Slides
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1 Activity update 9M 2026 Analyst & Investor presentation 28 October 2026
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2 Activity update – 9M 2026 Excellent performance as we reach the end of 2024 - 26 Strategic Plan Strong improvement in profitability Diversified , resilient business model Technical excellence Shareholder value creation Interim dividend increased to 8.0 cents per share (+14.3%) 6 th consecutive increase in the last 3 years 1 Balance sheet strength Capital position recognized by main rating agencies Prudent reserving High - quality investment portfolio 2 Moving forward with strategic growth priorities Safety Insurance acquisition on track Strategic investment in TUIO 3 4
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3 Activity update – 9M 2026 Strategic Plan on track €22,827 mn +0.7% at constant exchange rates Local accounting Solvency II ratio 93.5 % Non - Life c ombined ratio +0.9 p.p. Net result €924 mn 12.8% +0.4 p.p. +11.5% + 2.0 % ROE Premiums 208.8% +3.5 p.p. YTD vs. 12M 2025 June 2026
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4 Activity update – 9M 2026 P&L *At constant exchange rates Local accounting Million euros +2.9%* + 0.1 %* 9M 2025 9M 2026 Δ % Non-Life gross written and accepted premiums 17,303.8 17,493.3 1.1% Non-Life technical result 953.4 869.7 -8.8% Net financial income 529.1 739.4 39.8% Other non-technical revenue and expenses -30.8 -36.4 18.1% Result of Non-Life business 1,451.7 1,572.7 8.3% Life gross written and accepted premiums 5,080.0 5,333.4 5.0% Result of Life business 496.6 532.4 7.2% Result from other business activities -114.2 -126.8 11.0% Hyperinflation adjustments -32.9 -42.9 30.7% Result before tax 1,801.3 1,935.4 7.4% Tax on profits -486.1 -524.3 7.9% Non-controlling interests -486.2 -486.7 0.1% Attributable net result 829.0 924.3 11.5% Non-Life combined ratio 92.6% 93.5% 0.9 p.p. Loss ratio 65.1% 65.6% 0.5 p.p. Expense ratio 27.5% 27.9% 0.4 p.p. Life Protection combined ratio 84.6% 87.4% 2.8 p.p.
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5 9M 2026 Δ % 9M 2025 9M 2026 Δ % 9M 2026 Δ p.p. LIFE 2,479.6 1.1% 91.7 80.0 -12.8% -- -- LIFE PROTECTION 287.1 4.5% 52.6 40.2 -23.5% 73.2% 5.9 p.p. LIFE SAVINGS 2,192.4 0.7% 38.0 35.8 -5.7% -- -- NON-LIFE 5,411.0 0.7% 255.5 333.2 30.4% 94.2% -1.7 p.p. of which: AUTO 1,942.0 1.1% 51.6 100.2 94.3% 96.0% -2.5 p.p. GENERAL P&C 2,170.4 -2.4% 109.5 140.3 28.1% 91.5% -2.7 p.p. ACCIDENT & HEALTH 976.2 4.1% 38.1 32.5 -14.6% 96.4% 1.4 p.p. Premiums Attributable result Combined ratio Activity update – 9M 2026 Iberia: net result up 19%, consolidating the strong improvement in the combined ratio • Non - Life premiums: Strong performance in Accident & Health and Auto. General P&C impacted by extraordinary Transport issuance in 2025 (+2.0% excluding this effect). Vehicle fleet stands at 5.6 mn insured vehicles ( - 1.2% YTD). • Non - Life combined ratio : • Auto: supported by technical measures, while strengthening the reserves during the year (2 - 3 - point impact on the 9M 2026 combined ratio). • General P&C: Improvement despite the weather - related events. • Life business: Comparatively lower issuance in Life Savings, due to large corporate policies in 2025 (+17.6% excluding this impact). The result reflects an uptick in the combined ratio and one - off tax impact ( - €11 mn ). • Financial result: Higher investment yields and net realized gains ( €52 mn vs. €29 mn in 2025). Premiums €7.9 bn (+0.9%) Net result €413.2 mn (+19.0%) Combined ratio 94.2% ( - 1.7 p.p.) ROE 15.6% (+2.0 p.p.) Local accounting Million euros Key figures
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6 Activity update – 9M 2026 Brazil: excellent ROE at 23.7%, supported by technical excellence and a solid financial result Premiums €3.3 bn (+1.1%) - 4.2% at constant exchange rates Net result €203.2 mn (+2.0%) Combined ratio 75.7% (+3.6 p.p.) ROE 23.7% ( - 3.9 p.p.) Local accounting Million euros • Premiums: Agro and Life Protection still impacted by the effect of high interest rates on credit - linked insurance issuance. Boost from Brazilian real (+5.5%). • Non - Life combined ratio: Main lines of business were affected by adverse weather in the South - Central region, but still excellent levels, supported by the Agro segment (<60%). • Strong profitability in Life Protection . • Financial result: Is up, supported by high portfolio yields. Key figures 9M 2026 Δ % 9M 2025 9M 2026 Δ % 9M 2026 Δ p.p. LIFE 993.2 0.2% 50.8 62.7 23.4% -- -- LIFE PROTECTION 964.9 0.4% 43.2 48.0 11.1% 84.0% 1.9 p.p. NON-LIFE 2,356.3 1.6% 148.3 140.5 -5.3% 75.7% 3.6 p.p. of which: AUTO 442.3 10.8% 10.9 5.6 -48.2% 105.0% 3.6 p.p. GENERAL P&C 1,914.0 -0.4% 127.6 114.5 -10.3% 67.2% 3.9 p.p. Premiums Attributable result Combined ratio
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7 9M 2026 Δ % 9M 2025 9M 2026 Δ % 9M 2026 Δ p.p. LIFE 1,235.6 13.9% 32.1 29.7 -7.6% -- -- LIFE PROTECTION 900.3 14.9% 21.6 21.0 -2.8% 97.4% 1.4 p.p. LIFE SAVINGS 335.2 11.4% 10.4 8.7 -16.2% -- -- NON-LIFE 3,223.6 5.5% 108.6 70.5 -35.1% 101.0% 5.0 p.p. of which: AUTO 665.6 5.9% 40.1 17.4 -56.7% 101.5% 5.6 p.p. GENERAL P&C 1,660.7 -0.2% 38.6 29.2 -24.4% 96.3% 8.7 p.p. ACCIDENT & HEALTH 860.8 18.4% 17.1 13.2 -23.2% 102.4% 2.8 p.p. of which: MEXICO 1,714.1 13.0% 37.3 19.6 -47.4% 102.1% 5.8 p.p. PERU 694.6 8.7% 38.3 41.7 8.8% 104.0% 9.0 p.p. COLOMBIA 414.4 -2.6% 13.8 -10.8 -- 110.8% 20.7 p.p. Premiums Attributable result Combined ratio Activity update – 9M 2026 Other Latam: continues growing premiums and contributes €100 million to the Group result Premiums €4.5 bn (+7.7%) Net result €100.2 mn ( - 28.8%) Combined ratio 101.0% (+5.0 p.p.) ROE 3.8% ( - 3.3 p.p.) Local accounting Million euros • Premiums: Solid growth driven by Life and Accident & Health. Property lines are affected by lower insurance rates and the currency impact of dollar - denominated policies. • Non - Life combined ratio: • Uptick in the region, driven by General P&C and Auto, due to higher claims costs. • Higher frequency of catastrophic and weather - related events, the most relevant being the earthquake in Colombia this quarter with an attributable impact of - €7.5 million. • Life business : Strong contributions from Mexico and Peru, with growth driven by Life Protection. Key figures
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8 Activity update – 9M 2026 North America: record result of €112 mn profit, with an improvement in the combined ratio Premiums €2.0 bn ( - 4.3%) - 0.7 % at constant exchange rates Net result €111.6 mn (+12.4%) Record high in a 9M period Combined ratio 94.9% ( - 0.8 p.p.) ROE 11.9% (+0.4 p.p.) Local accounting Million euros • Non - Life premiums: Premiums down ( - 4.3%), due to U.S. dollar depreciation ( - 3.6%), with a slight decline in local currency ( - 0.7%). Auto supported by the positive trend of the vehicle fleet (1.24 mn insured vehicles, +0.5% YTD). • Non - Life combined ratio: Improvement in Auto ( - 1.3 p.p. to 96.3%) supported by technical measures and tariff adjustments. General P&C stands at a very solid level despite YoY increase. • Net result: The region posts a record profit of €112mn (+12.4%), driven by the strong performance in the U.S. and the positive contribution from the financial result. 9M 2026 Δ % 9M 2025 9M 2026 Δ % 9M 2026 Δ p.p. NON-LIFE 1,952.8 -4.3% 98.9 110.8 12.0% 94.9% -0.8 p.p. of which: AUTO 1,191.4 -2.9% 52.4 74.2 41.4% 96.3% -1.3 p.p. GENERAL P&C 584.8 -7.4% 41.2 25.2 -38.7% 86.9% 3.8 p.p. Premiums Attributable result Combined ratio Key figures
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9 Activity update – 9M 2026 Mapfre Re: net result up 12% to €286 million Premiums €6.3 bn ( - 0.4%) Net result €286.2 mn (+11.8%) Combined ratio 95.3% (+1.5 p.p.) ROE 15.0% (+0.3 p.p.) Local accounting Million euros • Premiums: Reflect lower reinsurance and insurance market rates. • Non - Life combined ratio : • Colombia earthquake: Estimated attributable impact of - €75 mn . • Other relevant claims: Storms in Portugal and Spain in February and the earthquake in Venezuela in June. • Reserve prudence: No change during 3Q (1.5 - point impact on the 9M 2026 combined ratio). • Non - Life financial result: Higher investment yields and net realized gains ( €50 mn vs. - €4 mn in 2025). Key figures 9M 2026 Δ % 9M 2025 9M 2026 Δ % 9M 2026 Δ p.p. REINSURANCE 5,004.2 1.0% 224.9 259.1 15.2% 95.5% 1.4 p.p. GLOBAL RISKS 1,337.9 -5.3% 31.1 27.1 -12.9% 92.9% 3.6 p.p. Premiums Attributable result Combined ratio
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10 • Premiums: Growth mainly supported by Malta's Life business, as well as positive developments across the region, offsetting the depreciation of the Turkish lira ( - 12.2%). • Non - Life combined ratio: Improvement in Auto, with Germany below 100%. General P&C continues to be impacted by higher claims experience in Turkey. • Italy: Increase of reserves for unprofitable business portfolios during 2Q, recording a €15 million net loss. • Hyperinflation adjustment in Turkey: - €19.5 mn ( - €15.4 mn in 9M 2025), while financial income continues to benefit from high interest rates. Activity update – 9M 2026 Emea : result in Italy remains under pressure, with the rest of the region reporting profits Premiums €1.3 bn (+8.1%) Net result - €2.4 mn Combined ratio 107.3% (+0.6 p.p.) ROE 1.2% ( - 1.7 p.p.) Local accounting Million euros Key figures 9M 2026 Δ % 9M 2025 9M 2026 Δ % 9M 2026 Δ p.p. LIFE 175.2 39.3% 2.5 2.3 -7.8% -- -- NON-LIFE 1,160.0 4.5% 4.6 -4.7 -- 107.3% 0.6 p.p. of which: AUTO 796.7 5.1% -13.2 -5.7 56.8% 109.3% -3.0 p.p. GENERAL P&C 138.0 -2.8% 8.3 2.4 -71.4% 92.4% 17.9 p.p. ACCIDENT & HEALTH 204.6 10.4% 13.3 -3.8 -- 106.7% 11.8 p.p. Premiums Attributable result Combined ratio
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11 Activity update – 9M 2026 Capital position & credit metrics Of which: Brazilian real: +101 US dollar: +67 Turkish lira: +16 Other**: +86 * Net of shadow accounting adjustments ** “Other” includes mainly Latin American currencies Million euros Solvency II Capital structure Shareholders’ Equity 12.31.2025 06.30.2026 % ∆ YTD Solvency II ratio 205.3% 208.8% 3.5 p.p. Eligible Own Funds 10,580 11,555 9.2% Solvency Capital Requirement 5,155 5,533 7.3% Balance at 12.31.2025 8,960 Result for the period 924 Dividends -339 Net unrealized capital gains of AFS portfolio* -405 Currency conversion differences 269 Other 35 Balance at 09.30.2026 9,445 12.31.2025 09.30.2026 %Δ YTD Total equity 10,057 10,524 4.6% Total debt 2,622 2,907 10.9% Senior debt 866 1,013 17.0% Subordinated debt 1,631 1,774 8.8% Bank financing 125 119 -4.4% Leverage ratio 20.7% 21.6% 1.0 p.p. • Additional debt issuance expected ahead of the completion of the Safety Insurance acquisition . • We intend to issue a combination of Tier 2 capital and Senior instruments in 4 Q 2026 or 1 Q 2027 , subject to market conditions . Local accounting
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12 12.31.2025 09.30.2026 Δ Government fixed income 22.8 23.4 2.5% Spain 9.1 8.1 -10.9% Rest of Europe 4.6 5.8 27.0% United States 1.8 1.3 -29.3% Brazil 2.9 3.4 18.5% Rest of LATAM 3.7 3.9 6.8% Other 0.8 0.9 9.9% Corporate fixed income 10.5 11.8 12.2% Real estate* 1.9 2.0 1.3% Equity and mutual funds 4.6 4.9 6.5% Cash 1.9 2.1 6.0% Other investments** 2.6 2.7 4.6% Investment portfolio ex. UL 44.4 46.8 5.4% Unit-Linked 4.0 4.5 11.8% Total investment portfolio 48.4 51.3 6.0% Pension funds 7.5 8.0 6.3% Mutual funds & other 8.8 11.7 32.7% Total AuM 64.7 70.9 9.6% Market value (€bn) *Measured at net book value; includes real estate for own use ** I ncludes investments in associates (50%), accepted reinsurance deposits (38%), interest rate swaps and others (12%) *** E xcluding Unit Linked Activity update – 9M 2026 Assets under management €46.8 bn Local accounting €44.4 bn Total assets under management Investment portfolio***
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13 Activity update – 9 M 2026 Assets under management - Fixed income EUROZONE ACTIVELY MANAGED OTHER MAIN UNITS Iberia Non - Life portfolio includes Burial. Excluding this portfolio, to September 2026 modified duration would be 2.77 . Brazil portfolio includes Mapfre S eguros and Brasilseg . Main f ixed income portfolios Million euros Local accounting Market value (€bn) % ∆ YTD Market yield (%) % ∆ YTD IBERIA NON-LIFE 4.73 2.90 0.32 4.45 5.55 -0.29 MAPFRE RE NON-LIFE 5.26 3.79 0.25 4.29 2.82 -0.07 IBERIA LIFE 4.21 3.43 -0.09 4.15 3.92 -1.23 Accounting Yield Modified duration BRAZIL 2.69 12.22 -0.45 11.96 0.64 -0.85 OTHER LATAM 4.18 7.01 0.27 7.41 5.79 -0.11 NORTH AMERICA 1.87 3.43 0.20 6.02 3.98 -0.37
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14 Closing remarks Solid results Creating value for shareholders Positive outlook Strong financial position Diversified and resilient business model Growing dividend and shareholders’ equity Final stretch of the current Strategic Plan Moving ahead with the design of 2027 - 29 Strategic Plan
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15 * Main events; dates subject to change Investor Relations Contacts Upcoming Events * Email: IR@ mapfre.com Telephone: (+34) 91 581 23 18 Corporate website: www.mapfre.com Financial documentation center: www.mapfre.com/en/shareholders - and - investors/financial - documentation - center/ 5 Nov 10 Nov 20 Nov 13 - 14 Jan 13 - 15 Jan 15 Jan Post 9M 2026 meeting with analysts and investors (Madrid) UBS European Conference (London) JP Morgan Financials Conference (London) BNP Paribas Exane Spain Investors Day (Madrid) BofA SMID Conference (London) Citi European Insurance Conference (Virtual) Beatriz Ranea, CFA CESGA Investor Relations braneas@mapfre.com Lidia Bermúdez Investor Relations bclidi2@mapfre.com Yongzheng (Fabby) Chen Investor Relations chenyon@mapfre.com Leandra Clark, CFA, CESGA Head of Investor Relations & Capital Markets clarkle@mapfre.com Ana Lago Investor Relations analago@mapfre.com Virginia Pérez Investor Relations prvirg3@mapfre.com 20 Jan - 10 Feb 27 - 28 Jan 11 Feb 9 - 11 Mar 12 Mar Black - out period Santander Iberian Conference (Madrid) 12M 2026 Activity update Morgan Stanley European Financials Conference (London) Annual General Shareholders’ Meeting
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16 Annex
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17 Activity update – 9 M 2026 Key figures and ratios Regions and business units Million euros Local accounting 9M 2025 9M 2026 ∆ % 9M 2025 9M 2026 ∆ % 9M 2025 9M 2026 12.31.2025 09.30.2026 ∆ p.p. IBERIA 7,823.7 7,890.6 0.9% 347.3 413.2 19.0% 95.9% 94.2% 13.6% 15.6% 2.0 p.p. BRAZIL 3,311.6 3,349.5 1.1% 199.1 203.2 2.0% 72.1% 75.7% 27.6% 23.7% -3.9 p.p. OTHER LATAM 4,139.2 4,459.2 7.7% 140.7 100.2 -28.8% 96.0% 101.0% 7.1% 3.8% -3.3 p.p. TOTAL LATAM 7,450.8 7,808.6 4.8% 339.9 303.4 -10.7% 83.3% 88.1% 15.7% 12.4% -3.3 p.p. NORTH AMERICA 2,040.5 1,953.6 -4.3% 99.2 111.6 12.4% 95.7% 94.9% 11.5% 11.9% 0.4 p.p. EMEA 1,235.5 1,335.2 8.1% 7.1 -2.4 -- 106.7% 107.3% 2.9% 1.2% -1.7 p.p. TOTAL INSURANCE 18,550.5 18,988.0 2.4% 793.5 825.8 4.1% 92.2% 93.0% -- -- -- REINSURANCE 4,956.8 5,004.2 1.0% 224.9 259.1 15.2% 94.1% 95.5% -- -- -- GLOBAL RISKS 1,413.4 1,337.9 -5.3% 31.1 27.1 -12.9% 89.3% 92.9% -- -- -- TOTAL MAPFRE RE 6,370.2 6,342.1 -0.4% 256.0 286.2 11.8% 93.8% 95.3% 14.7% 15.0% 0.3 p.p. ASSISTANCE (MAWDY) 166.7 179.1 7.4% 3.1 3.7 17.7% 92.6% 91.8% 4.5% 4.8% 0.3 p.p. Holding expenses and other -2,703.7 -2,682.4 0.8% -223.7 -191.3 14.5% -- -- -- -- -- TOTAL 22,383.8 22,826.7 2.0% 829.0 924.3 11.5% 92.6% 93.5% 12.4% 12.8% 0.4 p.p. Premiums Attributable result Non-Life Combined ratio ROE
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18 Premiums Activity update – 9M 2026 Main lines of business Results Local accounting Million euros
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19 Activity update – 9M 2026 Regional data by segments (I/II) Local accounting Million euros 5.60 million insured vehicles ( - 2.0%*) 1.24 million insured vehicles (+6.4%*) 1.24 million insured vehicles (+0.1%*) * Variation YoY IBERIA 9M 2026 Δ % 9M 2025 9M 2026 Δ % 3Q2025 2Q 2026 3Q 2026 LIFE 2,479.6 1.1% 91.7 80.0 -12.8% -- -- -- LIFE PROTECTION 287.1 4.5% 52.6 40.2 -23.5% 66.2% 86.2% 68.1% LIFE SAVINGS 2,192.4 0.7% 38.0 35.8 -5.7% -- -- -- NON-LIFE 5,411.0 0.7% 255.5 333.2 30.4% 95.7% 93.2% 95.4% of which: AUTO 1,942.0 1.1% 51.6 100.2 94.3% 98.7% 96.9% 98.4% GENERAL P&C 2,170.4 -2.4% 109.5 140.3 28.1% 91.9% 85.9% 87.9% ACCIDENT & HEALTH 976.2 4.1% 38.1 32.5 -14.6% 99.0% 99.6% 102.2% OTHER NON LIFE 333.7 10.6% 20.5 20.5 0.1% 85.8% 94.4% 106.1% BRAZIL 9M 2026 Δ % 9M 2025 9M 2026 Δ % 3Q2025 2Q 2026 3Q 2026 LIFE 993.2 0.2% 50.8 62.7 23.4% -- -- -- LIFE PROTECTION 964.9 0.4% 43.2 48.0 11.1% 82.7% 86.8% 80.8% LIFE SAVINGS 28.3 -7.9% 1.1 5.9 422.0% -- -- -- NON-LIFE 2,356.3 1.6% 148.3 140.5 -5.3% 71.6% 72.3% 79.5% of which: AUTO 442.3 10.8% 10.9 5.6 -48.2% 100.5% 102.9% 109.9% GENERAL P&C 1,914.0 -0.4% 127.6 114.5 -10.3% 63.2% 63.8% 70.3% NORTH AMERICA 9M 2026 Δ % 9M 2025 9M 2026 Δ % 3Q2025 2Q 2026 3Q 2026 NON-LIFE 1,952.8 -4.3% 98.9 110.8 12.0% 94.2% 94.3% 95.5% of which: AUTO 1,191.4 -2.9% 52.4 74.2 41.4% 97.8% 97.8% 95.4% GENERAL P&C 584.8 -7.4% 41.2 25.2 -38.7% 71.5% 72.1% 97.9% ACCIDENT & HEALTH 38.5 -13.3% 3.1 5.3 74.0% 93.1% 85.3% 89.4% OTHER NON LIFE 158.4 -0.1% 3.0 7.4 148.0% 98.6% 98.2% 94.1% Premiums Attributable result Combined ratio standalone
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20 Activity update – 9M 2026 Regional data by segments (II/II) Local accounting Million euros 2.30 million insured vehicles (+3.1%*) 2.58 million insured vehicles (+3.6%*) 12.97 million insured vehicles (+0.9%*) * Variation YoY OTHER LATAM 9M 2026 Δ % 9M 2025 9M 2026 Δ % 3Q2025 2Q 2026 3Q 2026 LIFE 1,235.6 13.9% 32.1 29.7 -7.6% -- -- -- LIFE PROTECTION 900.3 14.9% 21.6 21.0 -2.8% 97.5% 96.6% 98.7% LIFE SAVINGS 335.2 11.4% 10.4 8.7 -16.2% -- -- -- NON-LIFE 3,223.6 5.5% 108.6 70.5 -35.1% 97.7% 101.4% 104.6% of which: AUTO 665.6 5.9% 40.1 17.4 -56.7% 96.3% 103.5% 102.7% GENERAL P&C 1,660.7 -0.2% 38.6 29.2 -24.4% 91.9% 94.7% 106.9% ACCIDENT & HEALTH 860.8 18.4% 17.1 13.2 -23.2% 101.0% 102.3% 105.2% EMEA 9M 2026 Δ % 9M 2025 9M 2026 Δ % 3Q2025 2Q 2026 3Q 2026 LIFE 175.2 39.3% 2.5 2.3 -7.8% -- -- -- NON-LIFE 1,160.0 4.5% 4.6 -4.7 -- 105.1% 109.2% 107.0% of which: AUTO 796.7 5.1% -13.2 -5.7 56.8% 109.8% 114.7% 107.1% GENERAL P&C 138.0 -2.8% 8.3 2.4 -71.4% 86.6% 80.7% 90.0% ACCIDENT & HEALTH 204.6 10.4% 13.3 -3.8 -- 93.2% 104.5% 109.9% MAPFRE S.A. 9M 2026 Δ % 9M 2025 9M 2026 Δ % 3Q2025 2Q 2026 3Q 2026 LIFE 5,333.4 5.0% 180.0 199.1 10.6% -- -- -- LIFE PROTECTION 2,167.8 6.6% 118.5 110.5 -6.7% 85.6% 89.9% 86.4% LIFE SAVINGS 2,716.5 3.7% 50.6 51.5 1.7% -- -- -- NON-LIFE 17,493.3 1.1% 649.0 725.2 11.8% 91.4% 92.5% 95.0% of which: AUTO 5,045.1 2.1% 95.5 189.7 98.6% 99.5% 100.4% 100.3% GENERAL P&C 6,467.8 -1.7% 315.7 302.6 -4.1% 79.3% 76.6% 83.0% ACCIDENT & HEALTH 2,080.1 9.8% 69.8 50.4 -27.8% 99.1% 101.0% 104.3% Combined ratio standalone Attributable result Premiums
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21 Activity update – 9M 2026 P&L by business unit (I/III) Local accounting Million euros SEPTEMBER 2025 SEPTEMBER 2026 SEPTEMBER 2025 SEPTEMBER 2026 SEPTEMBER 2025 SEPTEMBER 2026 Gross written and accepted premiums 5,372.0 5,411.0 2,320.1 2,356.3 2,039.5 1,952.8 Net premiums earned 4,182.9 4,390.6 1,728.2 1,820.7 1,404.0 1,369.7 Net claims incurred and variation in other technical provisions -3,063.2 -3,130.3 -576.9 -640.0 -971.7 -929.9 Net operating expenses -908.7 -976.2 -668.8 -757.9 -393.4 -392.9 Other technical revenue and expenses -38.2 -31.1 0.2 19.3 20.7 22.4 Technical result 172.8 253.0 482.8 442.1 59.7 69.3 Net financial income 135.7 164.9 72.4 87.2 65.8 79.9 Other non-technical revenue and expenses -28.6 -24.9 0.4 -0.5 -0.2 -7.0 Result of Non-Life business 279.9 393.0 555.5 528.7 125.4 142.2 Gross written and accepted premiums 2,451.7 2,479.6 991.5 993.2 1.0 0.8 Net premiums earned 2,425.2 2,452.5 948.8 977.7 0.9 0.8 Net claims incurred and variation in other technical provisions -2,771.0 -2,780.3 -351.5 -366.0 -0.6 -0.5 Net operating expenses -134.8 -154.0 -474.9 -534.7 -0.4 -0.3 Other technical revenue and expenses -16.1 -14.2 1.5 33.1 0.0 0.0 Technical result -496.6 -496.0 123.9 110.1 -0.1 -0.1 Financial result and other non-technical revenue 647.4 654.8 144.0 160.5 0.5 0.9 Result of Life business 150.8 158.8 267.9 270.6 0.3 0.9 Result from other business activities 46.5 44.5 14.2 22.9 -0.6 -1.5 Hyperinflation adjustments 0.0 0.0 0.0 0.0 0.0 0.0 Result before tax 477.2 596.3 837.6 822.3 125.1 141.6 Tax on profits -103.3 -151.2 -209.1 -195.6 -26.1 -30.8 Result from discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 Non-controlling interests -26.6 -31.9 -429.4 -423.5 0.3 0.8 Attributable net result 347.3 413.2 199.1 203.2 99.2 111.6 Loss ratio 73.2% 71.3% 33.4% 35.1% 69.2% 67.9% Expense ratio 22.6% 22.9% 38.7% 40.6% 26.5% 27.0% Combined ratio 95.9% 94.2% 72.1% 75.7% 95.7% 94.9% DECEMBER 2025 SEPTEMBER 2026 DECEMBER 2025 SEPTEMBER 2026 DECEMBER 2025 SEPTEMBER 2026 Investments, real estate and cash 24,771.6 25,293.5 3,107.6 3,570.0 2,463.0 2,613.5 Technical provisions 23,762.6 24,692.5 4,836.9 5,397.4 2,802.3 2,898.3 Shareholders' equity 3,380.6 3,319.3 971.8 1,259.8 1,211.1 1,313.0 ROE 13.6% 15.6% 27.6% 23.7% 11.5% 11.9% IBERIA BRAZIL NORTH AMERICA
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22 Activity update – 9M 2026 P&L by business unit (II/III) Local accounting Million euros SEPTEMBER 2025 SEPTEMBER 2026 SEPTEMBER 2025 SEPTEMBER 2026 SEPTEMBER 2025 SEPTEMBER 2026 Gross written and accepted premiums 1,109.7 1,160.0 3,054.6 3,223.6 5,944.8 5,893.0 Net premiums earned 630.2 688.0 1,517.5 1,742.8 3,255.1 3,326.5 Net claims incurred and variation in other technical provisions -534.3 -591.3 -998.0 -1,212.5 -2,152.0 -2,265.1 Net operating expenses -133.7 -140.0 -440.9 -527.8 -891.4 -897.3 Other technical revenue and expenses -4.2 -6.8 -17.8 -20.2 -9.2 -9.3 Technical result -42.0 -50.1 60.9 -17.6 202.4 154.8 Net financial income 83.4 87.6 90.3 121.0 124.7 209.3 Other non-technical revenue and expenses -2.8 -2.6 0.2 -1.4 0.0 0.0 Result of Non-Life business 38.6 34.8 151.4 101.9 327.2 364.1 Gross written and accepted premiums 125.8 175.2 1,084.6 1,235.6 425.4 449.1 Net premiums earned 121.6 170.7 890.9 1,032.4 410.4 388.2 Net claims incurred and variation in other technical provisions -153.3 -167.0 -578.0 -670.3 -327.5 -309.7 Net operating expenses -15.5 -15.9 -399.4 -487.0 -116.3 -91.4 Other technical revenue and expenses 1.1 1.5 -4.6 -6.1 -1.1 -1.3 Technical result -46.1 -10.7 -91.1 -131.0 -34.6 -14.1 Financial result and other non-technical revenue 58.1 21.6 148.9 185.7 42.4 50.6 Result of Life business 12.0 10.9 57.8 54.7 7.7 36.5 Result from other business activities 0.5 0.4 4.0 5.0 0.0 0.0 Hyperinflation adjustments -19.8 -25.1 -12.6 -17.0 0.0 0.0 Result before tax 31.3 21.1 200.6 144.6 334.9 400.6 Tax on profits -15.3 -15.8 -51.7 -35.3 -78.9 -114.4 Result from discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 Non-controlling interests -8.8 -7.7 -8.2 -9.1 0.0 0.0 Attributable net result 7.1 -2.4 140.7 100.2 256.0 286.2 Loss ratio 84.8% 85.9% 65.8% 69.6% 66.1% 68.1% Expense ratio 21.9% 21.3% 30.2% 31.4% 27.7% 27.3% Combined ratio 106.7% 107.3% 96.0% 101.0% 93.8% 95.3% DECEMBER 2025 SEPTEMBER 2026 DECEMBER 2025 SEPTEMBER 2026 DECEMBER 2025 SEPTEMBER 2026 Investments, real estate and cash 3,798.6 3,827.6 5,191.4 5,947.3 8,246.4 8,821.4 Technical provisions 3,728.9 3,847.2 6,221.2 7,464.2 9,888.6 11,205.9 Shareholders' equity 566.1 513.8 1,390.3 1,512.4 2,745.1 2,825.9 ROE 2.9% 1.2% 7.1% 3.8% 14.7% 15.0% EMEA OTHER LATAM MAPFRE RE
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23 Activity update – 9M 2026 P&L by business unit (III/III) Local accounting Million euros SEPTEMBER 2025 SEPTEMBER 2026 SEPTEMBER 2025 SEPTEMBER 2026 SEPTEMBER 2025 SEPTEMBER 2026 Gross written and accepted premiums 166.7 179.1 -2,703.7 -2,682.4 17,303.8 17,493.3 Net premiums earned 133.3 140.1 0.0 0.1 12,851.3 13,478.6 Net claims incurred and variation in other technical provisions -75.8 -81.8 2.5 2.5 -8,369.3 -8,848.3 Net operating expenses -41.3 -41.6 4.2 3.9 -3,474.0 -3,729.8 Other technical revenue and expenses -6.2 -5.3 0.2 0.1 -54.5 -30.7 Technical result 9.9 11.5 6.9 6.6 953.4 869.7 Net financial income -0.6 2.6 -42.7 -12.9 529.1 739.4 Other non-technical revenue and expenses 0.0 0.0 0.2 0.2 -30.8 -36.4 Result of Non-Life business 9.3 14.2 -35.6 -6.1 1,451.7 1,572.7 Gross written and accepted premiums 0.0 0.0 0.0 0.0 5,080.0 5,333.4 Net premiums earned 0.0 0.0 0.0 0.0 4,797.8 5,022.3 Net claims incurred and variation in other technical provisions 0.0 0.0 0.0 0.0 -4,181.9 -4,293.8 Net operating expenses 0.0 0.0 0.0 0.0 -1,141.4 -1,283.3 Other technical revenue and expenses 0.0 0.0 0.0 0.0 -19.2 13.0 Technical result 0.0 0.0 0.0 0.0 -544.7 -541.8 Financial result and other non-technical revenue 0.0 0.0 0.0 0.0 1,041.3 1,074.2 Result of Life business 0.0 0.0 0.0 0.0 496.6 532.4 Result from other business activities -3.1 -5.8 -175.6 -192.3 -114.2 -126.8 Hyperinflation adjustments -0.5 -0.9 0.0 0.0 -32.9 -42.9 Result before tax 5.7 7.5 -211.1 -198.4 1,801.3 1,935.4 Tax on profits -2.1 -3.6 0.5 22.3 -486.1 -524.3 Result from discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 Non-controlling interests -0.5 -0.3 -13.0 -15.1 -486.2 -486.7 Attributable net result 3.1 3.7 -223.7 -191.3 829.0 924.3 Loss ratio 56.9% 58.3% - - 65.1% 65.6% Expense ratio 35.7% 33.4% - - 27.5% 27.9% Combined ratio 92.6% 91.8% - - 92.6% 93.5% DECEMBER 2025 SEPTEMBER 2026 DECEMBER 2025 SEPTEMBER 2026 DECEMBER 2025 SEPTEMBER 2026 Investments, real estate and cash 222.6 221.6 585.9 971.8 48,387.0 51,266.7 Technical provisions 134.6 146.5 -4,311.9 -4,923.3 47,063.2 50,728.6 Shareholders' equity 124.0 127.9 -1,428.8 -1,427.0 8,960.2 9,445.2 ROE 4.5% 4.8% - - 12.4% 12.8% ASISTENCIA-MAWDY CONS. ADJUST. & CORPORATE AREAS TOTAL
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24 ITEM DECEMBER 2025 SEPTEMBER 2026 Δ % Goodwill 1,239.0 1,259.4 1.6% Other intangible assets 1,120.0 1,131.7 1.0% Other fixed assets 228.5 234.4 2.6% Cash 1,947.4 2,065.1 6.0% Real estate 1,946.7 1,972.5 1.3% Financial investments 38,044.9 40,152.9 5.5% Other investments 2,417.3 2,570.5 6.3% Unit-Linked investments 4,030.7 4,505.7 11.8% Deferred tax assets 365.6 470.6 28.7% Assets held for sale 112.6 135.2 20.1% Other assets* 15,296.4 17,821.8 16.5% TOTAL ASSETS 66,749.2 72,319.8 8.3% Equity attributable to the Controlling company 8,960.2 9,445.2 5.4% Non-controlling interests 1,096.6 1,079.0 -1.6% Equity 10,056.8 10,524.2 4.6% Financial debt 2,622.0 2,906.7 10.9% Technical provisions without Unit-Linked 43,032.6 46,223.0 7.4% Technical provisions for Life Insurance where policyholders bear the investment risk 4,030.7 4,505.7 11.8% Other liabilities** 7,007.1 8,160.3 16.5% TOTAL LIABILITIES 66,749.2 72,319.8 8.3% Activity update – 9M 2026 Balance sheet Local accounting Million euros *Participation of reinsurance in technical provisions and receivables on insurance and reinsurance operations **Provisions for risks and expenses, debt due on insurance and reinsurance operations, deferred taxes liabilities, and liabil iti es held for sale
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25 Activity update – 9M 2026 Investment portfolio – Net realized gains and losses Local accounting Million euros Realized gains and losses net of tax and minorities includes provisions and gains from real estate 3M 2025 6M 2025 9M 2025 12M 2025 3M 2026 6M 2026 9M 2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 IBERIA 18.8 25.2 29.4 42.6 16.8 25.7 52.3 18.8 6.4 4.2 13.3 16.8 8.8 26.7 Non-Life 13.0 14.9 17.6 21.6 8.0 10.2 29.9 13.0 1.9 2.8 4.0 8.0 2.2 19.8 Life 5.9 10.4 11.7 21.1 8.8 15.5 22.4 5.9 4.5 1.4 9.3 8.8 6.7 6.9 NORTH AMERICA -0.7 1.4 3.2 3.5 -1.4 2.5 4.8 -0.7 2.1 1.8 0.3 -1.4 3.9 2.3 MAPFRE RE 3.9 5.6 -3.8 -3.5 22.4 25.8 49.9 3.9 1.7 -9.5 0.3 22.4 3.4 24.1 TOTAL 22.1 32.2 28.7 42.6 37.7 54.0 107.0 22.1 10.2 -3.5 13.9 37.7 16.2 53.0 Accumulated Standalone
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26 Activity update – 9M 2026 Investment portfolio – Fixed income Local accounting Million euros Government Total Corporate Debt Corporate without collateral Corporate with collateral Total Spain 8,080.2 1,585.5 1,404.5 181.1 9,665.8 Rest of Europe 5,810.4 4,862.1 4,452.0 410.1 10,672.5 United States 1,297.5 2,992.9 2,904.0 88.9 4,290.3 Brazil 3,386.2 52.3 52.3 0.0 3,438.5 Latin America - Other 3,930.2 846.4 792.4 54.1 4,776.7 Other countries 857.8 1,484.2 1,026.9 457.3 2,342.0 TOTAL 23,362.4 11,823.4 10,632.0 1,191.4 35,185.7
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27 Activity update – 9M 2026 Debt & capital management Local accounting Million euros ITEM DECEMBER 2025 SEPTEMBER 2026 Total equity 10,056.8 10,524.2 Total debt 2,622.0 2,906.7 Senior debt - 5/2026 865.6 -- Senior debt - 1/2032 -- 506.1 Senior debt - 1/2036 -- 506.9 Subordinated debt - (Maturity 2030) 506.6 503.6 Subordinated debt - 3/2047 (First Call 3/2027) 619.4 265.8 Subordinated debt - 9/2048 (First Call 9/2028) 505.4 500.5 Subordinated debt - 6/2037 (Call 6/2036) -- 504.4 Syndicated credit facility - 10/2031 (€500 M) -- -- Bank debt 125.0 119.5 Leverage ratio 20.7% 21.6% SEPTEMBER 2025 SEPTEMBER 2026 Financial expenses 74.5 128.6
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28 Activity update – 9M 2026 Solvency Million euros Solvency II 12/31/2025 03/31/2026 Ratio 205.3% 206.8% SCR 5,155 5,188 Market 2,856.0 2,713.0 Counterparty 556.0 599.0 Life underwriting 660.0 729.0 Health underwriting 324.0 330.0 Non-Life underwriting 2,896.0 2,914.0 Diversification benefits -2,220.4 -2,261.7 Basic SCR 5,072 5,023 Operational risk 603.1 604.8 Loss absorbing capacity of technical provisions -438.7 -394.0 Loss-absorbing capacity of deferred taxes -1,204.9 -1,205.4 SCR equivalence entities 781.8 810.7 SCR others (1) 341.6 348.3 (1) Includes other financial sectors, non-controlled participations and residual undertakings 12/31/2025 03/31/2026 06/30/2026 Ratio 205.3% 206.8% 208.8% Solvency II Eligible own funds 10,580.5 10,730.3 11,554.9 SCR 5,154.5 5,187.6 5,532.9 Market 2,856.0 2,713.0 3,093.0 Counterparty 556.0 599.0 619.0 Life underwriting 660.0 729.0 711.0 Health underwriting 324.0 330.0 337.0 Non-Life underwriting 2,896.0 2,914.0 3,013.0 Diversification benefits -2,220.4 -2,261.7 -2,369.3 Basic SCR 5,071.6 5,023.3 5,403.7 Operational risk 603.1 604.8 615.0 Loss absorbing capacity of technical provisions -438.7 -394.0 -462.1 Loss-absorbing capacity of deferred taxes -1,204.9 -1,205.4 -1,260.6 SCR equivalence entities 781.8 810.7 839.6 SCR others (1) 341.6 348.3 397.3
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29 Activity update – 9M 2026 Exchange rates September 2026 Var. September 2026 vs. September 2025 September 2026 Var. September 2026 vs. December 2025 US dollar 1.161 -3.6% 1.136 3.4% Brazilian real 5.970 5.5% 5.876 10.1% Turkish lira 55.714 -12.2% 55.714 -9.2% Mexican peso 20.293 7.4% 20.442 3.3% Colombian peso 4,045.159 14.0% 3,757.550 18.3% Chilean peso 1,059.085 1.3% 1,105.200 -4.3% Peruvian nuevo sol 3.968 1.9% 3.893 1.5% Argentine peso 1,732.112 -6.9% 1,732.115 -1.6% Panamanian balboa 1.161 -3.6% 1.136 3.4% Dominican peso 69.163 -1.1% 67.514 9.7% Honduran lempira 30.982 -5.3% 30.570 1.4% Average Exchange Rate Closing Exchange Rate
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30 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 (Accepte d R eins.) + Variations in provisions unearned premiums and unexpired risks (Ceded Reins.). Combined r atio – 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 premiums 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 beg inn ing 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 reinsurance deposits and others Terminology Local homogenized accounting
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31 DISCLAIMER (I/III) Mapfre S . A . (Mapfre) hereby informs that, unless stated otherwise, the figures and ratios in this activity presentation are presented under the accounting principles in force in each country (which generally do not apply IFRS 17 & 9 ) . Certain adjustments have been applied to homogenize for comparison and aggregation between units and regions . Mapfre Group presents its financial statements under the applicable international accounting standards (IFRS) on a half - year basis . 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 . Furthermore, in the event of discrepancy due to different rounding criteria, the figures presented in the Interim Consolidated information submitted to the CNMV will prevail .
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32 DISCLAIMER (II/III) Additional Information and Where to Find It In connection with the proposed transaction, Safety Insurance Group, Inc . ("Safety") filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”) . The definitive proxy statement was first mailed to Safety’s stockholders on or about September 14 , 2026 . Safety may also file other relevant documents with the SEC regarding the proposed transaction and related matters . This communication is not a substitute for the proxy statement or any other document that Safety may file with the SEC . STOCKHOLDERS OF SAFETY ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT SAFETY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION . Stockholders and investors may obtain free copies of the proxy statement and other relevant materials (when available) and other documents filed by Safety at the SEC’s website at www . sec . gov . Copies of the proxy statement and the filings that will be incorporated by reference therein may also be obtained, without charge, by contacting Safety’s Investor Relations at investorrelations@safetyinsurance . com or ( 877 ) 951 - 2522 . Participants in the Solicitation Safety, Mapfre USA Corp . , and their respective directors and executive officers may be deemed, under SEC rules, to be participants in the solicitation of proxies in respect of the proposed transaction . Information regarding Safety’s directors and executive officers is available in (a) Safety’s Annual Report on Form 10 - K for the fiscal year ended December 31 , 2025 , including under the headings “Item 10 . Directors, Executive Officers and Corporate Governance,” “Item 11 . Executive Compensation,” “Item 12 . Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” and “Item 13 . Certain Relationships, Related Transactions, and Director Independence,” which was filed with the SEC on February 27 , 2026 , and can be found at www . sec . gov ; (b) Safety’s definitive proxy statement for its 2026 annual meeting of stockholders, which was filed with the SEC on March 31 , 2026 , under the headings “Proposal 1 : Election of the Company’s Directors,” “Executive Officers,” “Executive Compensation,” “Director Compensation” and “Security Ownership of Certain Beneficial Owners, Directors and Management,” and can be found at www . sec . gov ; and (c) subsequently filed Current Reports on Form 8 - K and Quarterly Reports on Form 10 - Q . To the extent holdings of Safety’s securities by its directors or executive officers have changed since the amounts set forth in Safety’s proxy statement for its 2026 annual meeting of stockholders, such changes have been or will be reflected on Forms 3 , 4 and 5 , filed with the SEC (which can be found at www . sec . gov) . Copies of the documents filed with the SEC by Safety will be available free of charge through the website maintained by the SEC and at Safety’s website (https : //www . safetyinsurance . com/about/financial . html) . Stockholders of Safety may obtain additional information regarding the interests of such participants by reading the definitive proxy statement, including under the heading “The Merger — Interests of Directors and Executive Officers in the Merger,” and other relevant materials regarding the proposed transaction when they become available . Copies of these documents may be obtained, free of charge, from the sources indicated above . This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction . No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 , as amended, and otherwise in accordance with applicable law .
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33 DISCLAIMER (III/III) Cautionary Statement Regarding Forward - Looking Statements This communication contains “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, Rule 175 promulgated thereunder, Section 21 E of the Securities Exchange Act of 1934 , as amended, and Rule 3 b - 6 promulgated thereunder . Such statements include statements concerning anticipated future events and expectations that are not historical facts . Any statements about Safety’s and/or Mapfre, S . A . ’s (“Mapfre”) plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward - looking statements . Forward - looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible” or “potential,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may,” or by variations of such words or by similar expressions or the negative thereof . Such forward - looking statements include but are not limited to statements about the benefits of the proposed transaction, including future financial and operating results, Safety’s and/or Mapfre’s plans, objectives, expectations and intentions, the expected timing of completion of the proposed transaction and other statements that are not historical facts . Actual results may vary materially from those expressed or implied by forward - looking statements based on a number of factors, including, without limitation : (A) risks related to the consummation of the proposed transaction, including the risks that (i) the proposed transaction may not be consummated within the anticipated time period, or at all, (ii) the parties may fail to obtain Safety stockholder approval of the merger agreement, (iii) the parties may fail to obtain required governmental and regulatory approvals, including, without limitation, from the Massachusetts Commissioner of Insurance, and (iv) other conditions to the consummation of the proposed transaction under the merger agreement may not be satisfied ; (B) the effects that any termination of the merger agreement may have on Safety’s and/or Mapfre’s business, including the risk that Safety’s and/or Mapfre’s stock prices may decline significantly if the proposed transaction is not completed ; (C) the effects that the announcement or pendency of the proposed transaction may have on Safety’s and/or Mapfre’s businesses, including the risks that (i) Safety’s and/or Mapfre’s business, operating results or stock price may suffer, (ii) Safety’s and/or Mapfre’s current plans and operations may be disrupted, (iii) Safety’s and/or Mapfre’s ability to retain or recruit key employees may be adversely affected, (iv) Safety’s and/or Mapfre’s business relationships (including customers, policyholders, agents, service providers, and business partners) may be adversely affected, or (v) Safety’s and/or Mapfre’s management’s or employees’ attention may be diverted from other important matters ; (D) the effect of limitations that the merger agreement places on Safety’s ability to operate its business, return capital to stockholders or engage in alternative transactions ; (E) the nature, cost and outcome of pending and future litigation and other legal proceedings, including any such proceedings related to the proposed transaction and instituted against Safety and/or Mapfre and others ; (F) the risk that the proposed transaction and related transactions may involve unexpected costs, liabilities or delays or that the potential benefits of the proposed transaction may not be realized or will not be realized within the expected time period and that Mapfre and Safety will not be integrated successfully or that such integration may be more difficult, time - consuming or costly than expected ; (G) other economic, business, competitive, legal, regulatory, and/or tax factors ; and (H) other factors described in the reports of Safety filed with the SEC, including but not limited to the risks described in Safety’s Annual Report on Form 10 - K for its fiscal year ended December 31 , 2025 , which was filed with the SEC on February 27 , 2026 , and Safety’s Quarterly Reports on Form 10 - Q, and that are otherwise described or updated from time to time in Safety’s other filings with the SEC . All forward - looking statements attributable to Safety and/or Mapfre, or persons acting on Safety’s and/or Mapfre’s behalf, are expressly qualified in their entirety by this cautionary statement . Further, Safety and/or Mapfre disclaims any obligation to update the information in this communication or to announce publicly the results of any revisions to any of the forward - looking statements to reflect future events or developments, except as otherwise required by law . Existing stockholders are cautioned not to place undue reliance on these forward - looking statements that speak only as of the date hereof .