Mapfre Sa · BME:MAP
Mapfre Sa — Q1 2022 Earnings Presentation
19 slides from Mapfre Sa's earnings presentation, Apr 28, 2022
Slide 1: Earnings Q1 2022
April 28, 2022 EARNINGS Q1 2022 CFO and Member of the Board
Slide 2: Against a backdrop of economic and geopolitical uncertainty
FIRST QUARTER RESULTS 2022 AGAINST A BACKDROP OF ECONOMIC AND GEOPOLITICAL UNCERTAINTY… …BALANCE SHEET STRENGTH AND GEOGRAPHIC AND BUSINESS DIVERSIFICATION 2
Slide 3: Largest premium volume in a quarter in 5 years
FIRST QUARTER RESULTS 2022 LARGEST PREMIUM VOLUME IN A QUARTER IN 5 YEARS ATTRIBUTABLE PREMIUMS EARNINGS 6,538 155 +10.9% -10.9% 98.0% 9.2% 206% NON-LIFE ROE SOLVENCY II RATIO* COMBINED RATIO Million euros / *Data as at December 2021 3
Slide 4: COVID claims
COVID CLAIMS COVID CLAIMS GEOGRAPHIC AREAS March March AND BUSINESS UNITS 2021 2022 Loss experience is 58% lower IBERIA 14.8 8.1 Business model adapted Impact concentrated Total COVID impact to new context compared LATAM 84.5 31.8 in LATAM to last year €829M NORTE AMERICA 0.6 0.8 EURASIA 1.0 0.3 TOT
Slide 5: Consolidated revenues
REVENUES PRIMAS TOTALES CONSOLIDATED REVENUES €6,538M +10.9% €7,568M +3.6% +7.5% 5,368 MAIN LINES +9.4% 1,920 DIRECT INSURANCE 1,470 986 1,170 575 456 566 450 -0.9% NON-LIFE LIFE FINANCIAL OTHER INCOME GENERAL P&C AUTOMOBILE HEALTH & LIFE LIFE +12.5% +3.9% -10.4% -40.5% ACCIDENT PROTECTION SAVINGS +
Slide 6: Earnings breakdown
6 EARNINGS BREAKDOWN NET EARNINGS ROE 9.2% ADJUSTED 140 -14 -84 ROE** 8.4% -62 175 155 NON-LIFE LIFE OTHER TAXES NON-CONTROLLING NET CONCEPTS* INTERESTS EARNINGS -35% +95% -11% Million euros / *Includes other activities, Holding expenses and hyperinflation adjustments **Annualized ROE without Bankia
Slide 7: Group overview
GROUP OVERVIEW TOTAL ASSETS 64,644 +1.2% 63,854 DECEMBER 2021 MARCH 2022 SHAREHOLDERS’ EQUITY 8,463 8,002 €8,002M 155 -262 -626 264 8 DECEMBER 2021 RESULT FOR THE DIVIDENDS UNREALIZED GAINS CURRENCY OTHER MARCH 2022 PERIOD CONVERSION Million euros / Variations compared to December 2021 7
Slide 8: Investments and cash
INVESTMENTS AND CASH INVESTMENT PORTFOLIO FIXED INCOME 30,175 €44,980M -2.6% SOVEREIGN DEBT 22,503 FIXED INCOME Spain 11,099 AND OTHER Rest of Europe 4,799 United States 1,418 79% Brazil 2,547 Latin America - Other 1,979 Other countries 660 CORPORATE DEBT 7,671 ASSETS UNDER MANAGEMENT EQUITIES AND F
Slide 9: Capital and solvency
CAPITAL AND SOLVENCY CAPITAL STRUCTURE €12,225M EQUITY 75.9% SOLVENCY II RATIO Tier 1 206% * €8,130M (87%) SENIOR DEBT BANK Tier 2 7.1% SUBORDINATEDDE DEBT €1,172M BT 7.9% (13%) 9.1% DEBT RATIO 24.1% *Data as at December 2021 9
Slide 10: Premiums and earnings by business unit
PREMIUMS AND EARNINGS BY BUSINESS UNIT INSURANCE MAPFRE RE ASISTENCIA PREMIUMS 2,542 €5,539.9M + 12.1% €1,862.2M +17.4% 1,360 987 576 489 540 503 406 49 IBERIA BRAZIL LATAM NORTH LATAM SOUTH NORTH AMERICA EURASIA REINSURANCE GLOBAL RISKS ASISTENCIA +2.3% +35.3% +26.8% +25.5% +18.8% -5.8% +12.0% +34.
Slide 11: Iberia
INSURANCE BUSINESS REGIONAL BREAKDOWN PREMIUMS BREAKDOWN SPAIN 2,495 +1.7% PORTUGAL 46.6 +50.9% IBERIA 735 738 PREMIUMS 538 €2,542M 2.3% 449 NET EARNINGS €102M -5.6% COMBINED RATIO 95.3% ROE LIFE AUTOMOBILE GENERAL HEALTH AND 12.8% P&C ACCIDENT -3.1% -0.2% +3.4% +5.9% Million euros 11
Slide 12: Brazil
INSURANCE BUSINESS REGIONAL BREAKDOWN PREMIUMS BREAKDOWN 540 BRAZIL PREMIUMS 295 €987M 35.3% +15.5% NET EARNINGS 151 €12M -19.0% COMBINED RATIO 104.6% GENERAL P&C LIFE AUTOMOBILE ROE 9.0% +46.1% +19.3% +35.2% Million euros / *Variations in local currency 12
Slide 13: North America
INSURANCE BUSINESS REGIONAL BREAKDOWN PREMIUMS BREAKDOWN 487 NORTH AMERICA PREMIUMS €540M 18.8% +11% NET EARNINGS €16M -43.2% 53 COMBINED RATIO 101.9% ROE UNITED STATES PUERTO RICO 5.7% +22.8% -8.5% Million euros / *Variations in local currency 13
Slide 14: LATAM North
INSURANCE BUSINESS REGIONAL BREAKDOWN PREMIUMS BREAKDOWN 329 LATAM NORTH 18% PREMIUMS €576M 26.8% 148 100 NET EARNINGS €13M 25.6% 17% COMBINED RATIO 95.2% MEXICO CENTRAL AMERICA DOMINICAN REPUBLIC ROE 6.0% +28.9% +20.5% +29.6% Million euros / *Variations in local currency 14
Slide 15: LATAM South
INSURANCE BUSINESS REGIONAL BREAKDOWN PREMIUMS BREAKDOWN 176 LATAM SOUTH 39% 106 PREMIUMS €489M 25.5% 3% 76 63 NET EARNINGS €11M -39.4% 23% 52% COMBINED RATIO 98.5% ROE PERU COLOMBIA CHILE ARGENTINA 8.6% +44.4% +3.4% +21.5% +32.8% Million euros / *Variations in local currency 15
Slide 16: Eurasia
INSURANCE BUSINESS REGIONAL BREAKDOWN PREMIUMS BREAKDOWN 159 EURASIA 103 PREMIUMS €406M -5.8% 75 52 59% NET EARNINGS -€6M -- COMBINED RATIO 111.1% ITALY TURKEY GERMANY MALTA ROE -1.3% -20.5% -6.9% +0.1% -6.3% Million euros / *Variations in local currency 16
Slide 17: MAPFRE RE
MAPFRE RE BREAKDOWN PREMIUMS BREAKDOWN 1,360 MAPFRE RE PREMIUMS €1,862M +17.4% NET EARNINGS 502 €37M +12.5% COMBINED RATIO 94.1% ROE REINSURANCE GLOBAL RISKS 8.8% +12% +34.7% Million euros 17
Slide 18: Conclusions
CONCLUSIONS PROFITABILITY EVEN VERY SOLID IN A HIGHLY GEOGRAPHIC AND STRENGTH IN BUSINESS GROWTH VOLATILE CONTEXT BUSINESS DIVERSIFICATION IBERIA AND MAPFRE RE BRAZIL AND USA: PROGRESSING TOWARD DRIVING LATAM BALANCE SHEET TECHNICAL PROFITABILITY FORWARD RESILIENCE 18
Slide 19: Thank you
April 28, 2022 EARNINGS Q1 2022 Thank you CFO and Member of the Board