Madrid, February 12, 2020 SPANISH SECURITIES AND EXCHANGE COMMISSION - - PDF document
Madrid, February 12, 2020 SPANISH SECURITIES AND EXCHANGE COMMISSION Please find attached the documentation to be presented to the press in upcoming meetings. ngel L. Dvila Bermejo General Counsel February 12, 2020 ANNUAL RESULTS 2019
Madrid, February 12, 2020
SPANISH SECURITIES AND EXCHANGE COMMISSION
Please find attached the documentation to be presented to the press in upcoming meetings. Ángel L. Dávila Bermejo General Counsel
February 12, 2020
ANNUAL
RESULTS
Chairman and CEO of MAPFRE
ANTONIO HUERTAS
2 2
ECONOMIC ECONOMIC SITU SITUATIO TION
2
WEA WEATHE THER R EVEN EVENTS TS
+ + Intensity + Frequency
ECO ECONO NOMIC MIC CON CONTE TEXT XT
Low interest rates
PO POLITICAL LITICAL AND AND SO SOCIAL CIAL CONT CONTEXT EXT
Instability, uncertainty
3
THE THE INSURANC INSURANCE E BUSINESS USINESS €806M (+18%)
AND AND RES RESILIENCE ILIENCE IN IN RES RESUL ULTS TS
€609M net earnings
TO O SHAR SHAREHOL EHOLDERS DERS
Dividend maintained (€447M charged to 2019 results)
3
SPAIN Growing ahead of the market BRAZIL Profit up 79% USA Earnings up 7x
Figures in million euros *Excluding goodwill writedown **Data at Sept. 2019
THE THE FIGURES FIGURES AT T A A GLANC GLANCE
4
NON-LIFE COMBINED RATIO
97.6%
ROE* OE*
8%
SOLVENCY RATIO
195%
**
+2%
PREMIUMS
+7%
CONSOLIDATED REVENUES
+15%
ATTRIBUTABLE EARNINGS
5
NET NET EAR EARNINGS NINGS CA CATASTR ASTROP OPHIC HIC EVENTS EVENTS GOOD GOODWILL WILL WRITEDO WRITEDOWN WN ADJ ADJUSTE USTED D EAR EARNINGS NINGS
2018 2018 2019 2019 %
529 609 108 147 174 66 811 822 +15% +1%
ADJU ADJUST STED ED GR GROU OUP P EAR EARNING NINGS
Figures in million euros
REINSURANCE
4,520
IBERIA
7,718
LATAM
7,547
INTERNATIONAL
4,027
6
Figures in million euros Data do not include consolidation adjustments.
+3%
INSURANCE
19,292
PRE PREMIUM MIUMS/EARNI S/EARNINGS NGS BY B BY BUS USINES INESS S UN UNIT IT
+13%
RE
5,581
ASISTENCIA
861
GLOBAL RISKS
1,060
INSURANCE RE
INTERNATIONAL
94
77
806
IBERIA
498
LATAM
215
ASISTENCIA GLOBAL RISKS
7
PREMIUM PREMIUM DISTRIB DISTRIBUTIO UTION
(%) Previous year Data do not include consolidation adjustments.
AUT UTOM OMOB OBILE ILE
HEAL HEALTH TH
LIF LIFE
GENERA GENERAL L P&C P&C
REIN REINSURA SURANC NCE
A DIVERSIFIED A DIVERSIFIED BUS USINESS INESS
February 12, 2020
ANNUAL
RESULTS
CFO and Member of the Board
FERNANDO MATA
€23,044M
TOTAL PREMIUMS IN 2019
Figures in million euros
NON-LIFE LIFE FINANCIAL OTHER INCOME
+2.9% +0.2% +27.7% +44.9%
REV REVENUES ENUES AND AND PRE PREMIUMS MIUMS
9
CONSOLIDATED REVENUE
NON-LIFE LIFE OTHER ITEMS* NON- CONTROLLING INTERESTS ADJUSTED EARNINGS EXTRA- ORDINARY ITEMS** NET EARNINGS TAXES
920
609 614
822
Figures in million euros *Includes other activities, Holding expenses, and hyperinflation adjustments. **Catastrophes and goodwill impairment
EA EARNING RNINGS S BR BREA EAKDO KDOWN WN
10
+1%
+111% +15% +1%
GOODWILL EXC. GOODWILL
NET EARNINGS
TOTAL ASSETS
SHAREHOLDERS’ EQUITY
BAL ALANCE ANCE 01/0 /01/2 /2019 RESU RESULT T FOR R TH THE E YEAR YEAR DIV DIVIDENDS IDENDS CURR CURREN ENCY CY CON CONVERSION VERSION DIF DIFFEREN ERENCES CES OTH THER ER BAL ALANCE ANCE 01/0 /01/2 /2020 UNREAL REALIZE IZED CA CAPIT PITAL AL G GAINS AINS DEC 20 DEC 2018 DEC 20 DEC 2019 Figures in millions of euros
609
36 7,994
8,854 715
GR GROUP OUP BAL ALANC ANCE E SHE SHEET ET
11
NET GAINS
Total 3,565 million euros Life policyholders 2,559 million euros Group net 1,006 million euros
+€860M 67,291 72,510
Figures in million euros
INVE INVEST STMEN MENTS TS AND AND CA CASH SH
12
Investment portfolio 53,523 +8.6% Pension funds 5,479 +12.4% Mutual funds and others 4,636 +6.9%
TOTAL AL 63,638 63,638 +8.8% +8.8%
ASSETS UNDER MANAGEMENT
90% high 90% high ESG ESG valua valuation tion
€39,444M FIXED
INCOME
PUBLI PUBLIC DEBT DEBT 30 30,089 ,089
Spain 18,182 Rest of Europe 5,016 United States 1,589 Brazil 3,021 Latin America - Other 1,828 Other countries 454
CO CORPO RPORATE TE DEBT DEBT 9,35 9,355
FIXED INCOME AND OTHER
82%
CASH
5%
REAL ESTATE
5%
EQUITY AND FUNDS
8%
€53,523M
+8.6%
INV INVES ESTME TMENT NT POR PORTF TFOLIO OLIO
ALTERNATIVE INVESTMENTS
Phase 1 2017 557 320 Real estate in Europe 354 263 Private equity 108 12 Private debt and other 95 45 Phase 2 2020 500
AL 1,05 1,057 7 320 320
APP PPROVED ED IN INVES ESTE TED
€13,080M
CAPITAL STRUCTURE
CA CAPIT PITAL AL AND AND SOL SOLVE VENCY NCY
13
SUBORD SUBORDIN INATE TED DEBT DEBT SE SENIOR NIOR DEBT DEBT
8% 8%
EQUI EQUITY TY
77% 77%
BANK ANK DEBT DEBT
9% 9% 6% 6%
*3rd Quarter
SOLVENCY II RATIO 195%*
SOLVENCY
Tier 1 €7,853M (87%) €1,202M (13%) Tier 2
DEBT DEBT
RA RATIO TIO (20 (2019 19)
22.7%
Figures in million euros
INSUR INSURANC ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN
14
INSURED INSURED VEHICL VEHICLES ES
MILLION
HEALTH AND ACCIDENT
2,314 2,425 692 2,037 +4% +1%
+9%
PREMIUM BREAKDOWN
LIFE GENERAL P&C AUTOMOBILE
NET RESULT
€498M +4%
COMBINED RATIO
94.4%
ROE
12.6%
7,582 +1% 135 +1%
PORTUGAL SPAIN
7,718 7,718 IN PREMIUMS
Figures in million euros *Changes in local currency.
€97M +79% NET RESULT PREMIUMS €3,978M +0%
92.2% (-6.3 p.p.)
COMBINED RATIO +2%*
INSUR INSURANC ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN
15
GENERAL P&C LIFE AUTOMOBILE
+2% +11%
ROE 9.6%
4-POINT IMPROVEMENT
Figures in million euros *Changes in local currency.
INSUR INSURANC ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN
16
UNITED STATES
PUERTO RICO
OTHER STATES
NORTHEAST
+4% €79M (+125%) NET RESULT PREMIUMS €2,332M -4%
100.4%
COMBINED RATIO
90.5%
CR
Figures in million euros
€63M +45% NET RESULT €1,973M +51% PREMIUMS
94.7%
COMBINED RATIO
CENTRAL AMERICA DOMINICAN REPUBLIC MEXICO
+9% +14% +84%
INSUR INSURANC ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN
17
94.7%
CR Autos
6-POINT IMPROVEMENT
ROE 15.2%
Figures in million euros *Changes in local currency.
€55M -7% NET RESULT €1,597M -1% PREMIUMS
100%
COMBINED RATIO
INSUR INSURANC ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN
18
PERU COLOMBIA CHILE ARGENTINA
+12%
+33%* +3%* +1%*
ITALY
MALTA GERMANY
+5%
TURKEY
Figures in millions of euros *Changes in local currency.
€15M (+21%) NET RESULT €1,696M -4% PREMIUMS
106.1%
COMBINED RATIO
+6%*
INSUR INSURANC ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN
19
106%
CR Autos
6-POINT IMPROVEMENT
90.3%
CR
Figures in million euros
MAPF MAPFRE RE
+1.7% +1.7%
IBEX IBEX 35 35
+11.8% +11.8%
Sto Stoxx xx Insu Insuran ance ce 60 600 +24.4%
+24.4%
SHA SHARE RE PR PRICE ICE PE PERF RFORM ORMANC ANCE
20
Spa Spanish nish ba bank nks
3.4%
Share price trend: December 31, 2018 - December 31, 2019 Source: Bloomberg and internal calculations Spanish banks
ST STOCK OCK MAR MARKET KET CAP CAPIT ITALIZA ALIZATION TION 7,269
at 12-31-19
February 12, 2020
ANNUAL
RESULTS
AND SO…
DIVIDEND FOR THE YEAR: 0.145 eu
0.145 euros
per share, distributed against 2019 results
In total:
22
RETURN ON AVERAGE QUOTED PRICE
5.7%
SOCIAL SOCIAL DIVIDEND DIVIDEND
Cor Corpor porate tax te tax
€324M 324M paid in taxes. Effective tax rate 25% 25% 97% 97% of a total of 30,000+ employees have per
permanent manent contr contracts acts
Opportunities for over 250,000 individuals
250,000 individuals
(distributors, providers etc.)
23
Gender equality: 48.3%
48.3% of vacancies for job job positions positions
responsibility esponsibility were filled by women
Wor
kplace inc inclusion: lusion: 2.9% 2.9% of individuals
with a disability
Volunteering:
10,300 ,300 volunteers/ 12 125,00 5,000 beneficiaries
OPERA OPERATIO TIONAL AL SUST SUSTAIN AINAB ABILI ILITY TY
IN OUR IN OUR INSURA INSURANCE NCE BUSINES USINESS AND AND IN OUR IN OUR INVE INVEST STMENTS MENTS
24
Ca Carb rbon
neut utral al In Spain and Portugal by 2021. In the rest of the world by 2030.
+€45M 45M SOCIA
SOCIAL L PR PROJECTS OJECTS
KEY KEY GR GROU OUP P MARKETS MARKETS
Growing in profitability
DIVE DIVERSIFIC RSIFICATION TION
Geographic and business
INCREAS INCREASED ED RECURR RECURRING ING PR PROFIT OFIT
Insurance business
REINSURANCE REINSURANCE
Strength and stability
DIGIT DIGITAL AL BUSINESS USINESS GR GROWTH WTH
17%
BUSINE USINESS SS STRE STRENGTHS NGTHS
25
FINANCIAL STRENGTHS
RATINGS: FINANCIAL STRENGTH FITCH 'A+' S&P 'A+' UNREALIZED CAPITAL GAINS: +€1BN
SOLVENCY POSITION: 195%
TECHNICAL RESULT: INSURANCE COMBINED RATIO 96.5% DEBT LEVEL: 22.7% QUALITY CAPITAL (87% TIER 1)
26
Chairman and CEO of MAPFRE
ANTONIO HUERTAS
@ahuertasmejias www.linkedin.com/in/antoniohuertasmejias