Mapfre Sa · BME:MAP
Mapfre Sa — H1 2022 Earnings Presentation
20 slides from Mapfre Sa's earnings presentation, Jul 28, 2022
Slide 1: 6M 2022 Results Analyst & Investor presentation
6M 2022 Results Analyst & Investor presentation July 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 Robust growth trends in Benefitting from diversification Executing Motor profitability Financial strength and main markets with and restructuring, focused on initiatives across all regions flexibility tailwinds from currenci
Slide 3: Key Figures > 6M 2022
Key Figures > 6M 2022 Δ on a like for Premium growth 7.3% 6M 2022 Δ (1) like basis Currency movements -4.9% Total written and accepted premiums 12,510 7.3% 7.7% Multi-year policy (Mexico) 4.5% - Non-Life 10,106 8.1% 9.2% BANKIA 0.8% - Life 2,404 3.8% 1.7% Premium growth (like for like) 7.7% Non-Life
Slide 4: Adjusted attributable result & non-operating & operating extraordinary impacts
Adjusted attributable result & non-operating & operating extraordinary impacts 6M 2021 6M 2022 Δ (mn) Δ (%) Attributable result 364.0 337.6 (26.4) -7.3% Non-operating extraordinary impacts (1) 7.8 7.8 Attributable result 364.0 329.8 (34.2) -9.4% (adjusted for non-operating extraordinary impacts) Ope
Slide 5: Key figures > by business unit
Key figures > by business unit Premiums Attributable result Combined ratio 6M 2022 Δ% 6M 2022 Δ mn Δ% 6M 2022 Δ p.p. IBERIA 4,236 -0.4% 183.7 (22.4) -10.9% 97.4% 1.1 p.p BRAZIL 2,240 40.4% 44.2 7.8 21.6% 94.1% 8.0 p.p LATAM NORTH 1,127 -16.3% 21.9 2.1 10.8% 96.5% 3.0 p.p LATAM SOUTH 963 26.1% 47.0 1
Slide 6: Key figures > Motor business
Key figures > Motor business Key figures Premiums Attributable result Combined Ratio Δ in insured units 6M 2021 6M 2022 6M 2021 6M 2022 6M 2021 6M 2022 6M 2022 MAPFRE GROUP 2,701 2,944 129.4 0.1 95.7% 105.1% +105,000 (+0.9%) IBERIA 1,115 1,113 62.0 15.9 93.1% 100.1% +32,953 (+0.5%) NORTH AMERICA 654
Slide 7: Key figures > Life business > insurance units
Key figures > Life business > insurance units Key figures 6M 2022 Δ mn YoY Δ YoY Life Premiums 2,403.5 87.5 3.8% IBERIA 879.7 (122.0) -12.2% COVID claims – Life Protection – breakdown (3) BRAZIL 669.4 118.1 21.4% OTHER (1) 854.4 91.5 12.0% Δ mn Life Attributable Result 135.3 65.7 94.4% 6M 2021 Q1 20
Slide 8: Assets under management
Assets under management Market value Breakdown by Asset Class 12.31.2021 06.30.2022 %Δ 12.31.2021 06.30.2022 Government fixed income 22.9 21.0 -8.2% 49.6% 49.7% Spain 12.0 9.9 -18.0% 26.1% 23.4% Italy 2.8 2.6 -9.9% 6.2% 6.1% Rest of Europe 1.9 1.9 1.7% 4.0% 4.5% United States 1.5 1.5 -2.8% 3.3% 3.5%
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 06.30.2022 3.37 1.90 2.24 8.90 06.30.2022* 3.21 2.14 2.42 9.16 Total inflation-linked 12.31.2021
Slide 10: Shareholders' equity
Shareholders’ equity Change in shareholders’ equity Currency conversion differences Sensitivity to +1 Δ Year to 06.30.2022 Δ % Δ currency pp move in Date currency Balance at beginning of period 8,463 Total -1,365 ** 412 of which: Result for the period 338 US dollar 650 191 8.8% 21 Dividends -262 Bra
Slide 11: Capital position & credit metrics
Capital position & credit metrics Capital structure (€ bn) Solvency II position (€ mn) Leverage (1) 24.2% 24.6% 12.8 03.31.2022 11.9 1.1 Eligible Own Funds (EOF) 9,273 0.9 0.5 0.9 Solvency Capital Requirement (SCR) 4,517 1.1 1.6 EOF-SCR 4,756 Solvency II ratio 205.3% (2) 9.7 9.0 Fully loaded 195.3%
Slide 12: Closing remarks
Closing remarks Geographical and business diversification continue to be a differentiating strength - Robust growth and resilient profitability in core operations in a difficult market context - MAPFRE RE with strong contribution to results, despite NatCat impact - Strong premium performance in LATA
Slide 13: Annex
Annex 13 MAPFRE
Slide 14: Annex: breakdown adjusted attributable result
Annex: breakdown adjusted attributable result 6M 2021 6M 2022 Δ (mn) Δ (%) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Attributable result 364.0 337.6 (26.4) -7.3% 173.3 190.7 160.4 240.8 154.5 183.1 Non-operating extraordinary impacts (1) 7.8 7.8 62.6 7.8 Attributable result (adjusted for non-o
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 Head of Cap
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