Mapfre (MAP) investor relations material

Executive summary

• Net earnings rose to EUR 624 million, up over 9% year-over-year, with premiums reaching EUR 16.127 billion and a combined ratio of 92.8%.

• Announced the strategic acquisition of Safety Insurance in the U.S., valued at $1.54 billion, expected to close in Q1 2027 and projected to boost net result by 5% post-integration.

• Growth observed across all business lines and regions, with Spain, the U.S., and Brazil as main engines.

• ROE reached 12.5% (13.4% excluding extraordinary items); shareholders' equity increased to nearly €9.6 billion.

• IFRS net result is €646 million (+8.4%), with shareholders' equity over €10 billion.

Financial highlights

• Premiums grew 1.1% in euros to EUR 16.127 billion; Non-Life premiums stable (+0.3%), Life premiums up 3.8%.

• Combined ratio improved to 92.8% (-0.3 p.p.); ROE at 13.4% adjusted.

• Non-Life technical result increased 9.3% due to prudent management and low catastrophic losses.

• Investment portfolio exceeds EUR 51 billion (+5.5%); assets under management up 8.4% to €70.2 billion.

• Solvency II ratio at 206.8%, at the upper end of the target range.

Outlook and guidance

• Positive outlook for the remainder of the year, with expectations of continued earnings and technical profitability improvement.

• U.S. acquisition expected to strengthen leadership in the Northeast and generate greater value.

• FX trends expected to further benefit premiums and earnings in the second half.

• Cautious approach due to geopolitical and climate uncertainties, especially hurricane season.