Slide 1: Activity update 6M 2026
Activity update 6M 2026 Analyst & Investor presentation July 2026 1
Slide 2: Solid performance across core businesses
Activity update – 6M 2026 Solid performance across core businesses 1 2 Strong improvement Financial in profitability strength Diversified , resilient Strong solvency business model Growing shareholders’ equity Technical excellence Prudent reserving 3 Acquisition of Safety Insurance Strengthened lead
Slide 3: Strategic Plan on track
Activity update – 6M 2026 Strategic Plan on track Premiums Non -Life c ombined ratio €16,127 mn +1.1% 92.8 % +0.5% at constant exchange rates -0.3 p.p. Net result ROE Solvency II ratio Adjusted* €624 mn 12.5% 13.4% 206.8% +9.4% +0.2 p.p. +0.1 p.p. March 2026 +1.5 p.p. YTD vs. 12M 2025 *Without the €
Slide 4: IFRS Main KPIs
IFRS Main KPIs Local accounting vs. IFRS Homogenized local accounting IFRS 6M 2025 6M 2026 ∆% 6M 2025 6M 2026 ∆% Premiums 15,947.4 16,126.9 1.1% - - - At constant Non-Life 12,272.8 12,314.0 0.3% - - - exchange rates Life 3,674.6 3,812.9 3.8% - - - Insurance revenue* - - - 13,164.9 13,621.7 3.5% 2.9%
Slide 5: P&L
Activity update – 6M 2026 P&L TOTAL JUNE 2025 JUNE 2026 Δ% Non-Life gross written and accepted premiums 12,272.8 12,314.0 0.3% 0.0%* Non-Life technical result 592.6 647.5 9.3% Net financial income 392.3 463.5 18.1% Other non-technical revenue and expenses -11.2 -36.7 228.2% Result of Non-Life busine
Slide 6: Iberia: net result up 17% consolidating the strong improvement in the combined ratio
Activity update – 6M 2026 Iberia: net result up 17% consolidating the strong improvement in the combined ratio Key figures Premiums Attributable result Combined ratio 6M 2026 Δ% 6M 2025 6M 2026 Δ% 6M 2026 Δ p.p. Premiums LIFE 1,911.3 -3.6% 60.1 61.4 2.1% -- -- LIFE PROTECTION 216.9 6.6% 35.7 28.1 -2
Slide 7: Brazil: excellent ROE at 25.1%, supported by technical excellence
Activity update – 6M 2026 Brazil: excellent ROE at 25.1%, supported by technical excellence Key figures Premiums Premiums Attributable result Combined ratio 6M 2026 Δ% 6M 2025 6M 2026 Δ% 6M 2026 Δ p.p. LIFE 670.6 3.9% 32.5 35.4 9.0% -- -- €2.2 bn (+4.1%) LIFE PROTECTION 652.1 4.4% 28.6 26.9 -5.7% 85
Slide 8: Other Latam: continues growing premiums and contributes €81 million to the Group result
Activity update – 6M 2026 Other Latam: continues growing premiums and contributes €81 million to the Group result Key figures Premiums Attributable result Combined ratio Premiums 6M 2026 Δ% 6M 2025 6M 2026 Δ% 6M 2026 Δ p.p. LIFE 793.9 16.5% 23.8 26.5 11.3% -- -- €3.1 bn LIFE PROTECTION 568.4 15.2% 1
Slide 9: North America: profit up to €69 mn with the combined ratio still improving
Activity update – 6M 2026 North America: profit up to €69 mn with the combined ratio still improving Key figures Premiums Premiums Attributable result Combined ratio 6M 2026 Δ% 6M 2025 6M 2026 Δ% 6M 2026 Δ p.p. €1.3 bn (-6.9%) NON-LIFE 1,285.1 -6.9% 59.9 68.5 14.4% 94.6% -1.8 p.p. -1.1% at constant
Slide 10: Mapfre Re: raises its profit to nearly €186 mn, up 24.6%
Activity update – 6M 2026 Mapfre Re: raises its profit to nearly €186 mn , up 24.6% Key figures Premiums Attributable result Combined ratio Premiums 6M 2026 Δ% 6M 2025 6M 2026 Δ% 6M 2026 Δ p.p. REINSURANCE 3,351.2 0.3% 132.4 165.3 24.9% 95.5% -0.6 p.p. €4.3 bn GLOBAL RISKS 987.6 -7.0% 16.6 20.3 22.5
Slide 11: Emea: moderates earnings and strengthens reserves
Activity update – 6M 2026 Emea : moderates earnings and strengthens reserves Key figures Premiums Attributable result Combined ratio 6M 2026 Δ% 6M 2025 6M 2026 Δ% 6M 2026 Δ p.p. Premiums LIFE 123.5 41.6% 1.6 1.7 7.7% -- -- NON-LIFE 811.9 6.9% 1.7 (6.3) -- 107.4% -0.1 p.p. €0.9 bn of which: (+10.5%)
Slide 12: Acquisition of Safety Insurance
Acquisition of Safety Insurance Clear strategic and financial rationale • Well -established Non -Life insurer with a strong track record and solid presence in independent agent channel • Strengthened position in New England, with absolute leadership in Massachusetts, increasing market share to Strat
Slide 13: Acquisition of Safety Insurance
Acquisition of Safety Insurance High quality Auto and Homeowners insurance franchise with proven underwriting and earnings track record Safety key figures - 12M 2025 Pro -forma* Mapfre Safety c ombined USA Insurance Safety Insurance US business Gross written premiums $1.3 bn Gross written Net income
Slide 14: Acquisition of Safety Insurance
Acquisition of Safety Insurance Unique opportunity to consolidate leadership in Massachusetts providing the scale to grow in several states in the attractive Northeast region Pro -forma market shares New England market by state ($33 bn market for personal & commercial lines DWP) Massachusetts #1 26%
Slide 15: Acquisition of Safety Insurance
Acquisition of Safety Insurance Material value creation from identified synergies with low execution risk Cost synergies (excl. reinsurance impacts) Cost synergies (run -rate ) Restructuring expenses 3 >$30 mn $40 mn 2 pre -tax per annum one -off costs 1 >$30 mn Capital synergies reinsurance redesig
Slide 16: Capital position & credit metrics
Activity update – 6M 2026 Capital position & credit metrics Capital structure 12.31.2025 06.30.2026 %Δ YTD Total equity 10,057 10,676 6.2% Total debt 2,622 2,905 10.8% Senior debt 866 1,004 16.0% Subordinated debt 1,631 1,777 8.9% Bank financing 125 123 -1.2% Solvency II Leverage ratio 20.7% 21.4% 0
Slide 17: Assets under management
Activity update – 6M 2026 Assets under management Total assets under management Investment portfolio*** Market value (€bn) €44.4 bn € 46.5 bn 12.31.2025 06.30.2026 Δ Government fixed income 22.8 23.9 4.9% Spain 9.1 8.7 -4.1% Rest of Europe 4.6 5.4 17.6% United States 1.8 1.7 -4.7% Brazil 2.9 3.2 11.
Slide 18: Assets under management - Fixed income
Activity update – 6M 2026 Assets under management - Fixed income Main fixed income portfolios Accounting Yield Modified duration Market value Market yield % ∆ YTD % ∆ YTD (€bn) (%) EUROZONE MANAGED IBERIA NON-LIFE 4.66 2.76 0.17 3.70 5.85 0.01 ACTIVELY MAPFRE RE NON-LIFE 5.05 3.67 0.12 3.83 2.97 0.0
Slide 19: Closing remarks
Closing remarks Acquisition of Safety Insurance Excellent performance Strengthens leadership in several states in the Diversified and resilient business model Northeast , supporting strategic growth Progress in core markets objectives Financial strength Value creation for shareholders Prudent optimi
Slide 20: Investor Relations Contacts Upcoming Events
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/shareholders -and -investors/financial -documentation -center/ Leandra Clark, CFA, CESGA Lidia Bermúdez Beatriz Ranea, CFA CESGA Yongzhe
Slide 21: Annex
Annex We mMapfre
Slide 22: Key figures and ratios
Activity update – 6M 2026 Key figures and ratios Regions and business units Premiums Attributable result Non-Life Combined ratio ROE 6M 2025 6M 2026 ∆% 6M 2025 6M 2026 ∆% 6M 2025 6M 2026 12.31.2025 06.30.2026 ∆ p.p. IBERIA 6,010.5 5,978.5 -0.5% 239.0 278.6 16.6% 96.0% 93.7% 13.6% 14.6% 1.0 p.p. BRAZ
Slide 23: Main lines of business
Activity update – 6M 2026 Main lines of business Premiums Results Million euros Local accounting 23
Slide 24: Regional data by segments (I/II)
Activity update – 6M 2026 Regional data by segments (I/II) Premiums Attributable result Combined ratio standalone IBERIA 6M 2026 Δ% 6M 2025 6M 2026 Δ% 2Q 2025 1Q 2026 2Q 2026 LIFE 1,911.3 -3.6% 60.1 61.4 2.1% -- -- -- LIFE PROTECTION 216.9 6.6% 35.7 28.1 -21.1% 71.0% 64.8% 86.2% LIFE SAVINGS 1,694.4
Slide 25: Regional data by segments (II/II)
Activity update – 6M 2026 Regional data by segments (II/II) Premiums Attributable result Combined ratio standalone OTHER LATAM 6M 2026 Δ% 6M 2025 6M 2026 Δ% 2Q 2025 1Q 2026 2Q 2026 LIFE 793.9 16.5% 23.8 26.5 11.3% -- -- -- LIFE PROTECTION 568.4 15.2% 18.1 12.8 -29.6% 96.7% 96.6% 96.6% LIFE SAVINGS 2
Slide 26: P&L by business unit (I/III)
Activity update – 6M 2026 P&L by business unit (I/III) IBERIA BRAZIL NORTH AMERICA JUNE 2025 JUNE 2026 JUNE 2025 JUNE 2026 JUNE 2025 JUNE 2026 Gross written and accepted premiums 4,028.8 4,067.2 1,515.5 1,578.1 1,380.4 1,285.1 Net premiums earned 2,793.0 2,931.0 1,151.5 1,207.1 949.7 899.9 Net claim
Slide 27: P&L by business unit (II/III)
Activity update – 6M 2026 P&L by business unit (II/III) EMEA OTHER LATAM MAPFRE RE JUNE 2025 JUNE 2026 JUNE 2025 JUNE 2026 JUNE 2025 JUNE 2026 Gross written and accepted premiums 759.7 811.9 2,226.2 2,305.4 4,126.5 4,025.7 Net premiums earned 405.5 455.0 1,020.8 1,135.5 2,237.6 2,285.6 Net claims in
Slide 28: P&L by business unit (III/III)
Activity update – 6M 2026 P&L by business unit (III/III) ASISTENCIA-MAWDY CONS. ADJUST. & CORPORATE AREAS TOTAL JUNE 2025 JUNE 2026 JUNE 2025 JUNE 2026 JUNE 2025 JUNE 2026 Gross written and accepted premiums 111.5 118.5 (1,875.8) (1,877.9) 12,272.8 12,314.0 Net premiums earned 86.3 90.3 (0.0) (0.0)
Slide 29: Balance sheet
Activity update – 6M 2026 Balance sheet ITEM DECEMBER 2025 JUNE 2026 Δ% Goodwill 1,239.0 1,255.2 1.3% Other intangible assets 1,120.0 1,141.5 1.9% Other fixed assets 228.5 234.3 2.5% Cash 1,947.4 1,788.7 -8.1% Real estate 1,946.7 1,985.5 2.0% Financial investments 38,044.9 40,243.3 5.8% Other invest
Slide 30: Investment portfolio – Net realized gains and losses
Activity update – 6M 2026 Investment portfolio – Net realized gains and losses Accumulated Standalone 3M 6M 9M 12M 3M 6M 1Q 2Q 3Q 4Q 1Q 2Q 2025 2025 2025 2025 2026 2026 2025 2025 2025 2025 2026 2026 IBERIA 18.8 25.2 29.4 42.6 16.8 25.7 18.8 6.4 4.2 13.3 16.8 8.8 Non-Life 13.0 14.9 17.6 21.6 8.0 10.2
Slide 31: Investment portfolio – Fixed income
Activity update – 6M 2026 Investment portfolio – Fixed income Total Corporate Corporate with Government Corporate Total without collateral collateral Debt Spain 8,701.2 1,674.5 1,456.2 218.4 10,375.8 Rest of Europe 5,381.6 5,153.7 4,757.9 395.9 10,535.3 United States 1,748.3 2,556.3 2,443.3 113.1 4,
Slide 32: Debt & capital management
Activity update – 6M 2026 Debt & capital management ITEM DECEMBER 2025 JUNE 2026 Total equity 10,056.8 10,676.0 Total debt 2,622.0 2,904.5 Senior debt - 5/2026 865.6 -- Senior debt - 1/2032 -- 502.0 Senior debt - 1/2036 -- 502.1 Subordinated debt - (Maturity 2030) 506.6 499.7 Subordinated debt - 3/2
Slide 33: IFRS P&L
IFRS P&L 6M 2025 6M 2026 LIFE NON-LIFE TOTAL LIFE NON-LIFE TOTAL I. INSURANCE REVENUE* 2,170.3 10,994.6 13,164.9 2,271.8 11,349.9 13,621.7 II. INSURANCE SERVICE EXPENSES -1,828.8 -8,672.4 -10,501.3 -1,978.6 -9,762.7 -11,741.3 1. Incurred claims and other insurance service expenses -1,133.0 -6,879.2
Slide 34: IFRS Reconciliation P&L - June 2026
IFRS Reconciliation P&L - June 2026 TOTAL IFRS 17 impacts: IFRS 9 impacts: IMPACT 17 5 22 * H omogenized local accounting ** Includes the discounting and unwind of insurance and reinsurance contract assets & liabilities, as well as the effect of i nte rest rate movements on insurance and reinsurance
Slide 35: IFRS Combined ratio
IFRS Combined ratio Non -Life combined ratio - breakdown Combined ratio by business Segment 6M 2025 6M 2026 Auto 98.0% 96.0% IBERIA 98.5% 93.7% BRAZIL 97.7% 99.6% NORTH AMERICA 95.7% 94.0% General P&C 78.5% 78.5% Accident & Health 94.4% 97.0% Total Non-Life 91.1% 90.4% Life Protection 81.4% 87.3% No
Slide 36: IFRS Key figures by region and business unit
IFRS Key figures by region and business unit Insurance revenue* Attributable result Combined ratio AREA / BUSINESS UNIT 6M 2025 6M 2026 Δ% 6M 2025 6M 2026 Δ% 6M 2025 6M 2026 IBERIA 3,855.0 3,983.4 3.3% 255.0 313.1 22.8% 94.5% 91.5% BRAZIL 2,257.2 2,310.5 2.4% 136.8 143.1 4.6% 70.7% 72.4% OTHER LATAM
Slide 37: IFRS Balance sheet
IFRS Balance sheet ASSETS DECEMBER 2025 JUNE 2026 Δ% A) INTANGIBLE ASSETS 2,322.2 2,358.0 1.5% EQUITY AND LIABILITIES DECEMBER 2025 JUNE 2026 Δ% B) PROPERTY, PLANT AND EQUIPMENT 1,194.8 1,234.9 3.4% A) EQUITY 10,514.3 11,128.5 5.8% C) INVESTMENTS 45,365.4 48,062.2 5.9% I. Equity attributable to the
Slide 38: IFRS Change in shareholders’ equity
IFRS Change in shareholders’ equity Balance at 31 December 2025 9,410 Currency conversion differences 257 Financial assets at FVTOCI 18 Adjustment for insurance contract valuation -52 Other 1 Total income and expenses recorded in OCI: 224 Result for the period 646 Dividend distribution -339 Unrealiz
Slide 39: IFRS CSM Roll Forward
IFRS CSM Roll Forward Δ CSM: -24 Of which: Of which: Δ CSM before release: +141 IBERIA: 1,791 IBERIA: -71 BRAZIL: 306 BRAZIL: -78 OTHER LATAM: 373 EMEA: 103 39 Million euros
Slide 40: IFRS CSM Breakdown
IFRS CSM Breakdown CSM by region CSM net of taxes and CSM CSM net of taxes minorities 12.31.2025 06.30.2026 12.31.2025 06.30.2026 12.31.2025 06.30.2026 IBERIA 1,805 1,791 1,354 1,344 1,343 1,329 BRAZIL 364 306 219 184 62 53 OTHER LATAM 323 373 224 258 221 255 EMEA 105 103 68 67 19 19 NORTH AMERICA 3
Slide 41: Solvency II
Activity update – 6M 2026 Solvency Solvency II 12.31.2025 03.31.2026 Ratio 205.3% 12/31/2025 206.8% 03/31/2026 Ratio Solvency II Eligible own funds 10,580.5 10,730.3 205.3% 206.8% SCR SCR 5,154.5 5,187.6 5,155 5,188 Market Market 2,856.0 2,713.0 2,856.0 2,713.0 Counterparty Counterparty 556.0 599.0
Slide 42: Exchange rates
Activity update – 6M 2026 Exchange rates 42
Slide 43: 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 Dire
Slide 44: Terminology (II/II)
Terminology (II/II) IFRS Income / Total Income / Insurance revenue + Reinsurance revenue + Insurance/Reinsurance finance revenue + Finance revenue not related to Insurance se rvi ce Consolidated Income / Total + Reversal of financial asset impairment + Share in profits from equity ‐accounted compani
Slide 45: DISCLAIMER (I/III)
DISCLAIMER (I/III) Mapfre S .A. (Mapfre) hereby informs that, unless stated otherwise, the figures and ratios in this activity presentation are presented under the accounting principles in force in each country (which generally do not apply IFRS 17 & 9). Certain adjustments have been applied to homo
Slide 46: DISCLAIMER (II/III)
DISCLAIMER (II/III) Additional Information and Where to Find It In connection with the proposed transaction, Safety Insurance Group, Inc . ("Safety") plans to file a proxy statement with the Securities and Exchange Commission (the “SEC”) with respect to a special meeting of stockholders to be called
Slide 47: DISCLAIMER (III/III)
DISCLAIMER (III/III) Cautionary Statement Regarding Forward -Looking Statements This communication contains “forward -looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Rule 175 promulgated thereunder, Section 21E of the Securities Exchange Act of 1934,