Slide 1: First half 2003 results
First half 2003 results Madrid, 24 July 2003
Slide 2: Section I Key facts; Section II Analysis of results
Section I Key facts Section II Analysis of results Appendix Calendar and contacts 2
Slide 3: Corporación Mapfre: First Half 2003
Corporación Mapfre: Section I:Section AnalysisI: of Key facts results First Half 2003 l The key figures of Corporación Mapfre and its subsidiaries are growing at rates in excess of the targets for 2003 (excluding premiums in the Americas, which are decreasing due to the effect of exchange rates): %
Slide 4: Corporación Mapfre: First Half 2003 (ctd.)
Corporación Mapfre: Section I: Key facts First Half 2003 (ctd.) l The shares of Corporación Mapfre have been included in two highly regarded stock market indices: • The IBEX 35, which contains the most liquid shares listed on the Spanish Stock Exchanges • The Dow Jones Stoxx Insurance, which is comp
Slide 5: Combined ratio
Section I: Key facts Combined ratio(1) 103.8% 101.2% 97.0% 94.0% 92.5% 1H 99 1H 00 1H 01 1H 02 1H 03 1) Net expenses / net premium written + net claims / net premiums earned 5
Slide 6: Key figures
Section I: Key facts Key figures 1H 99 1H 00 1H 01 1H 02 1H 03 % 03/02 Written and accepted Non-Life premiums 999.3 1,241.4 1,624.8 1,868.3 1,930.9 3.4% Written and accepted Life premiums 390.8 345.9 973.3 1,022.6 883.7 -13.6% Net income, group share 37.6 49.4 53.9 61.4 72.7 18.4% Total assets 6,609
Slide 7: Acquisition of Musini
Section I: Key facts Acquisition of Musini l Mapfre Caja Madrid Holding has been selected by SEPI as the winner in the privatisation process of Musini, S.A. and Musini Vida l These acquisitions strengthen the leading position of Mapfre in the Spanish insurance market: – No. 1 in the insurance market
Slide 8: Acquisition of Musini: Bid price
Acquisition of Musini: Section I: Key facts Bid price l The total bid price has been € 249.7 million (€ 174.6 million for Musini, S.A. and € 75.1 million for Musini Vida). In accordance with the rules of the privatisation process, this price will be adjusted to include the variations in the net wort
Slide 9: Acquisition of Musini: Market share in industrial insurance
Acquisition of Musini: Section I: Key facts Market share in industrial insurance MUSINI 22.6% OTHER MAPFRE SUBSIDIARIES MAPFRE INDUSTRIAL 10.1% 1.7% 11.0% 8.3% 8.2% 6.2% 10.8% MAPFRE + GENERALI ALLIANZ ZURICH AXA MUSINI Figures as at 31/12/2002. Source: ICEA 9
Slide 10: Acquisition of Musini: Breakdown of direct Non-life premiums by branch
Acquisition of Musini: Section I: Key facts Breakdown of direct Non-life insurance premiums by branch TOTAL MUSINI, S.A. MARKET MAPFRE MARKET COMBINED MARKET SHARE EMPRESAS SHARE MARKET BRANCHES SHARE Marine & Transport 571.4 144.0 25.2% 88.0 15.4% 40.6% Fire 194.8 58.6 30.1% --- --- 30.1% Third-par
Slide 11: Acquisition of Musini: Market share in Life insurance
Acquisition of Musini: Section I: Key facts Market share in Life insurance (technical reserves) 10.6% 10.3% MUSINI, S.A. 0.5% MUSINI VIDA 1.2% MAPFRE VIDA 7.9% 5.8% 5.0% 8.9% MAPFRE + VIDACAIXA BBVA GENERALI BSCH MUSINI Figures as at 31/12/2003. Source: ICEA 11
Slide 12: Acquisition of Musini: Integration Plan
Acquisition of Musini: Section I: Key facts Integration Plan l Mapfre Caja Madrid Holding will apply the following basic strategic integration principles: – Musini, S.A.: • Integration in the Commercial Insurance Operating Unit of Sistema Mapfre • Specialisation by market segment • Design of integra
Slide 13: Acquisition of Musini: Funding
Acquisition of Musini: Section I: Key facts Funding l Corporación Mapfre will use a short-term loan granted by its parent company to pay for its share of the acquisition price of Musini, S.A. and Musini Vida l The longer-term funding structure will be defined at a later stage, taking into account: –
Slide 14: Musini: A profile
Musini: Section I: Key facts A profile l Musini is made up of insurance and service companies specialised in providing cover for the risks of large companies and institutions l The core of the present Musini was created in 1968 as the mutual insurance company for the state-owned enterprises, and it
Slide 15: Musini: Corporate organisational chart
Musini: Section I: Key facts Corporate organisational chart • Premiums : 420.2 Musini S.A. • Net result: 12.5 Non-life and Life insurance • Shrs. Equity: 184.0 100% 99.8% 100% 100% 100% 80% Musini Vida Industrial RE GesMusini GesMusini Carteras Servifinanzas Interbolsa Life insurance Captive reinsur
Slide 16: Musini: Main consolidated figures
Musini: Section I: Key facts Main consolidated figures Growth (%) 2001 2002 2002/2001 Premiums 621,174 772,562 24.4 Shareholders' equity 233,660 250,875 7.4 Technical reserves 1,959,908 2,232,820 13.9 Financial investments and cash 1,845,533 2,124,530 15.1 Funds under management 1,919,272 2,136,377
Slide 17: Sistema Mapfre: Consolidated profit and loss account
Sistema Mapfre: Section I: Key facts Consolidated profit and loss account DIRECT INSURANCE AND ACCEPTED REINSURANCE 1H 02 1H 03 % 03/02 Written and accepted premiums 3,953.7 3,952.4 --- Unearned premiums reserve -411.5 -437.4 6.3 Claims -2,282.0 -2,412.2 5.7 Other technical expenses -1,232.8 -1,073.
Slide 18: Section I Key facts; Section II Analysis of results
Section I Key facts Section II Analysis of results Appendix Calendar and contacts 18
Slide 19: Corporación Mapfre: Consolidated profit and loss account
Corporación Mapfre: Section II: Analysis of results Consolidated profit and loss account 1H 01 1H 02 1H 03 % 03/02 N/L Gross premium written 1,619.6 1,860.7 1,921.7 3.3% N/L Net premium written 1,415.5 1,566.8 1,605.7 2.5% Net Premiums Earned 1,205.1 1,301.6 1,324.8 1.8% Net Claims Incurred -849.8 -
Slide 20: Corporación Mapfre: Profit by business area
Corporación Mapfre: Section II: Analysis of results Profit by business area 1H 01 1H 02 1H 03 % 03/02 Companies operating mainly in Spain Direct insurance 72.2 96.5 116.4 20.6% Other -0.2 --- --- --- Subtotal 72.0 96.5 116.4 20.6% Companies operating mainly abroad Direct insurance 20.1 32.6 30.1 -7.
Slide 21: Corporación Mapfre: Profit by business unit
Corporación Mapfre: Section II: Analysis of results Profit by business unit (1) 1H 01 1H 02 1H 03 % 03/02 MAPFRE VIDA 46.4 51.4 56.8 10.5% MAPFRE SEGUROS GENERALES 24.3 35.3 42.8 21.2% MAPFRE INDUSTRIAL 3.1 9.7 13.7 41.2% MAPFRE CAUCION Y CREDITO 2.8 4.3 5.5 27.9% MAPFRE CAJA SALUD 4.2 7.6 8.9 17.1%
Slide 22: Corporación Mapfre: Profit by business unit (chart)
Corporación Mapfre: Section II: Analysis of results Profit by business unit (1) JUNE 2001 JUNE 2002 JUNE 2003 REINSURANCE REINSURANCE REINSURANCE OTHER 9% 11% 7% OTHER 4% LIFE OTHER LIFE 3% 25% 25% 3% LIFE 32% AMERICA 16% AMERICA AMERICA 19% 15% ASSET ASSET MANAGEMENT MANAGEMENT 10% 8% ASSET GENERAL
Slide 23: Corporación Mapfre: Net profit by business unit
Corporación Mapfre: Section II: Analysis of results Net profit by business unit (1) 1H 01 1H 02 1H 03 % 03/02 MAPFRE VIDA 33.7 37.4 41.3 10.4% MAPFRE SEGUROS GENERALES 13.0 18.0 24.2 34.4% MAPFRE INDUSTRIAL 2.0 6.3 8.9 41.3% MAPFRE CAUCION Y CREDITO 1.5 2.5 3.3 32.0% MAPFRE CAJA SALUD 2.3 4.3 4.9 14
Slide 24: Corporación Mapfre: Cash earnings
Corporación Mapfre: Section II: Analysis of results Cash earnings 1H 01 1H 02 1H 03 % 03/02 Net result, group share 53.9 61.4 72.7 18.5% Depreciation (1) 23.2 22.7 20.3 -10.4% Amortisation (1) 4.2 12.3 15.1 22.8% Cash earnings 81.3 96.4 108.2 12.2% 1) Amortisation and depreciation figures have not b
Slide 25: Mapfre Caja Madrid Holding: Key figures
Mapfre Caja Madrid Holding: Section II: Analysis of results Key figures PREMIUMS(1) RESULTS (2) 1H 01 1H 02 1H 03 % 03/02 1H 01 1H 02 1H 03 % 03/02 MAPFRE VIDA 1,014.2 986.8 859.1 -12.9% 46.4 51.4 56.8 10.5% MAPFRE SEGUROS GENERALES 342.9 403.8 459.8 13.9% 24.3 35.3 42.8 21.2% MAPFRE INDUSTRIAL 110.
Slide 26: Mapfre Caja Madrid Holding: Sales by channel
Mapfre Caja Madrid Holding: Section II: Analysis of results Sales by channel JUNE 2002 JUNE 2003 Agents Bank % Bank Agents Bank % Bank channel channel channel channel channel channel MAPFRE VIDA (w/o externalisations) 412.0 574.8 58.2% 418.1 441.0 51.3% MAPFRE SEGUROS GENERALES 377.8 26.0 6.4% 428.8
Slide 27: Mapfre Vida: Funds under management
Mapfre Vida: Section II: Analysis of results Funds under management .0% AGR: 18 12,889 99 -03 C 11,401 9,623 8,081 6,650 1H 99 1H 00 1H 01 1H 02 1H 03 Technical reserves Investment and pension funds (1) Shareholders' equity 1) Pension funds figures do not include defined benefit plans Million euros
Slide 28: Mapfre Vida: Key figures
Mapfre Vida: Section II: Analysis of results Key figures 1H 01 1H 02 1H 03 % 03/02 l Significant 13.4% increase in funds under Technical Reserves 6,576.6 8,348.1 9,620.9 15.2% management, which reflects: Investment Funds 2,228.7 2,093.6 2,148.8 2.6% – Sustained growth in the volume of savings Pensio
Slide 29: Mapfre Vida: Premiums breakdown
Mapfre Vida: Section II: Analysis of results Premiums breakdown 1S 01 1S 02 1S 03 % 03/02 Regular Premiums 213.0 208.4 201.8 -3.2% - Agents channel 200.3 196.2 190.2 -3.1% - Bank channel 12.7 12.2 11.6 -4.9% Single Premiums 452.8 695.2 564.4 -18.8% - Agents channel 105.5 161.2 172.3 6.9% - Bank chan
Slide 30: Mapfre Vida: Embedded Value Earnings
Mapfre Vida: Section II: Analysis of results Embedded Value Earnings - 51,2 10.6 - 0,8 70.7 68.4 2.1 - 9,6 913.7 894.2 2001 EV Changes in the Changes in Expected Value added Experience Value added in Dividends paid 2002 EV model assumptions return by new variance from 2002 and other business assumpt
Slide 31: Mapfre Vida: Embedded value
Mapfre Vida: Section II: Analysis of results Embedded value (1) 2000 2001 2002 % 02/01 VIF(2) 512.2 551.0 536.4 -2.6% Adjusted net asset value 317.9 343.2 377.3 9.9% Embedded Value (3) 830.0 894.2 913.7 2.2% 1) Embedded value calculated by Consultora Mapfre Vida and certified by Watson Wyatt. The ce
Slide 32: Mapfre Vida: Sensitivity to the discount rate
Mapfre Vida: Section II: Analysis of results Sensitivity to the discount rate 7.0% 8.0% 9.0% 2002 Embedded Value 974.5 913.7 859.9 Change 6.7% -- -5.9% Million euros 32
Slide 33: Mapfre Vida: Assumptions
Mapfre Vida: Section II: Analysis of results Assumptions 2002 2001 l Financial returns – Reinvestment rates • Government bonds 4.51% 5.13% • Corporate bonds 5.51% 6.13% • Shares 7.01% 7.63% • Real estate 7.01% 7.63% • Cash 3.51% 4.13% – Existing assets Booked returns until maturity Booked returns un
Slide 34: Mapfre Vida: Comparison of the main assumptions
Mapfre Vida: Section II: Analysis of results Comparison of the main assumptions Market MAPFRE Average (1) Discount rate 8.00% 7.58% Gross investment return on government bonds 4.51% 4.54% Gross investment return on shares 7.01% 6.72% Inflation 3.50% 1.43% Tax rate 35.00% 26.13% 1) Figures relative t
Slide 35: Mapfre Vida: Glossary
Mapfre Vida: Section II: Analysis of results Glossary l An embedded value is an actuarial estimate of the economic value of the life, pensions and mutual fund business, excluding any value attributable to future new business l The embedded value is defined as the sum of shareholders’ net assets, con
Slide 36: Mapfre Seguros Generales: Key figures
Mapfre Seguros Generales: Section II: Analysis of results Key figures 1H 01 * 1H 02 1H 03 % 03/02 l The first half of the year was characterised by Personal accidents 37.4 49.6 55.0 10.9% the stability of growth rates and of the Marine 1.9 1.9 2.0 5.3% technical result at very satisfactory levels Fi
Slide 37: Mapfre Seguros Generales: Key figures of consolidated companies
Mapfre Seguros Generales: Section II: Analysis of results Key figures of consolidated companies PREMIUMS RESULTS (1) 1H 02 1H 03 % 03/02 1H 02 1H 03 % 03/02 MAPFRE SEGUROS GENERALES 231.5 267.7 15.6% 25.7 28.8 12.1% MAPFRE GUANARTEME 79.0 92.7 17.4% 9.2 10.5 14.1% MAPFRE FINISTERRE 93.3 99.4 6.6% 8.
Slide 38: Mapfre Empresas
Section II: Analysis of results Mapfre Empresas l During its first half year of operations, Mapfre Empresas (the Commercial Insurance Unit), has carried out the integration of the following areas of Mapfre Industrial and Mapfre Caución y Crédito: – Human Resources – Internal Audit – Bancassurance l
Slide 39: Mapfre Empresas: Mapfre Caución y Crédito
Mapfre Empresas: Section II: Analysis of results Mapfre Caución y Crédito 1H 01 1H 02 1H 03 % 03/02 l Strong increase in premiums, reflecting growth in the number of customers and a Premiums written 40.9 49.5 59.0 19.2% Gross result (1) 2.8 4.3 5.5 27.9% moderate increase in tariffs Net result 1.5 2
Slide 40: Mapfre Empresas: Mapfre Industrial
Mapfre Empresas: Section II: Analysis of results Mapfre Industrial 1S 01 1S 02 1S 03 % 03/02 l Strong premiums growth, reflecting the increase in both the number of customers Primas emitidas y aceptadas 110.6 192.2 255.3 32.8% Resultado bruto (1) 3.1 9.7 13.7 41.2% and of policies Resultado neto 2.0
Slide 41: Mapfre Caja Salud
Section II: Analysis of results Mapfre Caja Salud 1H 01 1H 02 1H 03 % 03/02 l Premiums have grown above the average for Premiums written 221.0 249.5 278.7 11.7% the market as of March 2003 (10.2%a), - Agents network 196.5 222.3 248.3 11.7% thanks to: - Bank network 6.2 8.8 11.2 27.3% - Brokers 18.3
Slide 42: Mapfre América: Results
Mapfre América: Section II: Analysis of results Results l Premiums, which have grown strongly in 1H 01 1H 02 1H 03 % 03/02 local currency, decrease by 15.7% due to the Premiums Written 720.7 711.5 599.9 -15.7% cumulative devaluation of the Latin American Gross result (1) 19.6 32.4 29.4 -9.3% currenc
Slide 43: Mapfre América: Evolution of the combined ratio
Mapfre América: Section II: Analysis of results Evolution of the combined ratio - 3.4% 3.8% l The evolution of the combined ratio confirms the improvement in the technical result of - 0.6% Mapfre América. l The slight decrease with respect to June 104.5% 104.3% 2002 is a result of the following: – P
Slide 44: Mapfre América: Premiums and income by country
Mapfre América: Section II: Analysis of results Premiums and income by country (1) PREMIUMS RESULTS Local Currency Local Currency COMPANY 1H 01 1H 02 1H 03 % 03/02 % 03/02 1H 01 1H 02 1H 03 % 03/02 % 03/02 MAPFRE ARGENTINA 101.2 36.9 59.4 61.0% 116.3% 3.0 1.6 2.0 25.0% 70.6% VERA CRUZ (BRAZIL) 151.5
Slide 45: Mapfre América: Management ratios for the main subsidiaries
Mapfre América: Section II: Analysis of results Management ratios for the main subsidiaries Loss ratio Expense ratio 1H 01 1H 02 1H 03 % 03/02 1H 01 1H 02 1H 03 % 03/02 Mapfre Argentina 64.8% 77.5% 61.7% -15.8% 40.1% 41.7% 33.3% -8.4% La Centroamericana (El Salvador) 68.3% 64.1% 67.8% 3.7% 34.8% 33.
Slide 46: Mapfre America: Key facts of the first half of 2003 by country
Mapfre America: Section II: Analysis of results Key facts of the first half of 2003 by country l Argentina: – Strong increase in premiums, reflecting: • The underwriting of US dollar-denominated policies from corporate customers • The increase in the insurable value of assets • The gathering of new
Slide 47: Mapfre America: Key facts by country (ctd.)
Mapfre America: Section II: Analysis of results Key facts of the first half of 2003 by country (ctd.) l Mapfre USA (Puerto Rico and Florida): – The AMSTAR run-off, which generated a loss of € 2.6 million in June 2002, has no impact on the results of June 2003 – After the close of the first half, Map
Slide 48: Mapfre Re
Section II: Analysis of results Mapfre Re l Premiums growth is moderated by the the 1H 01 1H 02 1H 03 % 03/02 appreciation of the euro against the US dollar Gross Premiums 327.8 365.0 415.4 13.8% and other currencies - of which Life 13.2 15.5 13.1 -15.5% (1) Gross result 8.7 15.2 21.3 40.1% Net resu
Slide 49: Mapfre Asistencia
Section II: Analysis of results Mapfre Asistencia 1H 01 1H 02 1H 03 % 03/02 l The variations in the profit and loss account reflect the appreciation of the euro: Total Income 116.6 116.7 117.4 0.6% - Premiums written 75.0 70.8 68.9 -2.7% – The income has remained practically - Other income 41.6 45.9
Slide 50: Mapfre Asistencia: Acquisition of Nuovi Servizi Auto
Mapfre Asistencia: Section II: Analysis of results Acquisition of Nuovi Servizi Auto l Mapfre Asistencia has acquired Nuovi Servizi Auto, S.p.A. (NSA), and its subsidiaries: N.S.A. France; JMDS (Luxembourg); and General Services Reinsurance Ltd., an Irish reinsurance company specialised in accepting
Slide 51: Section I Key facts; Section II Analysis of results
Section I Key facts Sección II Analysis of results Appendix Calendar and contacts 51
Slide 52: Corporación Mapfre: Consolidated quarterly results
Corporación Mapfre: Appendix Consolidated quarterly results NET RESULT BY QUARTER (million) QUARTERLY EPS QUARTER 2000 2001 2002 2003 FIRST 23 26 29 34 SECOND 26 28 32 39 THIRD 28 17 28 -- FOURTH 15 25 24 -- TOTAL 92 96 113 -- FIRST SECOND THIRD FOURTH TOTAL 2000 2001 2002 2003 QUARTERLY EPS QUARTER
Slide 53: Corporación Mapfre: Expense and loss ratios
Corporación Mapfre: Appendix Expense and loss ratios GROSS GROSS COMBINED EXPENSE RATIO (%) (1) LOSS RATIO (%) (2) RATIO (%) (3) COMPANY 1H 02 1H 03 1H 02 1H 03 1H 02 1H 03 MAPFRE SEGUROS GENERALES 30.8 29.4 61.6 63.6 88.4 91.0 MAPFRE INDUSTRIAL 19.4 20.2 63.1 57.2 85.3 84.6 MAPFRE CAUCION Y CREDITO
Slide 54: Corporación Mapfre: Consolidated balance sheet
Corporación Mapfre: Appendix Consolidated balance sheet 1H 99 1H 00 1H 01 1H 02 1H 03 % 03/02 ASSETS Uncalled Share Capital --- 3.8 15.9 --- --- --- Fixed Assets 42.2 61.9 82.5 82.6 91.8 11.1% Investments 4,873.7 7,244.1 8,890.1 10,544.3 12,265.8 16.3% Consolidation goodwill 36.1 297.8 406.6 441.0 4
Slide 55: Corporación Mapfre: Consolidated investments breakdown
Corporación Mapfre: Appendix Consolidated investments breakdown 1H 99 1H 00 1H 01 1H 02 1H 03 100% FIXED-ASSETS 548.2 547.3 562.9 532.9 508.6 80% EQUITY 100.7 109.0 205.3 166.3 144.8 FIXED-INCOME SECURITIES 2,879.5 5,126.7 6,432.2 8,175.1 9,799.7 INVESTMENT FUNDS 485.1 514.9 577.3 577.1 597.7 60% OT
Slide 56: Corporación Mapfre: Funds under management
Corporación Mapfre: Appendix Funds under management(1) 16,961 15,273 13,645 11,494 8,178 1H 99 1H 00 1H 01 1H 02 1H 03 Investment Funds Pension Funds (2) Shareholders Equity Mathematical Reserves (Life) Other Technical Reserves Other Funds (3) 1) Figures do not include funds managed by Caja Madrid’s
Slide 57: Musini Group: Privatisation process
Musini Group: Appendix Privatisation process Phase I Phase II Phase III Non-binding offer Binding offer Conclusion of the process Acceptance for a period of three years Analisis of the information made A private sale contract will be signed, of the minimum requirements of the available in data rooms
Slide 58: Musini: Consolidated profit and loss account
Musini: Appendix Consolidated profit and loss account 2000 2001 2002 % 03/02 N/L Gross premium written 138.0 190.4 373.9 96.4% N/L Net premium written 25.4 31.5 46.7 48.3% Net Premiums Earned 20.9 27.5 43.6 58.5% Net Claims Incurred -27.0 -32.6 -39.1 19.9% Variation, Other Technical Provisions --- -
Slide 59: Musini: Consolidated balance sheet
Musini: Appendix Consolidated balance sheet 2000 2001 2002 % 02/01 ASSETS Uncalled Share Capital --- --- --- --- Fixed Assets 0.7 0.7 0.6 -14.3% Investments 1,681.0 1,834.2 2,098.3 14.4% Consolidation goodwill --- --- --- --- Investments on account of policy holders assuming risk --- --- --- --- Par
Slide 60: Musini: Consolidated solvency margin
Musini: Appendix Consolidated solvency margin 2001 2002 LIFE NON-LIFE TOTAL LIFE NON-LIFE TOTAL Share capital 13,542.0 15,025.0 28,567.0 13,774.0 15,025.0 28,799.0 Reserves 91,705.0 90,093.0 181,798.0 101,133.0 95,277.0 196,410.0 Retained profits 66,087.0 26,844.0 92,931.0 58,521.0 15,044.0 73,565.0
Slide 61: Watson Wyatt certification letter
Appendix Watson Wyatt certification letter 61
Slide 62: Watson Wyatt certification letter (ctd.)
Appendix Watson Wyatt certification letter (ctd.) 62
Slide 63: Section I Key facts; Section II Analysis of results
Section I Key facts Section II Analysis of results Appendix Calendar and contacts 63
Slide 64: Provisional calendar for the year 2003
Calendar and contacts Provisional calendar for the year 2003 26/02/03 Release of year 2002 results 26/02/03 Analysts’ presentation, year 2002 results - Madrid 26/02/03 Analysts’ presentation, year 2002 results - London 29/03/03 Annual General Meeting - Madrid 29/04/03 Release of first quarter 2003 i
Slide 65: Investor Relations Department
Calendar and contacts Investor Relations Department Luigi Lubelli Finance Director +34-91-581-6071 Jesús Rodríguez Castejón +34-91-581-1096 Antonio Triguero Sánchez +34-91-581-5211 Natalia Rodríguez Sánchez +34-91-581-2458 Marisa Godino Alvarez Secretary +34-91-581-2985 Corporación Mapfre, S.A. Inve
Slide 66: 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 evolution, its results and its divide