Madrid, July 26, 2021
SPANISH SECURITIES AND EXCHANGE COMMISSION
Please find attached the documentation to be presented to investors in upcoming meetings.
Ángel L. Dávila Bermejo General Counsel
6M 2021 Results
Analyst & Investor presentation
July 26th, 2021
Key highlights 6M 2021 > on track to meeting 2021 guidance with solid results in core markets
COVID
IMPACTS
PREMIUM
GROWTH
PERFORMANCE
FINANCIAL
STRENGTH
- Successful adaptation of business model to new environment
- Direct claims at insurance units, mainly in Life Protection and Health in Latin America, offset by lower Auto frequency
- Improved outlook for Europe and the USA, with a challenging situation in Latin America
- Reaching a turning point with a return to growth in the second quarter
- IBERIA > strong underlying technical margins while outperforming market in key segments
- RE & Global Risks > strong results and solid growth on the back of tariff increases, with limited impact from large events
- USA & BRAZIL > resilient results, supported by restructuring efforts from previous years
- Strong capital and financial position, supporting commitment to shareholders
- Stability in equity base during the year (≈ €8.5 bn)
- Solvency II ratio of 201% and financial strength rating recently affirmed by S&P at A+
2
Key Figures >6M 2021
at constant | ||||||||
6M 2021 | exchange | |||||||
rates | ||||||||
Revenue | 14,083 | 6.1% | 10.7% | |||||
Total written and accepted premiums | 11,663 | 6.2% | 11.3% | |||||
- Non-Life | 9,347 | 6.7% | 11.7% | |||||
- Life | 2,316 | 4.3% | 9.8% | |||||
Non-Life Combined Ratio - MAPFRE S.A. | 95.1% | -1.6 p.p | ||||||
Non-Life Loss Ratio | 66.0% | -1.6 p.p | ||||||
Non-Life Expense Ratio | 29.1% | -0.0 p.p | ||||||
Non-Life Combined Ratio - Insurance units | 95.0% | 1.1 p.p | ||||||
Attributable result | 364.0 | 34.5% | ||||||
Adjusted attributable result | 351.9 | -9.8% | ||||||
Excluding | writedowns | (2) | ||||||
ROE | (1) | 7.4% | 1.3 p.p | 8.9% | 2.3 p.p | |||
Balance sheet | (1) | |||||||
Assets under management | 55,797 | 1.1% | ||||||
Shareholders' equity | 8,506 | -0.4% | ||||||
3M 2021 | ||||||||
Solvency ratio | (1) | 201.0% | 8.1 p.p | |||||
- Variation calculated against data at December 31st, 2020
- Excluding 2020 goodwill and other intangible writedowns
Million euros | 3 |
Adjusted attributable result
6M 2020 | 6M 2021 | (mn) | (%) | Q1 2021 | Q2 2021 | (mn) | |||||
Attributable result | 270.7 | 364.0 | 93.3 | 34.5% | 173.3 | 190.7 | 17.4 | ||||
NatCat claims | (1) | (61.2) | 0.0 | 61.2 | 0.0 | 0.0 | 0.0 | ||||
Direct insurance operations | (25.8) | 25.8 | |||||||||
MAPFRE RE | (35.4) | 35.4 | |||||||||
COVID-related claims (MAPFRE RE) | (56.9) | (13.8) | 43.1 | (2.9) | (10.9) | (8.0) | |||||
Attributable result (adjusted for NatCat and COVID | 388.8 | 377.8 | -11.0 | -2.8% | 176.2 | 201.6 | 25.4 | ||||
claims) | |||||||||||
Voluntary retirement scheme | (56.3) | (56.3) | (56.3) | (56.3) | |||||||
Release of earnout provision | 22.0 | 22.0 | 22.0 | ||||||||
Financial Gains & Losses | 13.6 | 18.5 | 4.9 | 9.9 | 8.6 | (1.3) | |||||
Real estate | (2) | (6.5) | (2.8) | 3.7 | (2.8) | (2.8) | |||||
Financial investments | (3) | 20.1 | 21.3 | 1.2 | 9.9 | 11.4 | 1.5 | ||||
Other | (4) | (15.0) | 41.7 | 56.7 | 41.7 | 41.7 | |||||
Attributable result (adjusted) | 390.2 | 351.9 | (38.3) | -9.8% | 166.3 | 185.6 | 19.3 |
- Puerto Rican earthquake in 2020
- Mainly sale at MAPFRE USA (€14 mn) as well as real estate provisions in Spain (-€20.5 mn) in 2020; real estate provisions (-€2.8 mn) in 2021
- Extraordinary financial gains & losses, net of writedowns, in actively managed financial investment portfolios in euro area (IBERIA & MAPFRE RE) and MAPFRE USA and other financial income & expenses
- Provision for restructuring (-€15 mn) in 6M 2020; in 2021, contribution of real estate to joint venture vehicle (€25.2 mn), sale of Rastreator &
Preminen (€14mn) and Industrial Re (€2.5mn)
Million euros | All impacts after tax and non-controlling interests | 4 |
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Mapfre SA published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2021 09:57:09 UTC.