Mapfre Sa · BME:MAP
Mapfre Sa — Q1 2025 Earnings Presentation
22 slides from Mapfre Sa's earnings presentation, Apr 25, 2025
Slide 1: Activity Update 3M 2025 Analyst & Investor Presentation
Activity Update 3M 2025 Analyst & Investor Presentation April 25th 2025 1
Slide 2: Disclaimer
DISCLAIMER MAPFRE S.A. hereby informs that the figures and ratios in this activity report are presented under the accounting principles in force in each country, homogenized for comparison and aggregation between units and regions. As such, certain adjustments have been applied, the most relevant of
Slide 3: Solid first quarter results and improvements in technical management
ACTIVITY UPDATE – 3M 2025 Solid first quarter results and improvements in technical management PREMIUMS NON-LIFE NET RESULT COMBINED RATIO €8,584 mn 94.1% -1.7p.p. €276 mn +5.4% Ex- Life Savings CLAIMS 66.9% -1.1 p.p. +27.6% +5.9% EXPENSES 27.2% -0.6 p.p. ** ROE CAPITAL Shareholders' equity 11.7% +0
Slide 4: Implementation of Strategic Plan on track, with strong performance in core businesses
ACTIVITY UPDATE – 3M 2025 Implementation of Strategic Plan on track, with strong performance in core businesses IBERIA LATAM NORTH AMERICA MAPFRE RE Key contributor to Solid premium growth Improvements in premiums and results Record first quarter result technical management Manageable impact Solid p
Slide 5: Premiums
ACTIVITY UPDATE – 3M 2025 PREMIUMS TOTAL PREMIUMS MAIN LINES OF BUSINESS €8,584 mn +5.4% +8.1% Local Localaccounting accounting 5 At constant exchange rates Million euros
Slide 6: Key figures and ratios
ACTIVITY UPDATE – 3M 2025 KEY FIGURES AND RATIOS Regions and business units ROE 3M 2025 ∆% Premiums Net result Non-Life Combined ratio IBERIA 12.7% 1.3 p.p. 3M 2025 Δ% 3M 2025 Δ% 3M 2025 Δ% BRAZIL 25.9% 0.0 p.p. IBERIA 3,450.6 2.9% 121.0 65.6% 95.6% -4.1 p.p. TOTAL LATAM 18.2% 0.3 p.p. BRAZIL 1,163.
Slide 7: General P&C – Main regions
ACTIVITY UPDATE – 3M 2025 GENERAL P&C – MAIN REGIONS Key figures Premiums Attributable result Combined ratio 3M 2024 3M 2025 Δ% 3M 2024 3M 2025 3M 2024 3M 2025 MAPFRE GROUP 2,288 2,374 3.8% v 92.8 87.0 83.5% 84.2% IBERIA 839 906 8.0% 48.1 27.3 93.8% 96.7% BRAZIL 744 686 -7.8% 35.2 36.9 69.6% 68.2% N
Slide 8: Auto – Main regions
ACTIVITY UPDATE – 3M 2025 AUTO – MAIN REGIONS Key figures Premiums Insured units (mn) Attributable result Combined Ratio 3M 2024 3M 2025 Δ% 3M 2025 Δ% 3M 2024 3M 2025 3M 2024 3M 2025 MAPFRE GROUP 1,629 1,686 3.5% 12.85 -3.0% -12.6 51.0 105.3% 99.3% IBERIA 592 617 4.1% 5.85 -3.5% -11.6 21.0 105.7% 98
Slide 9: Key figures – Life business
ACTIVITY UPDATE – 3M 2025 KEY FIGURES – LIFE BUSINESS Premium growth > Insurance units Life technical-financial result 3M 2024 3M 2025 Δ YoY Total MAPFRE Group 189.4 174.2 -8.0% Insurance Units 186.0 169.9 -8.7% of which: IBERIA 60.0 52.0 -13.4% BRAZIL 95.6 85.5 -10.5% OTHER 30.4 32.3 6.4% Total MAP
Slide 10: Capital position, credit metrics & embedded value
ACTIVITY UPDATE – 3M 2025 CAPITAL POSITION, CREDIT METRICS & EMBEDDED VALUE Capital structure Embedded Value (EV) - 2024 12.31.2024 03.31.2025 %Δ YTD 12.31.2024 %Δ** Total equity 9,603 9,508 -1.0% Adjusted Net Asset Value (ANAV) 2,618 -2.3% Total debt 2,673 2,756 3.1% Value of In-force Business (VIF
Slide 11: Assets under management
ACTIVITY UPDATE – 3M 2025 ASSETS UNDER MANAGEMENT Investment portfolio Assets under Management Market value (€bn) €45.7 bn €45.8 bn 03.31.2025 Δ Government fixed income 23.0 -0.2% Spain 9.6 0.4% Rest of Europe 4.4 1.5% United States 1.8 0.0% Brazil 2.8 2.7% Rest of LATAM 3.3 0.7% Other 1.0 -19.1% Co
Slide 12: Fixed income portfolios & net financial income
ACTIVITY UPDATE – 3M 2025 FIXED INCOME PORTFOLIOS & NET FINANCIAL INCOME Fixed income portfolios Accounting Yield ACTIVELY MANAGED Market value Market yield Modified % ∆ YTD (€bn) (%) duration (%) EUROZONE IBERIA NON-LIFE 4.10 2.60 -0.02 2.86 6.22 MAPFRE RE NON-LIFE 4.74 3.18 0.18 3.55 2.98 IBERIA L
Slide 13: Closing remarks
CLOSING REMARKS Technical excellence with Excellent results Financial strength providing further improvements in with a more balanced resilience to market volatility Motor and tailwinds from earnings mix and supporting growth financial income Raising the ambition of our strategic plan Commitment to
Slide 14: Investor Relations
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 Beatriz Ranea Yongzheng (Fabby) Chen Head of Investor Investor Relatio
Slide 15: Annex
MAPFRE Annex
Slide 16: Elevating the ambition of our Strategic Plan
STRATEGIC PLAN 2024-2026 ELEVATING THE AMBITION OF OUR STRATEGIC PLAN AVERAGE 2025-2026 AVERAGE PREMIUM ROE COMBINED RATIO GROWTH 2024-2026 TARGETS 11-12% 94-95% >6% Variation excluding Life Savings 10-11% ORIGINAL 95-96% ORIGINAL SOLVENCY SOLVENCY LEVERAGE RATIO LEVERAGE RATIO PAY-OUT PAY-OUT ≈24%
Slide 17: Investment portfolio and assets under management
ACTIVITY UPDATE – 3M 2025 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT Eurozone – Fixed income portfolios – Actively managed Other main regions and units – Fixed income portfolios Market value Accounting Yield Market yield Modified Market value Accounting Yield Market yield Modified (€bn) (%) (%
Slide 18: P&L by business unit (I/II)
ACTIVITY UPDATE – 3M 2025 P&L by business unit (I/II) IBERIA BRAZIL NORTH AMERICA EMEA OTHER - LATAM MARCH 2024 MARCH 2025 MARCH 2024 MARCH 2025 MARCH 2024 MARCH 2025 MARCH 2024 MARCH 2025 MARCH 2024 MARCH 2025 Gross written and accepted premiums 2,389.7 2,513.8 895.1 821.5 630.3 660.6 381.6 442.0 9
Slide 19: P&L by business unit (II/II)
ACTIVITY UPDATE – 3M 2025 P&L by business unit (II/II) MAPFRE RE ASSISTANCE-MAWDY CONS. ADJUST. & CORPORATE AREAS TOTAL MARCH 2024 MARCH 2025 MARCH 2024 MARCH 2025 MARCH 2024 MARCH 2025 MARCH 2024 MARCH 2025 Gross written and accepted premiums 2,053.8 2,263.4 53.3 55.0 (1,034.5) (989.0) 6,326.0 6,79
Slide 20: Regional data by segments (I/II)
ACTIVITY UPDATE – 3M 2025 Regional data by segments (I/II) Premiums Attributable result Combined ratio IBERIA 3M 2024 3M 2025 Δ% 3M 2024 3M 2025 Δ% 3M 2024 3M 2025 LIFE 964.6 936.9 -2.9% 37.3 32.0 -14.3% -- -- LIFE PROTECTION 122.8 126.7 3.2% 20.8 17.9 -14.1% 67.5% 64.5% LIFE SAVINGS 841.8 810.2 -3.
Slide 21: Regional data by segments (II/II)
ACTIVITY UPDATE – 3M 2025 Regional data by segments (II/II) Premiums Attributable result Combined ratio OTHER LATAM 3M 2024 3M 2025 Δ% 3M 2024 3M 2025 Δ% 3M 2024 3M 2025 LIFE 295.2 352.8 19.5% 15.9 18.0 13.0% -- -- LIFE PROTECTION 243.0 262.1 7.9% 13.5 12.9 -4.5% 92.8% 93.7% LIFE SAVINGS 52.2 90.7 7
Slide 22: Terminology
TERMINOLOGY 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 Direct insur