Mapfre Sa · BME:MAP
Mapfre Sa — 9M 2021 Earnings Presentation
21 slides from Mapfre Sa's earnings presentation, Oct 29, 2021
Slide 1: Results 9M
October 29, 2021 RESULTS 9M Fernando Mata CFO and Member of the Board
Slide 2: 9M 2021. Key Aspects
9M 2021. KEY ASPECTS 2 Solid growth in premiums and earnings 01 Spain and RE are main earnings contributors Financial strength of the Group 02 Commitment to shareholders: 6 cents per share, dividend of €416 million in 2021
Slide 3: COVID-Related Loss Experience
COVID-RELATED LOSS EXPERIENCE 3 Reduction in loss experience in mature markets. Shift in focus in 2021 to LATAM. Total COVID-19 impact: €666M. GEOGRAPHIC AREAS AND BUSINESS UNITS 2020 9M 2021 We have successfully adapted the IBERIA 39 28 BUSINESS MODEL to the new context. LATAM NORTH 63 92 LATAM SOU
Slide 4: 9M 2021. Key Figures
9M 2021. KEY FIGURES 4 19,783 16,632 524 TOTAL REVENUES INGRESOS CONSOLIDADOS PREMIUMS ATTRIBUTABLE EARNINGS +3.8% +7.0% +10.3%* +16.4% NON-LIFE COMBINED RATIO ROE** SOLVENCY II RATIO *** 96.5% 8.6% 194.5% Million euros / *Variations at constant exchange rates / **Excluding 2020 goodwill writedown /
Slide 5: Revenues
REVENUES 5 CONSOLIDATED REVENUES CONSOLIDATED REVENUES 13,291 €19,783M +3.8% +10.2% MAIN LINES DIRECT INSURANCE 3,341 5,128 2,005 1,146 +10.9% 4,031 NON-LIFE LIFE FINANCIAL OTHER INCOME +6.8% +7.4% +14.0% -34.3% 1,575 1,344 1,406 TOTAL PREMIUMS +10.3% €16,632M +7.0% GENERAL P&C AUTOMOBILE HEALTH & L
Slide 6: Earnings Breakdown
EARNINGS BREAKDOWN 6 NET EARNINGS 720 524 ADJUSTED EARNINGS 248 €623M +3.3% AJUSTADO -65 -203 -177 9M 9M 2020 2021 NON-LIFE LIFE OTHER TAXES NON- NET RESULT Attributable result 450 524 CONCEPTS* CONTROLLING INTERESTS -3% -16% +16% Nat Cat -66 -92 COVID RE and LATAM -84 -107 Capital gains and other -
Slide 7: Premiums by Business Unit
PREMIUMS BY BUSINESS UNIT 7 INSURANCE REINSURANCE GLOBAL ASISTENCIA €13,711M +8% RISKS 5,704 3,673 2,534 1,741 1,543 1,162 1,029 1,038 403 IBERIA BRAZIL LATAM LATAM NORTH AMERICA EURASIA REINSURANCE GLOBAL RISKS ASISTENCIA NORTH SOUTH +7.4% +6.7% +44.5% +6.8% -6.2% -8.4% +14.5% +2.8% -18.4% Million
Slide 8: Earnings by Business Unit
EARNINGS BY BUSINESS UNIT 8 INSURANCE REINSURANCE GLOBAL ASISTENCIA € 535M -12% RISKS 330 77 69 50 43 20 15 26 -2 IBERIA BRAZIL LATAM LATAM NORTH AMERICA EURASIA REINSURANCE GLOBAL RISKS ASISTENCIA NORTH SOUTH -1.2% -38.3% -63.0% +0.9% +16.1% -52.6% +370.1% +351.2% +89.8% Million euros / Data not co
Slide 9: Group Overview
GROUP OVERVIEW 9 TOTAL ASSETS 70,812 +2.4% 69,153 DECEMBER 2020 SEPTEMBER 2021 SHAREHOLDERS’ EQUITY €8,450M 8,536 8,450 524 -231 -397 113 -96 BALANCE RESULT FOR DIVIDENDS UNREALIZED CURRENCY OTHER BALANCE DECEMBER 2020 THE PERIOD GAINS DIFFERENCES SEPTEMBER 2021 Million euros / Variations compared t
Slide 10: Investments and Cash
INVESTMENTS AND CASH 10 INVESTMENT PORTFOLIO* €45,378M +1.1% FIXED INCOME €30,843M PUBLIC DEBT 23,132 FIXED INCOME Spain 12,406 AND OTHER Rest of Europe 4,550 80% United States Brazil 1,560 2,187 Latin America - Other 1,772 Oter countries 657 CORPORATE DEBT 7,711 ASSETS UNDER MANAGEMENT EQUITIES AND
Slide 11: Capital and Solvency
CAPITAL AND SOLVENCY 11 CAPITAL STRUCTURE €12,990M SOLVENCY II RATIO SHAREHOLDERS’ EQUITY 194.5%* SENIOR 75.8% DEBT Tier 1 7.7% BANK €8,097M SUBORDINATED DEBT DEBT (87%) 8.5% 8.0% Tier 2 €1,184M (13%) DEBT RATIO 24.2% *Data up to June 2021
Slide 12: Iberia
INSURANCE BUSINESS REGIONAL BREAKDOWN 12 SPAIN 5,605 +8% PORTUGAL 98 -4% IBERIA PREMIUMS BREAKDOWN 1,700 1,675 PREMIUMS 1,389 €5,704M +7.4% NET EARNINGS 744 €330M -1.2% COMBINED RATIO 96.2% GENERAL AUTOMOBILE LIFE HEALTH & P&C ACCIDENT ROE +4.7% +1.1% +19.0% +8.5% 10.4% Million euros
Slide 13: Brazil
INSURANCE BUSINESS REGIONAL BREAKDOWN 13 PREMIUMS BREAKDOWN BRAZIL 1,334 PREMIUMS 863 €2,534M +6.7% +16.3% NET EARNINGS €50M -38.3% COVID LIFE IMPACT COVID: -€42.9M 336 COMBINED RATIO 87.3% GENERAL P&C LIFE AUTOMOBILE ROE +17.6% -4.4% +0.3% 9.7% Million euros / *Variations in local currency
Slide 14: LATAM North
INSURANCE BUSINESS REGIONAL BREAKDOWN 14 PREMIUMS BREAKDOWN LATAM NORTH 1,119 83% PREMIUMS €1,741M +44.5% NET EARNINGS 384 €20M -63.0% 238 COVID LIFE IMPACT COVID: -€26.3M COMBINED RATIO 97.1% MEXICO CENTRAL AMERICA DOMINICAN REP. ROE +86.0% +7.5% -3.3% 7.6% Million euros / *Variations in local curr
Slide 15: LATAM South
INSURANCE BUSINESS REGIONAL BREAKDOWN 15 PREMIUMS BREAKDOWN LATAM SOUTH 375 PREMIUMS 16% 284 €1,162M +6.8% 219 30% NET EARNINGS €43.5M +0.9% -1% 131 COVID LIFE IMPACT COVID: -€22.7M 57% COMBINED RATIO 93.2% PERU COLOMBIA CHILE ARGENTINA ROE -1.4% +23.1% +1.6% +22.7% 10.8% Million euros / *Variations
Slide 16: North America
INSURANCE BUSINESS REGIONAL BREAKDOWN 16 PREMIUMS BREAKDOWN NORTH AMERICA 1,192 1,271 UNITED STATES -6% PREMIUMS €1,542M -6.2% -1.2% NET PREMIUMS €77M +16.1% 272 COMBINED RATIO 97.8% 79 -2.9% ROE NORTHEAST OTHER STATES PUERTO RICO 6.2% -1.4% -43.8% -7.8% Million euros / *Variations in local currency
Slide 17: Eurasia
INSURANCE BUSINESS REGIONAL BREAKDOWN 17 PREMIUMS BREAKDOWN EURASIA 297 293 228 PREMIUMS 170 €1,029M -8.4% NET EARNINGS €15M -52.6% 18% COMBINED RATIO 103.6% GERMANY MALTA TURKEY ITALY ROE +3.1% +15.1% -8.5% -41.4% 2.1% Million euros / *Variations in local currency
Slide 18: MAPFRE RE
REINSURANCE BUSINESS BREAKDOWN 18 PREMIUMS BREAKDOWN MAPFRE RE 3,673 PREMIUMS €4,711M +11.7% NET EARNINGS €95M +577.2% REINSURANCE: €69.5M 1,038 GLOBAL RISKS: €25.9M COMBINED RATIO 98.5% REINSURANCE GLOBAL RISKS ROE +2.8% +14.5% 7.6% Million euros
Slide 19: Committed to Shareholders
9M RESULTS 2021 19 COMMITTED TO SHAREHOLDERS We’re raising remuneration by 1 cent. We’re advancing the payment date by one month. 6 cents per share € 416M 7.75%* 2021 interim dividend Paid in dividends in 2021 Dividend yield € 447 M € 447 M € 447 M € 416 M € 416 M 2017 2018 2019 2020 2021 *Calculate
Slide 20: Conclusiones
CONCLUSIONES 20 01 Focus on operational transformation § Business model adapted to demanding current circumstances. Solid progress in core markets 02 § Spain beats the market again. § LATAM resilience in the COVID-19 environment. § Positive earnings contribution from the USA. § RE is once again a ma
Slide 21: Thank You
THANK YOU Fernando Mata CFO and Member of the Board 9M RESULTS October 29, 2021