mapfregroup mapfre re mapfre + r… · 4 mapfre |global player. in more than100 countriesacross5...
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MAPFRE GROUPMAPFRE REFigures @ 12/2017
Corporate Presentation
1
2
MAPFRE Group
3
With presence in 45 countries and business in more than 100 countries
income
27,984M€
employees
+36,000
million
clients
30
offices
+5,400 +84,000
attributable
result
700,5M€
intermediaries
MAPFRE | Key figures
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MAPFRE | Global player. In more than 100 countries across 5 continents
North AmericaAmong the 20 most
important Auto insurers in
the US
Latin AmericaLeading multinational
insurance group
#1 in Non-Life in the
regionBrazilMarket leader
#1 overall in the market, excluding Savings
#2 in Auto, #1 in Life Protection
#1 Agricultural, #2 in Other Non-Life
SpainBenchmark
company in the
Spanish insurance
market
#1 in Non-Life
#2 overall
Eurasia
(EMEA & APAC)Leading positions in Turkey, in
direct Auto insurance in Italy
and Germany, and Malta
MAPFRE RETop 16 global
reinsurance
companies
Insurance
Business
Premiums: 19,376 million € +3.7%
Net income: 828,9 million € 12.6%
Reinsurance
Premiums: 4,222 million € -0.3%
Net income: 162,7 million € -12.6%
Global Risks
Premiums: 1,257 million € +3.7%
Net income: -66,3 million €
Asistencia
Premiums: 935,5million € -7.8%
Net income: -68,4 million € -21,4%
MAPFRE | Business units 2017 vs 2016
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Auto +15,4 million insured vehicles
Homeowners +5,3 million homes insured
Life and Investments 67,570 million euros in managed assets
Health +3,1 million insured
Assistance +10 million assistance services
Corporate +1,5 million insured companies
Global Risks +3,000 insured large global clients
Reinsurance +1,510 cedent companies in +100 countries
6
MAPFRE | Key highlights
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Direct Insurance Reinsurance Asistencia Global Risks
Canada
U.S.A..
Mexico
Guatemala
El Salvador
Nicaragua
Costa Rica
Panama
Colombia
Ecuador
Peru
Paraguay
Chile
Honduras
DominicanRepublic
Puerto Rico
Venezuela
Argentina
Uruguay
Portugal
Spain
France
Ireland
U.K.Belgium
Germany
Algeria
Tunisia
Malta
Italy
Greece
Turkey
Jordan
Hungary
Bahrain
India
Malaysia
Singapore
China
Indonesia
Taiwan
Philippines
Japan
Australia
Brazil
MAPFRE | Around the world
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MAPFRE | Organization Chart
MAPFRE´s results:
Solid business growth
2014 2015 2016 2017 %
Consolidatedincome
26,367 26,702 27,092 27,983 +3.3%
Premiums 21,816 22,312 22,813 23,481 +2.9%
Net Income 845 709 776 701 * -9.7%
Non-LifeCombined Ratio
95.8 98.6 97.4 98.1 0.7 p.p.
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Figures in € mio
* 826.1million € excluding impacts from hurricanes Maria, Irma and Harvey, Mexican
earthquakes and the Coastal Niño at primary insurances units; other events and impacts at
MAPFRE RE have been considered part of the recurring business.
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6,960(27%)IBERIA
4,547 (18%)BRAZIL
1,870 (7%)EURASIA
984 (4%)ASISTENCIA
1,699 (7%)LATAM South
EUR MM %
Iberia 511.5 59.7%
Brazil 125.4 14.6%
LATAM North 33.8 3.9%
LATAM South 70.2 8.2%
North America 48.7 5.7%
EURASIA 39.3 4.6%
MAPFRE RE 162.7 19,0%
Global Risks -66.3 -7,7%
Asistencia -68.4 -8.0%
TOTAL 856.9 100%
Holdings and Consolidation -156.3
Attributable result 700.5
million € Figures in € mio
Premiums (% of Total) Contribution to attributable results
2,529 (10%)North America
4,222 (16%)MAPFRE RE
MAPFRE | Premiums and Results by geographical area
1,257 (5%)GLOBAL RISKS
1,772 (7%)LATAM North
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MAPFRE | History
12
Combined Ratio (%)
Expense Ratio (%) Income (million €)
Pay-out (%)
26.367 26.702 27.092 27.983
0
15.000
30.000
2014 2015 2016 2017
51 56,5 57,6 63,7
0
30
60
2014 2015 2016 2017
96 97,3 97,4 96,9
60
80
100
2014 2015 2016 2017
98,6
28,0 29,0 27,4 27,5
0
15
30
2014 2015 2016 2017
MAPFRE | Committment
MAPFRE is committed to achieve its main strategic objectives
Extraordinary effect from natural catastrophes:
2015 snowfalls (US) / 2017 HU_Harvey, HU_Irma, HU_Maria, EQ_MX, FL_PE
98,1
13
Year Income E.B.T Nº Employees
2017 27,983 1,509 36,271
2016 27,092 1,805 37,020
2015 26,702 1,476 38,405
2014 26,367 1,746 37,053
2013 25,889 1,564 36,280
2012 25,301 1,372 35,586
2011 23,530 1,637 34,390
2010 20,471 1,431 36,744
2009 18,830 1,446 35,225
2008 17,711 1,383 34,603
2007 15,207 1,366 30,600
2006 13,583 1,156 28,091
2005 12,189 872 24,967
2004 10,831 739 19,920
2003 9,473 606 18,605
2001 8,933 316 16,756
1998 4,546 178 15,219
1995 3,249 203 11,292
1992 2,419 37 9,028
1989 1,214 49 5,369
1986 434 20 2,823
* 2005-2017 NIIF; 1986 – 2004 PGC
Income & Earnings before tax and non-controlling interests Figures in € mio
MAPFRE | Historical evolution 1986-2017*
14
2017
0.23 €
• Dividend Pay-out between 50% and 65%
2012
0.22 €
Earnings per share
2017
63.7%2012
50.9 %
Dividend Payout
2017
447 M€2012-2016
2,017 M€
Paid Dividend
2012-2017 | Creation of sustainable value for the shareholder
MAPFRE |
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Included among the ranking of the 500
companies with best corporate reputation
in the world
Included in sustainability indexes
FTSE4GOOD and FTSE4GOOD IBEX
Advanced Level rating by the UN
Most valued company and 11th in the
general ranking of best place to work
Most valued ranking of Brand-Finance
In the top 5 most valued companies in Spain
and in the top 20 best to work for (Brazl,
Colombia, Mexico)
Main recognitions
MAPFRE | Reputation
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Social Action Culture Prevention & Road Safety
HealthPromotion
Insurance & Social Protection
Fundación MAPFRE contributes to improving people's quality of life and the progress of society
through multinational programs and activities
Over the last
10 years, it has
helped 100 million
people
Improving our
world in over 30
countries
23 million
beneficiaries
in 2017
8,500 programs
and actions
The best invested 500 million euros in our history
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2.8 million children and teenagers educated onroad safety in over 20 countries.
ART FOR EVERYONE
EDUCATE YOUR WORLD PROJECT
More than 20 years giving financial support to thisprogram. A door to hope for thousands of peoplearound the world.
ROAD SAFETY EDUCATION PROGRAM
12 million people have visited our 300 exhibitions over the years.
CELLULAR THERAPY PROGRAM fortreatment of spinal injuries
830 cooperation programs in 23 countries.550,000 children fed.
2 million people have benefited from thisprogram over the years.
Access to basic education for 5 million youngpeople and training for 5,000 teachers in over 23countries.
Over 2,700 people with intellectualdisabilities and mental illnesses havefound a job this way.
1.5 million people are now more aware of how to act in the event of a fire
500,000 women have been counselled on earlyprevention to reduce the risk of heart attack.
SPECIALIZED PUBLICATIONS AND DOCUMENTATION CENTER
A unique catalog, due to its high-level focus oninsurances and social protection. More than 3 million
consultations made.
INSURANCE AND PENSIONS FOR EVERYTONE PROGRAM
TOGETHER WE CAN PROGRAM
FIRE PREVENTION PROGRAM
INTERNATIONAL SOCIAL PROJECTS
WOMEN FOR THE HEART PROGRAM
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19
cedents
+1,400employees
386
Gross Premiums
4,222 M€
offices
19Global Reinsurers
ranking
Top 16
resultbefore taxes
221 M€
MAPFRE | RE – Main figures 31/12/2017
20
Santiago (´89)
Buenos Aires (´90)
Lisbon (´91)
Madrid (´82)
Paris (´11)
London (´91)Brussels (´89)
Munich (´06)
Milan (´88)
Singapore (´15)
Beijing (´15)
Labuan (´14)
Manila (´86)
Toronto (´04)
N. Jersey (´00)
Mexico City (´84)
São Paulo (´96)
Offices in 19 countries
MAPFRE | RE – International presence
Tokyo (´17)
Bogota (´91)
2121
Offices Europe
Madrid (Spain)
Brussels (Belgium)
Lisbon (Portugal)
London (UK)
Milan (Italy)
Munich (Germany)
Paris (France)
USA/ Canada
New Jersey (USA)
Toronto (Canada)
Latin America
Buenos Aires (Argentina)
Bogota (Colombia)
Mexico City (Mexico)
Santiago (Chile)
São Paulo (Brazil)
Asia
Beijing (China)
Labuan (Malaysia)
Manila (Philippines)
Singapore
Tokyo
MAPFRE | RE – International presence
22
1.601,22.053,7
2.630,73.253,7
3.731,94.234,7 4.222,4
0,00
2.000,00
4.000,00
6.000,00
2007 2009 2011 2013 2015 2016 2017
87,8112,6
78,6108,8
152,6186,1
162,7
0,
80,
160,
240,
2007 2009 2011 2013 2015 2016 2017
MAPFRE | RE – Very positive results
12,8% 14,0%
9,3% 10,3%12,6%
15,2%12,6%
0,0%
7,0%
14,0%
21,0%
2007 2009 2011 2013 2015 2016 2017
4.222,4Million €
Gross premiums 2017
23% of the total profits for the whole Group
162.7 million €
Results after taxes 2017
12.6%
R.O.E. 2017
23
MAPFRE RE – Organization Chart
24
19
82
Set up of MAPFRE REASEGURO
20
15
New Branch
Office in
SINGAPORE
Transfer to PARIS
of French Non-
Life business.
Authorization of
the MAPFRE RE
Representative
Office in BEIJING
19
84
Opening of theRepresentativeOffice in MEXICO
19
86
Opening of theRepresentativeOffice in MANILA
19
88
Constitution of MAPLUX RE, LUXEMBOURG
Opening of theRepresentativeOffice in MILAN
Opening of theRepresentativeOffice in CARACAS
19
89
Acquisition of
CIAR, BELGIUM
Acquisition of
CAJA
REASEGURADO
RA, CHILE
19
90
Opening of theRepresentativeOffice in BUENOS AIRES
19
91
Opening of the
Representative
Office in
LISBON
Acquisition of
REASEGURADO
RA
HEMISFERICA,
COLOMBIA
Opening of the
Representative
Office in
LONDON1
99
3
Opening of theRepresentativeOffice in ATHENS
19
94
Conversion of the LONDONRepresentativeOffice intoBranch Office
19
95
Incorporationof ITSEMAP
19
96
Opening of theRepresentativeOffices in LIMAand SAO PAULO
19
97
New BranchOffice in BRUSSELS
20
00
Creation ofMAPFRE REINSURANCE CORPORATION (MRC) in NEW JERSEY, USA
20
04
New BranchOffice of MRC in TORONTO, CANADA
20
05
MAPFRE RE accredited in NEW YORK, USA
20
06
New BranchOffice in MUNICH
20
07
Transfer of MRC TORONTOBranch to MAPFRE RE
20
08
Constitution of
MAPFRE RE do
BRAZIL (local
reinsurer)
Reinsurance
representative
within MAPFRE
SA in BEIJING
20
11
New Branch
Office in PARIS
(Life & Personal
Lines). Conversion
of the MILAN
Representative
Office into
Branch Office
Conversion of the
BUENOS AIRES
Representative
Office into
Branch
Office
20
14
New BranchOffice in LABUAN (Malaysia)
MAPFRE | RE – History 1982-2017
20
17
New RepresentativeOffice in TOKYO
Roles
6.4%Technology
3.6%Support
11.7%Adm. / Fin. / SII
70.7%Business1
25
Staff by region
Team of +350 people, 25 nationalities and presence in 17 countries.
+70% of employees directly dedicated to business.
7.6%Other2
4.4%APAC
3.1%USA
15.3%Europe
24.4%LATAM
52.8%Madrid
1Incl. M. Centres, Facultative, CUO, Claims and Tech. Accounting2Incl. CEO, Corporate, Audit, Legal Serv., Security & Environm., HR, etc
MAPFRE | RE – Workforce 2017
By line of business
By type of business
By ceding company
By area
By ceding company
North America
Iberia
LATAM
EMEA
APAC
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By area
Gross Premiums
Non Group
MAPFRE Group
North America
Iberia
LATAM
EMEA
APAC
X.L.
Facultative
Proportional
Property
Life, Acc. Health
Motor / TPL
Agricultural
Assistance
M.A.T.
Credit & Bond
Net Premiums
Non Group
MAPFRE Group
16%
16%
18%
42%
8%
56%
44%
12%
10%
18%
50%
10%
74%
26%
13%
6%
80%
44.9%
19.6%
21.8%
4.4%
2.4%
3.4%
3.5%
MAPFRE | RE – Portfolio distribution
27
Gross Premiums Evolution
1.4381.601
1.779
2.054
2.372
2.6312.845
3.254 3.343
3.732
4.2354.222
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Premiums
% Variation
7,5%
% variation
11,4%11,1%
15,5%15,5%
10,9%8,1%
14,4% 2,8%
11,6%
13,5%
MAPFRE | RE – Historic development
Figures in € mio
-0,3%
28
99,7
92,3 91,6
95,593,5
95,7
100,6
97,0 96,5
93,1 93,9 94,1 94,9
80
90
100
110
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Combined Ratio MAPFRE RE (%)
Combined Ratio Industry
Combined Ratio – MAPFRE RE has obtained high technical margins, with a low volatility
MAPFRE RE Industry *
Average Combined Ratio 94,9% 93,5%
Combined Ratio 2.4% 6.4%
MAPFRE | RE – Historic development
* Source: AM Best (except 2017; Willis Re)
29
12,814,2 14,2 14,7
9,3 9,710,9
12,4 12,7
15,4
12,4
0
5
10
15
20
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
MAPFRE RE R.O.E
Industry R.O.E (1)
ROE – Generating attractive results, above the industry’s average
MAPFRE RE Industry *
Average R.O.E 2007-2017 12,6 % 9,3 %
Standard Deviation R.O.E. 2,0% 4,9 %
MAPFRE | RE – Historic development
* Source: AM Best (except 2017; Willis Re)
30
MAPFRE | RE – P&L Account information
MAPFRE RE CONSOLIDATED 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017% 2017 o/
2016
Gross Written Premium 1,337.4 1,437.7 1,601.2 1,778.6 2,053.7 2,371.6 2,630.7 2,844.5 3,253.7 3,343.4 3,731.9 4,234.7 4,222.4 -0.3%
Net Premium Earned 835.4 877.6 1,005.5 1,137.8 1,311.2 1,479.9 1,749.0 1,786.2 2,181.5 2,026.4 2,294.3 2,691.8 2,999.7 11.4%
Net Incurred Losses -563.6 -514.3 -619.4 -741.6 -843.9 -987.5 -1,258.9 -1,229.4 -1,493.1 -1,410.7 -1,601.0 -1,850.4 -2,105,0 13.8%
Net Commissions and
Expenses-268.8 -302.3 -318.4 -346.5 -388.4 -422.2 -497.1 -513.1 -662.5 -565.0 -651.7 -765.8 -834.5 9%
Underwriting Result 3.0 61.0 67.7 49.7 78.9 70.3 -7.3 43.6 25.9 50.7 41.6 75.6 60.2 -20.4%
Financial Income 51.4 54.7 64.0 97.9 80.0 103.2 115.0 77.5 129.4 149.6 163.5 177.2 161.0 -9.1%
Result before taxes 54.4 115.7 131.7 147.6 158.9 173.4 107.7 121.1 155.3 200.3 205.1 252.8 221.2 -12.5%
Net result (after taxes) 32.3 77.2 87.8 103.6 112.6 124.1 78.6 87.1 108.8 141.5 152.6 186.1 162.7 -12.6%
Figures in € mio
31
MAPFRE RE‘s strong retained earnings have supportedgrowth of the company’s capital base.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017% 2017
s/ 2016
Investment &
Cash1,713.1 1.752,0 2,004.1 2,173.2 2,487.5 2,685.8 2,905.5 3,240.2 3,360.4 3,845.4 3,985.2 4,294.6 4,404.2 2.6%
Total Assets 2,545.2 2,661,0 2,879.9 3,130.7 3,476.0 4,087.9 4,363.5 4,612.8 4,492.3 5,016.9 5,307.0 5,578.9 6,449.3 15.6%
Shareholders’
equity622.7 647,0 725.2 742.8 839.7 848.4 847.7 968.6 1,009.8 1,179.2 1,174.2 1,279.4 1,301.5 1.7%
R.O.E. 5.3% 11,9% 12.8% 14.1% 14.0% 14.4% 9.3% 9.7% 10.3% 12.4% 13% 15.2% 12.6% -17.1%
Dividend 33 37 3 46 64 70 48 56 86 82 90 90 103 14.4%
Payout 100% 48% 3% 45% 56% 56% 62% 65% 79% 58% 59% 48% 63% 31.3%
Solvency
Marginn/a n/a n/a n/a n/a n/a n/a n/a 175.7% 239.2% 221.4% 212.4% 202.0 -4.9%
Figures in € mio
MAPFRE | RE – Balance Sheet information (consolidated)
32
MAPFRE S.A (Spain)
92.3%Ecclesiastical
Insurance (UK)
4.5%Vaudoise AssurancesHolding (Switzerland)
1.9%
Shelter Mutual Insurance Co (USA)
1.0%MAAF Assurances
(France)
0.3%
Data as at 31/12/2017
MAPFRE | RE – Shareholders
33
Latest Rating assessments
STANDARD & POOR'S AM BEST
A A / Excellent
Positive Outlook Stable Outlook
27.03.2018 08.09.2017
MAPFRE | RE – Rating
Your most trusted global reinsurance company
COMPANY WITH ENERGY MANAGEMENT SYSTEM
CERTIFIED DNV-GL= ISO 50001:2011=
COMPANY WITH ENVIRONMENTAL
MANAGEMENT SYSTEMCERTIFIED DNV-GL= ISO 14001:2015=