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. Ángel L. Dávila Bermejo General Counsel

February 12, 2020 ANNUAL RESULTS 2019 ANTONIO HUERTAS Chairman and CEO of MAPFRE

ECONOMIC ECONOMIC SITU SITUATIO TION 2 2 2 ENVIRONMENTS WEA WEATHE THER R EVEN EVENTS TS + + Intensity + Frequency ECO ECONO NOMIC MIC CON CONTE TEXT XT Low interest rates POLITICAL PO LITICAL AND AND SO SOCIAL CIAL CONT CONTEXT EXT Instability, uncertainty

3 3 STRENGTH STRENGTH OF OF THE THE INSURANC INSURANCE E BUSINESS USINESS € 806M (+18%) SPAIN Growing ahead of the market BRAZIL Profit up 79% USA Earnings up 7x SUST SUSTAIN AINAB ABILITY ILITY AND RES AND RESILIENCE ILIENCE IN IN RES RESUL ULTS TS € 609M net earnings COMMITMENT COMM ITMENT TO O SHAR SHAREHOL EHOLDERS DERS Dividend maintained ( € 447M charged to 2019 results )

THE THE FIGURES FIGURES AT T A A GLANC GLANCE 4 NON-LIFE COMBINED RATIO 97.6% ATTRIBUTABLE PREMIUMS EARNINGS 23,044 609 +2% +15% ROE* OE* 8% CONSOLIDATED SOLVENCY REVENUES RATIO ** 28,472 195% +7% Figures in million euros *Excluding goodwill writedown **Data at Sept. 2019

ADJU ADJUST STED ED GR GROU OUP P EAR EARNING NINGS 5 2018 2018 2019 2019 % NET EAR NET EARNINGS NINGS 529 609 +15% CA CATASTR ASTROP OPHIC HIC 108 147 EVENTS EVENTS GOOD GOODWILL WILL 174 66 WRITEDOWN WRITEDO WN 811 822 +1% ADJUSTE ADJ USTED D EAR EARNINGS NINGS Figures in million euros

PRE PREMIUM MIUMS/EARNI S/EARNINGS NGS BY B BY BUS USINES INESS S UN UNIT IT 6 PREMIUMS NET EARNINGS INSURANCE 19,292 806 +3% INTERNATIONAL 94 LATAM 7,547 LATAM IBERIA 215 7,718 INTERNATIONAL 4,027 REINSURANCE 4,520 IBERIA 498 ASISTENCIA 77 -19 -88 RE 861 GLOBAL 5,581 RISKS -5% 1,060 +13% INSURANCE RE GLOBAL ASISTENCIA RISKS Figures in million euros Data do not include consolidation adjustments.

A DIVERSIFIED A DIVERSIFIED BUS USINESS INESS 7 PREMIUM PREMIUM AUT UTOM OMOB OBILE ILE DISTRIB DISTRIBUTIO UTION 25.7% (27.9%) GENERA GENERAL L P&C P&C 28.6% (25.2%) LIF LIFE 19% (19.8%) HEAL HEALTH TH REIN REINSURA SURANC NCE 5.1% (5.1%) 21.6% (22%) (%) Previous year Data do not include consolidation adjustments.

February 12, 2020 ANNUAL RESULTS 2019 FERNANDO MATA CFO and Member of the Board

REVENUES REV ENUES AND AND PRE PREMIUMS MIUMS 9 17,559 CONSOLIDATED +7 % REVENUE € 28,472M 5,485 3,287 2,141 +2.9% +0.2% +27.7% +44.9% NON-LIFE LIFE FINANCIAL OTHER INCOME TOTAL PREMIUMS IN 2019 +2 % € 23,044 M Figures in million euros

EARNING EA RNINGS S BR BREA EAKDO KDOWN WN 10 NET EARNINGS +15 % € 609M 920 822 614 609 -255 -324 -346 -213 +1% --- +1% -10% +111% -28% -1% +15% OTHER NON- NET EXTRA- ADJUSTED LIFE TAXES NON-LIFE ITEMS* CONTROLLING EARNINGS ORDINARY EARNINGS INTERESTS ITEMS** EXC. EXC. GOODWILL GOODWILL Figures in million euros *Includes other activities, Holding expenses, and hyperinflation adjustments. **Catastrophes and goodwill impairment

GROUP GR OUP BAL ALANC ANCE E SHE SHEET ET 11 72,510 67,291 TOTAL ASSETS +7.8% DEC 2018 DEC 20 DEC 20 DEC 2019 + € 860M SHAREHOLDERS’ NET GAINS EQUITY Total 3,565 million euros 8,854 7,994 Life policyholders 2,559 million euros +10.8% Group net 1,006 million euros 609 -447 715 36 -53 CURR CURREN ENCY CY BAL ALANCE ANCE RESULT RESU T FOR R DIV DIVIDENDS IDENDS UNREAL REALIZE IZED OTH THER ER BAL ALANCE ANCE CON CONVERSION VERSION 01/0 /01/2 /2019 THE TH E YEAR YEAR CA CAPIT PITAL AL G GAINS AINS 01/0 /01/2 /2020 DIFFEREN DIF ERENCES CES Figures in millions of euros

INVE INVEST STMEN MENTS TS AND AND CA CASH SH 12 INV INVES ESTME TMENT NT FIXED € 53,523 M € 39,444 M PORTF POR TFOLIO OLIO +8.6% INCOME PUBLIC DEBT PUBLI DEBT 30,089 30 ,089 FIXED INCOME Spain 18,182 AND OTHER Rest of Europe 5,016 82% United States 1,589 Brazil 3,021 Latin America - Other 1,828 Other countries 454 EQUITY CASH AND CO CORPO RPORATE TE DEBT DEBT 9,35 9,355 5% FUNDS REAL ESTATE 90% high 90% high ESG ESG valua valuation tion 8% 5% ALTERNATIVE INVESTMENTS ASSETS UNDER MANAGEMENT APP PPROVED ED IN INVES ESTE TED Phase 1 2017 557 320 Investment portfolio 53,523 +8.6% Real estate in Europe 354 263 Private equity 108 12 Pension funds 5,479 +12.4% Private debt and other 95 45 Mutual funds and others 4,636 +6.9% Phase 2 2020 500 - TOTAL AL 1,057 1,05 7 320 320 TOTAL AL 63,638 +8.8% 63,638 +8.8% Figures in million euros

CA CAPIT PITAL AL AND AND SOL SOLVE VENCY NCY 13 SOLVENCY CAPITAL STRUCTURE SOLVENCY II RATIO 195%* € 13,080 M SE SENIOR NIOR Tier 1 DEBT DEBT 8% 8% EQUI EQUITY TY € 7,853M 77% 77% (87%) Tier 2 6% 6% BANK ANK 9% 9% SUBORDIN SUBORD INATE TED € 1,202M DEBT DEBT DEBT DEBT (13%) DEBT DEBT RA RATIO TIO (20 (2019 19) 22.7% *3rd Quarter

INSUR INSURANC ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN 14 PREMIUM BREAKDOWN IBERIA +1% 7,718 IN PREMIUMS 7,718 2,425 2,314 2,037 -6% +1% 7,582 +9% +1% 692 135 +4% +1% HEALTH AND SPAIN PORTUGAL LIFE AUTOMOBILE GENERAL ACCIDENT P&C € 498 M +4% NET RESULT INSURED VEHICL INSURED VEHICLES ES 94.4% 5.9 MILLIO 5.9 COMBINED RATIO MILLION 12.6% ROE Figures in million euros

INSURANC INSUR ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN 15 BRAZIL ROE 9.6% 1,630 4-POINT 1,503 IMPROVEMENT +2% 843 +11% -17% GENERAL LIFE AUTOMOBILE P&C PREMIUMS NET RESULT COMBINED RATIO € 3,978 M +0% +2%* € 97 M +79% 92.2% (-6.3 p.p.) 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 NORTH AMERICA 1,686 CR 90.5% +4% UNITED STATES 1,950 382 264 -4% -1% -36% NORTHEAST OTHER STATES PUERTO RICO PREMIUMS NET RESULT COMBINED RATIO € 2,332 M -4% -9%* € 79 M (+125%) 100.4% Figures in million euros *Changes in local currency.

INSURANC INSUR ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN 17 LATAM NORTH 94.7% CR Autos 1,325 6-POINT IMPROVEMENT ROE 15.2% +84% 499 149 +9% +14% CENTRAL AMERICA DOMINICAN REPUBLIC MEXICO PREMIUMS NET RESULT COMBINED RATIO € 1,973 M +51% € 63 M +45% 94.7% Figures in million euros

INSUR INSURANC ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN 18 LATAM SOUTH 552 380 +12% +3%* 276 +1%* -3% 171 +33%* -5% -15% PERU COLOMBIA CHILE ARGENTINA PREMIUMS NET RESULT COMBINED RATIO € 1,597 M -1% € 55 M -7% 100% Figures in million euros *Changes in local currency.

INSURANC INSUR ANCE E BUSINE USINESS SS PR PREMIUMS EMIUMS RE REGION GIONAL AL BR BREA EAKDO KDOWN WN 19 EURASIA 106% CR Autos CR 90.3% 6-POINT IMPROVEMENT 471 448 +6%* 357 343 -1% -8% -8% +5% ITALY TURKEY MALTA GERMANY NET RESULT COMBINED RATIO PREMIUMS € 1,696 M -4% € 15 M (+21%) 106.1% Figures in millions of euros *Changes in local currency.

SHARE SHA RE PR PRICE ICE PE PERF RFORM ORMANC ANCE 20 +1.7% +1.7% MAPF MAPFRE RE -3.4% 3.4% Spanish Spa nish ba bank nks +11.8% +11.8% IBEX 35 IBEX 35 Share price trend: December 31, 2018 - December 31, 2019 Source: Bloomberg and internal calculations Spanish banks STOCK ST OCK MAR MARKET KET Sto Stoxx xx TION 7,269 7,269 600 +24.4% +24.4% CAP CAPIT ITALIZA ALIZATION Insu Insuran ance ce 60 at 12-31-19 Figures in million euros

February 12, 2020 ANNUAL RESULTS 2019

22 AND SO… WE ARE ABLE TO MAINTAIN OUR SHAREHOLDER REMUNERATION DIVIDEND FOR THE YEAR: 0.145 eu 0.145 euros os per share, distributed against 2019 results € 447M 447M In total: 5.7% RETURN ON AVERAGE QUOTED PRICE

SOCIAL DIVIDEND SOCIAL DIVIDEND 23 Cor Corpor porate tax te tax € 324M 324M paid in taxes. Effective tax rate 25% 25% 97% of a total of 30,000+ employees have per permanent manent 97% contr contracts acts Opportunities for over 250,000 individuals 250,000 individuals (distributors, providers etc.) Volunteering: olunteering: 10 10,300 ,300 volunteers/ 12 125,00 5,000 beneficiaries Gender equality: 48.3% 48.3% of vacancies for job job positions positions of r of responsibility esponsibility were filled by women omen Wor orkplace kplace inc inclusion: lusion: 2.9% 2.9% of individuals with a disability

24 OPERA OPERATIO TIONAL AL SUST SUSTAIN AINAB ABILI ILITY TY IN OUR INSURA IN OUR INSURANCE NCE BUSINES USINESS AND AND IN OUR IN OUR INVE INVEST STMENTS MENTS Ca Carb rbon on ne 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