2006 Complete Annual Report

Pro forma data* MAPFRE S.A.: Accounting data �� 1 �� Annual report 2006 �� CONSOLIDATED FINANCIAL �� INCOME STATEMENT INCOME STATEMENT PCEA** IFRS*** STATEMENTS ��PCEA* IFRS** 2002 2003 2004 2004 2005 2006 MANAGEMENT REPORT 2002 2003 2004 2004 2005 2006 Total revenues 9,305 9,250 10,577 10,756 12,189 13,234 Total revenues 6,945 6,693 7,884 8,036 9,049 9,863 CORPORATE GOVERNANCE Written and accepted premiums 7,742 7,589 8,919 8,912 10,110 10,933 Written and accepted premiums 5,647 5,315 6,421 6,414 7,261 7,900 Non-life 5,296 5,712 6,713 6,736 7,801 8,452 Non-life 3,357 3,599 4,397 4,429 5,242 5,849 Life 2,446 1,877 2,206 2,176 2,309 2,481 Life 2,290 1,716 2,024 1,985 2,019 2,051 Result of the Non-life business 396 561 634 702 684 920 Result of the Non-life business 190 239 313 335 376 522 Result of the Life business 73 109 105 127 128 171 Result of the Life business 81 104 104 126 124 157 Result of the Other Business Activities (29) (64) 0 19 60 65 Result of the Other Business Activities (12) (22) (14) 18 49 59 Result before tax 440 606 739 847 872 1,156 Result before tax 259 321 403 480 548 737 Result after tax and minority interests 206 299 366 405 458 610 Result after tax and minority interests 113 141 183 209 250 330 Third party funds managed in Life assurance 12,498 15,113 16,233 17,564 19,585 20,536 Third party funds managed in Life assurance 11,834 14,946 16,048 17,378 19,252 20,105 Figures in million Euros Figures in million Euros MANAGEMENT RATIOS MANAGEMENT RATIOS PCEA** IFRS*** PCEA* IFRS** 2002 2003 2004 2004 2005 2006 2002 2003 2004 2004 2005 2006 Non-life Non-life Loss ratio, net of reinsurance 75.3% 72.8% 70.9% 70.2% 73.5% 69.0% Loss ratio, net of reinsurance 70.5% 67.8% 67.0% 67.6% 69.5% 65.0% Expense ratio, net of reinsurance 20.9% 19.8% 20.6% 21.8% 22.1% 24.9% Expense ratio, net of reinsurance 30.8% 28.7% 27.3% 27.5% 28.1% 30.1% Combined ratio, net of reinsurance 96.2% 92.6% 91.5% 92.0% 95.6% 93.9% Combined ratio, net of reinsurance 101.3% 96.5% 94.3% 95.1% 97.6% 95.1% Life Life Net operating expenses / Reserves (MAPFRE VIDA) 1.2% 1.1% 1.2% 0.9% 0.9% 0.9% �� Net operating expenses / Reserves (MAPFRE VIDA) 1.2% 1.1% 1.2% 0.9% 0.9% 0.9% Return on equity 10.1% 13.0% 13.3% 12.5% 12.4% 14.6% BALANCE SHEET CONSOLIDATEDMANAGEMENT FINANCIAL REPORTSTATEMENTSCORPORATE GOVERNANCE PCEA ** IFRS*** BALANCE SHEET 2002 2003 2004 2004 2005 2006 PCEA* IFRS** REAL ESTATE, INVESTMENTS AND CASH 14,845 18,347 20,105 22,601 25,409 26,617 �� 2002 2003 2004 2004 2005 2006 Real estate (including property for own use) 1,034 1,068 1,206 1,201 1,365 1,588 REAL ESTATE, INVESTMENTS AND CASH 12,658 15,686 17,283 19,700 21,808 22,513 Equities and mutual funds 967 1,198 1,402 1,526 1,713 2,333 Real estate (including property for own use) 514 528 639 619 723 882 Fixed income 10,740 13,890 15,229 16,576 19,835 20,169 Equities and mutual funds 730 901 1,063 1,205 1,354 1,784 Other investments 1,024 901 876 1,843 1,071 1,105 Fixed income 9,217 11,411 12,970 15,748 17,851 18,138 Cash 1,080 1,290 1,392 1,454 1,425 1,422 Other investments 1,672 2,343 1,755 1,227 915 877 TECHNICAL RESERVES 14,100 17,695 19,156 20,257 23,317 24,027 Cash 525 503 856 901 965 833 Unearned premium reserves 2,151 2,553 2,952 2,937 3,541 3,854 TECHNICAL RESERVES 12,008 15,330 16,542 17,824 20,427 21,004 Life assurance reserves 8,772 11,256 11,923 13,318 14,741 14,826 Unearned premium reserves 1,185 1,501 1,808 1,804 2,285 2,575 Claims reserves 2,310 3,008 3,393 3,384 4,425 4,733 Life assurance reserves 8,671 11,133 11,792 13,177 14,478 14,475 Other reserves and Unit-Linked 868 878 888 618 610 614 Claims reserves 1,387 1,974 2,245 2,240 3,073 3,354 EQUITY 2,204 2,496 3,130 3,696 4,467 5,054 Other reserves and Unit-Linked 765 722 697 603 591 600 Shareholders’ capital and reserves 1,171 1,393 1,711 2,061 3,535 4,026 EQUITY 1,701 1,764 2,403 2,712 3,162 3,412 Minority interests 1,033 1,103 1,419 1,635 932 1,028 Shareholders’ capital and reserves 1,077 1,088 1,671 1,851 2,184 2,340 MAPFRE S.A. Minority interests 624 676 732 861 978 1,072 TOTAL ASSETS 18,110 22,483 24,693 27,698 32,167 33,718 ANUAL REPORT 2006 Pº de Recoletos, 25 TOTAL ASSETS 15,238 19,074 21,006 23,819 27,421 28,348 Figures in million Euros 28004 Madrid Figures in million Euros * MAPFRE S.A. pro forma data for 2005 and 2006 includes the new businesses and entities contributed in January 2007. For * PCEA: Spanish Accounting Standards for Insurance Companies(“Plan de Contabilidad de Entidades Aseguradoras”) 2002 through to 2004, data corresponds to MAPFRE MUTUALIDAD and its participated companies. ** IFRS: International Financial Reporting Standard ** PCEA: Spanish Accounting Standards for Insurance Companies(“Plan de Contabilidad de Entidades Aseguradoras”). *** IFRS: International Financial Reporting Standard. Pro forma data* MAPFRE S.A.: Accounting data �� 1 �� Annual report 2006 �� CONSOLIDATED FINANCIAL �� INCOME STATEMENT INCOME STATEMENT PCEA** IFRS*** STATEMENTS ��PCEA* IFRS** 2002 2003 2004 2004 2005 2006 MANAGEMENT REPORT 2002 2003 2004 2004 2005 2006 Total revenues 9,305 9,250 10,577 10,756 12,189 13,234 Total revenues 6,945 6,693 7,884 8,036 9,049 9,863 CORPORATE GOVERNANCE Written and accepted premiums 7,742 7,589 8,919 8,912 10,110 10,933 Written and accepted premiums 5,647 5,315 6,421 6,414 7,261 7,900 Non-life 5,296 5,712 6,713 6,736 7,801 8,452 Non-life 3,357 3,599 4,397 4,429 5,242 5,849 Life 2,446 1,877 2,206 2,176 2,309 2,481 Life 2,290 1,716 2,024 1,985 2,019 2,051 Result of the Non-life business 396 561 634 702 684 920 Result of the Non-life business 190 239 313 335 376 522 Result of the Life business 73 109 105 127 128 171 Result of the Life business 81 104 104 126 124 157 Result of the Other Business Activities (29) (64) 0 19 60 65 Result of the Other Business Activities (12) (22) (14) 18 49 59 Result before tax 440 606 739 847 872 1,156 Result before tax 259 321 403 480 548 737 Result after tax and minority interests 206 299 366 405 458 610 Result after tax and minority interests 113 141 183 209 250 330 Third party funds managed in Life assurance 12,498 15,113 16,233 17,564 19,585 20,536 Third party funds managed in Life assurance 11,834 14,946 16,048 17,378 19,252 20,105 Figures in million Euros Figures in million Euros MANAGEMENT RATIOS MANAGEMENT RATIOS PCEA** IFRS*** PCEA* IFRS** 2002 2003 2004 2004 2005 2006 2002 2003 2004 2004 2005 2006 Non-life Non-life Loss ratio, net of reinsurance 75.3% 72.8% 70.9% 70.2% 73.5% 69.0% Loss ratio, net of reinsurance 70.5% 67.8% 67.0% 67.6% 69.5% 65.0% Expense ratio, net of reinsurance 20.9% 19.8% 20.6% 21.8% 22.1% 24.9% Expense ratio, net of reinsurance 30.8% 28.7% 27.3% 27.5% 28.1% 30.1% Combined ratio, net of reinsurance 96.2% 92.6% 91.5% 92.0% 95.6% 93.9% Combined ratio, net of reinsurance 101.3% 96.5% 94.3% 95.1% 97.6% 95.1% Life Life Net operating expenses / Reserves (MAPFRE VIDA) 1.2% 1.1% 1.2% 0.9% 0.9% 0.9% �� Net operating expenses / Reserves (MAPFRE VIDA) 1.2% 1.1% 1.2% 0.9% 0.9% 0.9% Return on equity 10.1% 13.0% 13.3% 12.5% 12.4% 14.6% BALANCE SHEET CONSOLIDATEDMANAGEMENT FINANCIAL REPORTSTATEMENTSCORPORATE GOVERNANCE PCEA ** IFRS*** BALANCE SHEET 2002 2003 2004 2004 2005 2006 PCEA* IFRS** REAL ESTATE, INVESTMENTS AND CASH 14,845 18,347 20,105 22,601 25,409 26,617 �� 2002 2003 2004 2004 2005 2006 Real estate (including property for own use) 1,034 1,068 1,206 1,201 1,365 1,588 REAL ESTATE, INVESTMENTS AND CASH 12,658 15,686 17,283 19,700 21,808 22,513 Equities and mutual funds 967 1,198 1,402 1,526 1,713 2,333 Real estate (including property for own use) 514 528 639 619 723 882 Fixed income 10,740 13,890 15,229 16,576 19,835 20,169 Equities and mutual funds 730 901 1,063 1,205 1,354 1,784 Other investments 1,024 901 876 1,843 1,071 1,105 Fixed income 9,217 11,411 12,970 15,748 17,851 18,138 Cash 1,080 1,290 1,392 1,454 1,425 1,422 Other investments 1,672 2,343 1,755 1,227 915 877 TECHNICAL RESERVES 14,100 17,695 19,156 20,257 23,317 24,027 Cash 525 503 856 901 965 833 Unearned premium reserves 2,151 2,553 2,952 2,937 3,541 3,854 TECHNICAL RESERVES 12,008 15,330 16,542 17,824 20,427 21,004 Life assurance reserves 8,772 11,256 11,923 13,318 14,741 14,826 Unearned premium reserves 1,185 1,501 1,808 1,804 2,285 2,575 Claims reserves 2,310 3,008 3,393 3,384 4,425 4,733 Life assurance reserves 8,671 11,133 11,792 13,177 14,478 14,475 Other reserves and Unit-Linked 868 878 888 618 610 614 Claims reserves 1,387 1,974 2,245 2,240 3,073 3,354 EQUITY 2,204 2,496 3,130 3,696 4,467 5,054 Other reserves and Unit-Linked 765 722 697 603 591 600 Shareholders’ capital and reserves 1,171 1,393 1,711 2,061 3,535 4,026 EQUITY 1,701 1,764 2,403 2,712 3,162 3,412 Minority interests 1,033 1,103 1,419 1,635 932 1,028 Shareholders’ capital and reserves 1,077 1,088 1,671 1,851 2,184 2,340 MAPFRE S.A.

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