Slide 1: Year end 2014 results
Year end 2014 results Presentation for investors and analysts 11th February 2015
Slide 2: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Regional Areas and Business Units 4 Financial supplement 5 Appendix 6 Schedule and contacts 2
Slide 3: Key highlights
1 Key highlights Business growth and improvement in underwriting results, along with a favourable performance of the financial markets Revenues 26,366.7 1.8% Premiums 22,400.9 2.6% Managed savings 40,817.5 21.4% Non-life combined ratio 95.7% -0.4 p.p. ROE 10.0% -0.1 p.p. Solvency margin 2.59 x + 0.1
Slide 4: Highlights of the results
1 Key highlights Highlights of the results Business growth in most business lines and countries, with significant contribution of Life Assurance and Spain’s return to growth 40 bp decrease in the combined ratio, thanks to noteworthy improvements of the expense ratio in Brazil and in reinsurance Nota
Slide 5: Consolidating leading position in Spain while diversifying internationally
1 Key highlights A year in which we have continued to consolidate our leading position in Spain, while advancing in our international diversification process Market shares – Non-Life – Market shares – Spain - 2014 International Business – 2013 Market Market Line of Business Ranking Shares Country Ra
Slide 6: Clear economic recovery in Spain
1 Key highlights In an environment of clear economic recovery in Spain… GDP – quarterly growth (%) 0.7 0.5 0.5 0.5 0.3 0.3 0.3 0.2 0.1 0.1 0.0 0.0 -0.1 -0.1 -0.1 -0.3 -0.3 -0.3 -0.4 -0.5 -0.5 -0.6-0.6 -0.8 -0.8 -1.0 -1.0 -1.6 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Slide 7: MAPFRE's business returned to growth, outperforming the market
1 Key highlights …MAPFRE’s business has returned to growth, outperforming the market Total Non-Life premiums in Spain Market excl. MAPFRE MAPFRE 2.6% 2.1% 2.2% 1.6% 0.7% -0.2% -0.3% -0.4% -0.9% -0.9% -1.6% -2.0% -1.9% -2.0% -2.3% -2.3% -2.7% -3.9% -4.6% -5.1% -5.9% -6.0% -7.8% -8.2% 1Q12 vs 2Q12 vs
Slide 8: Business model retains leading position in growth, profitability and costs
1 Key highlights MAPFRE’s business model retains its leading position in terms of growth, profitability and costs In 2014, MAPFRE recorded premium growth of 1.1% in Spain Market share increased to 20.58% (+0.06 p.p.) The average premium has decreased by 9.4% since 2007, compared to a 19.2% red
Slide 9: Key strategic objectives focus on profitable growth
1 Key highlights Our key strategic objectives highlight our focus on profitable growth… Revenues Combined Ratio (%) Expense Ratio (%) 30,000 29.1 25,889 26,366 96.1 < 96.0 28.1 95.7 27.7 2013 2014 2016 Target 2013 2014 2016 Target 2013 2014 2016 Target Million euros 9
Slide 10: Commitment to long-term value creation for shareholders
1 Key highlights …and our commitment to long-term value creation for shareholders Maintain a dividend policy aligned with results growth Dividends The dividend paid in 2014, which amounted to €431.1 million, increased 16.7% with respect to the previous year Management focused on producing retu
Slide 11: A 7.7% increase in dividends is proposed
1 Key highlights A 7.7% increase in dividends is proposed Interim dividend Final dividend The Board of Directors has agreed In October, the Board of Directors to propose to the AGM a final resolved to pay an interim dividend dividend against the 2014 results of 6 cents per share against the of 8
Slide 12: Progress in multichannel sales network
1 Key highlights We have made progress in the development of our multichannel sales network through own branches, tied agents, brokers and bank branches… BRANCHES 2013 2014 BROKERS 2013 2014 Iberia Territorial Area 6,458 7,010 TOTAL BROKERS 68,207 79,289 Own and franchisee 3,185 3,149 Iberia Territo
Slide 13: Special focus on new distribution channels
1 Key highlights …with a special focus on new distribution channels • Acquisition of Direct Line’s businesses in Italy and Germany • Profitable and consolidated companies • Direct insurance market leader: #1 in Italy and #3 in Germany • Business with a high growth and value creation potential • Vert
Slide 14: Simplified and more efficient corporate governance model
1 Key highlights With a simplified and more efficient corporate governance model CHAIRMAN & CEO VICE CHAIRMAN EXECUTIVE VICE CHAIRMAN COMMITTEE FINANCE HUMAN RESOURCES INVESTMENT GENERAL COUNSEL RESOURCES AND INSTITUTIONAL COORDINATION INTERNAL AUDIT VICE CHAIRMAN BUSINESS SUPPORT BUSINESS AND CLIEN
Slide 15: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Regional Areas and Business Units 4 Financial supplement 5 Appendix 6 Schedule and contacts 15
Slide 16: Consolidated income statement
2 Consolidated financial information Consolidated income statement 2013 2014 U% NON-LIFE INSURANCE AND REINSURANCE Gross written and accepted premiums 16,277.7 16,409.4 0.8% Premiums earned, net of ceded and retroceded reinsurance 13,229.4 13,227.4 0.0% Net claims incurred and variation in other tec
Slide 17: Development of Non-Life insurance results
2 Consolidated financial information Development of Non-Life insurance results Non-Life Account 2013 2014 U% Gross written and accepted premiums 16,277.7 16,409.4 0.8% Underwriting result 509.4 562.9 10.5% Net financial and other non-technical income 684.3 769.2 12.4% Result of Non-life business 1,1
Slide 18: Non-Life insurance results: key highlights
2 Consolidated financial information Development of Non-Life insurance results: key highlights Insurance growth in Spain, Latin America and the USA, which has offset the impact of intense competition in commercial insurance and reinsurance Premiums In the last quarter of the year, the increase i
Slide 19: Non-Life insurance results: key highlights
2 Consolidated financial information Development of Non-Life insurance results: key highlights Expenses 9 Noteworthy improvement in BRAZIL, thanks to the decrease in average acquisition Underwriting costs, as well as to the impact of the agreement signed with the government at the result end of 20
Slide 20: Development of Life Assurance results
2 Consolidated financial information Development of Life Assurance results Life Account 2013 2014 U% Gross written and accepted premiums 5,557.8 5,991.5 7.8% Underwriting and financial result 382.2 613.4 60.5% Unrealised gains from unit-linked investments(1) 116.7 104.4 -10.5% Result of Life busines
Slide 21: Life Assurance results: key highlights
2 Consolidated financial information Development of Life Assurance results: key highlights General increase in business volumes, especially in Brazil, Spain and in reinsurance Significant growth in new business volumes in mutual and pension funds in the agents’ channel in Spain Premiums With r
Slide 22: Results from Other Business Activities
2 Consolidated financial information Development of results from Other Business Activities Other Business Activities (1) 2013 2014 U% Operating revenues 536.7 455.0 -15.2% Operating expenses -543.1 -476.4 -12.3% Net financial income & other -79.0 -131.0 65.8% Results from Other -85.4 -152.4 78.5% Bu
Slide 23: Results from Other Business Activities
2 Consolidated financial information Development of results from Other Business Activities Operating revenues The decrease in revenues and expenses reflects mainly: and 9 variations in the accounting consolidation methods of some services companies, as a result expenses of changes in the consolida
Slide 24: Consolidated result
2 Consolidated financial information Consolidated result 2013 2014 U% Result on restatement of financial accounts -43.3 -73.5 69.7% Result before tax and minority interests 1,563.9 1,824.0 16.6% Taxes -372.4 -500.1 34.3% Result after tax 1,191.5 1,323.9 11.1% Result after tax from discontinued opera
Slide 25: Development of the consolidated result: key highlights
2 Consolidated financial information Development of the consolidated result: key highlights Pre-tax result The significant increase reflects, primarily, the growth in business volumes, the improvement in the underwriting result and larger investment realisation gains, net of impairments The aver
Slide 26: Development of the balance sheet
2 Consolidated financial information Development of the balance sheet 31.12.13 31.12.14 Goodwill 1,928.4 2,030.5 Other intangible assets 1,969.5 2,046.3 Other fixed assets 326.2 303.8 Increase compared to the previous year due to: Cash & equivalents 1,162.8 1,188.6 9 growth in business volumes Inv
Slide 27: A prudent investment policy adapted to the insurance business
2 Consolidated financial information A prudent investment policy adapted to the insurance business Investment portfolio – Breakdown by type of asset Mutual funds Other investments 1,057.2 (2.2%) 3,647.8 (7.5%) Cash 1,188.6 (2.4%) Equities 1,377.1 (2.8%) -of which: Property Spain 60.2% 2,392.0 (4.9%)
Slide 28: Development of equity
2 Consolidated financial information Development of equity Shareholders' Minority TOTAL TOTAL Equity interests 2014 2013 BALANCE AS AT PRIOR YEAR END 7,833.5 2,060.2 9,893.7 10,136.3 Additions and deductions accounted for directly in equity Investments available for sale 2,346.0 497.6 2,843.6 872.1
Slide 29: Development of equity: key highlights
2 Consolidated financial information Development of equity: key highlights Investments available for Strong increase in the value of the Spanish portfolio as a result of the decline in spreads, sale offset to a large extent by shadow accounting Translation Positive impact of the appreciation, ma
Slide 30: Financing structure
2 Consolidated financial information Financing structure Capital structure Interest coverage(1) Bank 36.5 financing 30.1 31.1 26.4 (1.4%) 22.1 22.7 33.0 Equity 27.8 23.1 Ordinary debt 18.0 22.1 22.0 (86.5%) (7.6%) 2009 2010 2011 2012 2013 2014 Hybrid debt EBITDA / interest coverage excluding operati
Slide 31: Variations in financial debt
2 Consolidated financial information Variations in financial debt Change 2012 2013 2014 y-o-y Senior debt COMMERCE - 12/2013 151.0 0.0 --- --- Senior debt MAPFRE S.A. - 11/2015 1,001.8 1,003.3 1,004.9 1.6 Subordinated debt - 7/2017 597.1 596.4 595.6 -0.8 Syndicated credit facility - 6/2018 (€ 750 M)
Slide 32: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Regional Areas and Business Units 4 Financial supplement 5 Appendix 6 Schedule and contacts 32 The information shown below reflects the new operational structure in force since 1st January 2014, which has been organised into Territoria
Slide 33: Larger contribution of Iberia and reinsurance to consolidated results
3 Regional Areas and Business Units Larger contribution of IBERIA and of the reinsurance business to consolidated results Premiums(1) Contribution to consolidated results Iberia 31% Other regions 69% Iberia 43% Other regions 57% EUR M % MAPFRE RE IBERIA 431.8 43.1% APAC 3,343.3 (14.0%) 100.7 (0.4%)
Slide 34: Written premiums by Regional Areas
3 Regional Areas and Business Units Written premiums by Regional Areas Cumulative figures Quarterly figures U % o/ U % o/ REGIONAL AREA 2013 2014 U% REGIONAL AREA 4Q 2013 3Q 2014 4Q 2014 3Q 2014 4Q 2013 IBERIA 7,346.2 7,455.7 1.5% IBERIA 1,714.8 1,393.1 1,764.4 26.7% 2.9% BRAZIL 5,195.1 5,553.1 6.9%
Slide 35: Attributable results by Regional Areas
3 Regional Areas and Business Units Attributable results by Regional Areas Cumulative figures Quarterly figures U % o/ U % o/ REGIONAL AREA 2013 2014 U% REGIONAL AREA 4Q 2013 3Q 2014 4Q 2014 3Q 2014 4Q 2013 IBERIA 350.0 431.8 23.4% IBERIA -2.2 114.0 90.5 -20.6% --- BRAZIL 154.6 143.5 -7.2% BRAZIL 70
Slide 36: Information by Regional Areas and countries - IBERIA
3 Regional Areas and Business Units Information by Regional Areas and countries - IBERIA Cumulative figures PREMIUMS RESULTS(1) 2013 2014 U % 2013 2014 U % IBERIA 7,346.2 7,455.7 1.5% 579.5 711.4 22.8% SPAIN 7,179.1 7,256.2 1.1% 574.5 710.2 23.6% PORTUGAL 167.2 199.5 19.3% 5.0 1.2 -76.0% Quarterly f
Slide 37: Spain: Tax reform 2015
3 Regional Areas and Business Units Spain: Tax reform 2015 The tax reform introduces several measures that favour long-term savings and decrease the tax burden on investment income “Ahorro 5” Long-term savings plan with tax-free returns Saving Plans Tax exemption on capital gains for taxpayers o
Slide 38: Information by Regional Areas and countries - IBERIA
3 Regional Areas and Business Units Information by Regional Areas and countries - IBERIA The increase in business volumes, with respect to the previous year, reflects: 9 in Non-Life, the return to growth in the key insurance lines, with a noteworthy recovery in Motor insurance. The premium volume
Slide 39: LATAM cumulative figures
3 Regional Areas and Business Units Information by Regional Areas and countries - LATAM Cumulative figures PREMIUMS RESULTS(1) U % local U % local 2013 2014 U% currency(2) 2013 2014 U% currency(2) BRAZIL 5,195.1 5,553.1 6.9% 15.6% 559.6 748.7 33.8% 48.2% LATAM SOUTH 2,985.8 2,863.4 -4.1% 156.6 137.3
Slide 40: LATAM quarterly figures
3 Regional Areas and Business Units Information by Regional Areas and countries - LATAM Quarterly figures PREMIUMS RESULTS(1) U % o/ U % o/ U % o/ U % o/ 4Q 2013 3Q 2014 4Q 2014 3Q 2014 4Q 2013 4Q 2013 3Q 2014 4Q 2014 3Q 2014 4Q 2013 BRAZIL 1,270.5 1,370.5 1,477.1 7.8% 16.3% 174.8 202.7 204.9 1.1% 1
Slide 41: LATAM - Brazil
3 Regional Areas and Business Units Information by Regional Areas and countries - LATAM BRAZIL 9 Significant increase in business volumes, mainly driven by Life Assurance, thanks to the sale of lending- related products, as well as the sale of Agricultural & Livestock, Industrial Risks and Motor ins
Slide 42: LATAM South - Colombia, Venezuela
3 Regional Areas and Business Units Information by Regional Areas and countries - LATAM LATAM SOUTH Colombia 9 Contraction in premiums, principally in Life Assurance, as a consequence of the decrease in the sale of annuities, partly offset by the better performance of Non-Life insurance 9 Decline
Slide 43: LATAM South - Argentina, Chile
3 Regional Areas and Business Units Information by Regional Areas and countries - LATAM LATAM SOUTH Argentina 9 Significant growth in Motor insurance, which partly offset the impact of the strong depreciation of the peso against the euro (-32.6%)(1) 9 Reduction in the loss experience, both in the
Slide 44: LATAM North
3 Regional Areas and Business Units Information by Regional Areas and countries - LATAM LATAM NORTH The results for 2013 included the amortisation and impairment of VOBA, amounting to €21.6 million, related to the Central American business Mexico 9 Premium growth driven by Motor, Life and Health
Slide 45: INTERNATIONAL cumulative figures
3 Regional Areas and Business Units Information by Regional Areas and countries - INTERNATIONAL Cumulative figures PREMIUMS RESULTS(1) U % local U % local (2) 2013 2014 U% currency 2013 2014 U% currency(2) NORTH AMERICA 2,014.0 2,105.1 4.5% 152.1 98.5 -35.2% of which: USA 1,717.4 1,796.0 4.6% 4.5% 1
Slide 46: INTERNATIONAL quarterly figures
3 Regional Areas and Business Units Information by Regional Areas and countries - INTERNATIONAL Quarterly figures PREMIUMS RESULTS(1) U % o/ U % o/ U % o/ U % o/ 4Q 2013 3Q 2014 4Q 2014 3Q 2014 4Q 2013 4Q 2013 3Q 2014 4Q 2014 3Q 2014 4Q 2013 NORTH AMERICA 458.9 557.1 531.6 -4.6% 15.8% 53.1 26.3 34.8
Slide 47: INTERNATIONAL - North America
3 Regional Areas and Business Units Information by Regional Areas and countries – INTERNATIONAL NORTH AMERICA USA 9 Increase in premiums, driven by Motor and Home insurance 9 Higher loss ratio, due to severe weather, an increase in fire-related claims in Home insurance and the increase in severity
Slide 48: INTERNATIONAL - EMEA
3 Regional Areas and Business Units Information by Regional Areas and countries - INTERNATIONAL EMEA Turkey 9 Premiums remained virtually stable, despite the depreciation of the lira against the euro, thanks to the good performance of Fire and Motor lines and the Assistance business. Significant i
Slide 49: INTERNATIONAL - EMEA Global Risks, Asistencia
3 Regional Areas and Business Units Information by Regional Areas and countries - INTERNATIONAL EMEA GLOBAL RISKS 9 Good development of premiums, compared to the previous year, especially in the UK and Germany. In the last quarter, €51.7 million increase mainly stemming from a large contract that
Slide 50: INTERNATIONAL - APAC
3 Regional Areas and Business Units Information by Regional Areas and countries - INTERNATIONAL APAC ASISTENCIA 9 Significant growth in premiums of €11.7 million (+24%), mainly driven by business in China and by Insure&Go’s sales in Australia. In the quarter, revenues were favoured by the apprecia
Slide 51: MAPFRE RE
3 Regional Areas and Business Units MAPFRE RE (1) PREMIUMS RESULTS 2013 2014 U % 2013 2014 U % Cumulative figures 3,253.7 3,343.3 2.8% 155.3 200.3 29.0% PREMIUMS RESULTS(1) U % o/ U % o/ U % o/ U % o/ 4Q 2013 3Q 2014 4Q 2014 3Q 2014 4Q 2013 4Q 2013 3Q 2014 4Q 2014 3Q 2014 4Q 2013 Quarterly figures 5
Slide 52: Income Statement – Non-Life
3 Regional Areas and Business Units Regional Areas and Reinsurance: Income Statement – Non-Life LATAM LATAM NORTH CONSOLID. NON-LIFE INSURANCE AND REINSURANCE IBERIA NORTH SOUTH BRAZIL EMEA AMERICA APAC REINSURANCE ADJUST. TOTAL Gross written and accepted premiums 4,760.7 982.0 2,453.7 3,580.8 1,127
Slide 53: Income Statement – Life
3 Regional Areas and Business Units Regional Areas and Reinsurance: Income Statement – Life LATAM LATAM NORTH CONSOLID. LIFE INSURANCE AND REINSURANCE IBERIA NORTH SOUTH BRAZIL EMEA AMERICA APAC REINSURANCE ADJUST. TOTAL Gross written and accepted premiums 2,695.0 229.0 409.7 1,972.2 158.3 4.8 0.0 5
Slide 54: Income Statement – Other business activities and net result
3 Regional Areas and Business Units Regional Areas and Reinsurance: Income Statement – Other business activities and net result HOLDING & LATAM LATAM NORTH CONSOLID. IBERIA NORTH SOUTH BRAZIL EMEA AMERICA APAC REINSURANCE ADJUST. TOTAL Results from other business activities 55.4 -0.4 -0.8 13.0 2.9 1
Slide 55: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Regional Areas and Business Units 4 Financial supplement 5 Appendix 6 Schedule and contacts 55
Slide 56: Operating companies: MAPFRE FAMILIAR
4 Financial supplement Operating companies: Key figures MAPFRE FAMILIAR 2013 2014 U% Gross written and accepted premiums 3,693.2 3,750.7 1.6% Net premiums earned 3,448.8 3,425.3 -0.7% Underwriting result 176.4 128.1 -27.4% Net financial income 56.4 171.7 204.4% Other business activities 5.4 7.1 31.5
Slide 57: MAPFRE FAMILIAR - Domestic business by insurance lines
4 Financial supplement Operating companies: Key figures MAPFRE FAMILIAR – Domestic business by insurance lines Motor 2013 2014 U% Health 2013 2014 U% Gross written and accepted premiums Gross written and accepted premiums 2,056.4 2,033.0 -1.1% 399.8 426.5 6.7% Net premiums earned 1,907.2 1,815.6 -4.
Slide 58: MAPFRE FAMILIAR (contd.) and MAPFRE EMPRESAS
4 Financial supplement Operating companies: Key figures MAPFRE FAMILIAR (contd.) MAPFRE EMPRESAS 2013 2014 2013 2014 U% Other U% Gross written and accepted premiums Gross written and accepted premiums 642.8 640.7 -0.3% 183.6 186.3 1.5% Net premiums earned 170.7 170.5 -0.1% Net premiums earned 554.3
Slide 59: Operating companies: MAPFRE VIDA
4 Financial supplement Operating companies: Key figures MAPFRE VIDA Breakdown of premiums 2013 2014 U% 2013 2014 U% Regular Premiums 430.3 546.8 27.1% Technical Reserves excluding shadow accounting 18,251.9 20,383.8 11.7% - Agents' and other channels 248.2 261.7 5.4% Shadow accounting adjustments 1,
Slide 60: Operating companies: MAPFRE VIDA
4 Financial supplement Operating companies: Key figures MAPFRE VIDA Managed savings 2013 2014 U% Change in funds under management(1) 2013 2014 Regular premiums insurance 4,757.7 5,628.5 18.3% (2) IFRS technical reserves 869.1 4,928.5 - Agents' channel and others 3,323.6 3,950.7 18.9% Variation w/o t
Slide 61: MAPFRE AMÉRICA
4 Financial supplement Operating companies: Key figures MAPFRE AMÉRICA MAPFRE AMÉRICA (by lines) 2013 2014 U% Non-Life 2013 2014 U % Gross written and accepted premiums 8,886.9 9,224.9 3.8% Gross written and accepted premiums 6,432.5 6,613.9 2.8% Net premiums earned 6,291.6 6,586.7 4.7% Net premiums
Slide 62: MAPFRE BRASIL
4 Financial supplement Operating companies: Key figures MAPFRE BRASIL MAPFRE BRASIL (by lines) 2013 2014 U% Non-Life 2013 2014 U% Gross written and accepted premiums 3,336.3 3,432.4 2.9% Gross written and accepted premiums 5,036.1 5,404.7 7.3% Net premiums earned 2,547.9 2,534.2 -0.5% Net premiums e
Slide 63: MAPFRE INTERNACIONAL
4 Financial supplement Operating companies: Key figures MAPFRE INTERNACIONAL MAPFRE INTERNACIONAL (by lines) 2013 2014 U% Non-Life 2013 2014 U % Gross written and accepted premiums 2,532.1 2,658.1 5.0% Gross written and accepted premiums 2,415.5 2,495.0 3.3% Net premiums earned 2,042.2 2,221.4 8.8%
Slide 64: MAPFRE USA
4 Financial supplement Operating companies: Key figures MAPFRE USA 2013 2014 U % Gross written and accepted premiums 1,543.2 1,624.3 5.3% Net premiums earned 1,358.6 1,429.3 5.2% Underwriting result -6.7 -44.3 --- Net financial income 130.2 121.8 -6.5% Other business activities 0.0 0.0 --- Other non
Slide 65: MAPFRE RE
4 Financial supplement Operating companies: Key figures MAPFRE RE MAPFRE RE (by lines) 2013 2014 U % Non-Life 2013 2014 U % Gross written and accepted premiums 2,828.0 2,820.9 -0.3% Gross written and accepted premiums 3,253.7 3,343.3 2.8% Net premiums earned 1,834.4 1,636.3 -10.8% Net premiums earne
Slide 66: MAPFRE GLOBAL RISKS and MAPFRE ASISTENCIA
4 Financial supplement Operating companies: Key figures MAPFRE GLOBAL RISKS MAPFRE ASISTENCIA 2013 2014 U % 2013 2014 U% Gross written and accepted premiums 1,118.8 1,048.9 -6.2% Operating income 1,130.2 1,137.1 0.6% - Global Risks 1,062.0 986.7 -7.1% - Gross written and accepted premiums 918.1 973.
Slide 67: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Regional Areas and Business Units 4 Financial supplement 5 Appendix 6 Schedule and contacts 67
Slide 68: EBITDA interest coverage
5 Appendix EBITDA interest coverage 2009 2010 2011 2012 2013 2014 Earnings before tax (EBT) 1,446.2 1,431.0 1,636.9 1,372.0 1,563.9 1,824.0 Interest payments 94.6 86.1 72.1 78.4 100.6 99.1 - on financial debt 75.8 64.4 66.0 70.0 97.5 86.3 - on operating debt 18.8 21.7 6.1 8.4 3.1 12.8 (1) Income fro
Slide 69: Equity, debt and leverage
5 Appendix Equity, debt and leverage 2009 2010 2011 2012 2013 2014 Shareholders' equity 6,165.7 6,541.9 7,042.9 7,810.5 7,833.5 9,152.7 Minority interests 928.1 1,253.9 2,683.7 2,325.8 2,060.2 2,316.7 Total equity 7,093.8 7,795.8 9,726.7 10,136.3 9,893.7 11,469.4 (1) Unrealised gains 886.9 795.2 607
Slide 70: Net financial income: selected information
5 Appendix Net financial income: selected information Breakdown of net financial income (before taxes) 2013 2014 U % Net financial income, Non-life 693.9 799.0 15.1% - of which realised capital gains and impairments 92.0 141.8 54.1% - of which foreign exchange gains/(losses) 27.1 39.9 47.2% Net fina
Slide 71: Financial result: selected information
5 Appendix Financial result: selected information Realisation gains, impairments and other financial results Impact on net Net realisation Other net financial financial income gains income (before taxes) 2013 2014 2013 2014 2013 2014 MAPFRE FAMILIAR 31.1 54.3 -96.4 3.6 -65.3 57.9 MAPFRE VIDA 0.0 48.
Slide 72: Development of Non-Life insurance: key management ratios
5 Appendix Development of Non-Life insurance Key management ratios EXPENSE(1) LOSS(2) COMBINED(3) 2014 2013 2014 2013 2014 2013 IBERIA 21.1% 20.6% 74.0% 72.0% 95.1% 92.6% LATAM NORTH 35.4% 31.1% 59.6% 63.3% 95.0% 94.4% LATAM SOUTH 33.3% 32.4% 65.5% 67.3% 98.8% 99.7% BRAZIL 32.9% 39.1% 60.2% 56.7% 93
Slide 73: 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 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 As at 31.12.2014 93.0 93.8 93.0 94.2 93.3 95.6 95.6 94.0 96.
Slide 74: MAPFRE RE breakdown of gross premiums (2014)
5 Appendix MAPFRE RE Breakdown of gross premiums (2014) By region By type of ceding company Other countries (5.6%) Spain (21.7%) MAPFRE Other ceding companies (44.5%) North America (11.0%) (55.5%) Latin America (27.6%) EMEA (34.1%) 74
Slide 75: MAPFRE RE breakdown of net premiums (2014)
5 Appendix MAPFRE RE Breakdown of net premiums (2014) By region By type of ceding company Other countries Spain MAPFRE (6.8%) (14.3%) (24.9%) Other ceding North America companies (7.3%) (75.1%) EMEA Latin America (46.3%) (25.3%) By type of business By insurance line Other (5.7%) Property Facultative
Slide 76: Contents
Contents 1 Key highlights 2 Consolidated financial information 3 Regional Areas and Business Units 4 Financial supplement 5 Appendix 6 Schedule and contacts 76
Slide 77: Provisional Schedule
6 Schedule and contacts Provisional Schedule Release 2014 Results 11-Feb-15 Madrid Conference Call – 2014 Results 12-Feb-15 London Presentation to analysts – 2014 Results 77
Slide 78: Investor Relations Department
6 Schedule and contacts Investor Relations Department Luigi Lubelli Deputy General Manager – Finance +34-91-581-6071 Deputy Director Capital Markets Natalia Núñez Arana +34-91-581-8664 Head of Investor Relations Antonio Triguero Sánchez Investor Relations +34-91-581-5211 Alberto Fernández-Sanguino I
Slide 79: 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