Mapfre Sa · BME:MAP
Mapfre Sa — FY2024 Earnings Presentation
21 slides from Mapfre Sa's earnings presentation, Feb 12, 2025
Slide 1: Results Presentation 2024
FEBRUARY 12, 2025 RESULTS PRESENTATION 2024
Slide 2: Results 2024: Record premiums, revenue and earnings
RESULTS 2024 RECORD SUBSTANTIAL COMMITMENT PREMIUMS, REVENUE, IMPROVEMENT IN WITH AND EARNINGS PROFITABILITY SHAREHOLDERS 2
Slide 3: Key Figures
KEY FIGURES Homogenized local standards REVENUE PREMIUMS ATTRIBUTABLE EARNINGS €33,177M €28,122M €902M €992M +29.3% EXCL. GOODWILL WRITEDOWN IN VERTI +2.9% +4.5% +30.3% GERMANY COMBINED SOLVENCY RATIO ROE II RATIO NON-LIFE 94.4% 202.4% 10.9% 12% EXCL. GOODWILL WRITEDOWN IN VERTI GERMANY
Slide 4: What happened at MAPFRE in 2024?
WHAT HAPPENED AT MAPFRE IN 2024? NON-LIFE Strong premium +5.6% growth The combined ratio IBERIA LIFE AUTO continues to improve Growth in Life Protection, Focus on Grows by 3% with a combined ratio tariffs and underwriting and maintains its market leadership positions of 85% FINANCIAL INCOME LATAM NO
Slide 5: Final Dividend
95 . FINAL CENTS 6.9% DIVIDEND YIELD 16 CENTS OVER AVERAGE SHARE PRICE DIVIDEND TOTAL IN 2024 DIVIDENDS PAID 2020 2021 2022 2023 2024 € 493M TOTAL DIVIDEND € 416 M € 416 M € 447 M € 447 M € 477 M AGAINST 2024 5
Slide 6: MAPFRE stands with Valencia
MAPFRE STANDS WITH VALENCIA +60,000 CLAIMS HANDLED 76% 14% AUTO HOMEOWNERS AND CONDOMINIUMS +26,000 OWN CLAIMS € 34M +83% PAID TOTAL IMPACT 10% CORPORATE RISKS
Slide 7: Results Presentation 2024 - Fernando Mata, CFO
RESULTS PRESENTATION 2024 MAPFRE Fernando Mata Third Vice Chairman - CFO
Slide 8: Consolidated Revenue
REVENUE 22,137 CONSOLIDATED +7.6%* REVENUE MAIN LINES OF BUSINESS € 33,177M 5,985 PREMIUMS +2.9% 3,042 2,014 +3%* 8,617 6,563 6,483 OTHER NON-LIFE LIFE FINANCIAL INCOME +5.6% +0.5% -0.8% -10.7% 2,154 2,760 2,696 TOTAL PREMIUMS +6.6%* €28,122M +4.5% GENERAL ACCIDENT & LIFE LIFE REINSURANCE AUTO P&C H
Slide 9: Attributable Earnings Breakdown
ATTRIBUTABLE EARNINGS BREAKDOWN EARNINGS € 902M+30% +1,692 +992 +902 +671 -264 -486 -621 -90 NON- OPERATNG GOODWILL NET NON-LIFE LIFE OTHER * TAXES CONTROLLING RESULT WRITEDOWN RESULT INTERESTS 2023 €1,172M €809M €-205M €-400M €-609M €767M €-75M €692M Homogenized local accounting / Million euros / *
Slide 10: Non-Life and Life Protection Combined Ratios
NON-LIFE AND LIFE PROTECTION COMBINED RATIOS DECEMBER DECEMBER DECEMBER COMBINED RATIO 2022 2023 2024 AUTO 106.1% 106.0% 104.6% GENERAL P&C 87.9% 87.6% 80.9% ACCIDENT & HEALTH 100.1% 98.9% 98.6% TOTAL NON-LIFE 98.0% 97.2% 94.4% LIFE PROTECTION 83.1% 82.7% 85.5% Homogenized local accounting
Slide 11: Premiums and Earnings by Business Unit
PREMIUMS AND EARNINGS BY BUSINESS UNIT ASSISTANCE INSURANCE MAPFRE RE MAWDY 9,098 9,965 €23,356 +3.3% €8,382 +6.7% PREMIUMS 6,563 4,801 5,165 2,769 1,819 1,525 498* IBERIA BRAZIL OTHER LATAM NORTH AMERICA EMEA REINSURANCE GLOBAL RISKS ASSISTANCE +3% -6.5% +10.5% +3.2% +18.1% +7.3% +4.5% +5.7% 408 €8
Slide 12: Group Balance Sheet
GROUP TOTAL ASSETS BALANCE SHEET €65,013M 65,013 +3.2% 62,998 DECEMBER 2023 DECEMBER 2024 SHAREHOLDERS’ EQUITY 8,071 8,508 €8,508M +5.4% 902 -477 26 -10 -4 DECEMBER 2023 RESULT FOR DIVIDENDS UNREALIZED CURRENCY OTHER DECEMBER 2024 THE YEAR GAINS DIFFERENCES Homogenized local accounting / Million eur
Slide 13: Investments and Cash
INVESTMENTS AND CASH FIXED INCOME 32,767 INVESTMENT PORTFOLIO 84% GOVERNMENT DEBT 22,990 €45,725M FIXED INCOME Spain 9,557 AND OTHER Rest of Europe 4,296 +4% United States 1,824 Brazil 2,760 Latin America - Other 3,298 Other countries 1,256 CORPORATE DEBT 9,777 ASSETS UNDER MANAGEMENT 8.2% 3.8% Inve
Slide 14: Local Insurance Accounting Principles
DOUBLE STANDARDS PUBLICLY LISTED GROUP OF INSURANCE ENTITIES 1 NEW IFRS 17 & 9 STANDARDS INSURANCE ENTITIES LOCAL INSURANCE ACCOUNTING PRINCIPLES 2
Slide 15: IFRS 17 & 9 Accounting Standards
IFRS 17 & 9 ACCOUNTING STANDARDS MAPFRE reports its accounts under IFRS IFRS 17 & 9 HOMOGENIZED LOCAL ACCOUNTING 17&9 accounting standards 12M 2024 Δ% 12M 2024 Δ% Premiums - - 28,112 4.5% Insurance revenue 25,513 3% - - Net result 968 42.9% 902 30.3% Total assets 56,707 3.2% 65,013 3.2% Shareholders
Slide 16: Share Price
SHARE PRICE €7,533M MARKET CAPITALIZATION as on 12/31/2024 IBEX 35 +14.8% MAPFRE +25.9% STOXX INSURANCE 600 18.9%
Slide 17: Results Presentation 2024 - Antonio Huertas
PRESENTATION 2024 Antonio Huertas
Slide 18: Meeting Targets: Strategic Public Commitments
MEETING TARGETS STRATEGIC PUBLIC COMMITMENTS STRATEGIC PLAN 2024–2026 GROWTH COMBINED ROE CHANGE IN WRITTEN PREMIUMS (EXCL. LIFE SAVINGS) RATIO* >6 % 10 -11% % 95 -96 % % SOLVENCY RATIO LEVERAGE PAYOUT REFERENCE RATIO 200% ≈24% >50% FRAMEWORK Homogenized local accounting +/- 25 p.p. Excluding releva
Slide 19: Sustainability Objectives
SUSTAINABILITY OBJECTIVES 15 > 95% 36% * COUNTRIES ESG EQUALITY NEUTRAL IN CARBON (10 countries in 2024) INVESTMENTS WOMEN MANAGERS 2024 / 90.2% *Percentage at the end of 2026
Slide 20: Conclusions - Key Figures
CONCLUSIONS - KEY FIGURES THE PROGRESS IN HISTORIC LARGEST TECHNICAL GROWTH DIVIDEND MANAGEMENT Combined Ratio is within in premiums, revenue, EVER PAID the target range; improving almost and earnings 3 points VERY POSITIVE BUSINESS AND ENVIRONMENT AUTO GEOGRAPHIC BUSINESS DIVERSIFICATION for recurr
Slide 21: Corporate Results 2024
FEBRUARY 12, 2025 CORPORATE RESULTS 2024