Slide 1: Filing to Spanish Securities and Exchange Commission
Madrid, February 10, 2022 SPANISH SECURITIES AND EXCHANGE COMMISSION Please find attached the documentation to be presented to the press in upcoming meetings. Ángel L. Dávila Bermejo General Counsel
Slide 2: February 10, 2022
February 10, 2022
Slide 3: Solid growth in premiums and earnings
RESULTS 2021 2 SOLID GROWTH IN SOLVENCY COMMITTED TO PREMIUMS AND LIQUIDITY SOCIETY AND EARNINGS § Strong cash quality of capital § €783M paid out in COVID- § Spain, Brazil, USA and RE positions. Low debt level. related claims since the the are the main contributors § Shareholder remuneration: start
Slide 4: 12M 2021 Key Figures
12M 2021. KEY FIGURES 3 TOTAL ATTRIBUTABLE REVENUES PREMIUMS EARNINGS 27,257 22,155 765 +7.2% +10.7%* +8.2% +45.3% 97.5% 9.0% 194% NON-LIFE COMBINED ROE SOLVENCY II RATIO ** RATIO Million euros / *Variations at constant exchange rates / **Data up to September 2021
Slide 5: Generous and sustainable remuneration for our shareholders
GENEROUS AND SUSTAINABLE REMUNERATION FOR OUR SHAREHOLDERS DIVIDEND PAID IN 2021 DIVIDEND CHARGED AGAINST THE YEAR 13.5 cents per share 2019 2020 2021 14.5 12.5 14.5 TOTAL € 416M cents cents cents YIELD OF DIVIDEND PAID OVER AVERAGE SHARE PRICE 7.6%
Slide 6: Resolution Agreement contribution to net earnings
RESOLUTION AGREEMENT CONTRIBUTION TO NET EARNINGS NON-LIFE BUSINESS LIFE BUSINESS €140.4M €26.7M TOTAL € 167.1M
Slide 7: 2021 Earnings
February 10, 2022 2021 EARNINGS Fernando Mata CFO and Member of the Board
Slide 8: COVID-related loss experience
COVID-RELATED LOSS EXPERIENCE 7 § Business model adapted to new context § Reduced loss experience in mature markets § Impact in 2021 concentrated in LATAM § Total COVID-19 impact: €783M GEOGRAPHIC AREAS AND BUSINESS UNITS 2020 2021 IBERIA 39 33 LINE 2020 2021 LATAM NORTH 63 130 LATAM SOUTH 33 43 HEA
Slide 9: Revenues
REVENUES 8 CONSOLIDATED REVENUES CONSOLIDATED REVENUES €27,257M 17,267 +7.2% 9.8% MAIN LINES 4,887 DIRECT INSURANCE 6,565 2,764 2,339 14.2% 5,388 NON-LIFE LIFE FINANCIAL OTHER INCOME 7.2% 11.8% 13.4% -6.4% 2,098 2,159 1,597 TOTAL PREMIUMS €22,155M +8.2% GENERAL P&C AUTOMOBILE HEALTH & LIFE LIFE SAVI
Slide 10: Earnings breakdown
EARNINGS BREAKDOWN 9 NET EARNINGS 1,072 765 412 ADJUSTED EARNINGS €703M +6.8% AJUSTADO -130 -319 -270 2021 NON-LIFE LIFE OTHER NON- NET RESULT TAXES CONCEPTS* CONTROLLING INTERESTS Bankia capital gain 167 +23% -11% +45% Spain redundancy plan -75 Italy restructuring -20 Debt buyback -10 Million euros
Slide 11: Earnings breakdown: ROE and combined ratio
EARNINGS BREAKDOWN 10 COMBINED COMBINED ROE ROE RATIO w/o EXTRAORDINARIES RATIO w/o EXTRAORDINARIES 9% 8.3% 96.1 7.6% 97.5% 97.4% % 95.6 % 6.1% 94.8% 92.9% GROUP INSURANCE GROUP INSURANCE GROUP INSURANCE 2020 2021 2020 2021 2020 2021 2021
Slide 12: Premiums by business unit
PREMIUMS BY BUSINESS UNIT 11 INSURANCE MAPFRE RE ASISTENCIA €18,176M +9% €6,275M +10% GLOBAL 7,596 REINSURANCE RISKS 4,992 3,340 2,188 2,073 1,618 1,361 1,283 486 IBERIA BRAZIL LATAM LATAM NORTH AMERICA EURASIA REINSURANCE GLOBAL RISKS ASISTENCIA NORTH SOUTH 8.5% 8.3% 38.9% 11.5% -1.2% -8.3% 12.7% 2
Slide 13: Earnings by business unit
EARNINGS BY BUSINESS UNIT 12 INSURANCE MAPFRE RE €786M -1% €152M +800% ASISTENCIA GLOBAL REINSURANCE RISKS 541 89 118 74 54 27 1 34 1 IBERIA BRAZIL LATAM LATAM NORTH AMERICA EURASIA REINSURANCE GLOBAL RISKS ASISTENCIA NORTH SOUTH 19.3% -26.8% -61.6% -7.5% 16.3% -97.0% -- 123.9% 102.9% Million euros
Slide 14: Group overview
GROUP OVERVIEW 13 TOTAL ASSETS -7.7% 69,153 +3.9%* 63,854 DECEMBER 2020 SEPTEMBER 2021 SHAREHOLDERS’ EQUITY €8,463M 8,536 8,463 765 -416 -478 139 -84 BALANCE RESULT FOR DIVIDENDS UNREALIZED CURRENCY OTHER BALANCE DECEMBER 2020 THE PERIOD GAINS DIFFERENCES DECEMBER 2021 Million euros / Variations com
Slide 15: Investments and cash
INVESTMENTS AND CASH 14 INVESTMENT PORTFOLIO €46,160M +2.8% FIXED INCOME €30,496M PUBLIC DEBT 22,879 FIXED INCOME Spain 12,041 AND OTHER Rest of Europe 4,692 78% United States Brazil 1,538 2,170 Latin America - Other 1,768 Oter countries 671 CORPORATE DEBT 7,617 ASSETS UNDER MANAGEMENT EQUITIES AND
Slide 16: Capital and solvency
CAPITAL AND SOLVENCY 15 CAPITAL €12,758M STRUCTURE SOLVENCY II RATIO SHAREHOLDERS’ 193.8%* EQUITY SENIOR 75.8% DEBT Tier 1 6.8% €8,133M SUBORDINATED DEBT BANK DEBT (87%) 8.8% 8.7% Tier 2 €1,122M DEBT RATIO 24.2% (13%) *Data up to September 2021
Slide 17: Iberia
INSURANCE BUSINESS REGIONAL BREAKDOWN 16 SPAIN 7,466 +9% PORTUGAL 130 -5% IBERIA PREMIUMS BREAKDOWN 2,259 2,198 2,098 PREMIUMS €7,596M +8.5% NET EARNINGS €541M +19.3% 778 COMBINED RATIO 98.1% GENERAL AUTOMOBILE LIFE HEALTH & ROE P&C ACCIDENT 12.4% +1.1% +3.0% +25.1% +8.9% Million euros
Slide 18: Brazil
INSURANCE BUSINESS REGIONAL BREAKDOWN 17 PREMIUMS BREAKDOWN BRAZIL 1,723 1,155 PREMIUMS €3,340M +8.3% +15.2% NET EARNINGS €74M -26.8% 461 COMBINED RATIO 87.7% GENERAL P&C LIFE AUTOMOBILE ROE 10.0% +20.3% -4.5% +4.0% Million euros / *Variations in local currency
Slide 19: LATAM North
INSURANCE BUSINESS REGIONAL BREAKDOWN 18 PREMIUMS BREAKDOWN LATAM NORTH 1,318 PREMIUMS 68% €2,188M +38.9% NET EARNINGS 526 €27M -61.6% 343 COMBINED RATIO 95.9% MEXICO CENTRAL AMERICA DOMINICAN REP. ROE 5.8% +70.9% +10.0% +5.7% Million euros / *Variations in local currency
Slide 20: LATAM South
INSURANCE BUSINESS REGIONAL BREAKDOWN 19 PREMIUMS BREAKDOWN LATAM SOUTH 517 365 339 PREMIUMS €1.618M +11.5% 184 NET EARNINGS 16% €54M -7.5% 31% 9% COMBINED RATIO 48% 96.6% PERU COLOMBIA CHILE ARGENTINA ROE +1.9% +24.5% +8.8% 30.5% 9.7% Million euros / *Variations in local currency
Slide 21: North America
INSURANCE BUSINESS REGIONAL BREAKDOWN 20 PREMIUMS BREAKDOWN NORTH AMERICA 1,633 1,738 UNITED STATES -0.3% PREMIUMS €2,073M -1.2% +1.8% NET EARNINGS €89M +16.3% COMBINED RATIO 335 98.9% 106 -2.6% ROE NORTHEAST OTHER STATES PUERTO RICO 6.5% 4.6% -41.9% -5.5% Million euros / *Variations in local curren
Slide 22: Eurasia
INSURANCE BUSINESS REGIONAL BREAKDOWN 21 PREMIUMS BREAKDOWN EURASIA 405 373 304 PREMIUMS €1,361M -8.3% 218 NET EARNINGS €1M -97.0% 26% COMBINED RATIO 109.5% GERMANY MALTA TURKEY ITALY ROE +17.6% +3.2% -6.5% -44.4% 0.1% Million euros / *Variations in local currency
Slide 23: MAPFRE RE
REINSURANCE BUSINESS BREAKDOWN 22 PREMIUMS BREAKDOWN MAPFRE RE 4,992 PREMIUMS €6,275M +10.3% NET EARNINGS €152M +799.8% COMBINED RATIO 1,283 97.1% ROE 8.5% REINSURANCE GLOBAL RISKS 12.7% 2.2% Million euros
Slide 24: Share price
SHARE PRICE MAPFRE +13.3% IBEX 35 +7.9% STOXX INSURANCE 600 +15.4% MARKET CAPITALIZATION at 12-31-21 €5,560M Millones de euros. 23
Slide 25: 2021 Earnings
February 10, 2022 2021 EARNINGS Antonio Huertas Chairman and CEO of MAPFRE
Slide 26: Aspirational objectives 2019-2021
ASPIRATIONAL OBJECTIVES 2019-2021 25 COMBINED RATIO REVENUES ROE ACTUALIZACIÓN 2021 96-97% 28,000- €30,000M 8-9% FORECAST Three-year average Three-year average 2021 2021 ROE ≈ 8.5% ≈ 9% € 27,257M COMBINED 97.5% 96.6% €29,923M* 8%** RATIO ≈ 95% 96.1% W/O RESTRUCTURING % PEOPLE WITH CULTURE AND MANAGE
Slide 27: We'll be firing on all cylinders in 2022
WE’LL BE FIRING ON ALL CYLINDERS IN 2022 01 03 05 EFFICIENCY BUSINESS MODEL SUSTAINABILITY An efficient and A solid business model productive company Business model aligned that passes the stress capable of generating with Group commitments test and which profits in difficult is diversified contexts
Slide 28: We'll be firing on all cylinders in 2022
IN2022 CYLINDERS FIRING WE’LL BE ON ALL
Slide 29: Antonio Huertas, Chairman and CEO of MAPFRE
ANTONIO HUERTAS Chairman and CEO of MAPFRE @ahuertasmejias www.linkedin.com/in/antoniohuertasmejias