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1February 12th 2025 Activity Update Analyst & Investor Presentation 12M 2024
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2 MAPFRE S.A. (MAPFRE) hereby informs that the figures and ratios in this activity presentation, unless stated otherwise, are homogenized local accounting figures obtained from the financial statements prepared by MAPFRE Group companies, presented under the accounting principles in force in each country. For comparison and aggregation purposes, certain adjustments have been applied between units and regions, the most relevant being: the elimination of the goodwill impairment in Spain and the elimination of Nat Cat reserves in some countries in Latin America. In Malta and Portugal, the local accounting applied is IFRS 17 & 9. This document is for information purposes only and its aim is to show the development of the most relevant business indicators of MAPFRE’s units in the period. Its content does not constitute, nor can it be interpreted as, an offer or an invitation to sell, exchange or buy, and it is not binding on the issuer in any way. MAPFRE S.A. does not undertake to update or revise periodically the content of this document. Certain numerical figures included in the presentation have been rounded. Therefore, discrepancies in tables between totals and the sums of the amounts listed may occur due to such rounding. DISCLAIMER
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3 ACTIVITY UPDATE – 12M 2024 Record result thanks to the successful implementation of the Strategic Plan €28,122 mn PREMIUMS +4.5% At constant exchange rates +6.6% Local accounting CAPITAL 202.4% €8,508 mn Solvency II Ratio** Shareholders' equity +5.4% 94.4% NON-LIFE COMBINED RATIO -2.8 p.p. 93.4% Accumulated Q4 standalone €902 mn +30.3% NET RESULT €992 mn +29.3% ROE 10.9% 12.0% +2.0 p.p +1.9 p.p. * Without the impact on results from the partial goodwill writedown of Verti Germany (€90 mn) in 2024, and for comparison purposes without the United States insurance operations partial goodwill writedown (€75 mn) in 2023 ** as of September 2024 w/o goodwill writedown* w/o goodwill writedown *
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4 ACTIVITY UPDATE – 12M 2024 Record dividend is proof of our commitment to shareholders *Total dividends against 2024 fiscal year includes the interim dividend of €0.065 paid in November and a final dividend of €0.095 proposed by the Board of Directors to be approved at the AGM on March 14th ** Based on 2024 dividends paid and average share price ≈55%* PayoutDividends against 2024 results* €493 mn cents per share16 2024 final dividend cents per share9.5 ≈6.9%** Dividend yield Local accounting
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5 ACTIVITY UPDATE – 12M 2024 Technical excellence with strong improvements in main businesses Highly diversified Improvements in technical management IBERIA €367 mn +6 mn yoy +52 mn yoy, excluding 2023 Bankia impacts Largest contributor to earnings and premiums Strong financial income and profitable Life business LATAM €408 mn +34 mn yoy Relevant improvement due to technical measures NORTH AMERICA €98 mn +99 mn yoy Solid technical performance and balance sheet Absence of large catastrophic events MAPFRE RE €325 mn +81 mn yoy Local accounting NET RESULT
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6 €28,122 mn +4.5% TOTAL PREMIUMS +6.6%* MAIN LINES OF BUSINESS Million euros / * At constant exchange rates ACTIVITY UPDATE – 12M 2024 PREMIUMS Local accounting
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7 KEY FIGURES BY REGIONS AND BUSINESS UNITS COMBINED RATIOS ROE (main markets/units) 12M 2024 BRAZIL 25.9% TOTAL LATAM 17.9% MAPFRE RE 14.0% IBERIA 11.4% COMBINED RATIOS ACTIVITY UPDATE – 12M 2024 KEY FIGURES AND RATIOS Million euros Local accounting 12M 2024 Δ % Non-Life Loss ratio 67.4% -2.2 p.p Non-Life Expense ratio 27.1% -0.6 p.p Non-Life Combined ratio 94.4% -2.8 p.p General P&C 80.9% -6.7 p.p Auto 104.6% -1.4 p.p Accident & Health 98.6% -0.3 p.p Life Protection Combined ratio 85.5% 2.9 p.p 12M 2024 Δ % 12M 2024 Δ % 12M 2024 Δ % IBERIA 9,097.5 3.0% 366.9 1.6% 98.9% -0.9 p.p BRAZIL 4,800.5 -6.5% 255.1 9.5% 72.8% -5.9 p.p OTHER LATAM 5,164.5 10.5% 152.7 8.7% 98.8% -3.0 p.p TOTAL LATAM 9,965.0 1.6% 407.8 9.2% 84.8% -4.1 p.p NORTH AMERICA 2,768.9 3.2% 97.6 -- 98.7% -6.7 p.p EMEA 1,524.6 18.1% (30.3) 34.8% 113.9% -2.6 p.p TOTAL INSURANCE 23,356.0 3.3% 842.0 22.7% 94.9% -3.0 p.p REINSURANCE 6,562.5 7.3% 285.6 32.6% 94.0% -2.0 p.p GLOBAL RISKS 1,819.3 4.5% 39.7 35.9% 87.8% -2.7 p.p TOTAL MAPFRE RE 8,381.8 6.7% 325.3 33.0% 93.6% -2.0 p.p ASSISTANCE (MAWDY) 209.0 -2.2% 4.7 -13.3% 94.4% -3.5 p.p Holding expenses and other (3,825.1) -1.6% (270.3) -10.6% -- -- TOTAL 28,121.7 4.5% 901.6 30.3% 94.4% -2.8 p.p TOTAL w/o goodwill writedown -- -- 991.6 29.3% -- -- Premiums Net result Non-Life Combined ratio
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8 12M 2023 12M 2024 Δ % 12M 2023 12M 2024 12M 2023 12M 2024 MAPFRE GROUP 8,491 8,617 1.5% 216.6 403.7 87.6% 80.9% IBERIA 2,549 2,722 6.8% 50.2 146.9 100.0% 94.5% BRAZIL 2,929 2,752 -6.1% 134.0 162.9 69.8% 63.2% NORTH AMERICA 880 870 -1.2% 17.6 50.3 100.8% 84.3% Combined ratioPremiums Attributable result Combined Ratio – main regions IBERIA BRAZIL Million euros ACTIVITY UPDATE – 12M 2024 KEY FIGURES > GENERAL P&C Local accounting NORTH AMERICA
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9 BRAZIL IBERIA NORTH AMERICA Million euros ACTIVITY UPDATE – 12M 2024 KEY FIGURES > AUTO Local accounting Combined Ratio – main regions 12M 2023 12M 2024 Δ % Units (mn) Δ % 12M 2023 12M 2024 12M 2023 12M 2024 MAPFRE GROUP 6,109 6,484 6.1% 12.91 -4. 6% -67.6 -26.1 106.0% 104.6% IBERIA 2,388 2,538 6.3% 5.93 -3.0% -17 .9 -43.6 103.6% 105.4% BRAZIL 628 573 -8.9% 1.23 0.7% 10.0 14.4 102.5% 101.2% NORTH AMERICA 1,542 1,642 6.5% 1.28 -5 .3% -28.6 39.5 107.1% 101.2% Attributable result Combined RatioPremiums Insured units
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10 OTHER: Mainly OTHER LATAM and EMEA (Malta) ACTIVITY UPDATE – 12M 2024 KEY FIGURES > LIFE BUSINESS Premium growth > Insurance units Life technical-financial result Local accounting Million euros *Includes reinsurance. 2023 result includes €29.4 mn from the end of the Bankia alliance in IBERIA Of which: PROTECTION: 351.3 (+3.8%) SAVINGS: 2,190.6 (-6.4%) Life attributable result 12M 2023 12M 2024 Δ YoY Total MAPFRE Group* 341.4 282.9 -17.1% of which: IBERIA 177.1 167.9 -5.2% BRAZIL 78.0 65.4 -16.2% OTHER 86.3 49.6 -42.5% 12M 2023 12M 2024 Δ YoY Total MAPFRE Group* 809.3 670.6 -17.1% Total Insurance Units 789.0 657.8 -16.6% of which: IBERIA 256.8 246.0 -4.2% BRAZIL 421.5 324.3 -23.1% OTHER 110.7 87.5 -21.0%
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11 Evolution of Shareholders’ Equity Solvency II Ratio (%) ACTIVITY UPDATE – 12M 2024 CAPITAL POSITION & CREDIT METRICS Local accountingMillion euros Capital structure These figures do not include the adjustment for transitional measures for technical provisions Of which: US dollar: +126 Brazilian real: -175 Mexican peso: -45 Balance at 12.31.2023 8,071 Result for the period 902 Dividends -477 Net unrealized capital gains of AFS portfolio* 26 Currency conversion differences -10 Other -3 Balance at 12.31.2024 8,508 12.31.2023 09.30.2024 Solvency II ratio 199.6% 202.4% *Net of shadow accounting adjustments 12.31.2023 12.31.2024 %Δ YTD Total equity 9,214 9,603 4.2% Total debt 2,701 2,673 -1.0% Senior debt 864 865 0.1% Subordinated debt 1,628 1,630 0.1% Bank financing 208 178 -14.6% Leverage ratio 22.7% 21.8% -0.9 p.p.
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12 Dividends upstreamed from subsidiaries to holding companies* *Holding companies include MAPFRE S.A. and MAPFRE INTERNACIONAL ACTIVITY UPDATE – 12M 2024 DIVIDEND UPSTREAMING Million euros 2023 2024 IBERIA 345 316 of which: MAPFRE ESPAÑA 75 70 MAPFRE VIDA 270 246 INTERNATIONAL 201 264 of which: BRAZIL 140 152 OTHER LATAM 44 48 NORTH AMERICA 15 62 MAPFRE RE 86 120 Others 1 3 TOTAL 634 702
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13 * Measured at net book value; includes real estate for own use Other investments: includes interest rate swaps, investments in associates, accepted reinsurance deposits and others ACTIVITY UPDATE – 12M 2024 ASSETS UNDER MANAGEMENT Local accounting Of which (€bn): Spain: 9.6 Brazil: 2.8 Rest of LATAM: 3.3 EUROZONE ACTIVELY MANAGED Fixed income portfolios €44.0 bn €45.7 bn OTHER MAIN UNITS Investment portfolio 12.31.2024 Δ Total AuM 59.4 4.3% Total Investment Portfolio 45.7 4.0% Pension Funds 7.0 8.9% Mutual Funds & Other 6.7 1.4% Market value (€bn) BRAZIL 2.60 10.33 0.19 12.69 1.84 OTHER LATAM 3.49 7.10 -0.84 9.71 5.23 NORTH AMERICA 1.93 2.96 0.14 5.14 4.11 Market value (€bn) % ∆ YTD Market yield (%) Modified duration (%) IBERIA NON-LIFE 3.92 2.62 0.12 2.94 6.64 MAPFRE RE NON-LIFE 4.55 3.00 0.46 3.58 2.91 IBERIA LIFE 3.97 3.72 0.08 3.05 5.70 Accounting Yield
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14 Non-Life net financial income – Main units ACTIVITY UPDATE – 12M 2024 FINANCIAL INCOME Net realized gains and losses* Million euros *Realized gains and losses net of tax and minorities include provisions and gains from real estate Local accounting 12M 2023 12M 2024 Δ % IBERIA 177.9 178.8 0.5% BRAZIL 92.3 85.9 -6.9% OTHER LATAM 167.2 184.4 10.2% NORTH AMERICA 95.2 103.6 8.8% EMEA 97.1 96.6 -0.5% MAPFRE RE 128.2 150.4 17.3% 12M 2023 12M 2024 IBERIA 73.5 45.9 Non-Life 54.8 16.7 Life 18.7 29.2 NORTH AMERICA 5.2 1.0 MAPFRE RE 12.3 (7.1) TOTAL 91.0 39.8
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15 *Includes insurance and accepted reinsurance revenue **Net of taxes and non-controlling interests IFRS 17&9 MAIN KPIs Million euros 12M 2023 12M 2024 ∆% 12M 2023 12M 2024 ∆% Premiums - - - 26,917 28,122 4.5% Insurance revenue* 24,781 25,513 3.0% - - - Combined ratio 96.5% 93.0% -3.5 p.p 97.2% 94.4% -2.8 p.p Loss ratio 68.9% 66.0% -2.9 p.p 69.6% 67.4% -2.2 p.p Expense ratio 27.6% 26.9% -0.6 p.p 27.6% 27.1% -0.6 p.p Net result 677 968 42.9% 692 902 30.3% 12M 2023 12M 2024 ∆% 12M 2023 12M 2024 ∆% Total assets 54,947 56,707 3.2% 62,998 65,013 3.2% Shareholders’ equity 8,467 8,889 5.0% 8,071 8,508 5.4% Technical provisions/ Insurance and reinsurance contract liabilities 38,362 39,793 3.7% 44,315 45,989 3.8% Contractual Service Margin (CSM) Gross 2,600 2,501 -3.8% - - - Net** 1,522 1,558 2.4% - - - ROE 8.3% 11.1% 2.8 p.p 9.0% 10.9% 1.9 p.p IFRS 17&9 Homogenized local accounting
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16 STRATEGIC PLAN 2024-2026 *Combined ratio target excludes relevant catastrophic events, and ROE target excludes relevant catastrophic events and other extraordinary items. In 2024, no catastrophic event was considered relevant and the partial goodwill writedown of Verti Germany (€90 mn) was the only item considered extraordinary SUSTAINABILITY TARGETS FINANCIAL TARGETS PERIOD AVERAGE Target: > 6% excluding Life Savings 2024 +5.1% +7.4% at constant exchange rates GROWTH Target: 10% - 11% excluding extraordinary items and relevant catastrophic events* 2024 12% ROE Target: 96% - 95% Excluding relevant catastrophic events* 2024 94.4% COMBINED RATIO Local accounting 15 countries by 2026 2024 10 CARBON NEUTRALITY >95% by 2026 2024 90.2% ESG INVESTMENTS 36% women in top management by 2026 2024 34.5% EQUALITY
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17 CLOSING REMARKS Record dividend reflects our confidence in the future and commitment to our shareholders Record result in 2024 Technical excellence and successful execution of Strategic Plan
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18 * Dates are subject to change Leandra Clark Head of Investor Relations clarkle@mapfre.com Leslie Hoffman Investor Relations lhoffma@mapfre.com Lidia Bermúdez Investor Relations bclidi2@mapfre.com INVESTOR RELATIONS CONTACTS 18 Feb 14 Mar 18 Mar 4-24 Apr 25 Apr 07-08 May 28 May 10 Jun Roadshow post-results (London) AGM Morgan Stanley European Financials Conference (London) Black-out period 3M 2024 Activity Update Meet the Management breakfast (Madrid & London) Foro Medcap (Madrid) Goldman Sachs European Financials Conference (Berlin) Email: IR@mapfre.com Telephone: (+34) 91 581 23 18 Corporate website: www.mapfre.com Financial documentation center: www.mapfre.com/en/financial-information/ MAIN UPCOMING EVENTS H1*:
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19 Annex
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20 * Measured at net book value; includes real estate for own use Other investments: includes interest rate swaps, investments in associates, accepted reinsurance deposits and others Billion euros ACTIVITY UPDATE – 12M 2024 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT (I/II) Local accounting 12.31.2024 Δ Government fixed income 23.0 1.4% Spain 9.6 -1.2% Rest of Europe 4.3 2.9% United States 1.8 4.3% Brazil 2.8 -17.5% Rest of LATAM 3.3 25.4% Other 1.3 14.3% Corporate fixed income 9.8 19.3% Real Estate* 1.9 1.1% Equity and Mutual Funds 3.8 2.5% Cash 1.7 -16.3% Unit-Linked 3.2 -1.8% Other investments 2.4 7.2% Total investment portfolio 45.7 4.0% Market value (€bn)
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21 *IBERIA NON-LIFE portfolio includes Burial. Excluding this portfolio, to December 2024 duration would be approximately 2.2. **BRAZIL portfolio includes MAPFRE Seguros and BB MAPFRE Eurozone – Fixed income portfolios – Active management Other main regions and units – Fixed income portfolios ACTIVITY UPDATE – 12M 2024 INVESTMENT PORTFOLIO AND ASSETS UNDER MANAGEMENT (II/II) Local accounting Market value (€bn) Accounting Yield (%) Market yield (%) Modified duration (%) 12.31.2023 3.48 2.50 3.28 7.80 03.31.2024 3.58 2.54 3.44 7.16 06.30.2024 3.57 2.59 3.62 6.80 09.30.2024 3.79 2.66 3.08 6.61 12.31.2024 3.92 2.62 2.94 6.64 12.31.2023 4.16 2.54 3.80 3.40 03.31.2024 4.26 2.56 3.91 2.93 06.30.2024 4.30 2.71 4.05 3.00 09.30.2024 4.48 2.81 3.39 2.74 12.31.2024 4.55 3.00 3.58 2.91 12.31.2023 4.45 3.64 3.16 5.53 03.31.2024 4.54 3.69 3.36 5.47 06.30.2024 4.36 3.73 3.54 5.28 09.30.2024 3.99 3.74 3.19 5.77 12.31.2024 3.97 3.72 3.05 5.70 IBERIA NON-LIFE* MAPFRE RE NON-LIFE IBERIA LIFE Market value (€bn) Accounting Yield (%) Market yield (%) Modified duration (%) 12.31.2023 3.07 10.14 9.78 1.33 03.31.2024 2.92 9.48 9.28 1.30 06.30.2024 2.63 8.97 9.98 1.93 09.30.2024 2.72 9.27 10.27 1.99 12.31.2024 2.60 10.33 12.69 1.84 12.31.2023 3.03 7.94 8.41 5.04 03.31.2024 3.25 7.69 8.43 4.84 06.30.2024 3.17 7.93 9.14 4.75 09.30.2024 3.19 8.23 9.31 4.84 12.31.2024 3.49 7.10 9.71 5.23 12.31.2023 1.80 2.82 5.42 4.21 03.31.2024 1.81 2.81 5.52 4.21 06.30.2024 1.75 2.82 5.45 4.31 09.30.2024 1.83 2.95 4.87 4.28 12.31.2024 1.93 2.96 5.14 4.11 BRAZIL** OTHER LATAM NORTH AMERICA
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22 IFRS 17&9 P&L – December 2024 Million euros *Includes insurance and accepted reinsurance revenue LIFE NON-LIFE TOTAL LIFE NON-LIFE TOTAL 4,303 20,478 24,781 4,103 21,410 25,513 (3,737) (18,609) (22,346) (3,472) (18,605) (22,077) 1. Incurred claims and other insurance service expenses (2,520) (13,601) (16,121) (2,156) (13,898) (16,055) 2. Acquisition costs (1,126) (4,233) (5,358) (1,261) (4,31 6) (5,577) 3. Losses on onerous contract groups and reversals of those losses (77) (8) (84) (47) 4 (43) 4. Changes in the liability for incurred claims (15) (768 ) (783) (8) (395) (402) 565 1,869 2,435 631 2,805 3,435 (79) (1,315) (1,394) (97) (1,634) (1,732) 278 650 928 200 499 699 (42) (72) (115) (5) (33) (38) 0 (137) (137) 0 (179) (179) Hyperinflation adjustments (4) (66) (70) (4) (83) (87) Tax on profit (175) (206) (381) (197) (316) (513) Non-controlling interests (233) (357) (589) (203) (416) (620 ) 311 366 677 323 644 968 RESULT FROM OTHER ACTIVITIES ATTRIBUTABLE RESULT 12M 2023 12M 2024 II. INSURANCE SERVICE EXPENSES RESULT FROM INSURANCE SERVICE RESULT FROM REINSURANCE SERVICE FINANCIAL RESULT RESULT FROM OTHER INSURANCE REVENUE/EXPENSES I. INSURANCE REVENUE*
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23 IFRS 17 impacts: 98 IFRS 9 impacts: (32) TOTAL IMPACT 66 * Homogenized local accounting ** Includes the discounting and unwind of insurance and reinsurance contract assets & liabilities, as well as the effect of interest rate movements on insurance and reinsurance contracts and the change in value of investments allocated to portfolios covering liabilities for incurred claims (LIC) *** Differences between local homogenized vs. IFRS 17 mainly affecting: CSM release schedule, acquisition expense recognition and cash flows and crediting rates ****Reclassification to P&L of the change in valuation of fixed income that does not pass the SPPI test and change in the expected loss IFRS 17&9 RECONCILIATION P&L – December 2024 Million euros
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24 IFRS 17&9 KEY FIGURES BY REGION AND BUSINESS UNIT Million euros *Includes insurance and accepted reinsurance revenue 12M 2023 12M 2024 Δ % 12M 2023 12M 2024 Δ % 12M 2023 12M 2024 IBERIA 6,978.1 7,450.2 6.8% 341.4 436.1 27.7% 99.8% 97.6% BRAZIL 4,823.7 4,603.6 -4.6% 227.5 253.2 11.3% 77.2% 72.7 % OTHER LATAM 4,451.0 4,876.3 9.6% 120.6 139.9 16.0% 100. 7% 97.3% NORTH AMERICA 2,584.5 2,752.8 6.5% 14.4 112.0 -- 102.8% 96.6% EMEA 1,179.1 1,285.9 9.1% (39.4) (42.3) -7.4% 113.2% 113. 5% TOTAL INSURANCE 20,016.3 20,968.7 4.8% 664.6 898.9 35. 3% 96.7% 93.7% REINSURANCE 6,361.3 6,247.4 -1.8% 223.2 295.0 32.2% 96.1 % 91.7% GLOBAL RISKS 1,655.4 1,736.4 4.9% 28.9 39.5 36.5% 90.9% 81 .3% ASSISTANCE - MAWDY 224.2 209.3 -6.6% 5.6 4.3 -23.9% 97.9 % 94.4% Holding, eliminations and other (3,476.3) (3,649.1) -5.0% (2 45.1) (270.1) -10.2% -- -- MAPFRE S.A. 24,781.0 25,512.6 3.0% 677.2 967.5 42.9% 96 .5% 93.0% AREA / BUSINESS UNIT Insurance revenue* Attributable result Combined ratio
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25 EQUITY AND LIABILITIES 12.31.2023 12.31.2024 %∆ A) EQUITY 9,656 9,985 3.4% I. Equity attributable to the controlling company's shareholders 8,467 8,889 5.0% II. Non-controlling interests 1,190 1,097 -7.8% B) SUBORDINATED LIABILITIES 1,628 1,630 0.1% C) INSURANCE CONTRACT LIABILITIES 38,362 39,793 3.7% D) CEDED REINSURANCE CONTRACT LIABILITIES 15 17 10.7% E) PROVISIONS FOR RISKS AND EXPENSES 552 571 3.4% F) DEFERRED TAX LIABILITIES 236 196 -17.1% G) DEBTS 4,338 4,380 1.0% H) OTHER 159 137 -13.8% TOTAL EQUITY AND LIABILITIES 54,947 56,707 3.2% "H) Other" includes: Accrual adjustments and Liabil ities linked to non-current assets held for sale and from discontinued operations IFRS 17&9 BALANCE SHEET 12.31.2024 vs. 12.31.2023 Million euros ASSETS 12.31.2023 12.31.2024 %∆ A) INTANGIBLE ASSETS 2,680 2,540 -5.2% B) PROPERTY, PLANT AND EQUIPMENT 1,184 1,213 2.5% C) INVESTMENTS 40,937 42,865 4.7% I. Real estate investments 973 855 -12.1% II. Financial investments 1. At fair value with changes through P&L 15,073 15,396 2.1% 2. At fair value with changes through OCI 21,682 23,179 6.9% 3. Amortized cost 1,296 1,269 -2.1% III. Investments accounted for using the equity method 1,226 1,267 3.3% V. Other investments 688 899 30.7% D) INSURANCE CONTRACT ASSETS 9 7 -22.8% E) CEDED REINSURANCE CONTRACT ASSETS 5,938 6,075 2.3% F) OTHER 4,199 4,006 -4.6% TOTAL ASSETS 54,947 56,707 3.2% "F) Other" includes: Inventories, Deferred tax assets, Receivables, Cash, Accrual adjustments, Other assets and Non- current assets held for sale and from discontinued operations
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26 IFRS 17&9 CHANGE IN SHAREHOLDERS’ EQUITY – December 2024 Million euros Balance at 31 December 2023 8,467 Currency conversion differences (86) Change in market value of financial assets (44) Change in technical provision valuation 13 Other (10) Total income and expenses recorded in OCI: (127) Result 968 Distribution of result (Dividends) (477) Equity capital gains 46 Other 13 Balance at 31 December 2024 8,889
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27 IFRS 17&9 CSM ROLL FORWARD Δ CSM: (98) Δ CSM before release: +258 Of which: IBERIA: 1,721 BRAZIL: 416 OTHER LATAM: 264 EMEA: 97 Of which: IBERIA: -132 BRAZIL: -198 Million euros
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28 IFRS 17&9 BREAKDOWN OF CSM Million euros 12.31.2023 12.31.2024 12.31.2023 12.31.2024 12.31.2023 12.31.2024 IBERIA 1,686 1,721 1,265 1,292 1,254 1,278 BRAZIL 570 416 337 249 96 78 OTHER LATAM 250 264 174 184 155 182 EMEA 90 97 59 63 15 18 NORTH AMERICA 3 3 2 3 2 3 TOTAL 2,600 2,501 1,837 1,791 1,522 1,558 CSM CSM net of taxes CSM net of taxes and minorities
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29 Revenue/ Total Consolidated Revenue Premiums + Financial income from investments + Income from non‐insurance companies and other income Premiums/Written and Accepted premiums Written premiums, direct insurance + premiums from accepted reinsurance Premiums earned, net of ceded and retroceded reinsurance Direct insurance written premiums + accepted reinsurance premiums + ceded reinsurance premiums + Variations in provisions unearned premiums and unexpired risks (Direct Ins.) + Variations in provisions unearned premiums and unexpired risks (Accepted Reins.) + Variations in provisions unearned premiums and unexpired risks (Ceded Reins.). Combined ratio – Non-Life Expense ratio + Loss ratio Expense ratio – Non-Life Operating expenses, net of reinsurance – other net technical revenue / Net premiums earned Loss ratio – Non-Life Net claims incurred + variation in other technical reserves + profit sharing and returned premiums / Net pr emiums earned Holding expenses Includes expenses from Corporate Areas, consolidation adjustments, as well as the result attributable to MAPFRE RE and MAPFRE INTERNACIONAL’s non-controlling interests and other concepts ROE (Return on Equity) Attributable result for the last twelve months / Arithmetic mean of equity attributable to the controlling company at the beginning and closing of the period (twelve months) x 100 Leverage ratio Total Debt / (Total Equity + Total Debt) Other investments Includes interest rate swaps, investments in associates, accepted rei nsurance deposits and others TERMINOLOGY (I/II) Local homogenized accounting
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30 Income / Total Income / Consolidated Income / Total Consolidated Revenue Insurance revenue + Reinsurance revenue + Insurance/Reinsurance finance revenue + Finance revenue not related to Insurance service + Reversal of financial asset impairment + Share in profits from equity‐accounted companies + Other non‐technical revenue + Positive exchange differences + Reversal of asset impairment + Revenue from other activities Non‐Life Expense Ratio Administration expenses + Acquisition expenses, net of reinsurance commissions / Insurance revenue, net of reinsurance Non-Life Loss Ratio Claims, net of reinsurance / Insurance revenue, net of reinsurance Non-Life Combined ratio Non-Life expense ratio + Non-Life loss ratio ROE (Return on Equity) Attributable result for the last twelve months / Arithmetic mean of equity attributable to the controlling company at the beginning and closing of the period (twelve months) x 100 Contractual Service Margin (CSM) Component of the asset or liability for the group of insurance and reinsurance contracts that represents the unearned profit the entity will recognize as it provides services in the future. It makes it possible to assess the viability of the company in the short‐medium term, since the volume of future profits generated by written contracts can be determined. It includes: CSM of Insurance contracts measured using the Building Block Approach (BBA) + CSM of insurance contracts measured using the Variable Fee Approach (VFA) ‐ CSM of reinsurance contracts measured using the Building Block Approach (BBA) TERMINOLOGY (II/II) IFRS 17&9 Alternative Performance Measures (APM) under IFRS 17&9 used in this presentation correspond to those financial measures that are not defined or detailed within the framework of the applicable financial information. Their definition and calculation can be consulted at the following link: https://www.mapfre.com/media/shareholders/2024/2024-12-alternate- performance-measures.pdf