Mapfre S A : (04.2022) Press release 1Q 2022 results

Madrid, April 28, 2022

SPANISH SECURITIES AND EXCHANGE COMMISSION (CNMV)

In accordance with article 227 of the Recast Text of the Securities Market Act, MAPFRE S.A. (MAPFRE) hereby gives notice to the Spanish Securities and Exchange Commission of the following

OTHER RELEVANT INFORMATION

In line with the current provisions, please find attached the press release, with relevant information for shareholders and the public in general.

Ángel L. Dávila Bermejo

General Counsel

MAPFRE EARNS 155 MILLION EUROS IN THE FIRST QUARTER,

PREMIUMS GROW BY 10.9 PERCENT TO 6.54 BILLION

HIGHLIGHTS OF THE QUARTER

• • The Group's revenue in the first three months of the year amounts to 7.56 billion euros.

• • After falling for two years due to the pandemic, premiums reach 6.54 billion euros, their highest volume in five years.

• • Premiums grow significantly in all regional areas with the exception of EURASIA.

• • Geographic and business diversification offsets the post-pandemic claims deviations. The General Property & Casualty (P&C) combined ratio stands at 92.6 percent.

• • Iberia continues to be the region that contributes most premiums and earnings to the Group.

• • MAPFRE RE's premiums grow by 17.4 percent and profits rise by more than 12 percent.

• • COVID-related claims drop to less than half the level they were at a year ago and remain concentrated in LATAM.

• • The final dividend will be paid on May 31. The 2021 dividend has already returned to pre-pandemic levels.

MAPFRE's premiums in the first three months of 2022 grew by 10.9 percent, reaching 6.54 billion euros with significant increases in all key markets and operations. Premium volume marks an important turning point in the company's return to the path of growth: reaching its highest level in the last five years and reversing the downward trend observed in 2020 and 2021, when it was impacted by the COVID-19 crisis. The Group's revenue for January to March 2022 amounted to 7.57 billion euros, up 3.6 percent compared to the first quarter of the previous fiscal year. Most countries delivered solid growth, in both euros and local currency, due to the positive performance of nearly all currencies.

MAPFRE ended the first quarter with earnings of 155 million euros (-10.9 percent), driven by the Iberia regional area, which continues as the strongest contributor to Group earnings, and the positive contribution rate of MAPFRE RE.

The geographic and business diversification strategy is reflected in the quarter's evolution, with significant premium revenue growth in the relevant lines, boosting the strength and resilience of the Group.

In the first quarter of 2022, despite the Omicron variant, COVID-19 claims fell due to the improvement in vaccination levels. The change in these claims over the past five quarters is shown in the accompanying table.

Although they are declining, these pandemic-related claims still amount to nearly 46 million euros. The majority of this amount, which has fallen 58 percent compared to the first quarter of 2021, is concentrated in LATAM, and accounts for nearly 32 million euros of the total. The breakdown of this impact by region and business unit is shown in the accompanying table.

Geographic area and unit	Amount
Iberia	8.1
LATAM North	17.8
LATAM South	2.8
Brazil	11.2
North America	0.8
EURASIA	0.3
Total Insurance	41.0
MAPFRE RE	2.6
MAPFRE ASISTENCIA	2.1
CUMULATIVE TOTAL	45.8

Figures in millions of euros

As a result of this reduction in COVID claims, Life earnings were practically double that reported in the same period of the previous year.

The combined ratio stood at 98 percent at the end of March, up 3.7 percentage points, due to broad-based growth in the loss ratio in the Automobile and Health business lines, which can be attributed to both the higher frequency of claims deriving from increased mobility and the rise in the average cost due to inflationary pressures, aggravated by the war in Ukraine.

On the positive side, MAPFRE's geographic and business diversification protects the company against these deviations. Other lines of business, such as General P&C, have performed very favorably, with a combined ratio of 92.6 percent.

KEY FIGURES

ITEM
MARCH 2021	MARCH 2022	Δ percent
Results
Revenues Total written and accepted premiums - Non-Life - Life Attributable net earnings Non-Life Loss Ratio Non-Life Expense Ratio Non-Life Combined Ratio Earnings per share (euros/3 months)	7,304.0 5,895.7 4,770.0 1,125.7 173.3 66.3% 28.0% 94.3%	7,568.3 6,537.7 5,367.9 1,169.8 154.5 70.5% 27.5% 98.0%	3.6% 10.9% 12.5% 3.9% -10.9% 4.2 p.p. -0.5 p.p. 3.7 p.p. -10.9%
0.06 0.05

Figures in million euros

The Group's equity at the end of the first quarter of 2022 reached 8.0 billion euros, while total assets amounted to 64.64 billion euros.

MAPFRE's investments stood at 44.98 billion euros, of which half correspond to sovereign fixed income.

ITEM	DECEMBER 2021	MARCH 2022	Δ percent
Government fixed income Corporate fixed income Real estate* Equities Mutual funds Cash Other investments	22,879.0 7,617.4 2,331.9 3,051.8 1,877.3 2,887.7 5,514.7	22,503.3 7,671.5 2,369.7 2,882.6 1,931.9 2,433.0 5,187.9	-1.6% 0.7% 1.6% -5.5% 2.9% -15.7% -5.9%
TOTAL	46,159.7	44,979.9	-2.6%
Figures in million euros

*Real estate includes both investment property and real estate for own use (net book value).

At the end of 2021, the Solvency II ratio stood at 206.3 percent, with 87.4 percent in high-quality capital (Tier 1). This ratio reflects a prudent approach to the balance sheet and active investment management, as well as the strong and resilient balance sheet of MAPFRE.

1.- INSURANCE UNIT

Insurance unit premiums at the close of the first quarter of 2022 totaled 5.54 billion euros, 12.1 percent more than in the same period of the previous year.

Premiums

Attributable earnings

Combined ratioAREA/BUSINESS UNIT

MARCH 2021

MARCH 2022

Δ %MARCH 2021

MARCH 2022

Δ %

MARCH 2021

MARCH 2022

IBERIA

2,485.0

2,541.8

BRAZIL

729.0

986.5

LATAM NORTH LATAM SOUTH

454.6 389.7

576.3 489.2

NORTH AMERICA EURASIA

454.7 430.7

540.2 405.9

2.3 per3ce5n.3t per2ce6n.8t per2ce5n.5t per1ce8n.8t perc-e5n.8t

108.3

102.2

-5.6

93.3%

95.3%

14.3

11.6

per-1ce9n.0tper8ce8n.2t%

1p0er4c.6en%t

10.1 17.9

12.7 10.9

27.6 3.4

15.7 (6.4)

per2ce5n.6tper9ce3n.0t%per-3ce9n.4tper9ce1n.4t%

p9er8c.5en%t
per-4ce3n.2t	96.6%	1p0er1c.9en%t
perce-nt	1p0er4c.7en%t	p1e1rc1e.1n%t$

p9er5c.2en%tperc%en%t

TOTAL INSURANCE

4,943.6

5,539.9

percent 181.6 146.6

12.1

percent percent% perce%nt%

-19.3

Figures in million euros

percent percent percent percent

94.0% %

99.2% %

Iberia

➢ In the Iberia Regional Area (Spain and Portugal), premiums increased by 2.3

percent to 2.54 billion euros. Earnings for this regional area stood at 102 million euros, a 5.6 percent decrease compared to the same period last year, due to the exit from Bankia Vida. Excluding this effect, the regional area's net earnings would have grown by 5.5 percent.