(10.2021) Press release third quarter 2022 results

Madrid, October 28, 2022

SPANISH SECURITIES AND EXCHANGE COMMISSION (CNMV)

In accordance with article 227 of the Recast Text of the Securities Market Act, 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

EARNINGS

SEPTEMBER 2022

MAPFRE EARNS 488 MILLION EUROS FROM JANUARY TO SEPTEMBER

ON REVENUES EXCEEDING 22.2 BILLION (+12.2%)

HIGHLIGHTS OF THE FIRST NINE MONTHS

• Group premiums grow by 12.1% to 18.64 billion euros from January to September.
• Hyperinflation drags earnings down by 52 million euros; without this effect, earnings would have grown by more than 1.3% to 540 million euros.
• Reinsurance business premiums increase by 14.4% and earnings are up more than 10%.
• The insurance business grows intensively in nearly all countries where MAPFRE operates.
• Iberia, Brazil and LATAM South are the regional areas contributing the most to Group earnings.
• LATAM earnings rise by 65% to 188 million euros.
• MAPFRE will pay an interim dividend for fiscal 2022 of 6 euro cents per share on November 30.
• MAPFRE's Board of Directors now exceeds the 40% quota laid down by the Spanish National Securities and Exchange Commission regarding the recommended percentage representation of women on governing bodies.

MAPFRE's premiums from January to September 2022 reached 18.64 billion euros, a 12.1% increase, after growing in nearly all countries where the Group operates and in its main lines of business. On a like-for-like basis, that is, without the effects of the biennial premium in Mexico and the Bankia exit and discounting the boost from foreign exchange rates, which contributed 5.5 percentage points to growth, premiums would have risen by 10.6%; in other words, the business still would have seen double-digit growth.

Meanwhile, revenues increased by 12.2% to 22.2 billion euros at the end of September 2022.

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EARNINGS

SEPTEMBER 2022

The Group's net earnings came to 488 million euros (-6.9%). By line of business, the strong results in the Property & Casualty and Life Protection segments stood out, while the COVID-related loss experience was less significant in all countries. Higher earnings from these lines partly offset the performance of Automobile, which was impacted by the recovery in mobility after the pandemic and the current scenario of persistent inflation. Also noteworthy was the improvement in the core financial result in a context of interest rate hikes, which should continue in the coming quarters, helping to mitigate the drop in realized gains in the equities and mutual funds. By region, strong contributions were made by Iberia, delivering nearly 300 million euros, and Latin America, where Brazil and Peru performed particularly well. MAPFRE RE continued to make a solid contribution through its two units, Reinsurance and Global Risks, achieving earnings of almost 94 million euros despite the catastrophic claims recorded this year, especially the drought in the Parana river basin, with an impact of almost 60 million euros. The total cost of the drought to the Group exceeds 105 million euros. Hurricane Fiona was also a relevant event, with a net claim cost of 22 million euros, mainly in Puerto Rico.

The combined ratio stood at 98.4% at the close of September, an increase of 1.9 percentage points, being primarily affected by the Automobile business. The 3.4-point increase in the loss ratio was partly offset by the cost-cutting plan underway, which has seen it improve by nearly 1.5 points.

This quarter, the restatement of financial statements was applied for the first time to the subsidiary in Turkey. This had a positive net effect on the Group's shareholders' equity of 30 million euros, comprising a 47-million-euro increase in capital and reserves, and a negative impact on the result of almost 17 million euros. Turkey joins Argentina and Venezuela as a hyperinflationary country, generating a negative impact, due to the restating of earnings, in the amount of 52 million euros. Without this effect in both years, earnings would have grown 1.3% in 2022.

The Group's strong business and geographic diversification is reflected in its significant increase in premiums, its stable result, and the solidity of MAPFRE's capital base. Shareholders' equity, which stood at 7.59 billion euros, showed a 10.3% decrease since the beginning of 2022, a result of rising interest rates, while ROE climbed to more than 9%.

The Solvency II, to June of this year (most recently available data), stood at 219.8%, with 84% high-quality capital (Tier 1). This ratio reflects strength and stability, based on diversification and the strict investment and Group management policy.

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EARNINGS

SEPTEMBER 2022

KEY FIGURES

MAPFRE's investments stood at 41.73 billion euros, of which half correspond to

sovereign fixed income.

*"RealFigures inEstate"million eurosincludes both investment property and real estate for own use (at net book value).

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EARNINGS

SEPTEMBER 2022

Pension funds amounted to 5.49 billion euros at the close of September (-14.6%), while mutual funds totaled 5.28 billion euros (-2.3%).

1.- INSURANCE UNIT

Insurance Unit premiums at the end of the first nine months of 2022 amounted to 15.62 billion euros, a 13.9% increase compared to the same period of the previous year.

Million euros

Iberia

• In the Iberia Regional Area (Spain and Portugal), premiums amounted to 5.77 billion euros, a 1.1% increase on the previous year. Discounting the effect of Bankia Vida (which recorded premiums in 2021 totaling 126 million euros), the core growth of this regional area would be 3.4%. Iberia remains the largest contributor to Group earnings, with a total of 299 million euros.

Premiums remained stable in Spain, reaching 5.6 billion euros.

In the Automobile business, premiums amounted to 1.67 billion euros, a figure similar to that of the first nine months of 2021. The number of insured vehicles rose slightly to more than 6.2 million units. The increase in the loss ratio of more than 6 points, driven by the impact of inflation on repair costs, has raised the combined ratio for this line of business.

The Property & Casualty business grew 4.6% to 1.78 billion euros, with a 3.5- point improvement in the combined ratio. Significant increases were recorded in Enterprise insurance (+10.3%), Condominium insurance, which grew 7.8%, Homeowners (+2.8%) and Health (+6.9%).

In the Life business, premiums to the end of September came in at 1.3 billion euros (-6.3%). The reason for this decline was the Bankia Vida exit from the Group scope, because without this effect, Life premiums would have grown by 3%.

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