Fernando Mata

March 9, 2018

CFO of MAPFRE

2

EFFECTIVENESSOF OUR

PROTECTION

Low interest rate environment

MANAGEMENTOF OUR

INVESTMENTS

Foreign exchange

movements

STRENGTHOF OUR CAPITAL

A historic year of catastrophic events

2

OTHER INCOME

FINANCIALLIFENON-LIFE

REVENUE AND PREMIUMS

+3.3%

CONSOLIDATED REVENUE

€27.9BN

+2.6%

18.2

5.32.8 1.7

+4.2%-8.3% +39.1%

TOTAL PREMIUMS (NON-LIFE/LIFE)

€23.5 BN IN 2017 +2.9%

Billion euros

3

PREMIUMS

Premiums by business unit

PREMIUMS BY REGIONAL AREA

IBERIA

+3.8%

6.9

BRAZIL NORTHAMERICA

EURASIA LATAM NORTH

LATAM SOUTH

+3.5%

4.5-3.6%

2.5-5.1%

1.9

+39.6%

1.8

-1.4%

1.7

INSURANCE RE

-0.3%€4.2BN

ASISTENCIA

-7.8%€984M

GLOBAL RISKS

+3.7%€1.3BN

+3.7%€19.4BN

4

Billion euros.Without consolidation adjustments.

NON-LIFE LIFEATTRIBUTABLE

PROFITOTHER

CONCEPTS*CORPORATE INCOME TAX

NON-CONTROLLING

INTERESTS

701

PROFIT BREAKDOWN

-9.7%

ATTRIBUTABLE PROFIT

€701M946

720

-3.6%

-23.2%

-157

+9.6% -410

-26.7%

-398

-15.3%

5

Million euros.*Includes other activities, Holding expenses and hyperinflation adjustments.

RE GLOBALRISKS

ASISTENCIA

EARNINGS BY BUSINESS UNIT

-66

-163

-68

-21.4%

-12.6%

6

163

+12.6%

INSURANCE

229

+19%

LATAM

88

x10vs. 2016

INTERNATIONAL

512

IBERIA

Million euros

CATASTOPHIC EVENTS, 2017

net impact for the group

€184 MILLION

Hurricane Harvey 11

Hurricane Irma 39

Hurricane María 41

Mexico Earthquakes 12

Total 3rd Quarter events 103

El Niño Costero 22

Total insurance entity events 126

MAPFRE RE 58

TOTAL 184

projected in compensation to policyholders

€1 BILLION

157with RE

7

Million euros

COMBINED RATIO

GROUP COMBINED RATIO

Improvement in the Non-Life combined ratio trend in:

Iberia LATAM North EURASIALATAM South

IBERIA

93.7%

MAPFRE RE

94.8%

BRAZIL

96.1%

LATAM SOUTH

96.9%

LATAM NORTH

98%

EURASIA

100.9%

NORTHAMERICA

104.9%

+98.1%

W/O CAT.96.9%

8

90.8%Auto

ROE BREAKDOWN

SPAIN RE BRAZIL LATAM SOUTH

LATAM NORTH

EURASIA USA

13.2% 12.9% 12.6%

10.6%

4.6%

7.9%

W/O CAT.9.2%

6.0%

GROUP ROE

6.5%

9

- 5.6%

€8.6BN at December 2017

-€515M

BALANCE01/01/2017

RESULT FOR THE YEAR

BALANCE12/31/2017

DIVIDENDSCONVERSION DIFFERENCES

OTHER

SHAREHOLDERS’ EQUITY

8,611

701

-447

-639

-130

9,126

10

Million euros

€67.6BN -0.5%

€49.8BN

BALANCE SHEET CAPTIONS

2017

OF INVESTMENTS ARE FIXED INCOME

€47.8BN +1.2%

84%

IN SPANISH SOVEREIGN DEBT

€16BN+0.5%Investments

& cash

Technical provisions

Total assets

11

Billion euros

SOLVENCYCAPITAL STRUCTURE

€12.8BN

SUBORDINATED DEBT

OTHER BANK DEBT

SENIOR DEBT

EQUITY 82%

8%

5%

5%

COVERAGERATIO 18%

189%*SOLVENCY II

RATIO

€8.1BNTier 1

€601MTier 2 7%

93%

12

*3rd Quarter

THE MAPFRE SHARE

2017

Number of shareholders 193,941

Number of shares| billion 3,079

Earnings per share| € 0.23

Price/Book value 96%

P/E Ratio 11.8

13

SHAREHOLDER STRUCTURE

Fundación MAPFRE 68.3%

Free float 31.7%

SPAIN 10.9%

INSTITUTIONAL 20.7%INDIVIDUAL 0.1%

INSTITUTIONAL 3.4%INDIVIDUAL 7.5%

OTHER COUNTRIES

20.8%

FREE FLOAT

SPAIN

OTHER COUNTRIES

14

WE ARE MAINTAINING SHAREHOLDER REMUNERATION

DIVIDEND FOR THE PERIOD:

€0.145 per share against 2017 results

€447M

IN TOTAL,

PAYOUT OF 64%IN 2017 €2.5BN

To shareholders completely in cash in the 2012-2017 period

15

MARKET PERFORMANCE

MAPFRE -7.7%2017

+15.8%

2016+2017

IBEX 35 +7.4%2017

+5.3%

2016+2017

DJ STOXXINSURANCE +6.9%

2017

+1%

2016+2017MARKET CAPITALIZATIONAT 12-31-17

MAPFRE S.A.

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

€8.2BILLION

Ibex 35 DJ Stoxx Insurance

2017

16

Billion euros