Results Presentation 26 July, 2017

First half

Fernando Mata Member of the Board of Directos and Group Finance Director (CFO)

TOTAL REVENUE

15,438

+ 5.4%

ATTRIBUTABLE RESULT

415

+ 9.1%

PREMIUMS

13,073

+ 8.2%

NON-LIFE COMBINED

RATIO

97.2%

- 0.4 p.p ROE: 9.1%

(+0.3 p.p)

The figures at a glance

2

2

Million euros

The figures at a glance

3 3

INVESTMENTS*

49,211

- 0.9%

TOTAL ASSETS

68,127

+ 0.4%

SHAREHOLDERS’ EQUITY

8,860

- 2.9%

* Includes Investment Portfolio, Cash, Unit-Linked Investments and Real estate for own use. Million euros

4

Highlights of the first half

Premiums

Financial strength

Spain +4% Brazil +14% USA +3%

Solvency II Ratio

211.5%

Result

Spain +17% RE +13%

Focus on profitable growth Best H1 premiums in history

Second best H1 result in history

Mexico +111% Global Risks +14%

1 2 3

15,438 H1 2017

+5.4% Total premiums

13,073

+8.2%

2,817 2,084

281

10,256

+7.8% +9.7% -9.8% +12.6% Non-Life Life Financial Other income

Consolidated revenue

5

Million euros

415 (+35)

-58 (+3)

-281 (+26)

565 (-23)

-238 (+21)

427 (+50) 935

in H1 2017

+3.3%

Result before taxes

6

*Includes other activities, Holding expenses, adjustments for inflation and results from discontinued activities.

-3.9% +13.3% -4% +9.5% Non-Life Life Taxes Non-

controlling interests

Other*

+9.1% Net result

Result breakdown

-8.3%

Million euros

“El Niño” claims

Reversal of provisions in the

bancassurance channel

Corporate operations*

*Accumulated profit of €23.4 million from the sale of Unión Duero, annuity business in Peru and valuation of ABDA acquisition; Asistencia restructuring -€7.6m.

Extraordinary items – H1 2017

-43

+16

+27

7

Million euros

Premiums Net profit

INTERNATIONAL

+ 17%

429

Insurance

+ 13%

102

RE

-151%

-13

Global Risks

-12%

-25

Asistencia

54

LATAM 115

IBERIA 261 + 10% + 2% + 14% -5%

Insurance RE Global Risks

Asistencia

10,808

2,326

725 531

Premiums/Result by business area

8

Million euros

Regional distribution of Insurance business

9

Premiums Net profit

1.008

33 1,195

895

EMEA

LATAM South

LATAM North

APAC

3,947 Iberia

+4%

2,383 Brazil

+14%

-5%

+2%

+73%

+29%

1,347 North America

+2%

Iberia

Brazil

North America

LATAM North

LATAM South

EMEA

APAC

261 (+16%)

63 (-6%)

32 (-18%)

22 (+465%)

17 (-26%)

35 (+71%)

(-1) (+58%)

Million euros

ROE/countries/Most relevant units

10

9.1%

Group ROE

Peru MAPFRE ESPAÑA

Turkey MAPFRE RE Brazil North America LATAM

15,7% 15,4% 11,6%

7,9% 5,1%

23,7% 20,8%

+97.2% -0.4 p.p.

Group Combined

Ratio

Combined ratio countries/Most relevant units

11

119,3% 95,4% 95,1% 92,3% 101,6% 96,5%

MAPFRE RE

Brazil North America

Global Risks

MAPFRE ESPAÑA (Non-Life)

LATAM

3,947 in premiums

IBERIA

+4.4%

Premiums Premiums H1 2017

VLife General P&C

Health and Accident

Automobile

577 +3.9%

1,186 +9.1%

965 +1.8%

1,097 +2.3%

Portugal Spain

3,875 +4%

72 + 5%

12

Strong growth in Life Excellent 2nd quarter

Million euros

2,383 +14%

BR

AZI

L

895 +2%

LATA

M S

OU

TH

1,195 +73%

LATA

M N

OR

TH

4,473

LATIN AMERICA

+22.4%

Mexico: €499m Pemex policy

LATAM South

LATAM North 880

+ 111%

Mexico

116 + 16%

Panama

133 +18%

Rest of Central America

66 + 12%

Dominican Republic

13

in premiums

249 +4% 209

+5% 170 +20% 144

-25% 122 +22%

Peru Colombia Chile Argentina Other

Million euros

Premiums

USA, Germany and Malta stand out. Indonesia contributes for the first time

-1%

2,388

INTERNATIONAL 1,161 +3%

186 -2%

359 -20%

201 +8%

252 +1%

197 +8%

26 +3%

1,347 +2%

NO

RTH

AM

ERIC

A

EMEA

1,008 -5%

33 + 29% A

PA

C

14

in premiums

7

Million euros

Premiums

260 +17%

102 +13% 63

-6%

-13 -151%

-25 -12%

-7 +64%

18 +35%

10 +229%

27 +136%

32 -18%

Total from main countries exceeds €500m

Contribution to net result

15

SPAIN RE BRAZIL NORTH AMERICA

TURKEY PERU COLOMBIA ITALY GLOBAL RISKS

ASISTENCIA

Million euros

Capital structure Solvency

€13,507m

Equity Subordinated debt

Senior debt and other bank debt

DEBT RATIO 19.6%

March 2017

SOLVENCY II RATIO

Tier 1

€8,463m €1,226m

211.5%

87% 13%

Tier 2

16

10% 9% 81%

Million euros

Market

capitalization 9,417 as on 30/6/17

Stock market performance

2016 H1 2017

MAPFRE 25.4% +5.4%

IBEX 35 -2.0% +11.7%

DJ Stoxx Insurance -5.6% +2.2%

17

Million euros

One of the best first six months in

MAPFRE’s history

18

Conclusions

Solidity and consistency of

Group’s financial strength

Focus on profitable growth is beginning

to bear fruit