Slide 1: Activity Update 12M 2024 Analyst & Investor Presentation
Activity Update 12M 2024 Analyst & Investor Presentation February 12th 2025 1
Slide 2: Disclaimer
DISCLAIMER MAPFRE S.A. (MAPFRE) hereby informs that the figures and ratios in this activity presentation, unless stated otherwise, are homogenized local accounting figures obtained from the financial statements prepared by MAPFRE Group companies, presented under the accounting principles in force in
Slide 3: Record result thanks to successful implementation of the Strategic Plan
ACTIVITY UPDATE – 12M 2024 Record result thanks to the successful implementation of the Strategic Plan PREMIUMS NON-LIFE NET RESULT COMBINED RATIO €28,122 mn €902 mn +30.3% Accumulated +4.5% 94.4% -2.8 p.p. €992 mn +29.3% At constant exchange rates Q4 standalone +6.6% 93.4% w/o goodwill writedown* R
Slide 4: Record dividend is proof of our commitment to shareholders
ACTIVITY UPDATE – 12M 2024 Record dividend is proof of our commitment to shareholders 2024 final Dividends against Payout Dividend dividend 2024 results* yield €493 mn 9.5 cents per share ≈55 % * ≈6.9 % ** 16 cents per share *Total dividends against 2024 fiscal year includes the interim dividend of
Slide 5: Net result: technical excellence with strong improvements in main businesses
ACTIVITY UPDATE – 12M 2024 Technical excellence with strong improvements in main businesses IBERIA LATAM NORTH AMERICA MAPFRE RE Largest contributor Highly diversified Solid technical to earnings and Relevant performance and premiums improvement due to balance sheet Improvements in technical technic
Slide 6: Premiums
ACTIVITY UPDATE – 12M 2024 PREMIUMS TOTAL PREMIUMS €28,122 mn +4.5% +6.6%* MAIN LINES OF BUSINESS Local accounting 6 Million euros / * At constant exchange rates
Slide 7: Key figures and ratios
ACTIVITY UPDATE – 12M 2024 KEY FIGURES AND RATIOS KEY FIGURES BY REGIONS AND BUSINESS UNITS ROE (main markets/units) 12M 2024 Premiums Net result Non-Life Combined ratio 12M 2024 Δ% 12M 2024 Δ% 12M 2024 Δ% BRAZIL 25.9% IBERIA 9,097.5 3.0% 366.9 1.6% 98.9% -0.9 p.p TOTAL LATAM 17.9% BRAZIL 4,800.5 -6
Slide 8: Key figures: General P&C
ACTIVITY UPDATE – 12M 2024 KEY FIGURES > GENERAL P&C Premiums Attributable result Combined ratio 12M 2023 12M 2024 Δ% 12M 2023 12M 2024 12M 2023 12M 2024 MAPFRE GROUP 8,491 8,617 1.5% 216.6 403.7 87.6% 80.9% IBERIA 2,549 2,722 6.8% 50.2 146.9 100.0% 94.5% BRAZIL 2,929 2,752 -6.1% 134.0 162.9 69.8% 6
Slide 9: Key figures: Auto
ACTIVITY UPDATE – 12M 2024 KEY FIGURES > AUTO Premiums Insured units Attributable result Combined Ratio Units 12M 2023 12M 2024 Δ% Δ% 12M 2023 12M 2024 12M 2023 12M 2024 (mn) MAPFRE GROUP 6,109 6,484 6.1% 12.91 -4.6% -67.6 -26.1 106.0% 104.6% IBERIA 2,388 2,538 6.3% 5.93 -3.0% -17.9 -43.6 103.6% 105
Slide 10: Key figures: Life business
ACTIVITY UPDATE – 12M 2024 KEY FIGURES > LIFE BUSINESS Premium growth > Insurance units Life technical-financial result 12M 2023 12M 2024 Δ YoY Total MAPFRE Group* 809.3 670.6 -17.1% Total Insurance Units 789.0 657.8 -16.6% of which: IBERIA 256.8 246.0 -4.2% BRAZIL 421.5 324.3 -23.1% OTHER 110.7 87.
Slide 11: Capital position & credit metrics
ACTIVITY UPDATE – 12M 2024 CAPITAL POSITION & CREDIT METRICS Capital structure Evolution of Shareholders’ Equity 12.31.2023 12.31.2024 %Δ YTD Balance at 12.31.2023 8,071 Total equity 9,214 9,603 4.2% Result for the period 902 Total debt 2,701 2,673 -1.0% Senior debt 864 865 0.1% Dividends -477 Subor
Slide 12: Dividend upstreaming
ACTIVITY UPDATE – 12M 2024 DIVIDEND UPSTREAMING Dividends upstreamed from subsidiaries to holding companies* 2023 2024 IBERIA 345 316 of which: MAPFRE ESPAÑA 75 70 MAPFRE VIDA 270 246 INTERNATIONAL 201 264 of which: BRAZIL 140 152 OTHER LATAM 44 48 NORTH AMERICA 15 62 MAPFRE RE 86 120 Others 1 3 TOT
Slide 13: Assets under management
ACTIVITY UPDATE – 12M 2024 ASSETS UNDER MANAGEMENT Investment portfolio Fixed income portfolios Accounting Yield €44.0 bn €45.7 bn Market value Market yield Modified ACTIVELY MANAGED % ∆ YTD (€bn) (%) duration (%) EUROZONE IBERIA NON-LIFE 3.92 2.62 0.12 2.94 6.64 MAPFRE RE NON-LIFE 4.55 3.00 0.46 3.
Slide 14: Financial income
ACTIVITY UPDATE – 12M 2024 FINANCIAL INCOME Non-Life net financial income – Main units Net realized gains and losses* 12M 2023 12M 2024 Δ% 12M 2023 12M 2024 IBERIA 177.9 178.8 0.5% IBERIA 73.5 45.9 BRAZIL 92.3 85.9 -6.9% Non-Life 54.8 16.7 OTHER LATAM 167.2 184.4 10.2% Life 18.7 29.2 NORTH AMERICA 9
Slide 15: IFRS 17&9 main KPIs
IFRS 17&9 MAIN KPIs IFRS 17&9 Homogenized local accounting 12M 2023 12M 2024 ∆% 12M 2023 12M 2024 ∆% Premiums - - - 26,917 28,122 4.5% Insurance revenue* 24,781 25,513 3.0% - - - Combined ratio 96.5% 93.0% -3.5 p.p 97.2% 94.4% -2.8 p.p Loss ratio 68.9% 66.0% -2.9 p.p 69.6% 67.4% -2.2 p.p Expense rat
Slide 16: Strategic Plan 2024-2026
STRATEGIC PLAN 2024-2026 FINANCIAL TARGETS GROWTH ROE COMBINED RATIO Target: > 6% PERIOD AVERAGE Target: 10% - 11% Target: 96% - 95% excluding Life Savings excluding extraordinary items and Excluding relevant catastrophic events* relevant catastrophic events* 2024 +5.1% 2024 12% 2024 94.4% +7.4% at
Slide 17: Closing remarks
CLOSING REMARKS Technical excellence and Record dividend reflects our Record result confidence in the future and successful execution of in 2024 commitment to our Strategic Plan shareholders 17
Slide 18: 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 Lidia Bermúdez Head of Investor Investor Relations Investor Relations Relations clark
Slide 19: Annex
MAPFRE Annex
Slide 20: Investment portfolio and assets under management (I/II)
ACTIVITY UPDATE – 12M 2024 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT (I/II) Market value (€bn) 12.31.2024 Δ Government fixed income 23.0 1.4% Spain 9.6 -1.2% Rest of Europe 4.3 2.9% United States 1.8 4.3% Brazil 2.8 -17.5% Rest of LATAM 3.3 25.4% Other 1.3 14.3% Corporate fixed income 9.8 19.
Slide 21: Investment portfolio and assets under management (II/II)
ACTIVITY UPDATE – 12M 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 Yield Market yield Modified Market value Accounting Yield Market yield Modified (€
Slide 22: P&L – December 2024
IFRS 17&9 P&L – December 2024 12M 2023 12M 2024 LIFE NON-LIFE TOTAL LIFE NON-LIFE TOTAL I. INSURANCE REVENUE* 4,303 20,478 24,781 4,103 21,410 25,513 II. INSURANCE SERVICE EXPENSES (3,737) (18,609) (22,346) (3,472) (18,605) (22,077) 1. Incurred claims and other insurance service expenses (2,520) (13
Slide 23: Reconciliation P&L – December 2024
IFRS 17&9 RECONCILIATION P&L – December 2024 IFRS 17 impacts: IFRS 9 impacts: TOTAL 98 (32) IMPACT 66 * Homogenized local accounting ** Includes the discounting and unwind of insurance and reinsurance contract assets & liabilities, as well as the effect of interest rate movements on insurance and re
Slide 24: Key figures by region and business unit
IFRS 17&9 KEY FIGURES BY REGION AND BUSINESS UNIT Insurance revenue* Attributable result Combined ratio AREA / BUSINESS UNIT 12M 2023 12M 2024 Δ % 12M 2023 12M 2024 Δ % 12M 2023 12M 2024 IBERIA 6,978.1 7,450.2 6.8% 341.4 436.1 27.7% 99.8% 97.6% BRAZIL 4,823.7 4,603.6 -4.6% 227.5 253.2 11.3% 77.2% 72
Slide 25: Balance sheet 12.31.2024 vs. 12.31.2023
IFRS 17&9 BALANCE SHEET 12.31.2024 vs. 12.31.2023 ASSETS 12.31.2023 12.31.2024 %∆ EQUITY AND LIABILITIES 12.31.2023 12.31.2024 %∆ A) INTANGIBLE ASSETS 2,680 2,540 -5.2% A) EQUITY 9,656 9,985 3.4% B) PROPERTY, PLANT AND EQUIPMENT 1,184 1,213 2.5% I. Equity attributable to the controlling company's sh
Slide 26: Change in shareholders' equity – December 2024
IFRS 17&9 CHANGE IN SHAREHOLDERS’ EQUITY – December 2024 Balance at 31 December 2023 8,467 Currency conversion differences (86) Change in market value of financial assets (44) Change in technical provision valuation 13 Other (10) Total income and expenses recorded in OCI: (127) Result 968 Distributi
Slide 27: CSM roll forward
IFRS 17&9 CSM ROLL FORWARD Δ CSM: (98) Δ CSM before release: +258 Of which: Of which: IBERIA: 1,721 IBERIA: -132 BRAZIL: 416 BRAZIL: -198 OTHER LATAM: 264 EMEA: 97 27 Million euros
Slide 28: Breakdown of CSM
IFRS 17&9 BREAKDOWN OF CSM CSM net of taxes and CSM CSM net of taxes minorities 12.31.2023 12.31.2024 12.31.2023 12.31.2024 12.31.2023 12.31.2024 IBERIA 1,686 1,721 1,265 1,292 1,254 1,278 BRAZIL 570 416 337 249 96 78 OTHER LATAM 250 264 174 184 155 182 EMEA 90 97 59 63 15 18 NORTH AMERICA 3 3 2 3 2
Slide 29: Terminology (I/II)
TERMINOLOGY (I/II) 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 Direc
Slide 30: Terminology (II/II)
TERMINOLOGY (II/II) IFRS 17&9 Insurance revenue + Reinsurance revenue + Insurance/Reinsurance finance revenue + Finance revenue not related to Insurance service + Reversal of Income / Total Income / financial asset impairment + Share in profits from equity‐accounted companies + Other non‐technical r