MAPFRE GROUPMAPFRE REFigures @ 12/2017

Corporate Presentation

1

2

MAPFRE Group

3

With presence in 45 countries and business in more than 100 countries

income

27,984M€

employees

+36,000

million

clients

30

offices

+5,400 +84,000

attributable

result

700,5M€

intermediaries

MAPFRE | Key figures

4

MAPFRE | Global player. In more than 100 countries across 5 continents

North AmericaAmong the 20 most

important Auto insurers in

the US

Latin AmericaLeading multinational

insurance group

#1 in Non-Life in the

regionBrazilMarket leader

#1 overall in the market, excluding Savings

#2 in Auto, #1 in Life Protection

#1 Agricultural, #2 in Other Non-Life

SpainBenchmark

company in the

Spanish insurance

market

#1 in Non-Life

#2 overall

Eurasia

(EMEA & APAC)Leading positions in Turkey, in

direct Auto insurance in Italy

and Germany, and Malta

MAPFRE RETop 16 global

reinsurance

companies

Insurance

Business

Premiums: 19,376 million € +3.7%

Net income: 828,9 million € 12.6%

Reinsurance

Premiums: 4,222 million € -0.3%

Net income: 162,7 million € -12.6%

Global Risks

Premiums: 1,257 million € +3.7%

Net income: -66,3 million €

Asistencia

Premiums: 935,5million € -7.8%

Net income: -68,4 million € -21,4%

MAPFRE | Business units 2017 vs 2016

5

Auto +15,4 million insured vehicles

Homeowners +5,3 million homes insured

Life and Investments 67,570 million euros in managed assets

Health +3,1 million insured

Assistance +10 million assistance services

Corporate +1,5 million insured companies

Global Risks +3,000 insured large global clients

Reinsurance +1,510 cedent companies in +100 countries

6

MAPFRE | Key highlights

7

Direct Insurance Reinsurance Asistencia Global Risks

Canada

U.S.A..

Mexico

Guatemala

El Salvador

Nicaragua

Costa Rica

Panama

Colombia

Ecuador

Peru

Paraguay

Chile

Honduras

DominicanRepublic

Puerto Rico

Venezuela

Argentina

Uruguay

Portugal

Spain

France

Ireland

U.K.Belgium

Germany

Algeria

Tunisia

Malta

Italy

Greece

Turkey

Jordan

Hungary

Bahrain

India

Malaysia

Singapore

China

Indonesia

Taiwan

Philippines

Japan

Australia

Brazil

MAPFRE | Around the world

8

MAPFRE | Organization Chart

MAPFRE´s results:

Solid business growth

2014 2015 2016 2017 %

Consolidatedincome

26,367 26,702 27,092 27,983 +3.3%

Premiums 21,816 22,312 22,813 23,481 +2.9%

Net Income 845 709 776 701 * -9.7%

Non-LifeCombined Ratio

95.8 98.6 97.4 98.1 0.7 p.p.

9

Figures in € mio

* 826.1million € excluding impacts from hurricanes Maria, Irma and Harvey, Mexican

earthquakes and the Coastal Niño at primary insurances units; other events and impacts at

MAPFRE RE have been considered part of the recurring business.

10

6,960(27%)IBERIA

4,547 (18%)BRAZIL

1,870 (7%)EURASIA

984 (4%)ASISTENCIA

1,699 (7%)LATAM South

EUR MM %

Iberia 511.5 59.7%

Brazil 125.4 14.6%

LATAM North 33.8 3.9%

LATAM South 70.2 8.2%

North America 48.7 5.7%

EURASIA 39.3 4.6%

MAPFRE RE 162.7 19,0%

Global Risks -66.3 -7,7%

Asistencia -68.4 -8.0%

TOTAL 856.9 100%

Holdings and Consolidation -156.3

Attributable result 700.5

million € Figures in € mio

Premiums (% of Total) Contribution to attributable results

2,529 (10%)North America

4,222 (16%)MAPFRE RE

MAPFRE | Premiums and Results by geographical area

1,257 (5%)GLOBAL RISKS

1,772 (7%)LATAM North

11

MAPFRE | History

12

Combined Ratio (%)

Expense Ratio (%) Income (million €)

Pay-out (%)

26.367 26.702 27.092 27.983

0

15.000

30.000

2014 2015 2016 2017

51 56,5 57,6 63,7

0

30

60

2014 2015 2016 2017

96 97,3 97,4 96,9

60

80

100

2014 2015 2016 2017

98,6

28,0 29,0 27,4 27,5

0

15

30

2014 2015 2016 2017

MAPFRE | Committment

MAPFRE is committed to achieve its main strategic objectives

Extraordinary effect from natural catastrophes:

2015 snowfalls (US) / 2017 HU_Harvey, HU_Irma, HU_Maria, EQ_MX, FL_PE

98,1

13

Year Income E.B.T Nº Employees

2017 27,983 1,509 36,271

2016 27,092 1,805 37,020

2015 26,702 1,476 38,405

2014 26,367 1,746 37,053

2013 25,889 1,564 36,280

2012 25,301 1,372 35,586

2011 23,530 1,637 34,390

2010 20,471 1,431 36,744

2009 18,830 1,446 35,225

2008 17,711 1,383 34,603

2007 15,207 1,366 30,600

2006 13,583 1,156 28,091

2005 12,189 872 24,967

2004 10,831 739 19,920

2003 9,473 606 18,605

2001 8,933 316 16,756

1998 4,546 178 15,219

1995 3,249 203 11,292

1992 2,419 37 9,028

1989 1,214 49 5,369

1986 434 20 2,823

* 2005-2017 NIIF; 1986 – 2004 PGC

Income & Earnings before tax and non-controlling interests Figures in € mio

MAPFRE | Historical evolution 1986-2017*

14

2017

0.23 €

• Dividend Pay-out between 50% and 65%

2012

0.22 €

Earnings per share

2017

63.7%2012

50.9 %

Dividend Payout

2017

447 M€2012-2016

2,017 M€

Paid Dividend

2012-2017 | Creation of sustainable value for the shareholder

MAPFRE |

15

Included among the ranking of the 500

companies with best corporate reputation

in the world

Included in sustainability indexes

FTSE4GOOD and FTSE4GOOD IBEX

Advanced Level rating by the UN

Most valued company and 11th in the

general ranking of best place to work

Most valued ranking of Brand-Finance

In the top 5 most valued companies in Spain

and in the top 20 best to work for (Brazl,

Colombia, Mexico)

Main recognitions

MAPFRE | Reputation

16

Social Action Culture Prevention & Road Safety

HealthPromotion

Insurance & Social Protection

Fundación MAPFRE contributes to improving people's quality of life and the progress of society

through multinational programs and activities

Over the last

10 years, it has

helped 100 million

people

Improving our

world in over 30

countries

23 million

beneficiaries

in 2017

8,500 programs

and actions

The best invested 500 million euros in our history

17

2.8 million children and teenagers educated onroad safety in over 20 countries.

ART FOR EVERYONE

EDUCATE YOUR WORLD PROJECT

More than 20 years giving financial support to thisprogram. A door to hope for thousands of peoplearound the world.

ROAD SAFETY EDUCATION PROGRAM

12 million people have visited our 300 exhibitions over the years.

CELLULAR THERAPY PROGRAM fortreatment of spinal injuries

830 cooperation programs in 23 countries.550,000 children fed.

2 million people have benefited from thisprogram over the years.

Access to basic education for 5 million youngpeople and training for 5,000 teachers in over 23countries.

Over 2,700 people with intellectualdisabilities and mental illnesses havefound a job this way.

1.5 million people are now more aware of how to act in the event of a fire

500,000 women have been counselled on earlyprevention to reduce the risk of heart attack.

SPECIALIZED PUBLICATIONS AND DOCUMENTATION CENTER

A unique catalog, due to its high-level focus oninsurances and social protection. More than 3 million

consultations made.

INSURANCE AND PENSIONS FOR EVERYTONE PROGRAM

TOGETHER WE CAN PROGRAM

FIRE PREVENTION PROGRAM

INTERNATIONAL SOCIAL PROJECTS

WOMEN FOR THE HEART PROGRAM

18

19

cedents

+1,400employees

386

Gross Premiums

4,222 M€

offices

19Global Reinsurers

ranking

Top 16

resultbefore taxes

221 M€

MAPFRE | RE – Main figures 31/12/2017

20

Santiago (´89)

Buenos Aires (´90)

Lisbon (´91)

Madrid (´82)

Paris (´11)

London (´91)Brussels (´89)

Munich (´06)

Milan (´88)

Singapore (´15)

Beijing (´15)

Labuan (´14)

Manila (´86)

Toronto (´04)

N. Jersey (´00)

Mexico City (´84)

São Paulo (´96)

Offices in 19 countries

MAPFRE | RE – International presence

Tokyo (´17)

Bogota (´91)

2121

Offices Europe

Madrid (Spain)

Brussels (Belgium)

Lisbon (Portugal)

London (UK)

Milan (Italy)

Munich (Germany)

Paris (France)

USA/ Canada

New Jersey (USA)

Toronto (Canada)

Latin America

Buenos Aires (Argentina)

Bogota (Colombia)

Mexico City (Mexico)

Santiago (Chile)

São Paulo (Brazil)

Asia

Beijing (China)

Labuan (Malaysia)

Manila (Philippines)

Singapore

Tokyo

MAPFRE | RE – International presence

22

1.601,22.053,7

2.630,73.253,7

3.731,94.234,7 4.222,4

0,00

2.000,00

4.000,00

6.000,00

2007 2009 2011 2013 2015 2016 2017

87,8112,6

78,6108,8

152,6186,1

162,7

0,

80,

160,

240,

2007 2009 2011 2013 2015 2016 2017

MAPFRE | RE – Very positive results

12,8% 14,0%

9,3% 10,3%12,6%

15,2%12,6%

0,0%

7,0%

14,0%

21,0%

2007 2009 2011 2013 2015 2016 2017

4.222,4Million €

Gross premiums 2017

23% of the total profits for the whole Group

162.7 million €

Results after taxes 2017

12.6%

R.O.E. 2017

23

MAPFRE RE – Organization Chart

24

19

82

Set up of MAPFRE REASEGURO

20

15

New Branch

Office in

SINGAPORE

Transfer to PARIS

of French Non-

Life business.

Authorization of

the MAPFRE RE

Representative

Office in BEIJING

19

84

Opening of theRepresentativeOffice in MEXICO

19

86

Opening of theRepresentativeOffice in MANILA

19

88

Constitution of MAPLUX RE, LUXEMBOURG

Opening of theRepresentativeOffice in MILAN

Opening of theRepresentativeOffice in CARACAS

19

89

Acquisition of

CIAR, BELGIUM

Acquisition of

CAJA

REASEGURADO

RA, CHILE

19

90

Opening of theRepresentativeOffice in BUENOS AIRES

19

91

Opening of the

Representative

Office in

LISBON

Acquisition of

REASEGURADO

RA

HEMISFERICA,

COLOMBIA

Opening of the

Representative

Office in

LONDON1

99

3

Opening of theRepresentativeOffice in ATHENS

19

94

Conversion of the LONDONRepresentativeOffice intoBranch Office

19

95

Incorporationof ITSEMAP

19

96

Opening of theRepresentativeOffices in LIMAand SAO PAULO

19

97

New BranchOffice in BRUSSELS

20

00

Creation ofMAPFRE REINSURANCE CORPORATION (MRC) in NEW JERSEY, USA

20

04

New BranchOffice of MRC in TORONTO, CANADA

20

05

MAPFRE RE accredited in NEW YORK, USA

20

06

New BranchOffice in MUNICH

20

07

Transfer of MRC TORONTOBranch to MAPFRE RE

20

08

Constitution of

MAPFRE RE do

BRAZIL (local

reinsurer)

Reinsurance

representative

within MAPFRE

SA in BEIJING

20

11

New Branch

Office in PARIS

(Life & Personal

Lines). Conversion

of the MILAN

Representative

Office into

Branch Office

Conversion of the

BUENOS AIRES

Representative

Office into

Branch

Office

20

14

New BranchOffice in LABUAN (Malaysia)

MAPFRE | RE – History 1982-2017

20

17

New RepresentativeOffice in TOKYO

Roles

6.4%Technology

3.6%Support

11.7%Adm. / Fin. / SII

70.7%Business1

25

Staff by region

Team of +350 people, 25 nationalities and presence in 17 countries.

+70% of employees directly dedicated to business.

7.6%Other2

4.4%APAC

3.1%USA

15.3%Europe

24.4%LATAM

52.8%Madrid

1Incl. M. Centres, Facultative, CUO, Claims and Tech. Accounting2Incl. CEO, Corporate, Audit, Legal Serv., Security & Environm., HR, etc

MAPFRE | RE – Workforce 2017

By line of business

By type of business

By ceding company

By area

By ceding company

North America

Iberia

LATAM

EMEA

APAC

26

By area

Gross Premiums

Non Group

MAPFRE Group

North America

Iberia

LATAM

EMEA

APAC

X.L.

Facultative

Proportional

Property

Life, Acc. Health

Motor / TPL

Agricultural

Assistance

M.A.T.

Credit & Bond

Net Premiums

Non Group

MAPFRE Group

16%

16%

18%

42%

8%

56%

44%

12%

10%

18%

50%

10%

74%

26%

13%

6%

80%

44.9%

19.6%

21.8%

4.4%

2.4%

3.4%

3.5%

MAPFRE | RE – Portfolio distribution

27

Gross Premiums Evolution

1.4381.601

1.779

2.054

2.372

2.6312.845

3.254 3.343

3.732

4.2354.222

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Premiums

% Variation

7,5%

% variation

11,4%11,1%

15,5%15,5%

10,9%8,1%

14,4% 2,8%

11,6%

13,5%

MAPFRE | RE – Historic development

Figures in € mio

-0,3%

28

99,7

92,3 91,6

95,593,5

95,7

100,6

97,0 96,5

93,1 93,9 94,1 94,9

80

90

100

110

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Combined Ratio MAPFRE RE (%)

Combined Ratio Industry

Combined Ratio – MAPFRE RE has obtained high technical margins, with a low volatility

MAPFRE RE Industry *

Average Combined Ratio 94,9% 93,5%

Combined Ratio 2.4% 6.4%

MAPFRE | RE – Historic development

* Source: AM Best (except 2017; Willis Re)

29

12,814,2 14,2 14,7

9,3 9,710,9

12,4 12,7

15,4

12,4

0

5

10

15

20

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

MAPFRE RE R.O.E

Industry R.O.E (1)

ROE – Generating attractive results, above the industry’s average

MAPFRE RE Industry *

Average R.O.E 2007-2017 12,6 % 9,3 %

Standard Deviation R.O.E. 2,0% 4,9 %

MAPFRE | RE – Historic development

* Source: AM Best (except 2017; Willis Re)

30

MAPFRE | RE – P&L Account information

MAPFRE RE CONSOLIDATED 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017% 2017 o/

2016

Gross Written Premium 1,337.4 1,437.7 1,601.2 1,778.6 2,053.7 2,371.6 2,630.7 2,844.5 3,253.7 3,343.4 3,731.9 4,234.7 4,222.4 -0.3%

Net Premium Earned 835.4 877.6 1,005.5 1,137.8 1,311.2 1,479.9 1,749.0 1,786.2 2,181.5 2,026.4 2,294.3 2,691.8 2,999.7 11.4%

Net Incurred Losses -563.6 -514.3 -619.4 -741.6 -843.9 -987.5 -1,258.9 -1,229.4 -1,493.1 -1,410.7 -1,601.0 -1,850.4 -2,105,0 13.8%

Net Commissions and

Expenses-268.8 -302.3 -318.4 -346.5 -388.4 -422.2 -497.1 -513.1 -662.5 -565.0 -651.7 -765.8 -834.5 9%

Underwriting Result 3.0 61.0 67.7 49.7 78.9 70.3 -7.3 43.6 25.9 50.7 41.6 75.6 60.2 -20.4%

Financial Income 51.4 54.7 64.0 97.9 80.0 103.2 115.0 77.5 129.4 149.6 163.5 177.2 161.0 -9.1%

Result before taxes 54.4 115.7 131.7 147.6 158.9 173.4 107.7 121.1 155.3 200.3 205.1 252.8 221.2 -12.5%

Net result (after taxes) 32.3 77.2 87.8 103.6 112.6 124.1 78.6 87.1 108.8 141.5 152.6 186.1 162.7 -12.6%

Figures in € mio

31

MAPFRE RE‘s strong retained earnings have supportedgrowth of the company’s capital base.

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017% 2017

s/ 2016

Investment &

Cash1,713.1 1.752,0 2,004.1 2,173.2 2,487.5 2,685.8 2,905.5 3,240.2 3,360.4 3,845.4 3,985.2 4,294.6 4,404.2 2.6%

Total Assets 2,545.2 2,661,0 2,879.9 3,130.7 3,476.0 4,087.9 4,363.5 4,612.8 4,492.3 5,016.9 5,307.0 5,578.9 6,449.3 15.6%

Shareholders’

equity622.7 647,0 725.2 742.8 839.7 848.4 847.7 968.6 1,009.8 1,179.2 1,174.2 1,279.4 1,301.5 1.7%

R.O.E. 5.3% 11,9% 12.8% 14.1% 14.0% 14.4% 9.3% 9.7% 10.3% 12.4% 13% 15.2% 12.6% -17.1%

Dividend 33 37 3 46 64 70 48 56 86 82 90 90 103 14.4%

Payout 100% 48% 3% 45% 56% 56% 62% 65% 79% 58% 59% 48% 63% 31.3%

Solvency

Marginn/a n/a n/a n/a n/a n/a n/a n/a 175.7% 239.2% 221.4% 212.4% 202.0 -4.9%

Figures in € mio

MAPFRE | RE – Balance Sheet information (consolidated)

32

MAPFRE S.A (Spain)

92.3%Ecclesiastical

Insurance (UK)

4.5%Vaudoise AssurancesHolding (Switzerland)

1.9%

Shelter Mutual Insurance Co (USA)

1.0%MAAF Assurances

(France)

0.3%

Data as at 31/12/2017

MAPFRE | RE – Shareholders

33

Latest Rating assessments

STANDARD & POOR'S AM BEST

A A / Excellent

Positive Outlook Stable Outlook

27.03.2018 08.09.2017

MAPFRE | RE – Rating

Your most trusted global reinsurance company

COMPANY WITH ENERGY MANAGEMENT SYSTEM

CERTIFIED DNV-GL= ISO 50001:2011=

COMPANY WITH ENVIRONMENTAL

MANAGEMENT SYSTEMCERTIFIED DNV-GL= ISO 14001:2015=