Slide 1: 12M 2021 Results
12M 2021 Results Analyst & Investor presentation February 10th, 2022
Slide 2: Key highlights > 4Q 2021
Key highlights > 4Q 2021 - Successful adaptation of business model to new environment - Life Protection and Health claims in Latin America improved on the quarter COVID - Change in trend in Auto with higher mobility in the quarter and still recovering from 2020 IMPACTS premium discounts, especially
Slide 3: Focus on sustainable growth
Focus on sustainable growth Return to growth in Strong profitability Transformation Sustainable value creation main markets for shareholders REVENUE > €27 bn Continuous streamlining Return to pre-Covid Net income €765 mn business model while dividend PREMIUMS +8% ROE 9% leveraging diversification SP
Slide 4: 2019-2021 Strategic Plan > meeting targets in a challenging market context
2019-2021 Strategic Plan > meeting targets in a challenging market context 2019-21 Target Status 2021 Guidance Status >€27 bn Total revenue €28-€30 bn €29.9 bn ≈€25.4 bn >€27 bn at constant exchange rates Premium growth - - +3% (1) +9% (1) Adjusted net - - ≈ €700 mn > €700 mn income (2) Payout >50%
Slide 5: Key Figures > 12M 2021
Key Figures > 12M 2021 Δ at constant 12M 2021 Δ exchange rates Revenue 27,257 7.2% 9.6% Total written and accepted premiums 22,155 8.2% 10.7% - Non-Life 17,267 7.2% 9.8% - Life 4,887 11.8% 14.2% Ex-restructuring provisions Non-Life Combined Ratio - MAPFRE S.A. 97.5% 2.7 p.p 96.1% Non-Life Loss Ratio
Slide 6: Adjusted attributable result
Adjusted attributable result 12M 12M Δ (mn) Δ (%) 2020 2021 Attributable result 526.5 765.2 238.7 45.3% BANKIA transaction & restructuring 62.6 62.6 Write-offs - goodwill & other intangibles (131.6) 131.6 Attributable result (adjusted for non-operating extraordinary impacts) 658.1 702.6 44.5 6.8% Na
Slide 7: Key figures > by business unit
Key figures > by business unit Premiums Attributable result Combined ratio 12M 2021 Δ% 12M 2021 Δ mn Δ% 12M 2021 Δ p.p. IBERIA 7,596 8.5% 540.7 87.3 19.3% 98.1% 6.2 p.p (1) IBERIA adjusted -- -- 448.6 (4.7) -1.0% 94.9% 2.9 p.p BRAZIL 3,340 8.3% 74.3 (27.2) -26.8% 87.7% 0.1 p.p LATAM NORTH 2,188 38.9
Slide 8: Key figures > Life business > insurance units
Key figures > Life business > insurance units Key figures 12M 2021 Δ mn YoY Δ YoY Life Premiums 4,887.5 515.1 11.8% IBERIA 2,097.6 420.8 25.1% BRAZIL 1,154.6 (54.9) -4.5% OTHER (1) 1,635.2 149.2 10.0% COVID claims – Life Protection – breakdown (4) Life Attributable Result 183.3 (1.7) -0.9% IBERIA 18
Slide 9: Assets under management
Assets under management Market value Breakdown by Asset Class 12.31.2020 12.31.2021 %Δ 12.31.2020 12.31.2021 Government fixed income 23.4 22.9 -2.2% 56.2% 49.6% Spain 12.8 12.0 -5.6% 34.0% 26.1% Italy 2.4 2.8 19.5% 5.4% 6.2% Rest of Europe 2.0 1.9 -8.5% 4.1% 4.0% United States 1.5 1.5 0.9% 3.0% 3.3%
Slide 10: Investment portfolios
Investment portfolios Euro area – fixed income portfolios – actively managed Market value Accounting Market yield Modified (€bn) Yield (%) (%) duration (%) 12.31.2020 4.33 2.02 0.36 11.97 IBERIA NON-LIFE 12.31.2021 3.97 2.08 0.69 10.93 12.31.2020 3.06 1.24 0.20 4.58 MAPFRE RE NON-LIFE 12.31.2021 3.1
Slide 11: Shareholders' equity
Shareholders’ equity Currency conversion differences Sensitivity to 12.31.2021 Δ % Δ currency +1 pp move in currency Change in shareholders’ equity Total -1,776 ** 139 - Δ Year to Δ Quarter to of which: Date Date US dollar 459 158 7.4% 20 Balance at beginning of period 8,536 8,450 Brazilian real -94
Slide 12: Capital position & credit metrics
Capital position & credit metrics Capital structure (€ bn) Solvency II position (€ mn) Leverage (1) 23.3% 24.2% 12.8 12.8 09.30.2021 0.9 1.1 1.0 0.9 Eligible Own Funds (EOF) 9,255 1.1 1.1 Solvency Capital Requirement (SCR) 4,777 EOF-SCR 4,479 9.8 9.7 Solvency II ratio 193.8% Fully loaded (1) 181.0%
Slide 13: IFRS 17&9 – Ready to go live
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 manage
Slide 14: Closing remarks
Closing remarks Strong growth momentum with outstanding performance and results in main markets Meeting important metrics of 2021 guidance New 2022-24 Strategic Plan to be announced at AGM Moving forward with transformation and streamlining, while leveraging benefits of diversification Optimizing ca
Slide 15: Annex
Annex 15 MAPFRE
Slide 16: Annex: breakdown adjusted attributable result
Annex: breakdown adjusted attributable result 12M 2020 12M 2021 Δ (mn) Δ (%) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Attributable result 526.5 765.2 238.7 45.3% 173.3 190.7 160.4 240.8 BANKIA transaction & restructuring 62.6 62.6 62.6 (1) Write-offs -goodwill & other intangibles (131.6) 131.6 Attributable r
Slide 17: Annex: breakdown Bankia & restructuring impacts
Annex: breakdown Bankia & restructuring impacts Breakdown Bankia & restructuring impacts Breakdown BANKIA VIDA business contribution Preliminary BEFORE TAX AFTER TAX (1) figures 12M 2020 12M 2021 Non-Life business 189.7 140.4 141 Premiums 178.9 159.3 Bankia exit compensation 191.0 141.4 141.4 Attrib
Slide 18: Annex: IFRS 17 – Valuation approaches
Annex: IFRS 17 – Valuation approaches IFRS 17, fulfilling its purpose of homogenizing international insurance accounting Based on technically defined directives, MAPFRE practices, includes three valuation approaches for insurance contracts: believes that, in general, it will assess insurance and rei
Slide 19: 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 Fernando García de la Sant
Slide 20: 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 21: 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