Results December 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 December 2021

MAPFRE’s consolidated revenue in 2021 reached nearly 27.3 billion euros, improving 7.2 percent, and the attributable result stood at 765 million euros, which represents a 45.3 percent rise with respect to the same period of the previous year.

Million euros.

Revenue December 2021

The Group’s consolidated revenue in 2021 reached nearly 27.3 billion euros, with a 7.2 percent increase, mainly due to the issuing of a multi-year policy in Mexico in June for the amount of 563 million dollars (477 million euros), strong commercial activity, the economic recovery, as well as supportive reinsurance pricing. At constant exchange rates, revenue would have grown 9.6 percent.

Million euros.

Premiums December 2021

Premiums from direct insurance and accepted reinsurance reached over 22.2 billion euros, with an 8.2 percent increase, primarily due to the previously mentioned policy in Mexico, the favorable development of issuing in the reinsurance business, and the positive commercial performance of Life-Savings products in Spain. At constant exchange rates, premiums would have grown 10.7 percent.

Non-Life premiums grew 7.2 percent, thanks to the positive performance in Mexico, Spain, Brazil and Colombia, especially in General P&C and Health lines. On the other hand, the 3.8 percent reduction in issuing in the Auto line comes primarily from Italy, the United States and Turkey, countries in which MAPFRE has decided to reduce its risks in this line.

By Non-Life business type, General P&C is the most important line, with almost 6.6 billion euros in premiums. Auto holds second place, with almost 5.4 billion euros. Health & Accident is in third place with almost 1.6 billion euros.

Life insurance premiums grew 11.8 percent thanks to improved Life-Savings business, which was supported by higher sales of unit-linked products, as well as some relevant group policies in Spain. Life-Protection grew 3 percent, primarily from improved business in Mexico and Colombia

Million euros.

Combined ratio December 2021

The Group’s combined ratio stood at 97.5 percent at the close of December, with the Auto line impacted by the return to pre-covid mobility levels, as well as by the provisions booked for restructuring in Spain and Italy throughout the year. Excluding this provision, the Non-Life combined ratio would be 96.1 percent for the Group and 95.6 percent at insurance units.

Net result December 2021

The accumulated attributable result to December 2021 reached 765 million euros, rising 45.3 percent, with IBERIA and MAPFRE RE being the largest contributors to the Group’s results

Million euros.

Balance sheet

Balance sheet to December 2021

Total assets reached over 63.9 billion euros at December 2021 and decreased 7.7 percent compared to the close of the previous year, primarily due to the exit of the BANKIA VIDA operation from MAPFRE’s scope.

The Group’s shareholders’ equity is slightly down on the year, mainly due to the reduction of unrealized capital gains on fixed income securities as a result of interest rate increases.

Million euros.

Assets Under Management

Solvency II

The Solvency II ratio for MAPFRE Group stood at 193.8 percent with figures at September 2021, compared to 192.9 percent at the close of December 2020, including transitional measures. This ratio sits comfortably near the midpoint of our target range and is aligned with our risk appetite.

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

High quality capital base: 87% of eligible own funds are Tier 1.

“Fully loaded” Solvency II ratio: 181% (excluding impact of transitional measures on technical provisions and equity).

192.9%

193.8%

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 lanza InverSelect 30 un nuevo unit linked ligado al índice Eurostoxx Select Dividend 30

MAPFRE launches Cupón Revalorización Dólar

February 2022

MAPFRE has launched a new unit linked single-premium savings product, with returns tied to the EURUSD index, which reflects the exchange rate between the euro and the US dollar.

MAPFRE, la única aseguradora española reconocida en el Sustainability Yearbook 2022

MAPFRE, the only Spanish insurer recognized in the Sustainability Yearbook 2022

February 2022

MAPFRE has been ranked for the third consecutive year among the world’s leading companies in sustainability in the Sustainability Yearbook 2022.

MAPFRE, en el Índice Bloomberg de Igualdad de Género 2022

MAPFRE, in the Bloomberg Gender Equality Index 2022

January 2022

For the second consecutive year, MAPFRE appears in the Bloomberg Gender Equality Index 2022.

Cerca de mitad de la plantilla de MAPFRE en España se adhiere al plan de remuneración en acciones lanzado por la compañía

Close to half of MAPFRE employees in Spain signed up for the company’s new stock option plan

January 2022

In the last quarter of 2021, MAPFRE launched a stock option plan, offering all employees in Spain the option of receiving part of their 2022 salary in company shares.

MAPFRE, reconocida como la aseguradora más valiosa de España

MAPFRE, recognized as the most valuable insurer in Spain

January 2022

MAPFRE has been recognized once again as the most valuable insurer in Spain, according to the prestigious Brandz ranking prepared by Kantar. The report takes into consideration the market cap along with the value consumers attribute to the companies.

MAPFRE ha recibido 571 millones de euros por la ruptura del acuerdo con Bankia

MAPFRE has received 571 million euros for the termination of its agreement with Bankia

December 2021

MAPFRE and CaixaBank signed, on December 29, the termination of their bancassurance agreement, a process that began due to a change in ownership last March, once Bankia’s integration process into CaixaBank had been approved.

MAPFRE teje una red de alianzas en bancaseguros para reforzar su liderazgo en Latinoamérica

MAPFRE forges a network of bancassurance partnerships to strengthen its leadership in Latin America

December 2021

Latin America has played a prominent role in MAPFRE’s internationalization process. Currently, MAPFRE has agreements with more than 50 companies in 15 countries, making it the leading company in this modality in the region.

Encuentro con Banco do Brasil, la mayor operación de bancaseguros de MAPFRE en el mundo

Meeting with Banco do Brasil, MAPFRE’s largest bancassurance operation in the world

November 2021

The chairmen of MAPFRE, Antonio Huertas, and of Banco do Brasil, Fausto de Andrade Ribeiro, met in Madrid to discuss the progress of the bancassurance alliance in Brazil. For MAPFRE, this is the most important bancassurance operation in the world.

MAPFRE launches InverSelect 30, a new unit linked tied to the Eurostoxx Select Dividend 30 index

November 2021

MAPFRE has launched a new individual savings product. It is a single premium unit linked called InverSelect 30, with returns tied to the EuroStoxx Select Dividend 30 index. It is an interesting short/medium-term savings alternative for clients to diversify their investment.

MAPFRE participa en el XIV Foro de ‘Empresas que crean valor para el accionista’, organizado por EL ECONOMISTA

MAPFRE participates in the XIV Forum of “Companies that Create Value for Shareholders,” held by EL ECONOMISTA

October 2021

Economic activity is showing signs of a return to pre-COVID levels: high inflation has been added to the market correction now underway, so companies must prepare for this scenario.

MAPFRE, entre las 10 empresas del Ibex que ofrecen información de mejor calidad a sus accionistas

MAPFRE, in the top 10 Ibex Companies providing shareholders with the highest quality information

October 2021

MAPFRE is the ninth Ibex 35 company in terms of the quality of information it offers its shareholders and stakeholders, according to the Reporta report, which analyzes different variables like the degree of transparency, commitment, relevance and accessibility of annual reports.

Dividends and Shareholders

MAPFRE continues creating value for its shareholders

On November 30, 2021, the interim dividend of 0.0606 euros gross per share was paid, after having proportionately applied the amount corresponding to treasury stock to the remaining shares.

The final dividend proposed at the Annual General Meeting is 0.085 euros gross per share. As such, the total dividend against the 2021 fiscal year reaches 0.145 euros gross per share, which implies a payout ratio of 58.4 percent.

Share Performance

MAPFRE – IBEX 35 – Stoxx Insurance

Share price evolution: December 31, 2020 – December 31, 2021

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