Mapfre Sa · BME:MAP
Mapfre Sa — FY2021 Earnings Presentation
18 slides from Mapfre Sa's earnings presentation, 2022
Slide 1: Fernando Mata, CFO and Member of the Board
FERNANDO MATA CFO and Member of the Board
Slide 2: Keys to 2021
KEYS TO 2021 SOLID GROWTH IN SOLVENCY PREMIUMS AND EARNINGS AND LIQUIDITY COVID-19 Spain, Brazil, USA and RE are the main High cash position and quality of capital. €783 million paid out in COVID-related earnings contributors. claims since start of pandemic. 2021 dividend: LATAM leads premium growth
Slide 3: Key Figures 12M 2021
KEY FIGURES 12M 2021 27,257 22,155 765 REVENUE PREMIUMS ATTRIBUTABLE EARNINGS +7.2% +8.2% +45.3% NON-LIFE COMBINED RATIO 97.5% ROE 9.0% SOLVENCY RATIO II 206% 3 Million euros
Slide 4: COVID-19 Losses
COVID-19 LOSSES BUSINESS MODEL IMPACT IN 2021 Adapted to the new context +€460M 4
Slide 5: Consolidated Revenues €27,257M
CONSOLIDATED €27,257M REVENUES +7.2% 17,267 MAIN LINES OF BUSINESS 6,565 - DIRECT INSURANCE 9.8%* 5,388 4,887 2,098 2,159 2,764 2,339 1,597 14.2%* OTHER NON-LIFE LIFE FINANCIAL INCOME GENERAL AUTO HEALTH & LIFE LIFE P&C ACCIDENT PROTECTION SAVINGS 7.2% 11.8% 13.4% -6,4% 18.2% -3.8% 7.3% 3.0% 21.1% T
Slide 6: Net Earnings 2021
NET ADJUSTED EARNINGS €703M +6.8% EARNINGS 2021 412 Bankia gain 167 1,072 Spain incentivized -130 redundancies -75 -319 765 Italy restructuring -20 -270 Debt buyback -10 NON- OTHER NET NON-LIFE LIFE TAXES CONTROLLING RESULT ITEMS INTERESTS +23% -11% +45% 6 Million euros. / *Includes other activities
Slide 7: Profitability - ROE by Regions and Units
PROFITABILITY - ROE BY REGIONS AND UNITS 12.4% ROE 9.0% 10.0% 9.7% +2.9 p.p. 8.5% 6.5% 5.8% 0.1% IBERIA BRAZIL LATAM RE NORTH LATAM EURASIA SOUTH AMERICA NORTH +1.8 p.p. -1.4 p.p. -0.6 p.p. +7.5 p.p. +0.8 p.p. -9.9 p.p. -4.2 p.p. 7 #SomosMAPFRE
Slide 8: Combined Ratio
COMBINED RATIO 109.5% 97.5% 95.9% 96.6% 98.1% 98.2% 98.9% 102.0% 97.4% 87.7% 83.1% 106%* 95.6%* 96.1%* 94.9%* LATAM LATAM NORTH INSURANCE GLOBAL RISKS BRAZIL IBERIA REINSURANCE ASISTENCIA EURASIA GROUP NORTH SOUTH AMERICA COMPANIES -10.1 p.p. 0.1 p.p. 5.4 p.p. 2.7 p.p. 6.1 p.p. -3.1 p.p. 1.2 p.p. 3.
Slide 9: Premiums by Business Unit
PREMIUMS BY BUSINESS UNIT INSURANCE MAPFRE RE ASISTENCIA 7,596 €18,176M +9% €6,275M +10% 4,992 3,340 2,188 2,073 1,618 1,361 1,283 486 IBERIA BRAZIL LATAM LATAM NORTH EURASIA REINSURANCE GLOBAL ASISTENCIA NORTH SOUTH AMERICA RISKS 8.5% 8.3% 38.9% 11,5% -1.2% -8.3% 12.7% 2.2% -21.4% 9 Million euros.
Slide 10: Earnings by Business Unit
EARNINGS BY BUSINESS UNIT INSURANCE MAPFRE RE ASISTENCIA €786M -1% €152M +800% 541 118 74 89 34 54 27 1 1 IBERIA BRAZIL LATAM LATAM NORTH EURASIA REINSURANCE GLOBAL ASISTENCIA NORTH SOUTH AMERICA RISKS 19.3% -26.8% -61.6% -7.5% 16.3% -97.0% --- 123.9% 102.9% 10 Million euros.
Slide 11: Group Overview: Total Assets and Shareholders' Equity
GROUP OVERVIEW 69,153 TOTAL 63,854 ASSETS -7.7% +3.9%* DEC. 2020 DEC. 2021 SHAREHOLDERS’ EQUITY €8,463 8,536 765 139 8,463 -416 -478 -84 CURRENCY FISCAL YEAR UNREALIZED BALANCE DIVIDENDS CONVERSION OTHER BALANCE RESULT GAINS DEC. 2020 DIFFERENCES DEC. 2021 Million euros. / Changes compared to Decemb
Slide 12: Investments and Cash
INVESTMENTS AND CASH FIXED INCOME INVESTMENT PORTFOLIO €30,496M €46,160 +2.8% FIXED INCOME AND OTHER PUBLIC DEBT 22,879 Spain 12,041 78% 4,692 Rest of Europe United States 1,538 Brazil 2,170 Latin America - Other 1,768 Other countries 671 CORPORATE DEBT 7,617 ASSETS UNDER MANAGEMENT % EQUITIES CASH
Slide 13: Capital and Solvency
CAPITAL DEBT RATIO SOLVENCY AND SOLVENCY 24.2% RATIO II 206% CAPITAL STRUCTURE Tier 1 €12,758M €8,133M SHAREHOLDERS’ (87%) EQUITY 75.8% SENIOR DEBT 6.8% Tier 2 €1,122M (13%) SUBORDINATED BANK DEBT DEBT 8.8% 8.7% 13 Million euros.
Slide 14: The MAPFRE Share 2021
THE MAPFRE SHARE 2021 217,422 3.08BN €0.25 66% 7.3% NUMBER OF EARNINGS PRICE/ PER NUMBER BOOK VALUE SHAREHOLDERS OF SHARES PER SHARE (€ cents) €0.17* 58%* 9.3%* 14 * Figures in December 2020.
Slide 15: Shareholder Composition and Free Float
SHAREHOLDER FREE FLOAT COMPOSITION FUNDACIÓN MAPFRE 69.8% SPANISH INSTITUTIONAL 4.7 % FOREIGN INSTITUTIONAL 13.2 % RETAIL 11.3 % OTHER SHAREHOLDERS 30.2% TREASURY STOCK 1.0 % 15
Slide 16: Dividend: Generous and Sustainable Remuneration
DIVIDEND GENEROUS AND SUSTAINABLE REMUNERATION PAID OUT TO OUR SHAREHOLDERS OVER 5 DIVIDEND PAID IN 2021 YEARS 13.5 TOTAL €416M Cents per share. YIELD ON DIVIDEND PAID OVER AVERAGE SHARE PRICE 7.6% DIVIDEND FOR THE YEAR 2019 2020 2021 €2,173M 14.5 12.5 14.5 Cents. Cents. Cents. 16
Slide 17: The MAPFRE Share
THE MAPFRE SHARE Chg. 2021 Chg. 02.28.22 MAPFRE SHARE MAPFRE SHARE Change 2021: 02.28.2022: +13.3% -2.4% MAPFRE +13.3% -2.4% IBEX 35 +7.9% -2.7% STOXX INSURANCE 600 +15.4% -3.1% 12.31.2020 02.28.2022 Base 100 12.31.2021 MAPFRE IBEX 35 S TO XX Insurance 600 (Europe) Source: Bloomberg and internal cal
Slide 18: Thank You
THANK YOU FERNANDO MATA CFO and Member of the Board