024 interim Dividends Dividend dividend paid 2024* yield 2022 € 447 M 6.5 477 mn€ ** cents per share ≈6.6 % 2021 € 416 M 15.5 cents per share 2020 € 416 M *Includes recently approved inte
Slide 14: Closing remarks
CLOSING REMARKS Consolidating positive trends Balance sheet strengthening boosted by the new Strategic Plan and growing capital base Dividend increase reflects our confidence in the future and commitment to our shareholders 14
Slide 15: Investor Relations contacts
INVESTOR RELATIONS CONTACTS Email: IR@mapfre.com Telephone: (+34) 91 581 23 18 Corporate website: www.mapfre.com Financial documentation center: www.mapfre.com/en/financial-information/ Leandra Clark Leslie Hoffman Natalia Chavarría Lidia Bermúdez Head of Investor Investor Relations Investor Relatio
Slide 16: Annex
MAPFRE Annex
Slide 17: Investment portfolio and assets under management (I/II)
ACTIVITY UPDATE – 9M 2024 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT (I/II) Market value 09.30.2024 %Δ Government fixed income 22.8 0.7% Spain 9.7 0.6% Italy 2.4 4.2% Rest of Europe 2.0 7.2% United States 1.7 -0.2% Brazil 2.8 -15.1% Rest of LATAM 2.9 10.9% Other 1.2 7.9% Corporate fixed income
Slide 18: Investment portfolio and assets under management (II/II)
ACTIVITY UPDATE – 9M 2024 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT (II/II) Eurozone – Fixed income portfolios – Active management Other main regions and units – Fixed income portfolios Market value Accounting Market yield Modified Market value Accounting Yield Market yield Modified duration
Slide 19: Terminology
TERMINOLOGY Local homogenized accounting Revenue/ Total Premiums + Financial income from investments + Income from non‐insurance companies and other income Consolidated Revenue Premiums/Written and Accepted Written premiums, direct insurance + premiums from accepted reinsurance premiums Direct insur