(02.2022) Press release 4Q 2021 results

Madrid, February 10, 2022

SPANISH SECURITIES AND EXCHANGE COMMISSION

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

2021 EARNINGS

MAPFRE RAISES EARNINGS BY 45.3 PERCENT TO 765 MILLION EUROS

IN 2021

KEY ASPECTS OF THE FISCAL YEAR

• Earnings would have stood at 703 million euros (+6.8 percent) discounting the extraordinary receipt from Bankia and the cost of operational restructuring.
• Group revenues are up by 7.2 percent, exceeding 27.3 billion euros, and premiums grow 8.2 percent to 22.2 billion euros.
• Diversification pays off: all the Group's regional areas and business units contribute positively to earnings.
• Iberia, Brazil, North America and RE drive the growth in earnings results, while LATAM leads the increase in premiums.
• The impact of COVID-related claims amounts to 460 million euros in 2021, 79 percent of which are in LATAM.
• The Group's ROE increases by almost 3 percentage points, reaching 9 percent at the end of 2021.
• The dividend returns to pre-pandemic levels, with 14.5 cents per share charged against the results for the 2021 financial year.

MAPFRE's attributable earnings for 2021 amounted to 765 million euros, showing an increase of 45.3 percent on the previous year, thanks to solid business results in the Iberia and North America regional areas, where earnings growth exceeded 15 percent in both cases, and the good performance of the reinsurance business and the extraordinary profit (167 million euros) generated by the termination of the alliance with Bankia. Part of this gain, 104 million euros, has been assigned to shoring up the company's future profitability, adapting and improving the operational efficiency of its businesses in Spain and Italy, as well as optimizing the Group's financial structure.

These earnings illustrate the great resilience of the Group, which in 2021 dealt with COVID-related claims totaling more than 460 million euros. A breakdown of this impact by business line is shown in the accompanying table.

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2021 EARNINGS

The Group's revenues increased by 7.2 percent in 2021, exceeding 27.3 billion euros, while premiums reached 22.2 billion euros, up 8.2 percent. This increase in premiums comes on the back of a favorable evolution of the business in the Iberia regional area, in Latin America (where practically all countries saw growth) and in the reinsurance business.

The combined ratio rose by 2.7 percentage points to 97.5 percent, affected by the increase in losses, due to the easing of mobility restrictions, and by the still-high COVID claim levels in Latin America, especially in the Life Protection and Health lines. The combined ratio would have stood at 96.1 percent without the aforementioned costs, incurred to strengthen the business. Additionally, the COVID claims represent an additional worsening of just over one point in the combined ratio. Excluding both these effects, the combined ratio would have been approximately 95 percent.

KEY FIGURES

The Group's attributable equity at the end of 2021 stood at 8.46 billion euros, while total assets amounted to 63.9 billion euros, driven by the Bankia exit.

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2021 EARNINGS

MAPFRE's investments totaled 46.2 billion euros, of which almost half correspond to sovereign fixed income.

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

The Solvency II ratio as at the end of September 2021 stood at 193.8 percent, with 87 percent of capital being the highest quality (Tier 1). This ratio reflects a prudent approach to managing the balance sheet and active investment management, as well as the strength and resilience of MAPFRE's balance sheet.

1.- INSURANCE UNIT

Insurance Unit premiums amounted to 18.2 billion euros at the end of 2021, 8.9 percent higher than the previous year, while earnings were 786 million euros, similar to the amount achieved in 2020.

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2021 EARNINGS

Iberia

• In the Iberia Regional Area (Spain and Portugal), premiums grew by 8.5 percent, exceeding 7.6 billion euros, with earnings of 541 million euros (+19.3 percent).
  In Spain, premiums amounted to 7.5 billion euros, which represents an increase of 8.8 percent, 3.8 points better than the industry achieved in 2021. This above-market growth is recorded both in the Life and Non-Life businesses. Earnings from the business in Spain amounted to 534 million euros, 20 percent more than the previous year, and the country maintains its position as the leading Group profit contributor.

It is important to highlight the progress made in the Automobile business, with

6.2 million insured vehicles (+3.7 percent compared to the previous year), and premiums of almost 2.3 billion euros (+1.1 percent), compared to a decline for the sector of 0.8 percent.

General P&C insurance business premiums came in at 2.2 billion euros (+3 percent), reflecting the good performance of most Non-Life lines, with the growth in Homeowners (+2.1 percent), Communities (+6.8 percent) and Enterprise (+7.6 percent) all being notable. Health and Accident volume rose 9.5 percent to 689 million euros, double that of this business line in Spain.

The Life business recorded growth of 23.8 percent (practically triple the market growth), with premium volume rising to more than 2.1 billion euros. The improvement in the Life Savings business is notable, at 35.9 percent, and the agency channel also performed well, with premiums rising by more than 36 percent.

Pension fund assets stood at over 6.4 billion euros at the end of 2021, 11.8 percent higher than the previous year, while investment funds grew by 20.7 percent to over 4.7 billion euros.

Brazil:

• In Brazil, premiums rose to more than 3.3 billion euros, showing growth of 8.3 percent, which converts to 15.2 percent in local currency. By business line, General P&C contributed the most to the Group, with premium volume of 1.7 billion euros (+20.3 percent), followed by Life at just under 1.2 billion euros (- 4.5 percent) and Automobile, up 4 percent to 461 million euros. It is important to highlight the strong performance of both the MAPFRE channel, which grew by 14.1 percent, and the bancassurance channel, which increased by 16.2 percent, both in local currency terms.

LATAM North:

• In the LATAM North Regional area, premiums grew by 38.9 percent to 2.2 billion euros. Practically all the countries in this regional area managed to grow business volume, highlighting the contribution made by Mexico, up 70.9 percent (+9 percent excluding the two-year policy) to 1.3 billion euros. The

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