Presentation of. April 2003

Transcription

1 Presentation of April 2003

2 Section I Key aspects of Sistema Mapfre Section II The Spanish insurance market Section III Key operating subsidiaries of Corporación Mapfre Appendix Supplementary information 2

3 A profile of Sistema Mapfre (the Mapfre Group) Section I: Key aspects Spain s leading insurance group, with a market share of 11.6% in 2002 Strongest brand name and distribution network of any Spanish insurer One of the largest insurers in Latin America, present in 12 countries Strategic alliance with Caja Madrid, Spain s 4th largest financial institution A + financial strength rating by AM Best, and AA-/positive outlook by Standard & Poor s Corporación Mapfre, the Group s main listed holding company and subsidiary of Mapfre Mutualidad, allows investors to share in Mapfre s success Consolidated income 6, , ,305.1 Pretax result Net result Net result, Group share Equity (including minorities) 2, , ,204.7 Total assets 13, , ,109.8 Funds under management (1) 13, , ,204.1 N/L Combined ratio (2) 100.0% 97.3% 94.8% Other Figures as at December 2002 Spain Countries Total Employees 9,523 8,707 18,230 Branches and exclusive agencies 2, ,161 Agents 23,967 21,203 45,170 (1) Includes: mutual and pension funds (excluding defined benefit plans), mathematical reserves, technical reserves, provisions for risks and expenses, deposits received on ceded reinsurance, dues on transactions in preparation of insurance contracts, and shareholders equity. It does not include funds managed by Caja Madrid s asset management subsidiaries (2) Net of reinsurance Million euros 3

4 Estimated market share in Spain in 2002 Section I: Key aspects 11.6% 4.0% 7.6% 7.0% 6.3% 4.6% 4.2% 4.0% 3.9% 3.3% 3.3% 3.1% MAPFRE CAIXA ANTARES GENERALI ALLIANZ AVIVA AXA CASER BBVA BSCH CORPORACION MAPFRE SISTEMA MAPFRE including MAPFRE MUTUALIDAD Source: ICEA 4

5 Corporación Mapfre: Premiums and results Section I: Key aspects 92 5, , ,202 2,660 2,290 1,703 2,625 2, ,899 2,004 2,499 3,129 3, Non-life Life Net result Premiums from acquired companies are included independently of the date of their acquisition. Million euros 5

6 Corporación Mapfre: Breakdown of premiums by line of business (1) Section I: Key aspects MAPFRE ASISTENCIA 2% OTHER 1% MAPFRE ASISTENCIA 2% OTHER 1% MAPFRE RE 11% MAPFRE VIDA 43% MAPFRE RE 13% MAPFRE VIDA 38% MAPFRE AMERICA 24% MAPFRE AMERICA 22% MAPFRE CAJA SALUD 4% MAPFRE EMPRESAS 4% MAPFRE SEGUROS GENERALES 11% MAPFRE CAJA SALUD 4% MAPFRE EMPRESAS 7% MAPFRE SEGUROS GENERALES 13% Total premiums: 5,789 Total premiums: 5,647 Premiums from acquired companies are included independently of the date of their acquisition (1) The breakdown is shown before consolidation adjustments of million, or 5.6% of total premiums in 2002, and million, or 6% of total premiums in 2001 Million euros 6

7 Corporación Mapfre: Return on equity (ROE) (1) Section I: Key aspects Average Consolidated shareholders' equity profit ROE % (1) ROE % (1) MAPFRE CAJA MADRID Holding MAPFRE VIDA MAPFRE SEGUROS GENERALES (2) UNIDAD DE SEGUROS DE EMPRESAS - MAPFRE INDUSTRIAL MAPFRE CAUCIÓN Y CRÉDITO MAPFRE CAJA SALUD MAPFRE AMÉRICA MAPFRE RE MAPFRE ASISTENCIA CORPORACION MAPFRE 1, (1) Result net of taxes and minorities/ average shareholders equity (2) Excluding Mapfre Industrial Million euros 7

8 Corporación Mapfre: Return to shareholders Section I: Key aspects % 7.9% % 8.4% 10.1% % 2.9% 3.4% 2.5% 2.6% Recurring EPS Ordinary EPS Dividend per share ROE (1) Dividend Yield (1) Result net of taxes and minorities/ average shareholders equity Figures in euros (except ROE and dividend yield) 8

9 Evolution of the share price - Year 2002 Section I: Key aspects Annual performance: Corporación Mapfre +18.7% Ibex % DJ Stoxx Insurance -51.2% MAP absolute performance with respect to: Ibex % DJ Stoxx Insurance +69.9% MAP relative performance with respect to: Ibex % DJ Stoxx Insurance % Corporación Mapfre Ibex 35 DJ Stoxx Insurance 9

10 Corporación Mapfre: Shareholding structure Section I: Key aspects % 30.3% 31.1% 55.5% 55.5% 55.2% 18.4% 14.2% 13.7% Foreign investors Mapfre Mutualidad Spanish investors 10

11 Mapfre Mutualidad Section I: Key aspects Mapfre Mutualidad is the parent company of Sistema Mapfre. Together with Corporación Mapfre, it forms the largest insurance group in Spain It is the largest Motor insurer in Spain, with a market share of over 18% (20% for Sistema Mapfre as a whole) Mapfre Mutualidad is distinguished by its consistent focus on technical profitability, which is based on: Tariffs that reflect risks underwritten The internalisation of often outsourced activities such as adjusting and medical services CESVIMAP, its research center dedicated to the study of methods to ensure top-quality car repairs at the lowest possible cost Mapfre Mutualidad consistently achieves an underwriting profit (2002 combined ratio: 91.3%) In 2002, its solvency margin was equal to 4.9x the minimum legal requirement % 02/01 Premiums written 1, , , % Gross Result (1) % Net Result % Equity % Loss ratio Expense ratio Combined ratio ROE (1) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. Million euros 11

12 Organisational chart Section I: Key aspects MAPFRE MUTUALIDAD 55% CORPORACION MAPFRE 51% 100 % 85 % 83% 100% MAPFRE CAJA MADRID HOLDING MAPFRE INMUEBLES MAPFRE AMERICA MAPFRE RE MAPFRE ASISTENCIA MAPFRE SEGUROS GENERALES 100% 100 % MAPFRE VIDA MAPFRE CAJA SALUD 100% GESMADRID CAJA MADRID PENSIONES CAJA MADRID BOLSA 30% MAPFRE CAUCION Y CREDITO 100% NON-LIFE LIFE AND SAVINGS DOMESTIC INTERNATIONAL 12

13 Strategy Section I: Key aspects The strategy of Sistema Mapfre aims to achieve the following goals: Consolidate the Group s leading position in the Iberian insurance market Strengthen the presence in Latin America Boost the development of Corporacion Mapfre and the value of its shares Optimise the results of the alliance with Caja Madrid Promote the international development of the Reinsurance and Assistance units Optimise the structure and operation of the territorial network in Spain Expand the commercial insurance business Apply cutting-edge technology Improve the quality and training level of human resources. 13

14 Corporación Mapfre: Targets Section I: Key aspects Corporación Mapfre aims to achieve the following revised targets over the period: Sustained underwriting profit in the insurance and reinsurance businesses (combined ratio 100% in Non-life insurance) Return on equity around 10%, and growing earnings per share The following will be the key reference growth targets: Non-life premiums > 10% Funds under management (Mapfre Vida) 8-10% The average annual increase in net results should be equal to, or greater than 10% is expected for the consolidated group in its present structure. 14

15 Section I Key aspects of Sistema Mapfre Section II The Spanish Insurance Market Section III Key operating subsidiaries of Corporación Mapfre Appendix Supplementary information 15

16 European insurance markets comparison Section II: The Spanish market 6,000 Average GDP per capita = EUR 22,100 = market size 5,000 4,000 CH 3,000 UK NL IE 2,000 F SF B S DK NO L 1,000 SLO P E I A D Average premium per capita = EUR 1,550 SK CZ PL CYP ML H GR 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Source: Own calculations using SIGMA data 16

17 Spain: convergence with the EU/EEA Section II: The Spanish market GDP per capita Premium per capita 100 % 100 % 53.8% 59.6% 64.6% 68.7% 71.5% 52.1% 65.6% 65.9% 39.7% 41.9% Spain as a % of the UE/EEA average Source: Own calculations using SIGMA and ICEA data 17

18 Spanish Market vs. EU/EEA: % Premiums on GDP Section II: The Spanish market % PREMIUMS ON GDP - LIFE % TOTAL PREMIUMS ON GDP LIFE EU/EEA LIFE SPAIN % PREMIUMS ON GDP - NON LIFE TOTAL EU/EEA TOTAL SPAIN NON LIFE - EU/EEA NON LIFE - SPAIN Source: Swiss Re - Sigma 06/

19 Breakdown of the Spanish market by line of business Section II: The Spanish market NON-LIFE 42% LIFE 58% NON-LIFE 46% LIFE 54% NON-LIFE 44% LIFE 56% Source: ICEA 19

20 Section I Key aspects of Sistema Mapfre Section II The Spanish Insurance market Section III Key operating subsidiaries Appendix Supplementary information 20

21 Mapfre Caja Madrid Holding: Growth rates European Union: Non-life premiums Section III: Operating subsidiaries Spain: Non-life premiums 22.7% 5.8% 14.9% 11.5% 13.0% 12.3% 9.4% 11.6% 17.2% 16.8% 14.4% 11.5% 13.0% 12.3% 12.6% -6.2% -0.4% % EUROPEAN UNION SPAIN SPAIN MCM Holding Non-Life (1) European Union: Life premiums Spain: Funds under management (2) % 41.4% 23.8% 20.7% 26.3% 28.2% 7.1% 6.5% 27.1% EUROPEAN UNION 15.4% SPAIN -6.0% -3.8% 23.6% 6.6% SPAIN -1.6% 4.4% MCM Holding Life 11.2% 2.9% (1) Premium figures are shown on a full-period basis, independently of the dates on which companies were acquired (2) Technical reserves + investment funds + pension funds (incl. defined benefit plans) Source: Own calculations using SIGMA and ICEA data 21

22 Spanish insurance market in 2002 Section III: Operating subsidiaries Life Non-life 12.3% 11.4% 8.3% 7.1% 6.8% 7.1% 6.0% 5.7% 5.1% 4.5% 4.3% 4.2% 4.1% 3.1% 2.6% 3.2% 3.0% 2.8% 2.8% 2.7% CAIXA ANTARES MCM AVIVA BSCH BBVA GENERALI SABADELL CASER IBERCAJA HOLDING MCM HOLDING ALLIANZ GENERALI ZURICH WINTER THUR CATALANA MUTUA ADESLAS CASER MADRILEÑA SANTA LUCIA Source: ICEA, own calculations 22

23 Mapfre Vida: Key figures Mapfre Vida manages the life and savings business in the Iberian Peninsula It ranks as the largest life insurer in Spain in 2001 and 2002 The Company distributes its life insurance products both through Sistema Mapfre s agents network and through Caja Madrid s branches Mapfre Vida also ranks as the largest asset manager among Spanish insurers, with a market share of 1.1% in mutual funds and 2.7% in pension funds, and funds under management of EUR 2.6 bn in 2002 Section III: Operating subsidiaries % 02/01 Technical Reserves 6, , , % Investment Funds 2, , , % Pension Funds (1) % Funds under management 8, , , % Clients - Investment Funds 107, , , % Clients - Pension Funds 61,611 89, , % Consolidated Premiums 1, , , % Equity % Gross result (2) % Net result % Expense Ratio ROE (1) Pension funds figures do not include defined benefit plans (2) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. Million euros 23

24 Mapfre Seguros Generales: Key figures Section III: Operating subsidiaries Mapfre Seguros Generales is Spain s largest Non-Life (excl. Motor) insurer Its business focuses in personal lines, which are characterised by a fairly regular claims pattern and comparatively higher margins Mapfre Seguros Generales can boast above-market average: Premium growth Average premium/policy Profitability It can achieve this thanks to: A strong competitive advantage in distribution and service quality Effective customer segmentation An advanced claims handling system Mapfre Seguros Generales consistently achieves an underwriting profit * 2002 % 02/01 Personal accidents % Marine % Fire - Property % Motor civil liability % Motor other risks % Civil Liability % Burial % Home combined % Condominiums combined % Industrial risks % Commercial risks % Assistance % Health % Life % Premiums Written % Gross Result (1) % Net result % Equity % Loss Ratio Expense Ratio Combined Ratio ROE (1) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. * Mapfre Finisterre was consolidated from April 2001 onwards. Million euros 24

25 Mapfre Empresas Section III: Operating subsidiaries The Commercial Insurance Operating Unit of Sistema Mapfre (Mapfre Empresas) began operating in January 2003 Mapfre Empresas is the first unit of Sistema Mapfre specialised by type of customer It aims to satisfy all insurance protection needs of corporate customers in: Spain Europe Latin America Mapfre Empresas is formed by: Mapfre Industrial (presently a subsidiary of Mapfre Seguros Generales) Mapfre Caución y Crédito Mapfre Empresas will coordinate the sale of commercial insurance products offered by other Mapfre companies Mapfre Empresas starts off with a significant share of the commercial insurance market: 10.7% in 2001, and an estimated 11.5% in

26 Mapfre Empresas: Mapfre Caución y Crédito Section III: Operating subsidiaries Mapfre Caución y Crédito is Spain s 3rd largest Credit and Surety insurer with an estimated 14.4% market share Building on the strength of the Mapfre distribution network, it is a fast-growing company in a market with high barriers to entry It can boast a claims ratio below market average, supported by prudent underwriting Mapfre Caución y Crédito is developing small, specialised subsidiaries in Brazil, Mexico, Chile and Portugal, within a framework characterised by strict technical control % 02/01 Premiums written % Gross result (1) % Net result % Equity % Loss Ratio Expense Ratio Income from credit opinions Combined Ratio ROE (1) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. Million euros 26

27 Mapfre Empresas: Mapfre Industrial Mapfre Industrial is the 2 nd largest industrial insurance company in Spain, with an estimated 7% market share in Mapfre Industrial offers to its customers insurance cover, as well as complementary services in risk management, security and risk prevention The Company consistently outperforms the market thanks to: A considerably faster rate of growth A significantly lower combined ratio These results reflect: A high level of service, provided by the widest distribution network in the Spanish market Rigorous underwriting and tarification Cost containment Section III: Operating subsidiaries % 02/01 Premiums written % Gross result (1) % Net result % Equity % Loss Ratio Expense Ratio Combined Ratio ROE (1) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. Million euros 27

28 Mapfre Caja Salud Section III: Operating subsidiaries Mapfre Caja Salud operates in the Spanish health insurance market, where it ranks 4th, with a share of 7.5% It enjoys powerful competitive advantages: The widest product range and distribution network of any Spanish health insurer Strong brand In 2002, its premiums grew 12.2% vs 9.7% for the market as a whole % 02/01 Premiums written % - Agents network % - Bank network % - Brokers % Equity % Number of policyholders 493, , , % Gross result (1) % Net result % Loss Ratio Expense Ratio Combined Ratio ROE % 8.8% Premiums and policyholders figure are shown on a full-period basis, independently of the dates on which companies were acquired The expense ratio for Mapfre Caja Salud is calculated over net earned premiums, as most premiums are underwritten in January (1) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. Million euros 28

29 Other subsidiaries Section III: Operating subsidiaries Mapfre Inmuebles provides real estate services to other companies in Sistema Mapfre. It also undertakes housing development projects for sale to third parties Corporación Mapfre has a 30% shareholding in the following subsidiaries of the Caja Madrid group: Gesmadrid: the 4th largest mutual fund manager in Spain with EUR 8.1 bn under management and a 4.8% market share as of December 2002 Caja Madrid Pensiones: the 7th largest pension fund manager in Spain with EUR 1.9 bn under management and a 4.0% market share as of December 2002 Caja Madrid Bolsa: stock brokerage house 29

30 Mapfre América: Results Section III: Operating subsidiaries Mapfre América is the holding company for the American direct insurance subsidiaries of Corporación Mapfre It operates, through its subsidiaries, in 12 countries in Central America, the Caribbean and South America, as well as in Florida (USA) It ranks as one of the largest foreign Non-life insurance groups in the region, with an estimated 4.9% market share in 2001, and a network among the widest Its performance has been improving consistently since 1999, on the back of a wide-encompassing effort to improve underwriting results and increase financial returns Caja Madrid has a 10% shareholding in Mapfre América % 02/01 Premiums Written 1, , , % Gross result (1) % Net result % Equity % Loss Ratio Expense Ratio Combined Ratio ROE (1) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. Million euros 30

31 Mapfre América: Premiums and income by country Section III: Operating subsidiaries PREMIUMS RESULTS (1) Local Currency COMPANY % 02/01 % 02/ % 02/01 MAPFRE ARGENTINA % 13.8% % VERA CRUZ (BRAZIL) % 7.4% % MAPFRE CHILE SEGUROS % 38.8% % MAPFRE COLOMBIA % 9.6% % SEGUROS TEPEYAC (MEXICO) % 23.1% % MAPFRE PARAGUAY % 25.9% % MAPFRE PERU % 1.9% % MAPFRE USA % 6.1% % LA CENTRO AMERICANA % 18.9% % MAPFRE URUGUAY % 51.1% % LA SEGURIDAD (VENEZUELA) % 21.7% % (1) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. Million euros 31

32 Mapfre Re Section III: Operating subsidiaries Mapfre Re is a specialised reinsurer, of medium size and strong solvency, rated A+ by A.M. Best and A+/positive outlook by S&P It has a strong franchise in Latin America, where it ranks among the leading reinsurers Nearly 40% of its premiums come from Mapfre Its is technical profile is prudent, as: Civil liability reinsurance only made up 2.5% of its total premiums in 2002 Over 85% of its business comes directly from ceding companies Its combined ratio remains consistently below industry average In 2002, Mapfre Re is not having any meaningful impact from some of the problems, which are negatively affecting the sector: Losses from financial investments Deviations on previous years claims Claims related to asbestosis % 02/01 Gross Premiums % - of which Life % Gross result (1) Net result Equity % Loss Ratio Expense Ratio Combined Ratio ROE (1) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. Million euros 32

33 Mapfre Asistencia Section III: Operating subsidiaries Mapfre Asistencia provides road, home and travel assistance services It has a direct presence in 36 countries. It enjoys the strongest demand for its services in Europe and in Latin America In 2002, it wrote a total of 35 million policies, with approximately 95 million beneficiaries, of which more than 2.1 million required assistance during the year % 02/01 Total Income % - Premiums written % - Other income % Equity % Gross result (1) % Net result % Loss Ratio Expense Ratio Combined Ratio ROE (1) Before tax, minority interests, and amortisation of goodwill and portfolio acquisition costs. Million euros 33

34 Section I Key aspects of Sistema Mapfre Section II The Spanish Insurance Market Section III Key operating subsidiaries of Corporación Mapfre Appendix Supplementary information 34

35 Corporación Mapfre: Spanish distribution network- Year 2002 Appendix Apéndice , SISTEMA MAPFRE: 2,637 CAJA MADRID: 1,

36 Corporación Mapfre: Breakdown Corporación of premiums Mapfre: by region Geographical distribution of premiums Appendix SOUTH AMERICA 20.5% OTHER 1.0% SOUTH AMERICA 15.7% OTHER 1.9% NORTH AMERICA 11.1% NORTH AMERICA 12.4% EUROPE 2.6% SPAIN 64.7% EUROPE 4.3% SPAIN 65.7% 36

37 Corporación Mapfre: Consolidated profit and loss account Appendix % 02/01 N/L Gross premium written 2, , , % N/L Net premium written 2, , , % Net Premiums Earned 2, , , % Net Claims Incurred -1, , , % Variation, Other Technical Provisions % Operating Expenses % Net Other U/W Income % U/W Result % Net Inv. Income, Non-life Account % Variation, stabilization/equalization reserve % Non-life Technical Result % Life GPW 1, , , % Life NPW 1, , , % Net Life Expenses % U/W Result, Life Account % Net Inv. Income, Life account % Life Technical Result % Total Technical Result % Net financial income % Other Non-technical Items Extraordinary Items % Pretax Result % Taxes % Net Result % Minorities % NET RESULT, GROUP SHARE % N/L Loss Ratio (1) 74.6% 72.4% 70.5% N/L Expense Ratio (1) 28.7% 28.5% 28.8% N/L Combined Ratio (1) 103.3% 100.9% 99.3% Life Expense Ratio (1) 6.0% 4.8% 6.0% (1) Ratios calculated over premiums net of reinsurance. Million euros 37

38 Corporación Mapfre: Profit by business area Appendix % 02/01 Companies operating mainly in Spain Direct insurance % Other Subtotal % Companies operating mainly abroad Direct insurance % Accepted reinsurance Assistance % Other Subtotal % EQUITY-ACCOUNTED SUBSIDIARIES Brokerage and fund management % Real estate management and development % Other Total results from subsidiaries % Amortisation of goodwill and portfolio acquisition costs % CORPORACION MAPFRE unconsolidated result Consolidation adjustments Result before tax and minority interests % Taxes % Result attributable to minority interests % Result attributable to the controlling company % Million euros 38

39 Corporación Mapfre: Consolidated quarterly results Appendix NET RESULT BY QUARTER (million) QUARTERLY EPS QUARTER FIRST SECOND THIRD FOURTH TOTAL FIRST SECOND THIRD FOURTH TOTAL QUARTERLY EPS QUARTER FIRST SECOND THIRD FOURTH TOTAL Capitalisation , , ,403.5 Number of shares (1) 181,564, ,564, ,564, ,564,536 PER (1) Data adjusted for the share split, which took place on 15 September Figures in euros, except capitalisation (million) 39

40 Corporación Mapfre: Consolidated balance sheet Appendix ASSETS Uncalled Share Capital Fixed Assets and start-up expenses Investments 4, , , ,558.1 Investments on account of policy holders assuming risk Participation by reinsurance in technical reserves Receivables , , ,081.8 Other assets Accruals TOTAL ASSETS 7, , , ,237.7 LIABILITIES Shareholders' Equity , , ,076.9 Minority interests Deferred income Technical reserves 5, , , ,433.5 Technical reserves when inv. risk is assumed by policyholders Provisions for risks and expenses Deposits received on ceded reinsurance Debts Other liabilities Accruals TOTAL LIABILITIES 7, , , ,237.7 Employees 11,049 10,142 11,284 12,376 Million euros 40

41 Corporación Mapfre: Consolidated investments breakdown Appendix FIXED-ASSETS EQUITY FIXED-INCOME SECURITIES 2,496 2,929 5,585 7,610 9,217 INVESTMENT FUNDS OTHER INVESTMENTS ,165 1,306 1,096 TOTAL 4,381 4,887 7,986 10,260 11, % 80% 60% 40% 20% 0% FIXED-ASSETS EQUITY FIXED-INCOME SECURITIES INVESTMENT FUNDS OTHER INVESTMENTS Million euros 41

42 Corporacion Mapfre: Breakdown of the investment portfolio Breakdown of the investment portfolio by asset type Breakdown of the fixed income portfolio by rating Appendix Inv. funds 5.1% Other invest. 9.5% Fixed assets 4.5% Equities 1.2% BBB 4.3% A 11.4% BB 0.5% B 0.6% CCC 1.0% AAA 20.9% SD 0.2% NR 0.0% Fixed income 79.7% AA 61.0% Breakdown of the fixed income portfolio by issuer Supranational 2.1% Telecom 'AAA' Struc. Fin. Struc. Fin. 1.8% 2.1% 1.1% Industrial 6.3% Utilities 5.9% Breakdown of the fixed income portfolio by area North Am 10.2% LatAm 5.1% Asia 0.3% Africa 0.0% Spain 43.0% Fin. Inst. 21.1% Public Sector 59.8% Europe 41.4% 42

43 Corporación Mapfre: Funds under management (1) Appendix 14,857 15,964 12,488 7,702 8, Investment Funds Pension Funds (2) Shareholders Equity Mathematical Reserves (Life) Other Technical Reserves Other Funds (3) (1) Figures do not include funds managed by Caja Madrid s asset management subsidiaries (2) Pension funds figures do not include defined benefit plans (3) Includes: provisions for risks and expenses, deposits received on ceded reinsurance and dues on transactions in preparation of insurance contracts Million euros 43

44 Ratings Appendix MAPFRE MUTUALIDAD STANDARD & POOR'S Insurer Financial Strength Rating AA- / Positive, assigned on 18/07/02 AM BEST Financial Strength Rating A+ (Superior), last affirmed on 11/07/02 CORPORACION MAPFRE STANDARD & POOR'S Counterparty Credit Rating A+ / Positive, assigned on 18/07/02 Bond issue A+ / Positive, assigned on 18/07/02 MAPFRE ASISTENCIA MAPFRE RE AM BEST Financial Strength Rating A+ (Superior), last affirmed on 11/07/02 MOODY'S Financial Strength Rating A1, assigned on 2/10/02 STANDARD & POOR'S Insurer Financial Strength Rating A+ / Positive, assigned on 18/07/02 AM BEST Financial Strength Rating A+ (Superior), last affirmed on 11/07/02 44

45 Mapfre Vida: Premiums breakdown Appendix % 02/01 Regular Premiums % - Agents channel % - Bank channel % Single Premiums , % - Agents channel % - Bank channel % Unit-Linked % - Agents channel % - Bank channel % LIFE PREMIUMS 1, , , % Externalisation % - Agents channel % - Bank channel % Sub-total 2, , , % Accidents % - Agents channel % - Bank channel 3.6 Health TOTAL PREMIUMS 2, , , % - Agents channel 1, , , % - Bank channel 1, , , % Premiums from Caja Madrid Vida are included on a full-year basis, independently of the date of its first consolidation (01/07/00). Million euros 45

46 Mapfre América Appendix Year initial Year control % COMPANY investment acquired Ownership MAPFRE ARGENTINA VERA CRUZ SEGURADORA (BRAZIL) MAPFRE CHILE SEGUROS MAPFRE SEG. GENERALES COLOMBIA SEGUROS TEPEYAC (MEXICO) MAPFRE PARAGUAY MAPFRE PERU PRAICO LA CENTRO AMERICANA (EL SALVADOR) MAPFRE URUGUAY LA SEGURIDAD (VENEZUELA)

47 Mapfre América: Premiums by business line (%) Appendix COMPANY MAPFRE ARGENTINA VERA CRUZ (BRAZIL) MAPFRE CHILE SEGUROS MAPFRE COLOMBIA SEGUROS TEPEYAC (MEXICO) MAPFRE PARAGUAY MAPFRE PERU MAPFRE USA LA CENTRO AMERICANA (EL SALVADOR) MAPFRE URUGUAY LA SEGURIDAD (VENEZUELA) OTHER MOTOR NON LIFE LIFE HEALTH TOTAL

48 Mapfre Re: Breakdown of premiums Appendix BY REGION BY CEDENT OTHER 2% USA 9% LATIN AMERICA 18% SPAIN 42% MAPFRE 39% OTHER 61% EUROPE 29% BY TYPE OF BUSINESS BY BRANCH OF BUSINESS NON PROPORTIONAL 13% FACULTATIVE 11% OTHER LIFE AND 8% ACCIDENTS 8% MOTOR 8% PROPORTIONAL 76% MARINE AND TRANSPORT 6% PROPERTY 70% 48

49 Provisional calendar for the year 2003 Calendar and contacts 26/02/03 Release of year 2002 results 26/02/03 Analysts presentation, year 2002 results - Madrid 26/02/03 Analysts presentation, year 2002 results - London 29/03/03 Annual General Meeting - Madrid 29/04/03 Release of first quarter 2003 interim results 24/07/03 Release of first half 2003 results 22/10/03 Release of third quarter 2003 interim results 22/10/03 Analysts presentation, third quarter 2003 interim results - Madrid 22/10/03 Analysts presentation, third quarter 2003 interim results - London Dates may be subject to changes 49

50 Investor Relations Department Calendar and contacts Luigi Lubelli Finance Director Jesús Rodríguez Castejón Antonio Triguero Sánchez Natalia Rodríguez Sánchez Marisa Godino Alvarez Secretary Corporación Mapfre, S.A. Investor Relations Department Carretera de Pozuelo a Majadahonda, nº Majadahonda relacionesconinversores.cormap@mapfre.com 50

51 Disclaimer This document is purely informative. 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. The information about the plans of the Company, its evolution, its results and its dividends represents a simple forecast whose formulation does not represent a guarantee with respect to the future performance of the Company or the achievement of its targets or estimated results. The recipients of this information must be aware that the preparation of these forecasts is based on assumptions and estimates, which are subject to a high degree of uncertainty, and that, due to multiple factors, future results may differ materially from expected results. Among such factors, the following are worth highlighting: the evolution of the insurance market and of the economic enviroment in general in those countries where the Company operates; changes in the legal framework; changes in monetary policy; circumstances which may affect the competitiveness of insurance products and services; changes in the underlying tendencies on which the mortality and morbidity tables used in Life and Health insurance are based; frequency and severity of claims insured, with respect to reinsurance and general insurance, as well as to life insurance; variations in interest rates and exchange rates; risks associated with the use of derivative instruments; the impact of future acquisitions. MAPFRE does not undertake to update or revise periodically the content of this document. 51