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

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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.