Results March 2021

MAPFRE wants its shareholders to have access to the information about the company – results, dividend payments, and relevant events. The Financial Newsletter provides a summary of the most important information about the Group during the period. You can also find the archive of previous newsletters, as well as fill out the form to sign up to receive the newsletter.

Results March 2021

MAPFRE’s consolidated revenue in the first quarter of 2021 amounted to 7.3 billion euros, equivalent to a 0.4 percent decrease, and the attributable result stood at 173 million euros, which represents a 36.7 percent increase with respect to the previous year.

Million euros.

Revenue March 2021

The Group’s consolidated revenue in the first quarter of 2021 reached 7.3 billion euros, with a decrease of 0.4 percent, mainly due to the fall in written premiums. However, at constant exchange rates revenue would have grown 5.5 percent.

Million euros.

Premiums March 2021

Premiums from direct insurance and accepted reinsurance reached 5.9 billion euros, with a decrease of 3.3 percent, primarily due to strong depreciation of the main currencies. At constant exchange rates, premiums would have grown 3.2 percent.

Non-Life premiums went down 2.6 percent, marked primarily by lower issuing in the Auto line, which fell 10.5 percent, primarily as a result of lower issuing in the United States, Italy, Turkey and Mexico. At constant exchange rates, Non-Life premiums would have grown 3.5%. It is important to point out the growth in the General P&C and Health businesses, which went up 6.6 and 4.0 percent in the quarter, respectively, thanks to positive development in Mexico, Spain, Colombia, and Brazil in General P&C, and in Spain and Mexico in Health & Accident.

By Non-Life business type, General P&C is the most important line, with over 1.6 billion euros in premiums. Auto holds second place, with almost 1.4 billion euros. Health and Accident is in third place with 907 million euros.

Life insurance premiums fell 6.2 percent, whereas at constant exchange rates they would have grown 1.7%. Of these, Life-Protection fell 15.1 percent, primarily from the currency effect in Brazil. Life-Savings premiums fell 8.3 percent, primarily from the fall in issuing in Mexico, Panama and Spain, in a complicated economic environment for the sale of these products.

Million euros.

Combined ratio March 2021

The Group’s combined ratio stood at 94.3 percent at the close of March, improving 5.7 percentage points compared to the pre-pandemic first quarter of 2020. The main drivers of the improvements are technical measures implemented in previous years, mainly in Brazil and USA, lower Auto frequency from the pandemic, as well as the absence of large catastrophic events. The combined ratio of the insurance units stood at 93.8 percent, improving 3.4 percentage points.

Net result March 2021

The accumulated attributable result to March 2021 reached 173 million euros, rising 36.7 percent, mainly from the improved MAPFRE RE and Asistencia business units’ results, as well as the already-mentioned absence of large catastrophic events. Lower frequency in Non-Life lines, especially Auto, has offset COVID-19 related claims and the fall in the financial result.

Million euros.

Balance sheet

Balance sheet to March 2021

Total assets reached almost 70.0 billion euros at March 2021 and grew 1.2 percent compared to the close of the previous year.

The Group’s shareholders’ equity has been primarily impacted by a decrease in net unrealized gains on the available for sale portfolio, as a result of the increase in interest rates in the first quarter of the year.

Million euros.

Assets Under Management

Solvency II

The Solvency II ratio for MAPFRE Group stood at 192.9 percent with provisional figures at December 2020, compared to 186.8 percent at the close of December 2019, including transitional measures. These figures already reflect the impact of the application of Spanish Life business internal model for longevity risk, approved by local regulator April 2021, which imply a 6 p.p. uplift in the Solvency II ratio. Eligible Own Funds reached 8.9 billion euros in the same period.

The ratio maintained great solidity and stability, backed by high levels of diversification and strict investment and ALM policies.

High quality capital base: 86% of eligible own funds are Tier 1.
“Fully loaded” Solvency II ratio: 178.4% (excluding impact of transitional measures on technical provisions and equity).

186.8%

192.9%

Billion euros.

Strategic Plan 2019-2021

Based on the transformation we need as a company, we are articulating our strategy around three pillars: client orientation, excellence in technical and operational management and culture and talent. The transformation will be present in everything that we do, it will be transversal and it will act as an authentic accelerator across the entire organization.

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Client orientation

We are 100-percent client-oriented, and place the client at the center of everything we do so that we can continue to be your trusted insurance company. With the client orientation pillar, we are working to understand your needs and offer you value propositions that are innovative and tailored to each client profile.

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Excellence in technical and operational management

We consider excellence in technical and operational management to be a fundamental goal, and key to achieving adequate profitability in the market.

Culture and talent

We believe that it is essential to be able to count on the people and culture of MAPFRE as the bedrock of our whole business. Our people’s effort and commitment drives transformation and helps us to anticipate change by leveraging progress in the digital age. Equal opportunities, diversity and labor inclusion are the transversal principles at the center of our strategy.

Relevant events

MAPFRE ofrecerá productos de SANTANDER en los 3.000 puntos de venta de la aseguradora

MAPFRE will sell SANTANDER products in the insurer’s 3,000 points of sale

April 2021

Banco Santander and MAPFRE have reinforced the framework of the strategic commercial alliance between the two companies that has been in place for the last two years. They have reached a new agreement that will allow the insurer to offer the bank’s products and services through its commercial network in Spain, the largest in Spanish insurance with close to 3,000 branches throughout the whole of the national territory.

IBERDROLA y MAPFRE sellan una alianza estratégica para invertir en energías renovables en España

Iberdrola and MAPFRE join forces in a strategic alliance to invest in renewable energy in Spain

April 2021

They have set up a pioneering co-investment vehicle to achieve their goals, through 230 MW of green projects. MAPFRE is the majority shareholder in the vehicle with an 80 percent stake, while Iberdrola holds the remaining 20 percent and is responsible for developing, building and maintaining the farms.

MAPFRE celebra su primer Management Insights Day

MAPFRE holds its first Management Insights Day

March 2021

MAPFRE has held its first Management Insights Day, bringing together more than 100 investors, analysts and other financial experts to analyze the company’s business prospects and financial situation.

MAPFRE holds its Annual General Meeting

March 2021

The Annual General Meeting has approved the financial statements for fiscal year 2020 and a dividend of 12.5 euro cents per share (gross), giving a total of 385 million euros in remuneration for shareholders against results.

MAPFRE celebra su segundo encuentro virtual con accionistas

MAPFRE holds its second virtual meeting with shareholders

March 2021

MAPFRE has held its second virtual meeting with more than 200 private shareholders to provide them with the latest details of last year’s results and to give them a chance to ask any questions concerning the business and the share performance.

MAPFRE lanza el unit linked Colectivo Compromiso

MAPFRE launches the Unit Linked Colectivo Compromiso

February 2021

This Savings Insurance product makes it possible to externalize companies’ pension commitments and offer company employees as well as the self-employed future earnings expectations above those of traditional Savings products, adapted to each client’s risk profile.

S&P reconoce el liderazgo de MAPFRE en Sostenibilidad

S&P recognizes MAPFRE as a leader in sustainability

February 2021

MAPFRE has once again been named one of the world’s leading companies in the area of sustainability by being included, for the second year running, in the Sustainability Yearbook 2021 — a prestigious annual publication by S&P Global that ranks the most socially responsible companies.

MAPFRE, incluida en el Índice de Igualdad de Género de Bloomberg 2021

MAPFRE included in 2021 Bloomberg Gender-Equality Index

January 2021

The 2021 Bloomberg Gender-Equality Index brings transparency to gender-related practices and policies at publicly listed companies increasing the disclosure of environmental, social and governance (ESG) data available to investors.

MAPFRE eleva su participación en Abante hasta el 20%

MAPFRE raises its stake in Abante to 20 percent

January 2021

Abante and MAPFRE strengthened their strategic alliance to further advance the creation of the most competitive independent platform for financial advice and product distribution in the Spanish market.

MAPFRE y Abante captan 300 millones para su fondo de infraestructuras gracias al interés de los inversores

MAPFRE and Abante raise 300 million for its infrastructure fund on the back of strong investor interest

January 2021

MAPFRE and Abante have closed its first vehicle to invest in infrastructure with 300 million euros just three months after the fundraising began, 50 percent more than the 200 million initially envisaged.

MAPFRE lanza Programa Horizonte Inversión, un seguro de ahorro unit linked con gestión activa

MAPFRE launches Programa Horizonte Inversión, an actively managed Unit Linked savings insurance product

January 2021

MAPFRE has developed Programa Horizonte Inversión, a product composed of various fund portfolios, which adapts to the risk profile of each client, as well as the time horizon for which they are planning and maintaining their savings.

MAPFRE, la séptima empresa más responsable y con mejor gobierno corporativo de España

MAPFRE, number seven in the ranking of most responsible companies and best corporate governance in Spain

January 2021

MAPFRE is seventh on the list of most responsible companies and best corporate governance in Spain, according to Merco. Additionally, the company continues to lead the ranking as the most valued insurance company in this study.

Dividends and Shareholders

MAPFRE continues creating value for its shareholders

The Annual General Meeting held on March 12, 2021, agreed to pay a final dividend of 0.075 euros gross per share. This final dividend will be paid on May 24, 2021.

As such, along with the interim dividend paid this past December of 0.05 euros gross per share, the total dividend against results reaches 0.125 euros gross per share, which implies a payout ratio of 73.1 percent.

Share Performance

MAPFRE – IBEX 35 – Stoxx Insurance

Share price evolution: December 31, 2010 – March 31, 2021

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