Slide 1: 3M 2022 Results
3M 2022 Results Analyst & Investor presentation April 28th, 2022
Slide 2: Strong growth and resilient profitability in a challenging market context
Strong growth and resilient profitability in a challenging market context Robust growth trends Resilient profitability in Diversified business model, Strong financial in main markets a challenging context with continuous position streamlining Strong profit contribution Geographical diversification:
Slide 3: Key Figures > 3M 2022
Key Figures > 3M 2022 Δ at constant 3M 2022 Δ exchange rates Total written and accepted premiums 6,538 10.9% 7.5% - Non-Life 5,368 12.5% 9.4% - Life 1,170 3.9% -0.9% Non-Life Combined Ratio - MAPFRE S.A. 98.0% 3.7 p.p Non-Life Loss Ratio 70.5% 4.2 p.p Non-Life Expense Ratio 27.5% -0.5 p.p Non-Life C
Slide 4: Adjusted attributable result
Adjusted attributable result 3M 2021 3M 2022 Δ (mn) Δ (%) Attributable result 173.3 154.5 (18.8) -10.9% Non-operating extraordinary impacts Attributable result (adjusted for non-operating extraordinary impacts) 173.3 154.5 (18.8) -10.9% Financial Gains & Losses (1) 9.9 21.3 11.4 (1) Net of writedown
Slide 5: Key figures > by business unit
Key figures > by business unit Premiums Attributable result Combined ratio 3M 2022 Δ% 3M 2022 Δ mn Δ% 3M 2022 Δ p.p. IBERIA 2,542 2.3% 102.2 (6.1) -5.6% 95.3% 2.0 p.p BRAZIL 987 35.3% 11.6 (2.7) -19.0% 104.6% 16.4 p.p LATAM NORTH 576 26.8% 12.7 2.6 25.6% 95.2% 2.2 p.p LATAM SOUTH 489 25.5% 10.9 (7.1
Slide 6: Key figures > Life business > insurance units
Key figures > Life business > insurance units Key figures 3M 2022 Δ mn YoY Δ YoY Life Premiums 1,169.8 44.1 3.9% IBERIA 448.7 (14.5) -3.1% BRAZIL 294.5 47.7 19.3% COVID claims – Life Protection – breakdown (3) OTHER (1) 426.6 11.0 2.6% Life Attributable Result 46.1 23.5 103.9% Δ mn Q1 2021 Q2 2021 Q
Slide 7: Key Non Life insurance business lines > main trends and actions taken
Key Non Life insurance business lines > main trends and actions taken - Acceleration of inflation risk across main economies due to geopolitical context - Motor > mobility in line with pre-pandemic levels, though with different driving patterns, as well as a relevant reduction of new vehicle sales i
Slide 8: Assets under management
Assets under management Market value Breakdown by Asset Class 12.31.2021 03.31.2022 %Δ 12.31.2021 03.31.2022 Government fixed income 22.9 22.5 -1.6% 49.6% 50.0% Spain 12.0 11.1 -7.8% 26.1% 24.7% Italy 2.8 2.8 -2.7% 6.2% 6.1% Rest of Europe 1.9 2.0 9.9% 4.0% 4.5% United States 1.5 1.4 -7.8% 3.3% 3.2%
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 03.31.2022 3.92 1.88 1.20 9.81 03.31.2022* 3.77 2.07 1.35 10.04 12.31.2021 3.18 1.28 0.69 3.78 T
Slide 10: Investment portfolios > Outlook and actions taken
Investment portfolios > Outlook and actions taken High medium term uncertainty in financial Official interest rates forecasts -2022 markets due to: Current Jun-22 Dec-22 Euro -0.5 -0.5 0 1. Inflation is becoming structural Brazil 11.75 13.25 13.25 2. Upward trend in interest rates Mexico 6.5 7.25 8.
Slide 11: Shareholders' equity
Shareholders’ equity Currency conversion differences Sensitivity to 03.31.2022 Δ % Δ currency +1 pp move in currency Total -1,512 ** 264 Change in shareholders’ equity Δ Year to of which: Date US dollar 502 43 2.3% 21 Balance at beginning of period 8,463 Brazilian real -798 143 20.0% 7 Turkish lira
Slide 12: Capital position & credit metrics
Capital position & credit metrics Capital structure (€ bn) Solvency II position (€ mn) 12.31.2021 Leverage (1) 24.2% 24.1% Eligible Own Funds (EOF) 9,302 12.8 Solvency Capital Requirement (SCR) 4,508 12.2 1.1 0.9 1.0 EOF-SCR 4,794 0.9 1.1 1.1 Solvency II ratio 206.3% (1) Fully loaded 195.2% 9.7 9.3
Slide 13: Strategic Plan 2022-2024 – Aspirational Objectives
STRATEGIC PLAN 2022-2024 – ASPIRATIONAL OBJECTIVES* GROWTH EFFICIENCY TRANSFORMATION: AND PRODUCTIVITY PEOPLE AND SUSTAINABILITY PREMIUMS NON-LIFE Average growth COMBINED GENDER 5% - 6% On a like-for-like basis RATIO Average PAY GAP ROE Stripping out relevant +/-1% by 2024 Average 94% - 95% non-recu
Slide 14: Closing remarks
Closing remarks Strong premium growth and resilient results in main markets, despite market volatility and geopolitical uncertainty ➢ Geographical and business diversification continue to be a differentiating strength ➢ Solid performance in IBERIA and MAPFRE RE with strong contribution to results ➢
Slide 15: Annex
Annex 15 MAPFRE
Slide 16: Annex: breakdown adjusted attributable result
Annex: breakdown adjusted attributable result 3M 2021 3M 2022 Δ (mn) Δ (%) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Attributable result 173.3 154.5 (18.8) -10.9% 173.3 190.7 160.4 240.8 154.5 Non-operating extraordinary impacts (1) 62.6 Attributable result (adjusted for non-operating extraordinary im
Slide 17: 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 18: 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 19: 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