Organizational changes 9M 2023 results presentation

• Strengthens the Corporate Areas with the experience of management teams from the business and mobilizes more than 10 CEOs from different countries and units.
• José Manuel Inchausti has been appointed first vice chairman of the Group, replacing Ignacio Baeza, who is retiring but will retain close links to the company through a number of non-executive positions.
• Fernando Mata continues as CFO and member of the board of MAPFRE and is appointed third vice chairman.
• Elena Sanz has been appointed CEO of MAPFRE IBERIA (Spain and Portugal). Jesús Martínez Castellanos will serve as Deputy CEO of Iberia and as new CEO of MAPFRE Vida (Spain).
• The current CEO of MAPFRE RE, Eduardo Pérez de Lema, will be the CEO of International Insurance, the new business unit that encompasses all MAPFRE insurance operations worldwide, except Iberia and North America.
• The new CEO of MAPFRE RE will be Miguel Ángel Rosa, current CEO at Verti Germany.

MAPFRE has undertaken a profound review of its structure and a renewal of management teams to better align the company to the changing and complex environment it operates in. A mix of uncertain economic, social and geostrategic factors have come together to create a new, more permanent scenario that must be adapted to. The company, whose business model is proving to be effective quarter after quarter despite the environment, aims to protect its leadership positions in most markets by adapting its strategy in advance to the current, more unstable and less predictable global situation, which requires simpler and more flexible structures that bring the business to the fore, in order to continue strengthening its closeness to clients and service excellence.

The renewal of the management team is based on a suitable combination of maturity, experience and younger talent, so as to be able to make better use of all management capabilities and take advantage of the numerous opportunities that arise.

"We are laying the foundations of the company for the next 10 years. Everything we have achieved so far, especially financial strength, service excellence and proximity to the client, the focus on people and the reinforcement of our ethical commitment and values, will be maintained as essential and differentiating elements of MAPFRE. But the environment has changed, and we are going to move forward with a new, simpler road map that gives us the flexibility and ability we need to continue holding leadership positions in the group's main markets," says Antonio Huertas, chairman and CEO of MAPFRE.

Main corporate appointments

As first vice chairman Ignacio Baeza retires, the Board of Directors thanked him for his 27 years of service in different positions of responsibility in the group, and appointed José Manuel Inchausti, current CEO of MAPFRE Iberia and third vice chairman, to succeed him. Fernando Mata, in addition to continuing to serve as the group's CFO and member of the board, will take on the role of third vice chairman. The current group chief investment officer, José Luis Jiménez, joins the Finance Area as deputy CFO and will also continue as the most senior executive with responsibility for global investment management.

Raúl Costilla, current CEO of MAPFRE Vida, and who has extensive experience in the insurance business both in Spain and overseas, has been appointed group chief business officer, the corporate area tasked with directing the group's sales and technical strategy globally.

Finally, the corporate structure is simplified by integrating People, Strategy and Sustainability into a single Area that will be headed up by Alfredo Castelo, current group chief business officer. Juan Carlos Rondeau will continue leading the Corporate People and Organization Area.

Likewise, José Luis Gurtubay will take over the Corporate Internal Audit Area from March 31, 2024, replacing María Luisa Gordillo, who will retire on that date.

Appointments in Iberia

The current group chief people officer, Elena Sanz Isla, has been appointed CEO of MAPFRE Iberia (Spain and Portugal), while the current regional CEO of LATAM, Jesús Martínez Castellanos, joins this unit as Deputy CEO and also takes on the role of CEO of MAPFRE Vida.

Appointments in business units

All the geographical areas of LATAM (Brazil, LATAM South-Center and Mexico) together with EMEA, and MAPFRE Global Risks are to be integrated into a new unit called International Insurance, headed up by Eduardo Pérez de Lema, current CEO of MAPFRE RE, who will also lead MAPFRE Global Risks.

To replace him as CEO of the Reinsurance Unit, Miguel Ángel Rosa, current CEO of Verti Germany, who has deep experience of the unit, has been appointed CEO of MAPFRE RE. Mónica García Cristóbal, head of transformation at MAPFRE in Spain, is replacing him as CEO of Verti Germany.

Renewal in five other countries

The renewal of first-level executives extends to five other Group countries. Alberto Berges has been named CEO of MAPFRE Mexico. In Brazil, the structure has been simplified, with Felipe Nascimento remaining in charge. Óscar Celada, who transfers from MAPFRE in Spain, has been appointed deputy CEO of Business at MAPFRE Seguros in Brazil, while Nelson Alves moves from MAPFRE Asistencia (MAWDY) to become deputy CEO of Finance and Business Support at MAPFRE Seguros.

In addition, in the Dominican Republic, a single CEO has been appointed for the two operations in the country, namely Andrés Mejía. Eva Tamayo, current regional general manager for the Canary Islands, has been designated CEO of MAPFRE in Chile. In Panama and Central America, Óscar Ortega, who has headed up the business in Chile until now, will be the new CEO.

In total, more than 15 senior MAPFRE executives have been appointed or have changed positions in the Group.

All of these appointments will take effect on January 1, 2024, except for that pertaining to Internal Audit.

Management Structure.