Madrid, April 25, 2024
SPANISH SECURITIES AND EXCHANGE COMMISSION (CNMV)
In accordance with article 227 of Law 6/2023, of March 17, on the Securities Market and Investment Services, MAPFRE, S.A. (MAPFRE) hereby gives notice to the Spanish Securities and Exchange Commission of the following
OTHER RELEVANT INFORMATION
Please find attached the documentation to be presented to investors in upcoming meetings.
José Miguel Alcolea Cantos
General Counsel
Activity Update
Analyst & Investor presentation
3M 2024
April 25th 2024
DISCLAIMER
MAPFRE S.A. hereby informs that the figures and ratios in this activity report are presented under the accounting principles in force in each country, homogenized for comparison and aggregation between units and regions. As such, certain adjustments have been applied, the most relevant of which are the following: the elimination of the goodwill amortization in Spain and the elimination of catastrophic reserves in some Latin American countries. In Malta and Portugal, the applicable local accounting is IFRS 17 & 9. MAPFRE Group presents its financial statements under the international accounting standards in force (IFRS 9 and 17) applicable to listed companies on a half-year basis.
This document is for information purposes only and its aim is to show the development of the most relevant business indicators of MAPFRE's units in the period. Its content does not constitute, nor can it be interpreted as, an offer or an invitation to sell, exchange or buy, and it is not binding on the issuer in any way.
MAPFRE S.A. does not undertake to update or revise periodically the content of this document.
Certain numerical figures included in the presentation have been rounded. Therefore, discrepancies in tables between totals and the sums of the amounts listed may occur due to such rounding.
2
ACTIVITY UPDATE - 3M 2024
Profitable growth strategy is delivering
PREMIUMS
€8,143 mn
+4.6%
LATAM
Growth engine
Strong contribution
from BRAZIL
PROFITABILITY
€216 mn
net result +69.5%
10.1% ROE +1.1 p.p.
IBERIA
Result is up 8.6%
Technical improvements
in Auto
NON-LIFE
COMBINED RATIO
95.8%
-2.7 p.p.
NORTH AMERICA
Relevant
improvement in
profitability
SOLVENCY II *
208.2%
with transitionals
199.6%
excluding transitionals
*Data at December 2023, provisional figures
MAPFRE RE
€67 mn
net result +101%
Solid business growth
3
ACTIVITY UPDATE - 3M 2024
PREMIUMS
TOTAL PREMIUMS
€8,143M +4.6% | +3.8%* |
+6.9%-2.7%
MAIN LINES
INSURANCE
4
Million euros / * At constant exchange rates
ACTIVITY UPDATE - 3M 2024
KEY FIGURES AND RATIOS
BY REGIONS AND BUSINESS UNITS
Premiums | Net result | Non-Life Combined ratio | |||||
3M 2024 | Δ % | 3M 2024 | Δ % | 3M 2024 | Δ % | ||
IBERIA | 3,354.3 | 0.8% | 73.1 | 8.6% | 99.7% | -0.0 p.p | |
BRAZIL | 1,320.1 | 10.2% | 60.8 | 13.5% | 77.5% | -4.1 p.p | |
OTHER LATAM | 1,251.9 | 8.0% | 33.5 | -16.5% | 99.9% | -0.3 p.p | |
TOTAL LATAM | 2,572.0 | 9.1% | 94.4 | 0.7% | 87.4% | -2.8 p.p | |
NORTH AMERICA | 630.6 | 8.0% | 15.5 | -- | 100.7% | -6.9 p.p | |
EMEA | 416.5 | -4.7% | (8.9) | 50.0% | 118.8% | 5.1 p.p | |
TOTAL INSURANCE | 6,973.3 | 4.0% | 174.1 | 29.8% | 96.4% | -2.1 p.p | |
REINSURANCE | 1,616.4 | 11.4% | 56.5 | 112.4% | 94.5% | -5.0 p.p | |
GLOBAL RISKS | 534.3 | -4.3% | 10.7 | 58.2% | 86.1% | -4.8 p.p | |
TOTAL MAPFRE RE | 2,150.7 | 7.0% | 67.3 | 101.4% | 93.8% | -4.9 p.p | |
ASSISTANCE (MAWDY) | 53.3 | -4.6% | 1.4 | -- | 99.2% | 0.8 p.p | |
Holding expenses and other | (1,034.5) | -5.0% | (26.5) | 34.3% | -- | -- | |
TOTAL | 8,142.8 | 4.6% | 216.3 | 69.5% | 95.8% | -2.7 p.p |
ROE (main markets/units) | |||||
3M 2024 | |||||
BRAZIL | 24.0% | ||||
TOTAL LATAM | 16.9% | ||||
MAPFRE RE | 13.1% | ||||
IBERIA | 11.6% | ||||
COMBINED RATIOS | |||||
3M 2024 | Δ % | ||||
Non-Life Loss ratio | 68.0% | -3.2 p.p | |||
Non-Life Expense ratio | 27.7% | 0.5 p.p | |||
Non-Life Combined ratio | 95.8% | -2.7 p.p | |||
General P&C | 83.5% | -3.8 p.p | |||
Auto | 105.3% | -1.1 p.p | |||
Accident & Health | 102.8% | 1.0 p.p | |||
Life Protection Combined ratio | 82.9% | 1.3 p.p |
Million euros
5
ACTIVITY UPDATE - 3M 2024
KEY FIGURES > AUTO
MAPFRE GROUP
IBERIA
NORTH AMERICA
BRAZIL
Premiums | ||
3M 2023 | 3M 2024 | Δ % |
1,575 | 1,629 | 3.4% |
564 | 592 | 5.0% |
374 | 405 | 8.1% |
163 | 151 | -7.7% |
Insured units | |
Units (mn) | Δ % |
13.31 -5.0%
6.06 -2.1%
1.33 -5.6%
1.21 -6.4%
Attributable result
3M 2023 | 3M 2024 |
-29.5 | -12.6 |
-14.8 | -11.6 |
-10.5 | 7.5 |
-1.3 | 3.9 |
Combined Ratio
3M 2023 | 3M 2024 |
106.3% | 105.3% |
106.5% | 105.7% |
105.0% | 101.8% |
106.6% | 101.3% |
Combined Ratio
MAPFRE GROUP
IBERIA
NORTH AMERICA
BRAZIL
Million euros
6
ACTIVITY UPDATE - 3M 2024
KEY FIGURES > GENERAL P&C
MAPFRE GROUP
BRAZIL
IBERIA
Premiums | ||
3M 2023 | 3M 2024 | Δ % |
2,124 | 2,288 | 7.7% |
659 | 744 | 13.0% |
787 | 839 | 6.7% |
Attributable result
3M 2023 | 3M 2024 |
67.9 | 92.8 |
32.7 | 35.2 |
36.9 | 48.1 |
Combined Ratio
3M 2023 | 3M 2024 |
87.3% | 83.5% |
72.0% | 69.6% |
92.4% | 93.8% |
Combined Ratio
MAPFRE GROUP
BRAZIL
IBERIA
Million euros
7
ACTIVITY UPDATE - 3M 2024
KEY FIGURES > LIFE BUSINESS
Premium growth > Insurance units | Life technical-financial result | |||||
3M 2023 | 3M 2024 | Δ YoY | ||||
Total MAPFRE Group* | 206.9 | 189.4 | -8.5% | |||
Total Insurance Units | 193.4 | 186.0 | -3.8% | |||
of which: | ||||||
IBERIA | 59.3 | 60.0 | 1.3% | |||
BRAZIL | 104.3 | 95.6 | -8.4% | |||
OTHER | 29.8 | 30.4 | 2.0% | |||
*Includes reinsurance |
OTHER: Mainly OTHER LATAM AND EMEA (Malta)
Million euros
8
ACTIVITY UPDATE - 3M 2024
CAPITAL POSITION, CREDIT METRICS & MCEV
Capital structure
12.31.2023 | 03.31.2024 | %Δ YTD | |
Total equity | 9,214 | 9,260 | 0.5% |
Total debt | 2,701 | 2,776 | 2.8% |
Senior debt | 864 | 868 | 0.4% |
Subordinated debt | 1,628 | 1,644 | 1.0% |
Bank financing | 208 | 264 | 26.8% |
Leverage ratio | 22.7% | 23.1% | 0.4 p.p. |
Market Consistent Embedded Value (MCEV) - 2023
12.31.2023 | %Δ | |
Adjusted Net Asset Value (ANAV)** | 2,327 | 17.1% |
Value of In-force Business (VIF)** | 4,587 | 0.4% |
Market Consistent Embedded Value (MCEV)** | 6,914 | 5.5% |
Attributable to the Parent Company | 5,100 | 7.6% |
Attributable to Non-ontrolling Interests | 1,814 | -0.2% |
Return on Embedded Value (RoEV) | 10.0% | 8.1 p.p. |
Million euros
* Net of shadow accounting adjustments
- No adjustments made for the share of Non-Controlling interests.
- Solvency data at December 2023, provisional figures
Evolution of Shareholders' Equity
Balance at 12.31.2023 | 8,071 | |
Result for the period | 216 | |
Dividends | -277 | |
Net unrealized capital gains of AFS portfolio* | -52 | |
Currency conversion differences | 107 | |
Other | 2 | |
Balance at 03.31.2024 | 8,067 | |
Solvency II Ratio*** (%)
+25%
200% | Reference |
Framework | |
-25% |
9
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Mapfre SA published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 12:28:10 UTC.