Slide 1: 12M 2019 Results Analyst & Investor presentation
12M 2019 Results Analyst & Investor presentation February 12th, 2020
Slide 2: Key Figures > 12M 2019
Key Figures > 12M 2019 Δ at constant 12M 2019 Δ exchange rates Revenue 28,472 7.1% 6.8% Total written and accepted premiums 23,044 2.2% 2.0% - Non-Life 17,559 2.9% 2.4% - Life 5,485 0.2% 0.4% Non-Life Combined Ratio - MAPFRE S.A. 97.6% 0.0 p.p Non-Life Loss Ratio 69.0% -0.8 p.p Non-Life Expense Rati
Slide 3: Key figures > by business unit
Key figures > by business unit Premiums – Breakdown by business unit Attributable result Premiums Combined ratio ROE ASISTENCIA IBERIA 12M 2019 Δ mn Δ% 12M 2019 Δ% 12M 2019 Δ p.p. 12M 2019 Δ p.p. 3.3% 30.0% IBERIA 497.8 17.2 3.6% 7,718 0.8% 94.4% 0.6 p.p 12.6% 0.2 p.p MAPFRE RE LATAM 214.9 58.0 36.9
Slide 4: Breakdown of attributable result > 12M 2019
Breakdown of attributable result > 12M 2019 ex- goodwill writedowns (1) Result of Non Life business 12M 2019 Δ (€mn) Δ (%) 12M 2019 Δ (€mn) Δ (%) › Strong improvements in BRAZIL, NORTH AMERICA and LATAM NORTH Result of Non Life business 920 181 24.5% 920 8 0.8% › Higher large and NatCat claims affec
Slide 5: Adjusted attributable result
Adjusted attributable result 12M 2018 12M 2019 Δ (mn) Δ (%) 2018 2019 Attributable result 528.9 609.2 80.4 15.2% Weather related, NatCat and other › Severe rain and storms in Spain extraordinary large claims (108.3) (147.5) (39.2) (1) › US winter storms - MAPFRE USA (-€17.3 mn) (-€11.7 mn) › Chilean
Slide 6: Capital structure & credit metrics
Capital structure & credit metrics Capital structure Leverage (%) (1) Subordinated 22.5% 22.7% debt Bank financing 9% 6% Senior debt 8% Equity € 13.1 77% billion 12.31.2018 12.31.2019 Interest coverage (x) (2) Total debt (mn€) - breakdown 18.4 17.3 12M 2019 Δ Total debt 2,974 303 Senior debt 1,005 1
Slide 7: Shareholders’ equity
Shareholders’ equity Change in shareholders’ equity (€ mn) Currency conversion differences (€ mn) 12.31.2019 Δ % Δ currency Balance at 12/31 previous year 7,994 Total -702 36 - Result for the period 609 of which: Dividends -447 US dollar 490 47 2.2% Net unrealized capital gains of AFS portfolio* 715
Slide 8: Solvency II
Solvency II Solvency II ratio 189.5% 189.1% 198.0% 194.6% Fully loaded* 173.2% 173.9% 182.8% 179.3% 8.8 8.8 9.2 9.1 4.7 4.7 4.7 4.7 12.31.2018 03.31.2019 06.30.2019 09.30.2019 Solvency Capital Requirement Eligible Own Funds *Excluding impacts of transitional measures for technical provisions and equ
Slide 9: Investment portfolio & Assets under management
Investment portfolio & Assets under management Investment portfolio – Breakdown by asset class Assets under management 12.31.2018 12.31.2019 %Δ 53.5 Assets under management 58.5 63.6 8.8% Other investments (3.8%) 2.0 of which: Unit Linked (4.7%) 2.5 Cash (4.7%) 2.5 Investment portfolio 49.3 53.5 8.6
Slide 10: Fixed income portfolios
Fixed income portfolios Fixed income portfolios – Euro area - actively managed (IBERIA & MAPFRE RE) Non-Life: Total Non-Life: Burial Non-Life: Other Life 12.31.2018 12.31.2019 12.31.2018 12.31.2019 12.31.2018 12.31.2019 12.31.2018 12.31.2019 Market value (€bn) 7.16 7.27 1.20 1.57 5.96 5.71 6.24 6.82
Slide 11: MAPFRE’s commitment to sustainability
MAPFRE’s commitment to sustainability United Nations (UN) Global Compact Environment • UN Environment Programme Finance Initiative (UNEPFI) • MAPFRE companies in IBERIA will be carbon neutral in 2021, • Principles for Sustainable Insurance (PSI) worldwide by 2030 • Paris Pledge for Action • We will
Slide 12: IBERIA
IBERIA Key figures – by line of business Key highlights (continued) Premiums Attributable result Combined ratio 12M 2019 Δ 12M 2019 Δ 12M 2019 Δ › Motor combined ratio: Total 7,717.8 0.8% 497.8 3.6% -- -- › Excellent level in a competitive market with of which: pricing pressure Motor General P&C 2,3
Slide 13: BRAZIL
BRAZIL Key figures Key highlights (continued) Premiums Attributable result Combined Ratio › Motor (-€18.8 mn in 2019 vs. -€56.0 mn in 2018): Total 12M 2019 3,977.5 Δ 0.1% 12M 2019 97.0 Δ 79.1% 12M 2019 -- Δ -- › Absence of extraordinary negative adjustments (-€22 mn net impact in 2018) of which: Mot
Slide 14: LATAM NORTH
LATAM NORTH Key figures Premiums Attributable result Combined ratio 12M 2019 Δ 12M 2019 Δ 12M 2019 Δ LATAM NORTH 1,973.1 50.7% 63.1 44.6% 94.7% -3.4 p.p of which: Mexico 1,324.8 84.2% 25.1 38.9% 98.1% -3.7 p.p Central America 499.0 8.7% 26.4 61.9% 91.0% -3.6 p.p Dominican Rep. 149.4 13.9% 11.7 25.3%
Slide 15: LATAM SOUTH
LATAM SOUTH Key figures Key highlights (continued) Premiums Attributable result Combined ratio › Peru: premiums up +8% in local currency, with 12M 2019 Δ 12M 2019 Δ 12M 2019 Δ noteworthy growth in Life-Savings. Uptick in LATAM SOUTH 1,596.7 -0.6% 54.8 -7.3% 100.0% 2.7 p.p combined ratio in Motor, No
Slide 16: NORTH AMERICA
NORTH AMERICA Key figures – by business unit Key highlights Premiums Attributable result Combined ratio › Impact of dollar appreciation on average 12M 2019 Δ 12M 2019 Δ 12M 2019 Δ exchange rates (+5.3%) United States of which: 1,950.0 -4.3% 57.2 -- 101.8% -2.3 p.p › Fall in premiums in local currenc
Slide 17: EURASIA
EURASIA Key figures Premiums Attributable result Combined ratio 12M 2019 Δ 12M 2019 Δ 12M 2019 Δ EURASIA 1,695.5 -4.0% 15.1 21.0% 106.1% -0.6 p.p of which: Italy 470.9 -0.7% -1.5 60.9% 106.0% -3.0 p.p Turkey 448.3 -7.7% 7.2 -49.6% 113.5% 1.2 p.p Malta 357.3 -8.3% 4.9 12.7% 90.3% -2.6 p.p Germany 342
Slide 18: MAPFRE RE (I/II)
MAPFRE RE (I/II) Key figures * - by business unit Key highlights 12M 2019 Δ Total Premiums 5,580.5 12.5% › Premium growth resulting from: of which: › higher participation in business from key clients Non-Life Life 4,986.8 593.7 14.4% -1.1% › one large Group transaction › currency effects Reinsurance
Slide 19: MAPFRE RE (II/II)
MAPFRE RE (II/II) January renewals – Non Group Reinsurance Key highlights 6.4% › More than 75% of Non-Group Treaty 7.5% premiums up for renewal 4.3% 0.9% › Over 10% increase in estimated premiums, in line with our growth plan 95.7% 110.4% › Better underwriting profitability: risk-adjusted 100.0% imp
Slide 20: MAPFRE ASISTENCIA
MAPFRE ASISTENCIA Gross operating result * Key highlights Total Travel Total operating result 2018 -0.7 2019 -2.7 Assistance 3.0 Insurance -9.5 Special Risks 3.8 › Updating of business forecasts for the assistance and special risks businesses in the UK, France & Belgium -15.7 -17.4 -0.1 -18.9 1.6 Re
Slide 21: Wrap up
Wrap up Insurance business (€806 mn net result, +17.7%) > outstanding performance with combined ratio of 96.5% ‐ IBERIA (€498 mn, +3.6%) > positive premium and profitability trends, in a very competitive market ‐ LATAM (€215 mn, +36.9%) > profitable growth, with outstanding performance in Mexico and
Slide 22: 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 23: 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 24: 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