#MAPFREresults 30 April, 2019

2019

RESULTS

PRESENTATION

1st QUARTER

2019

RESULTS

PRESENTATION

1st QUARTER

#MAPFREresults 30 April, 2019

FERNANDO MATA MAPFRE’s Member of the Board and CFO

MORE

KEY ASPECTS OF THE FIRST QUARTER 3

* Vs. Dec. 2018

** Excluding goodwill write-down

GROWTH

MORE PROFITABILITY

+5.8%

+3.3%

+10.6%

+3.5%*

+7.9%

+5.9%*

REVENUE

PREMIUMS

RE

SHAREHOLDERS' EQUITY

SPAIN

ASSETS

+0.6%

95.9% (-0.6 pp)

+15%

BRAZIL AND USA

8.3%**

ATTRIBUTABLE RESULT

COMBINED RATIO

INSURANCE UNIT RESULT

SUBSTANTIAL RECOVERY

ROE

ECONOMIC CONTEXT: BETTER NEUTRALITY IN

CURRENCY DEVELOPMENTS

COMBINED RATIO NON-LIFE

-x pp

x%

ROE

x%

Million euros

** Excluding goodwill write-down

THE FIGURES AT A GLANCE 4

+0.6%

188

ATTRIBUTABLE

EARNINGS

7,675 +5.8%

CONSOLIDATED

REVENUES

PREMIUMS 6,399 +3.3%

+3.9% at constant exchange

rates

NON-LIFE COMBINED

RATIO ROE

8.3%* 95.9% -0.6 pp

7,675 +5.8%

0 1000 2000 3000 4000 5000 6000 7000 8000 9000

NON-LIFE PREMIUMS

LIFE PREMIUMS

FINANCIAL

OTHER REVENUE

CONSOLIDATED

Series 1

NON-LIFE PREMIUMS

LIFE PREMIUMS

FINANCIAL

OTHER REVENUE

CONSOLIDATED

CONSOLIDATED REVENUES 5

0 1000 2000 3000 4000 5000 6000 7000 8000 9000

NON-LIFE PREMIUMS

LIFE PREMIUMS

FINANCIAL

OTHER REVENUE

CONSOLIDATED

Series 1

NON-LIFE PREMIUMS

LIFE PREMIUMS

FINANCIAL

OTHER REVENUE

CONSOLIDATED

451 +4%

4,999 +0.7%

1,399 +14%

826 +32%

+1%*

+15%*

NON-LIFE PREMIUMS

LIFE PREMIUMS

FINANCIAL

OTHER REVENUES

CONSOLIDATED REVENUES

Million euros

*Data in blue at constant exchange rates.

EARNINGS BREAKDOWN

-113 -76

188 275

137

-35

Million euros

*Includes other activities, holding company expenses and adjustments for hyperinflation.

6

NON-LIFE LIFE OTHER* TAXES NON-CONTROLLING INTERESTS

NET EARNINGS

50% 50% 50%

Million euros

GROUP OVERVIEW

SHAREHOLDERS' EQUITY +279M

+3.5% 7,994

BALANCE

01/01/2019

188

EARNINGS FOR

THE YEAR

262

DIVIDENDS

91

CONVERSION

DIFFERENCES

36

OTHER

8,273

BALANCE

03/31/2019

298

UNREALIZED

CAPITAL GAINS

7

TOTAL ASSETS

+5.9% DEC. 2018 MARCH 2019

67,291 71,259

Million euros

ASSETS UNDER MANAGEMENT 8

INVESTMENT PORTFOLIO

FIXED INCOME

AND OTHER

82%

CASH

6% REAL ESTATE

4%

VARIABLE

INCOME

AND FUNDS

8%

51,788 +5.1%

€9,216M

PUBLIC DEBT

CORPORATE DEBT

€28,515M

PUBLIC DEBT

Spain 16,531

Rest of Europe 5,306

United States 1,481

Brazil 2,832

Latin America - Other 1,866

Other countries 499

TOTAL 28,515

CAPITAL AND SOLVENCY

Tier 2 €1,120 M (13%)

SOLVENCY II RATIO 190%* SOLVENCY

€12,587M

CAPITAL STRUCTURE

24% DEBT RATIO

EQUITY

76%

BANK DEBT

7%

SENIOR DEBT

8%

SUBORDINATED

DEBT

9% Tier 1 €7,699 M (87%)

9

*12/31/2018

**Environmental, Social and Governance

€7,699M

(87%)

1 Tier

€1,120M

(13%)

2 Tier

GLOBAL RISKS 247

REINSURANCE

1,294

REINSURANCE

55

PREMIUMS/EARNINGS BY BUSINESS AREA

Million euros

Data do not include consolidation adjustments

Data do not include consolidation adjustments.

NET EARNINGS PREMIUMS

10

INSURANCE MAPFRE RE ASISTENCIA

INTERNATIONAL 11

+15%

179

-27%

52

-45%

-4 LATAM 48

IBERIA 120

+2.9%

+2.6%

INSURANCE

ASISTENCIA

5,372

233 +10.6%

MAPFRE RE

1,541

IBERIA

2,525

LATAM

1,769

INTERNATIONAL

1,078

SPAIN

2,492 +7.9%

PO

RTU

GAL

34 +4.8%

Million euros

SPAIN

INSURANCE BUSINESS PREMIUMS REGIONAL BREAKDOWN 11

IBERIA THE GROWTH DRIVER

INSURED VEHICLES

5,771,882 (units) +2.4%

PREMIUMS €2,525M (+7.8%)

NET EARNINGS €120M (+1.5%)

COMBINED RATIO 92.6%

ROE 11.8%

LIFE GENERAL HEALTH AND

ACCIDENT

652 608

646

AUTOMOBILE

548

+4% +21% +3% +5%

90.6%

Auto TPL

652 +21%

GENERAL HEALTH AND ACCIDENT

LIFE AUTO

90.6%

Auto TPL

646 +4%

608 +5%

548 +3%

INSURANCE BUSINESS PREMIUMS REGIONAL BREAKDOWN 12

BRAZIL

GENERAL P&C

368 -7%

MAPFRE SEGUROS

532 -13%

BB MAPFRE

435 +8%

LIFE

364 +13%

AUTO

234 -21%

104.4%

Auto TPL IMPROVES

10 POINTS

Million euros

*Data in blue at constant exchange rates.

€967M (-4.6%) €24M (+68)

NET EARNINGS PREMIUMS

95.4%

COMBINED RATIO

+2.3%*

€551M (-2%)

INSURANCE BUSINESS PREMIUMS REGIONAL BREAKDOWN 13

NORTHEAST PUERTO RICO

403

+5%

NON-NORTHEAST

73 -15%

74 -2%

98.6%

Northeast TPL

NORTH AMERICA

NORTHEAST

403 +5%

PUERTO RICO

74 -2%

Million euros

*Data in blue at constant exchange rates.

98.6%

RC

NON-NORTHEAST

73 -15%

USA

€13M (vs. €4M LOSSES IN 2018)

NET EARNINGS PREMIUMS

99.9% (6.3 POINT IMPROVEMENT)

COMBINED RATIO

-9.7%*

INSURANCE BUSINESS PREMIUMS REGIONAL BREAKDOWN 14

LATAM NORTH

Million euros

MEXICO DOUBLES RESULTS

95.4%

Auto TPL

245 +16%

CENTRAL AMERICA

DOMINICAN REPUBLIC

MEXICO

121 -1.5%

38 +20%

€404M (+11%) €13M (+35%)

NET EARNINGS PREMIUMS

96.2%

COMBINED RATIO

CHILE

63 +17%

INSURANCE BUSINESS PREMIUMS REGIONAL BREAKDOWN 15

LATAM SOUTH

133

90 54 63

PERU COLOMBIA ARGENTINA CHILE

+7% +4% -27% +17%

PERU EARNS €7 M WITH CR OF 88.7%

PERU

133 +7%

COLOMBIA

90 +4%

ARGENTINA

54 -27%

+44%*

Million euros

*Data in blue at constant exchange rates.

88.7%

CR

€398M (+1%) €11M (-24%)

NET EARNINGS PREMIUMS

95.5%

COMBINED RATIO

GERMANY

150 +2%

TURKEY

132 -12%

+13%*

INSURANCE BUSINESS PREMIUMS REGIONAL BREAKDOWN 16

ITALY

123 +7%

MALTA

104 +1%

EURASIA

Million euros

*Data in blue at constant exchange rates.

106.6%

Auto TPL IMPRIOVES

3 POINTS

€527M (-2.6%) -€2M

NET EARNINGS PREMIUMS

108.5%

COMBINED RATIO

CONCLUSIONS 17

03

02

01

Solid growth

and profitability of

mature businesses:

SPAIN and RE

New business

arrangements in

BRAZIL and USA

are showing results

LATAM consolidates its

contribution to

PROFITABLE

GROWTH

2019

RESULTS

PRESENTATION

1st QUARTER

#MAPFREresults