Slide 1: Activity Update: Analyst & Investor presentation 12M 2023
Activity Update Analyst & Investor presentation 12M 2023 1 February 14th 2024
Slide 2: Disclaimer
DISCLAIMER MAPFRE S.A. (MAPFRE) hereby informs that the figures and ratios in this activity presentation, unless stated otherwise, are homogenized local accounting figures obtained from the financial statements prepared by MAPFRE Group companies, presented under the accounting principles in force in
Slide 3: IFRS 17&9 Main KPIs
IFRS 17&9 MAIN KPIs IFRS 17&9 Local accounting* 2022 2023 %∆ 2022 2023 %∆ Premiums ‐ ‐ ‐ 24,540 26,917 9.7% Insurance revenue** 22,717 24,781 9.1% ‐ ‐ ‐ Net result 564 677 20.2% 642 692 7.7% Total assets 52,197 54,947 5.3% 59,626 62,998 5.7% Shareholders’ equity 7,797 8,467 8.6% 7,289 8,071 10.7% Te
Slide 4: Key Figures by Region and Business Unit
IFRS 17&9 KEY FIGURES BY REGION AND BUSINESS UNIT Insurance revenue Attributable result AREA / BUSINESS UNIT 2022 2023 Δ% 2022 2023 Δ% IBERIA 6,517.4 6,978.2 7.1% 189.7 341.6 80.1% BRAZIL 4,234.6 4,823.7 13.9% 138.6 227.5 64.1% OTHER LATAM 4,202.7 4,451.0 5.9% 185.2 120.7 ‐34.8% NORTH AMERICA 2,551.
Slide 5: Reconciliation P&L – December 2023
IFRS 17&9 RECONCILIATION P&L – December 2023 IFRS 17 impacts: IFRS 9 impacts: TOTAL (45) 30 IMPACTS (15) * Homogenized local accounting ** Includes the discounting and unwind of insurance and reinsurance contract assets & liabilities, as well as the effect of interest rate movements on insurance and
Slide 6: Shareholders' Equity – December 2023
IFRS 17&9 SHAREHOLDERS’ EQUITY – December 2023 Change in Shareholders’ Equity Reconciliation Shareholders’ Equity Balance at 1 January 2023 7,797 IFRS 17 IMPACTS Currency conversion differences 64 301 Change in market value of financial assets 680 Change in technical provision (320) valuation (Life
Slide 7: Loss Component & Risk Margin
IFRS 17&9 LOSS COMPONENT & RISK MARGIN Loss Component – Closing balance BBA VFA PAA(1) TOTAL ∆% 2022 2023 2022 2023 2022 2023 2022 2023 IBERIA 10 17 9 6 35 40 54 63 15.8% BRAZIL 1 0 9 1 49 53 58 54 ‐7.9% OTHER LATAM 17 86 1 0 4 5 22 92 314.7% EMEA 2 (0) ‐‐ ‐‐ 44 54 46 54 17.3% NORTH AMERICA 0 0 ‐‐ ‐
Slide 8: CSM Roll Forward
IFRS 17&9 CSM ROLL FORWARD Dec. 2023 CSM Net of tax and non‐ controlling interests Δ CSM: +296 1,522 Of which: Of which: Δ CSM before release: +651 IBERIA: 1,687 IBERIA: 118 BRAZIL: 570 BRAZIL: 213 OTHER LATAM: 250 EMEA: 90 21 Million euros
Slide 9: Annex
92 MAPFRE Annex
Slide 10: Balance Sheet 12.31.2023 vs. 12.31.2022
IFRS 17&9 BALANCE SHEET 12.31.2023 vs. 12.31.2022 ASSETS 12.31.2022 12.31.2023 %∆ EQUITY AND LIABILITIES 12.31.2022 12.31.2023 %∆ A) INTANGIBLE ASSETS 2,790 2,680 ‐3.9% A) EQUITY 8,870 9,656 8.9% B) PROPERTY, PLANT AND EQUIPMENT 1,303 1,184 ‐9.1% I. Equity attributable to the controlling company's s
Slide 11: Breakdown of CSM
IFRS 17&9 BREAKDOWN OF CSM 12.31.2023 CSM net of non‐ CSM CSM CSM net of REGION controlling interest 12.31.2022 12.31.2023 taxes and taxes IBERIA 1,532 1,686 1,265 1,254 BRAZIL 456 570 337 96 OTHER LATAM 246 250 174 155 EMEA 68 90 59 15 NORTH AMERICA 2 3 2 2 TOTAL 2,304 2,600 1,837 1,522 28 Million
Slide 12: P&L - December 2023
IFRS 17&9 P&L ‐ December 2023 12M 2022 12M 2023 %∆ I. INSURANCE REVENUE 22,717 24,781 9.1% 1. Release of liability for remaining coverage 22,544 24,579 9.0% 1.1 Claims and other expected insurance service expenses 1,025 1,099 7.3% 1.2 Changes in the non‐financial risk adjustment 24 25 2.4% 1.3 Relea
Slide 13: Annex: IFRS 17 – Valuation approaches
Annex: IFRS 17 – Valuation approaches Assesses fulfillment cash flows using a dynamic calculation, updating Based on technically defined directives, MAPFRE believes Building hypotheses with each calculation, and recognizing expected profit that, in general, it will assess insurance and reinsurance B
Slide 14: Annex: IFRS 17 – Valuation approaches
Annex: IFRS 17 – Valuation approaches Valuation approach Line of business Liability Asset Burial Building Block Approach Life matched Variations in yield curve (risk‐free curve ≈100% Fixed Income portfolios (BBA) Life Savings w/o PS > + spread) reflected in OCI measured at FVOCI with recycling in P&
Slide 15: Terminology (I/II): Local homogenized accounting
TERMINOLOGY (I/II) Local homogenized accounting Revenue/ Total Premiums + Financial income from investments + Income from non‐insurance companies and other income Consolidated Revenue Premiums/Written and Accepted Written premiums, direct insurance + premiums from accepted reinsurance premiums Direc
Slide 16: Terminology (I/II): IFRS
TERMINOLOGY (I/II) IFRS Insurance revenue + Reinsurance revenue + Insurance/Reinsurance finance revenue + Finance revenue not related to Insurance service + Reversal of Income / Total Income / financial asset impairment provision + Result from equity‐accounted companies + Other non‐technical revenue