Slide 1: 9M 2022 Results Analyst & Investor presentation
9M 2022 Results Analyst & Investor presentation October 28th, 2022
Slide 2: 2022-24 Strategic Plan on track and commitment to sustainable dividend path
2022-24 Strategic Plan on track and commitment to sustainable dividend path Motor profitability initiatives Exceptional financial Robust growth trends with Diversification is key, with a strength and flexibility, are beginning to deliver in tailwinds from currencies streamlined organization, underpi
Slide 3: Key Figures > 9M 2022
Key Figures > 9M 2022 Δ on a like for 9M 2022 Δ (1) like basis Total written and accepted premiums 18,644 12.1% 10.6% Premium growth 12.1% - Non-Life 14,990 12.8% 11.7% Currency movements -5.5% - Life 3,655 9.4% 6.6% Multi-year policy (Mexico) 3.1% BANKIA 0.9% Non-Life Combined Ratio - MAPFRE S.A. 9
Slide 4: Adjusted attributable result & extraordinary impacts
Adjusted attributable result & extraordinary impacts 9M 2021 9M 2022 Δ (mn) Δ (%) Attributable result 524.4 488.4 (36.0) -6.9% Impacts from hyperinflationary economies (1) (9.1) (52.2) (43.1) Other non-operating extraordinary impacts (2) 14.2 14.2 Attributable result 533.5 526.4 (7.1) -1.3% (adjuste
Slide 5: Key figures > by business unit
Key figures > by business unit Premiums Attributable result Combined ratio 9M 2022 Δ% 9M 2022 Δ mn Δ% 9M 2022 Δ p.p. IBERIA 5,765 1.1% 299.0 (30.9) -9.4% 97.1% 1.0 p.p BRAZIL 3,682 45.3% 93.1 43.1 86.0% 89.5% 2.2 p.p LATAM NORTH 1,650 -5.2% 28.8 8.6 42.4% 99.1% 2.0 p.p LATAM SOUTH 1,516 29.4% 66.4 2
Slide 6: Key figures > Motor business
Key figures > Motor business Premiums and insured units Premiums Attributable result 9M 2021 9M 2022 Δ% Δ in insured units YTD 9M 2021 9M 2022 MAPFRE GROUP 4,031 4,451 10.4% -191,549 -1.3% 162.6 -23.6 IBERIA 1,675 1,671 -0.2% 16,537 0.3% 74.3 14.0 NORTH AMERICA 981 1,146 16.8% 41,454 2.9% 54.1 -12.9
Slide 7: Key figures > Life business > insurance units
Key figures > Life business > insurance units Key figures 9M 2022 Δ mn YoY Δ YoY Life Premiums 3,654.8 313.5 9.4% IBERIA 1,301.4 (87.9) -6.3% COVID claims – Life Protection – breakdown (3) BRAZIL 1,086.0 222.6 25.8% OTHER (1) 1,267.4 178.8 16.4% Life Attributable Result 223.1 123.0 123.0% Δ mn 9M 20
Slide 8: Assets under management
Assets under management Breakdown by Market value Asset Class 12.31.2021 09.30.2022 %Δ 09.30.2022 Government fixed income 22.9 20.9 -8.7% 50.1% Spain 12.0 9.3 -23.0% 22.2% Italy 2.8 2.5 -12.0% 6.0% Rest of Europe 1.9 1.8 -0.7% 4.4% United States 1.5 1.4 -6.4% 3.5% Brazil 2.2 2.8 31.3% 6.8% Rest of L
Slide 9: Investment portfolios
Investment portfolios Euro area – fixed income portfolios – actively managed Market value Accounting Market yield Modified (€bn) Yield (%) (%) duration (%) 12.31.2021 3.97 2.08 0.69 10.93 IBERIA NON-LIFE* 09.30.2022 3.16 1.94 3.15 8.46 12.31.2021 3.18 1.28 0.69 3.78 MAPFRE RE NON-LIFE 09.30.2022 3.1
Slide 10: Shareholders’ equity
Shareholders’ equity Change in shareholders’ equity Currency conversion differences Sensitivity to +1 Δ Year to 09.30.2022 Δ % Δ currency pp move in currency Date Total -1,071** 706 Balance at beginning of period 8,463 of which: US dollar 816 357 16.1% 21 Result for the period 488 Brazilian real -80
Slide 11: Capital position & credit metrics
Capital position & credit metrics Capital structure (€ bn) Solvency II position (€ mn) Leverage (1) 24.2% 23.6% 06.30.2022 12.8 Eligible Own Funds (EOF) 9,804 11.4 1.1 Total debt 0.2 Solvency Capital Requirement (SCR) 4,460 0.9 3.1 0.9 EOF-SCR 5,344 1.1 2.7 1.6 Solvency II ratio 219.8% (2) Fully loa
Slide 12: Closing remarks
Closing remarks Diversification continues to be key in a challenging market context Robust growth and resilient profitability MAPFRE RE is a strong contributor to results, despite higher Nat Cat frequency Strong premium performance and profit contribution across Latin America Motor profitability pla
Slide 13: Annex
Annex 13 MAPFRE
Slide 14: Annex: breakdown adjusted attributable result
Annex: breakdown adjusted attributable result 9M 2021 9M 2022 Δ (mn) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Attributable result 524.4 488.4 (36.0) 173.3 190.7 160.4 240.8 154.5 183.1 150.8 Impacts from hyperinflationary economies (1) (9.1) (52.2) (43.1) (2.8) (3.0) (3.3) (4.1) (3.5)
Slide 15: Annex: IFRS 17&9 – Ready to go live
Annex: IFRS 17&9 – Ready to go live Timeline Entry into force of the new standards is expected to have the 2021 2022 2023 following implications: Closing out design decisions Finetune local approach to Ready to go live Building actuarial & financial design decisions January 1st Strategy and business
Slide 16: Annex: IFRS 17 – Valuation approaches
Annex: IFRS 17 – Valuation approaches IFRS 17, fulfilling its purpose of homogenizing international insurance accounting practices, includes three valuation approaches for insurance contracts: Based on technically defined directives, MAPFRE believes that, in general, it will assess insurance and The
Slide 17: Annex: IFRS 17&9 – Valuation approaches and impact on asset and liability side
Annex: IFRS 17&9 – Valuation approaches and impact on asset and liability side Valuation approach Type of product Liability Asset Remarks Burial ≈100% Fixed Income portfolios If durations and yields are Building Block Life matched Variations in yield curve (risk-free measured at FVOCI with recycling
Slide 18: Investor Relations
Investor Relations For further information, please contact or visit: Email: IR@mapfre.com Telephone: (+34) 91 581 23 18 Corporate website: www.mapfre.com Financial documentation center: www.mapfre.com/en/financial-information/ Felipe Navarro Leandra Clark Marta Sanchidrián Leslie Hoffman Natalia Cha
Slide 19: Terminology
Terminology Combined ratio – Non-Life Expense ratio + Loss ratio Expense ratio – Non-Life (Operating expenses, net of reinsurance – other technical revenue + other technical expenses) / Net premiums earned Loss ratio – Non-Life (Net claims incurred + variation in other technical reserves + profit sh
Slide 20: 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