Slide 1: 3M 2019 Results
3M 2019 Results Analyst & Investor presentation April 30th, 2019
Slide 2: Key Figures > 3M 2019
Key Figures > 3M 2019 Δ at constant 3M 2019 Δ exchange rates Revenue 7,675 5.8% 6.4% Total written and accepted premiums 6,399 3.3% 3.9% - Non-Life 4,999 0.7% 1.0% - Life 1,399 13.7% 15.3% Non-Life Combined Ratio 95.9% -0.6 p.p Non-Life Loss Ratio 67.3% -1.0 p.p Non-Life Expense Ratio 28.6% 0.3 p.p
Slide 3: Key figures > by business unit
Key figures > by business unit Premiums – Breakdown by business unit Attributable result Premiums Combined ratio ROE (3) 3M 2019 Δ mn Δ% 3M 2019 Δ% 3M 2019 Δ% 3M 2019 Δ% ASISTENCIA IBERIA 119.6 1.7 1.5% 2,525 7.8% 92.6% 0.5 p.p 11.8% -0.6 p.p 3.3% IBERIA LATAM 48.2 10.0 26.3% 1,769 -0.3% 95.6% -2.1
Slide 4: Adjusted attributable result
Adjusted attributable result 3M 2018 3M 2019 Δ (mn) Δ (%) Attributable result 187.0 188.1 1.1 0.6% (1) Weather related and NatCat claims (10.9) 0.0 10.9 (2) Financial gains & losses 26.1 18.2 (7.9) Attributable result (adjusted) 171.8 169.9 (1.9) -1.1% (1) US winter weather related events (2) Active
Slide 5: Capital structure & credit metrics
Capital structure & credit metrics Capital structure Leverage (%) 24.2% 22.5% Subordinated Bank debt financing 9% 7% 12.31.2018 03.31.2019 Senior debt 8% Equity Interest coverage (x) € 12.6 76% billion 20.4 18.4 › Temporary increase in leverage to 24% due to: › BMN acquisition (total amount: ≈162 mn
Slide 6: Shareholders’ equity
Shareholders’ equity Change in shareholders’ equity Currency conversion differences % Δ currency 03.31.2019 Δ YTD YTD Balance at 12/31 previous year 7,994 Total -647 91 - Result for the period 188 of which: Dividends -262 US dollar 489 47 2.1% Net unrealized capital gains of AFS portfolio* 298 Brazi
Slide 7: Investment portfolio & Assets under Management
Investment portfolio & Assets under Management Investment portfolio – Breakdown by asset class Assets under Management 51.8 Other investments (9.2%) 4.8 12.31.2018 03.31.2019 %Δ Cash (5.7%) 3.0 Assets under Management 58.5 61.4 5.0% 1.5 Mutual funds (2.9%) 2.5 of which: Equity (4.8%) 2.4 Real Estate
Slide 8: Investment portfolio & Financial gains & losses
Investment portfolio & Financial gains & losses Actively managed portfolios1 - Non-Life (€7.0 bn) Actively managed portfolios1 - Life (€6.4 bn) 6.8 7.1 6.6 6.7 Duration (%) 6.4 6.7 6.8 7.1 Duration (%) 4.10 3.93 3.91 2.59 3.72 2.40 2.11 1.99 1.42 1.23 1.01 1.05 1.15 0.84 0.74 1.09 12.31.2017 03.31.2
Slide 9: IBERIA
IBERIA Key figures – by line of business Key highlights Premiums Attributable result Combined ratio › Excellent premium growth 3M 2019 % Δ 3M 2019 %Δ 3M 2019 % Δ › Motor: higher premium growth (+2.6%) than insured units (+2.4%), Total 2,525.4 7.8% 119.6 1.5% - - with positive developments in Spain,
Slide 10: BRAZIL
BRAZIL Key figures – by entities Key highlights Premiums 3M 2019 %Δ Attributable result 3M 2019 %Δ Combined ratio 3M 2019 %Δ ROE 3M 2019 % Δ (1) › Fall in average exchange rates for the Brazilian real (-6.7%) Total 966.8 -4.6% 24.4 68.4% 95.4% -2.9 p.p 6.2% 0.9 p.p BB MAPFRE* 435.1 7.7% 16.1 -21.1%
Slide 11: LATAM NORTH
LATAM NORTH Key figures Premiums Attributable result Combined ratio ROE 3M 2019 %Δ 3M 2019 %Δ 3M 2019 %Δ 3M 2019 % Δ (1) LATAM NORTH 404.0 10.6% 13.3 34.7% 96.2% -0.4 p.p 11.5% 0.1 p.p of which: Mexico 245.1 16.3% 7.0 115.1% 98.0% -1.6 p.p 11.0% 1.6 p.p Central America 121.0 -1.5% 4.6 -3.5% 96.4% 1.
Slide 12: LATAM SOUTH
LATAM SOUTH Key figures Premiums Attributable result Combined ratio ROE 3M 2019 %Δ 3M 2019 %Δ 3M 2019 %Δ 3M 2019 % Δ (1) LATAM SOUTH 397.7 0.6% 10.5 -24.0% 95.5% -1.5 p.p 10.2% -0.3 p.p of which: Peru 132.6 7.2% 7.2 40.8% 88.7% -7.0 p.p 21.0% 1.4 p.p Colombia 90.2 4.0% -2.7 -- 95.9% -4.0 p.p -8.1% -
Slide 13: NORTH AMERICA
NORTH AMERICA Key figures – by business unit Key highlights Premiums Attributable result Combined ratio ROE United States 3M 2019 476.2 %Δ -1.9% 3M 2019 8.8 %Δ -- 3M 2019 101.0% %Δ -6.7 p.p 3M 2019 2.3% % Δ (1) 1.5 p.p › Impact of dollar appreciation on average MAPFRE Insurance 475.4 -2.1% 12.3 361.
Slide 14: EURASIA
EURASIA Key figures Premiums Attributable result Combined ratio ROE 3M 2019 %Δ 3M 2019 %Δ 3M 2019 %Δ 3M 2019 % Δ (1) EURASIA 527.3 -2.6% -2.0 -146.8% 108.5% 3.6 p.p 0.9% -1.0 p.p of which: Germany 149.7 2.5% 1.1 45.9% 98.7% -0.5 p.p 2.0% 0.2 p.p Turkey 132.4 -12.4% -1.7 -136.5% 120.4% 12.5 p.p 6.5%
Slide 15: MAPFRE RE
MAPFRE RE Key figures * - by business unit Key highlights Total Premiums 3M 2019 1,541.1 %Δ 10.6% › In March 2019, administrative authorization was received for the corporate restructuring of MAPFRE of which: GLOBAL RISKS, and the purely reinsurance activity, Non-Life 1,421.8 10.9% Life 119.3 7.4% a
Slide 16: Solvency II Update
Solvency II Update Solvency II ratio Change in Solvency II position - 2018 200.2% 207.9% 189.5% › Eligible Own Funds (-0.4 bn€ vs. 09.30.2018) Fully › IFRS equity (-0.6 bn€) mainly driven by: loaded* 179.9% 188.6% 173.2% › Fall in value of AFS portfolio 8.9 9.2 8.8 › Banco de Brasil transaction › Co
Slide 17: Solvency II update Market sensitivities
Solvency II update Market sensitivities *Sensitivities calculated on Solvency II position at 12.31.2018 17
Slide 18: Wrap up
Wrap up IBERIA > positive premium and profitability trends, in a very competitive market environment MAPFRE RE > resilient results, continuing as an important profit contributor Brazil & North America > turnaround in results to keep momentum throughout the year, driven by the new business focus LATA
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: Investor Relations
Investor Relations September 2018 Natalia Núñez Investor Relations and Capital Markets Director Financial results natalia.n@mapfre.com Analyst and investor presentation November 8th. 2018 Leandra Clark Marta Sanchidrián Raquel Alfonso Leslie Hoffman clarkle@mapfre.com sanchim@mapfre.com asraque@mapf
Slide 21: Agenda
Agenda Results presentation 1Q 2019 04/30/2019 September 2018 Black-out period 07/04 - 07/24/2019 Financial Resultsresults presentation 1H 2019 07/25/2019 Analyst and investor Black-out presentation period 10/10 - 10/30/2019 November 8thpresentation Results . 2018 3Q 2019 10/31/2019 Dates subject to
Slide 22: Contact us
Contact us If you are an investor or shareholder and would like to receive more information regarding the MAPFRE share or have questions regarding MAPFRE´s results and strategy, please find our contact information below: September 2018 Shareholders Investors Financial Investor Relations results MAPF
Slide 23: 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