(04.2023) Press release 3M 2023

Madrid, April 28, 2023

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

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

28/04/2023

PRESS RELEASE

ACTIVITY UPDATE REPORT TO MARCH 31, 2023*

Premiums grow 19% and reach nearly €7.8 billion in the

first quarter

Revenue is up 21% and stands at over€9.1 billion
The net result reached€128 million (-17%) due to the impact of the earthquake in Turkey, with an estimated net cost of €77 million, as well as
the complex Auto environment.
IBERIA grew above the market, both in Non-Life and Life, with 31% premium growth, supported by the Life Savings business, and continues to be the region with the highest volume in the Group.
LATAM, where net results took off to€94 million, is the main contributor to earnings.
Improved Life result (+95%) and Non-Life financial result (+20%), in a better market context.

•

The reinsurance unit grew 7% and global risks 11%.

MAPFRE will pay the final dividend against 2022 results on May 24th.

"Once again, the high level of business diversification allows us to face

challenges, like those presented by inflation in Non-Life lines, with a sustainable result", says Antonio Huertas, President of MAPFRE. "These results make us

feel optimistic in the current context and are proof of the strength of our

business model"

*DISCLAIMER: MAPFRE S.A. (MAPFRE) hereby informs that the figures in this activity update report are presented under the accounting principles in force in each country, homogenized for comparison and aggregation purposes. These figures should not be considered to be an indication of the future financial information for the first half of 2023 which will be presented in accordance with the International Financial Reporting Standards (IFRS) and within the legally stipulated calendar. Greater detail and additional information are available in the Annex herein.

Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.

28/04/2023

PRESS RELEASE

Key Figures
	MARCH 2022	MARCH 2023	Δ %
Revenue	7,568.3	9,121.4	20.5%
Total written and accepted premiums	6,537.7	7,786.2	19.1%
- Non-Life(of which):	5,367.9	5,919.8	10.3%
Auto	1,470.2	1,575.2	7.1%
General P&C	1,919.7	2,124.1	10.6%
Accident & Health	985.5	1,109.4	12.6%
- Life (of which):	1,169.8	1,866.4	59.5%
Life Protection	565.9	673.6	19.0%
Live Savings	449.6	1,063.3	136.5%
Net result	154.5	127.6	-17.4%

Ratios

Non-Life Loss ratio	70.5%	71.2%	0.7 p.p
Non-Life Expense ratio	27.5%	27.2%	-0.3 p.p
Non-Life Combined ratio	98.0%	98.5%	0.4 p.p
Life Protection Combined ratio	82.9%	81.6%	-1.3 p.p

MILLION EUROS

The over 20% increase in revenue consolidated the trends from recent quarters and reflects both a relevant increase in business volume as well as an improvement in financial income.
Premiums grew 19%, with no relevant impact from exchange rates (at constant rates, premiums are up 18%). This growth reflects a general improvement in business, with a 10.3% increase in Non-Life and a 59.5% increase in Life, mainly due to performance in Spain and Brazil.
Regarding Non-Life, premiums are up over €550 million in the first quarter, with 12.6% in Accident & Health, 10.6% growth in General P&C and 7.1% in Auto. The combined ratio stands at 98.5% (+0.4 p.p.) and the volatility and dispersion from previous quarters marked by the economic scenario remain. General P&C, with a combined ratio of 87.3% (-5.3 p.p.), has compensated the high loss experience that persists in the Auto business, with a combined ratio of 106.3% (+2.5 p.p.). Tariff increases and improved management carried out in the latter line in order to compensate inflation will gradually translate into improvements in the combined ratio. Accident & Health shows a slight improvement in
the combined ratio compared to the first quarter of the previous year, reaching 101.8% (-0.4 p.p.). The Non-Life financial result has reached €150 million, increasing 20%.
In the Life business, premiums are up almost€700 million, driven by the Life Savings business in Spain. The result for this line has benefitted from both good technical performance as well as strong financial income, especially in Latin America. The Life Protection combined ratio stands at 81.6% (-1.3 p.p.). All these factors led to a 95% improvement in the Life net result compared to the previous year.
The earthquake in Turkey was the main relevant Nat cat event impacting results, and
the estimates, which are still subject to a full damage assessment, have a net impact of approximately €77 million, mainly affecting MAPFRE RE (€72 million) and, to a lesser extent, the local insurance company (€5 million). In 2022, the most relevant cat claim for the company was the drought in Brazil, with a €37-million net impact for the Group
in the first quarter.

Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.

28/04/2023

PRESS RELEASE

Regarding our investment portfolio, there was no relevant change in the asset class structure during the quarter, nor were there any relevant impacts on the result or
investment valuations as a consequence of the situation with certain financial institutions in the United States and Switzerland. MAPFRE realized €17 million in gains
in the quarter, after taxes and minorities (21 million in 2022).
Regarding the available-for-sale portfolio, €259 million in unrealized gains, net of taxes,
have been recorded in 2023, improving the capital position of the subsidiaries. The main variations came from IBERIA, with a €92-million increase, followed by MAPFRE RE with €57 million, and NORTH AMERICA with €53 million.
Finally, there were no relevant changes in currency conversion differences in the quarter.
Information for regions and units

	Premiums		Net result
	MAR 2022	MAR 2023	Δ %	MAR 2022	MAR 2023	Δ %
IBERIA	2,542	3,328	30.9%	102.2	67.3	-34.1%
BRAZIL	987	1,198	21.5%	11.6	53.6	362.1%
LATAM SOUTH CENTRAL	737	826	12.1%	17.7	27.9	57.6%
MEXICO	329	333	1.3%	5.9	12.3	108.8%
TOTAL LATAM	2,052	2,357	14.9%	35.2	93.8	166.6%
NORTH AMERICA	540	584	8.1%	15.7	(9.3)	-159.5%
EMEA	406	437	7.7%	(6.4)	(17.8)	-176.5%

TOTAL INSURANCE	5,540	6,706	21.0%	146.6	134.0	-8.6%
REINSURANCE	1,360	1,451	6.7%	27.1	26.6	-1.9%
GLOBAL RISKS	503	559	11.1%	9.4	6.8	-27.8%
TOTAL MAPRE RE	1,862	2,010	7.9%	36.5	33.4	-8.5%
ASISTENCIA (MAWDY)	49	56	13.5%	0.4	0.4	-6.1%

Holding expenses	(914)	(985)	-7.9%	(29.0)	(40.2)	-38.3%
TOTAL	6,538	7,786	19.1%	154.5	127.6	-17.4%

MILLION EUROS
		Non-Life Combined ratio	ROE
		MAR 2022	MAR 2023	DEC 2022	MAR 2023

	IBERIA	95.3%	99.8%	10.3%	9.6%
	BRAZIL	104.6%	81.6%	18.2%	20.8%
	LATAM SOUTH CENTRAL	97.9%	102.1%	32.9%	16.8%
	MEXICO	92.7%	94.9%	11.6%	13.3%
	TOTAL LATAM	100.7%	90.2%	16.4%	18.1%
	NORTH AMERICA	101.9%	107.7%	-1.3%	-3.4%
	EMEA	111.1%	113.7%	-4.9%	-6.9%

	TOTAL INSURANCE	99.2%	98.5%	--	--
	REINSURANCE	95.3%	99.5%	--	--
	GLOBAL RISKS	80.3%	90.8%	--	--
	TOTAL MAPRE RE	94.1%	98.8%	7.8%	7.5%

	ASISTENCIA (MAWDY)	98.6%	98.4%	5.7%	5.6%

Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.

28/04/2023

PRESS RELEASE

IBERIA is growing above the market both in Life and Non-Life

Premiums in Iberia reached over€3.3 billion (+31%), with Spain standing out with nearly
1. billion (+30%). Premiums in Portugal reached 74 million (+59%).
The Life business volume is 2.4 times higher than the previous year, reaching almost€1.1 billion, of which 965 million correspond to Life Savings (326 million in 2022).
Non-Lifepremiums grew 7.3% and reflect the positive development of the Accident & Health business (+9%), General P&C (+7.1%), and Auto (+4.9%).
In Auto, tariffs continue to be gradually adapted to the inflationary context and based on individual risk profiles. The fleet reached 6,189,213 insured vehicles, with a slight reduction in the fleet in the first quarter related to risk-selection measures, which led to a more than 5% increase in the average premium.
The Non-Life result and combined ratio have been affected by the Auto business, with the combined ratio at 106.5% (+6.8 p.p.). This line is affected by the recovery of mobility to pre-pandemic levels; the high inflation scenario and the Baremo update. The improvement in the combined ratio expected during the year will be based on strict cost control, while tariffs on average are expected to increase significantly more than that.
General P&C lines and the Life Protection business continue contributing positively to results, with combined ratios of 92.4% and 73.2%, respectively.
The financial result continues to improve in a more favorable environment, with a€37.2 million gross contribution to the Non-Life result (€30 million in 2022).
The net result reached€67.3 million, of which Spain contributed 64 million and Portugal
1. million. Of this amount, 11 million corresponds to realized gains (14 million in 2022).

Business in LATAM consolidates the strong trends of recent quarters with close to €2.4 billion in premiums and a result of 94 million, the largest contributor to Group earnings.

Brazil shows strong growth, and its result increased four-fold thanks to improvements in both the technical and financial result

In Brazil, premiums reached almost€1.2 billion, up 22%, backed by the favorable development of the Brazilian real, which appreciated 3%. In local currency, premium growth reached 18%. The improvement in written premiums is due, above all, to the positive development of the Agro Insurance and Life Protection business, which grew in euros 44% and 28.5%, respectively.
The Auto business grew 8%. This line continues to quickly adapt tariffs to inflation. The fleet reached 1,294,740 insured vehicles, with a slight reduction in the quarter related to risk-selection measures.
The combined ratio dropped significantly to 81.6%, due in part to a 15 percentage point improvement in the Auto line after tariff increases. The combined ratio in Auto stands at 106.6% (-14.8 p.p.). Additionally, the Agro business improved its positive development thanks to a benign quarter after the losses in 2022 from the drought, and the General P&C ratio stands at an excellent 72%. The Life Protection business also has a solid combined ratio, standing at 77.8%.
The financial result also continues to contribute very positively, with a€23.4-million gross contribution to Non-Life (€19.8 million in 2022).

Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.

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Mapfre SA published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 07:04:02 UTC.