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Slide 2: 2022 Geopolitical risks, inflation and market volatility
RESULTS 2022 2022 Geopolitical risks (Ukraine) Post-pandemic economic environment High inflation and disruptions to supply chains Interest rate rises, VERY market volatility 2
Slide 3: Solid business model and strength of its balance sheet
RESULTS 2022 MAPFRE continues demonstrating a SOLID BUSINESS MODEL and the STRENGTH OF ITS BALANCE SHEET Diversification based Highest ever revenue ESG on three pillars: figure for MAPFRE management geographic, business and largest premium in investments and the balance sheet volume in 5 years Techn
Slide 4: Key Figures
KEY FIGURES ATTRIBUTABLE REVENUE PREMIUMS EARNINGS 29,510 24,540 642 +8.3% +8.7%* +10.8% -16.1% 98% 8.2% 216.8% NON-LIFE ROE SOLVENCY II RATIO** COMBINED RATIO 4 *Excluding BANKIA and two-year Mexico policy, at constant exchange rates / **Data to September 2022
Slide 5: Commitment with shareholders
ü COMMITMENT WITH SHAREHOLDERS DIVIDEND DIVIDEND PAID IN 2022 2022 € 447 M 14.5 cents per share TOTAL € 447M 2021 € 416 M 2020 € 416 M FINAL DIVIDEND 8.5 cents 2019 € 447 M DIVIDEND YIELD BASED ON AVERAGE SHARE PRICE 8.3% 2018 € 447 M 5
Slide 6: Fernando Mata
Fernando Mata
Slide 7: COVID Claims
COVID CLAIMS 323 460 € 899M Total COVID impact 116 Claims are down to a quarter of what they were one year ago 2020 2021 2022 BUSINESS LINES 2021 2022 LIFE PROTECTION 279 50 HEALTH 89 20 OTHER LINES 93 46 TOTAL ACCUMULATED 460 116 7 Figures in million euros
Slide 8: Revenues
REVENUES CONSOLIDATED REVENUES CONSOLIDATED REVENUES 19,342 €29,510M +8.3% +10.8%* 7,658 5,912 5,199 2,544 2,426 +2.1%* NON-LIFE LIFE FINANCIAL OTHER INCOME 2,481 2,025 1,823 +12% +6.4% -8.0% +3.7% GENERAL AUTOMOBILE HEALTH & LIFE LIFE TOTAL PREMIUMS P&C ACCIDENT PROTECTION SAVINGS €24,540M +10.8% +
Slide 9: Earnings Breakdown
EARNINGS BREAKDOWN ROE 8.2% 823 722 642 -147 -314 -442 NON-LIFE LIFE OTHER CONCEPTS* TAXES NON-CONTROLLING NET EARNINGS INTERESTS -23.2% +75.2% -16.1% 2021 2022 Hyperinflation (12.5) (41.2) Corporate transactions 62.6 18.5 ADJUSTED EARNINGS 715.1 664.8 -7% ADJUSTED ROE 8.4% 8.4% 9 Million euros / *I
Slide 10: Non-Life Combined Ratio and Life Protection
NON-LIFE COMBINED RATIO AND LIFE PROTECTION DECEMBER DECEMBER DECEMBER COMBINED RATIO 2020 2021 2022 AUTOMOBILE 91.7% 100.8% 106.1% GENERAL P&C 95.0% 91.8% 87.9% HEALTH & ACCIDENT 94.1% 100.1% 100.1% TOTAL NON-LIFE 94.8% 97.5% 98.0% LIFE PROTECTION 85.4% 94.6% 83.1% 10
Slide 11: Premiums and Earnings by Business Unit
PREMIUMS AND EARNINGS BY BUSINESS UNIT INSURANCE MAPFRE RE ASISTENCIA 7,626 LATAM €20,508M +13% €7,221M +15% 8,976 +25% PREMIUMS 5,671 4,852 2,117 2,007 2,590 1,317 1,551 214 IBERIA BRAZIL LATAM NORTH LATAM SOUTH NORTH AMERICA EURASIA REINSURANCE GLOBAL RISKS ASISTENCIA 0.4% +45% -3% +23% +25% -3% +
Slide 12: Group Overview
GROUP OVERVIEW TOTAL ASSETS 63,854 €59,626M 59,626 -6.6% DECEMBER 2021 DECEMBER 2022 SHAREHOLDERS’ EQUITY 8,463 €7,289M 7,289 -13.9% 642 -447 -1,756 343 44 RESULT FOR DIVIDENDS UNREALIZED CURRENCY OTHER DECEMBER 2021 CONVERSION DECEMBER 2022 THE PERIOD CAPITAL GAINS DIFFERENCES 12 Million euros
Slide 13: Investments and Cash
INVESTMENTS AND CASH INVESTMENT PORTFOLIO FIXED INCOME 27,185 €41,388M SOVEREIGN DEBT 19,779 -10.3% Spain Rest of Europe 8,903 4,230 78.6% USA 1,009 Brazil 2,734 FIXED INCOME Latin America - Other 2,005 AND OTHER Other countries 899 CORPORATE DEBT 7,406 Investment portfolio 41,388 -10.3% 10.2% 6.2%
Slide 14: Capital and Solvency
CAPITAL AND SOLVENCY CAPITAL STRUCTURE €11,295M SOLVENCY II RATIO *Data to September 2022 216.8%* 74% EQUITY 7.6% Tier 1 SENIOR DEBT 8,357 (84%) 14.4% SUBORDINATED 3.9% DEBT BANK DEBT Tier 2 and 3 1,479 (16%) DEBT LEVEL 26% 14 Million euros
Slide 15: Iberia
INSURANCE BUSINESS REGIONAL BREAKDOWN SPAIN 7,367 -1.3% PORTUGAL 259 +98% IBERIA 2,328 2,267 1,916 PREMIUMS €7,626M +0.4% +2.5% 816 NET EARNINGS €376M -31% COMBINED RATIO GENERAL AUTOMOBILE LIFE HEALTH AND 96.8% P&C ACCIDENT ROE +5.9% +0.4% -8.7% +4.8% 10.3% PREMIUMS BREAKDOWN 15 Million euros / *Di
Slide 16: Brazil
INSURANCE BUSINESS REGIONAL BREAKDOWN 2,722 BRAZIL PREMIUMS 1,505 €4,852M +45% +23% NET EARNINGS 623 €144M +93% COMBINED RATIO 86.9% GENERAL P&C LIFE AUTOMOBILE ROE 18.2% +58% +30% +35% PREMIUMS BREAKDOWNS 16 Million euros / *Variations in local currency
Slide 17: LATAM North
INSURANCE BUSINESS REGIONAL BREAKDOWN 1,022 LATAM NORTH 647 +8.2%* PREMIUMS €2,117M -3% 448 NET EARNINGS €46M +71% COMBINED RATIO MEXICO CENTRAL AMERICA DOMINICAN REPUBLIC 98.3% ROE 9% -22% +23% +30% PREMIUMS BREAKDOWN 17 Million euros / *Variations in local currency and excluding the two-year Mexic
Slide 18: LATAM South
INSURANCE BUSINESS REGIONAL BREAKDOWN 707 LATAM SOUTH 407 398 PREMIUMS €2,007M +23% +20% +12% 212 NET EARNINGS +18% €111M +103% +87% COMBINED RATIO 104.4% PERU COLOMBIA CHILE ARGENTINA ROE +37% +12% +17 % +15% 21% PREMIUMS BREAKDOWN FOR MAIN MARKETS 18 Million euros / *Variations in local currency
Slide 19: North America
INSURANCE BUSINESS REGIONAL BREAKDOWN 2,226 NORTH AMERICA PREMIUMS €2,590M +25% +10.9% NET EARNINGS 364 -€17M -119% COMBINED RATIO UNITED STATES PUERTO RICO 108.2% +28% +9% PREMIUMS BREAKDOWN 19 Million euros / *Variations in local currency
Slide 20: Eurasia
INSURANCE BUSINESS REGIONAL BREAKDOWN 375 368 EURASIA 336 PREMIUMS +124% 198 €1,317M -3% NET EARNINGS -€30M COMBINED RATIO GERMANY TURKEY MALTA ITALY 112.2% +1% +21% -17% -9% PREMIUMS BREAKDOWN 20 Million euros / *Variations in local currency
Slide 21: Share Price
SHARE PRICE €5,574M MARKET CAPITALIZATION at 12-31-22 MAPFRE +0.2% IBEX 35 -5.6% STOXX INSURANCE 600 -1% 21
Slide 22: Results Presentation 2022
RESULTS PRESENTATION 2022 Antonio Huertas
Slide 23: Automobile Business: Pressure on Margins
AUTOMOBILE BUSINESS AUTO COMBINED RATIO § Average premiums adjusted downwards during COVID crisis. § Increase in claim cost due to higher frequency and greater severity. § Internal costs on the rise (salaries, providers, rent, energy). § Price of reparing/replacing automobiles. § Very competitive ma
Slide 24: Strategic Plan 2022-2024 Aspirational Objectives
STRATEGIC PLAN 2022 - 2024 ASPIRATIONAL OBJECTIVES GROWTH EFFICIENCY AND TRANSFORMATION: 2023 - 2024 PRODUCTIVITY People and Sustainability PREMIUMS GENDER PAY GAP Average growth NON-LIFE COMBINED RATIO +/-1% by 2024 5% - 6% 2023- 2024 ESG INVESTMENTS ROE Average ratio 96% 90% of portfolio qualified
Slide 25: Conclusions: Where We Are
CONCLUSIONS WHERE WE ARE § An increasingly diversified company, enjoying robust growth and resilient profitability. SPAIN contines to be the leading earnings contributor. LATAM emerges as a key pillar: #1 in premiums #2 in earnings § MAPFRE RE gains importance. § Great financial strength. § Solvency
Slide 26: Conclusions: Where We Want To Go
CONCLUSIONS WHERE WE WANT TO GO § Transformation: Strategic plan. § Flexibility: We adapt to the changing environment. § Recover profitability in Automobile business. § Oportunities for growth. 26
Slide 27: @ahuertasmejias www.linkedin.com/in/antoniohuertasmejias @ahuertasmejias
@ahuertasmejias www.linkedin.com/in/antoniohuertasmejias @ahuertasmejias 27