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Consolidated Annual Accounts and Management Report Business Consolidated Annual Accounts and Management Report Business Units, Territorial Areas and Regional Areas ANNUAL REPORT 2014 Annual Report 2014 • ConTenTs 1. Governing bodies 5 2. Letter to shareholders 7 3. General information 11 PResenCe 12 ORGAnIZATIonAL CHART 2014 15 4. Significant events in the year 17 5. Consolidated Management Report 2014 25 ORGAnIZATIonAL oVeRVIeW 25 BUsINESS PRoGRESS AnD ResULTs 29 LIQUIDITY AnD CAPITAL ResoURCes 46 MAIn RIsKs AnD UnCeRTAInTIes 49 InFoRMATIon on eXPeCTeD DeVeLoPMenTs 51 R&D&I ACTIVITIes 52 ACQUIsITIon AnD DIsPOSAL oF TReAsURY sToCK 54 OTHeR ReLeVAnT InFoRMATIon 54 CoRPoRATe GoVeRnAnCe RePoRT 57 6. Annual Consolidated Financial Statements 2014 105 7. Audit Report for the Annual Consolidated Financial Statements 2014 225 8 Territorial and Regional Areas and Reinsurance 229 IBERIA 231 LATAM 236 BRAZIL 238 LATAM noRTH 241 LATAM soUTH 244 INTERNATIONAL 247 NORTH AMeRICA 249 EMeA 253 APAC 256 MAPFRE RE 259 9. Proposed resolutions 263 10. Basic information on the MAPFRE Group 271 Annual Report 2014 4 1 Governing bodies APPOINTMENTS RISK AND BOARD OF STEERING AUDIT AND REMUNERATION COMPLIANCE DIRECTORS COMMITTEE COMMITTEE COMMITTEE COMMITTEE CHAIRMAn Antonio Huertas Mejías Chairman AnD Ceo FIRsT First Vice esteban Tejera Montalvo VICe CHAIRMAn Chairman seConD Second Vice Francisco Vallejo Vallejo VICe CHAIRMAn Chairman Member Chairman THIRD Antonio núñez Tovar VICe CHAIRMAn Member FoURTH Ignacio Baeza Gómez VICe CHAIRMAn Member BoARD Rafael Beca Borrego MeMBeRs Adriana Casademont i Ruhí Member Rafael Casas Gutiérrez Member Georg Daschner Rafael Fontoira suris Luis Hernando de Larramendi Martínez Member Member Luis Iturbe sanz de Madrid Chairman Chairman Member Andrés Jiménez Herradón Member Alberto Manzano Martos Rafael Márquez osorio Member Member Antonio Miguel-Romero de olano Member Member Catalina Miñarro Brugarolas Member Member Alfonso Rebuelta Badías Member Matías salvá Bennasar seCRetarY Ángel L. Dávila Bermejo Secretary Secretary Secretary Composition of the governing bodies resulting from the resolutions expected to be adopted on March 13, 2015. HONORARY CHAIRMEN Julio Castelo Matrán José Manuel Martínez Martínez Annual Report 2014 • GoVeRnInG BoDIes 5 6 2 Letter to shareholders Dear Shareholder, MAIn activities In 2014, our Group conducted its activity in an environment In recent years MAPFRE has undertaken a profound which, on the one hand, saw the consolidation of the reorganization of its internal structures with a view to recovery of the Spanish economy, and on the other, one simplifying those structures and adapting them to the new in which doubts increased regarding the development of challenges currently facing the Group. other European and Latin American economies. Meanwhile, the performance of financial markets has been marked In this regard, in 2013 a new organizational structure was by a sharp decline in interest rates in the eurozone and in approved which came into effect on January 1, 2014. This other developed economies, and by the beginning of an includes the creation of nine Corporate Areas, four Business appreciation phase for the U.S. dollar. Units, three Territorial Areas, and seven Regional Areas. The purpose of this is to facilitate: In this context, MAPFRE has achieved: — decentralized management within a common framework — consolidated leadership in Spain, forging ahead with of action that guarantees the local implementation of policies international diversification; established for the whole Group; and — an increased number of premiums in the majority of — the dissemination of best practices and reinforcement of business lines and countries, in which the contribution of Life innovation in the design and launch of new products and insurance and Spain’s return to the path of growth have been services. especially significant, and — a marked rise in results and dividends. Annual Report 2014 • LeTTeR To sHAReHoLDeRs 7 During the financial year, the Group implemented a number MAPFRE and its subsidiaries continued to receive awards of initiatives to strengthen its multichannel distribution and accolades for their business performance, the quality capacity. These included: of the services provided to clients and responsibility toward employees and society in 2014. It is worth mentioning the — the new global agreement, announced in January, by inclusion of our shares in the Dow Jones Sustainability which MAPFRE, on February 1, became the exclusive World, Dow Jones Sustainability Europe, FTSE4Good and provider of Life and Non-Life insurance products for the FTSE4Good IBEX indices, which evaluate the performance entire BANKIA commercial network. The agreement involved of listed companies in terms of sustainable development the restructuring of the bancassurance business with this and respect for human rights. Meanwhile, the U.S. magazine financial institution through new distribution agreements with FORTUNE has once again included MAPFRE among the 500 the operator BANKIA MEDIACIÓN, and the contributions largest companies in the world. to the current life insurance endeavor among BANKIA and MAPFRE, BANKIA MAPFRE VIDA, from the ASEVAL and KeY facts AnD FIGURes LAIETANA VIDA businesses. The excellent overall results of our subsidiaries are reflected in — the agreement with the British insurer DIRECT LINE the following figures: GROUP, announced on September 25, through which MAPFRE would acquire its automobile insurance subsidiaries — Total consolidated revenues grew by 1.8 percent to reach in Italy and Germany for ¤550 million. This transaction is part ¤26,366.7 million. Of that amount, ¤22,400.9 million came of MAPFRE’s firm commitment to direct online insurance and from premiums, which increased by 2.6 percent. By Territorial allows it to strengthen its presence in Europe, by integrating Area: two profitable and established companies, leaders in the direct insurance market and with high growth and value > premiums issued and accepted in the IBERIA Territorial creation potential. Area grew to ¤7,455.7 million, an increase of 1.5 percent. It is worth noting the return to growth demonstrated by — 686 new points of sale, reaching a total of 15,008 branches all the main Non-Life insurance businesses, especially the worldwide, as well as a 16.2 percent increase in the number of Automobile business, the significant contribution of the brokers, to 79,289 for all the territorial areas. bancaassurance channel in Life-Savings insurance and the notable growth in the acquisition of investment and It should be pointed out that on February 20, the Standard pension funds via the agency channel. & Poor’s agency announced that, following the review conducted for the issuer with the new methodology for > premiums from the LATAM Territorial Area increased by classifications on the reference country’s rating, it decided 3.8 percent, reaching ¤9,627.6 million. There was strong to place MAPFRE RE and MAPFRE GLOBAL RISKS financial growth in local currency in most countries as a result of strength rating three levels above the rating for the Kingdom the commercial drive during the year; in Brazil, this was of Spain, while improving the MAPFRE S.A. issuer rating to accompanied by the increased contribution of the BANCO one notch above that of the sovereign. Subsequently, on DO BRASIL network, mainly in Life insurance. May 30, the agency made it public that, as a result of Spain’s improved credit rating review, it was increasing MAPFRE > businesses integrated within the INTERNATIONAL S.A.’s credit rating to “BBB+” and MAPFRE RE and MAPFRE Territorial Area recorded premium volume of ¤3,491.1 GLOBAL RISKS’ financial strength classification to “A”, with million, up by 4.8 percent. Growth in Non-Life insurance in outlook stable in all three cases. As such, MAPFRE became the United States and Turkey was notable, as well as the the Spanish business group with the highest classification and rise in the Life premiums figure in Malta and the favorable the only financial group in the world with ratings three levels development of MAPFRE ASISTENCIA in Continental above that of its own country. Standard & Poor’s based its Europe, China and Australia. decision on the strength of MAPFRE’s competitive position, buttressed by its diversification in terms of geography and > MAPFRE RE and its subsidiaries reported consolidated business. premiums of ¤3,343.3 million, an increase of 2.8 percent, arising from new business in the Life insurance line. 8 — Life insurance, pension fund and investment fund assets I would like to end this letter by expressly thanking our under management increased by 21.4 percent, exceeding shareholders, our clients, the supervisory bodies, and ¤40,000 million for the first time. generally everyone who has placed their confidence in us and supported throughout the year. I would also like to take — Net consolidated profit increased to ¤845.1 million, a rise of this opportunity to express my gratitude to all of MAPFRE’s 6.9 percent. human resources teams (directors, executives, employees, delegates, agents and associates), whose efforts and — Earnings per share increased from ¤0.26 to ¤0.27. activities helped us to achieve these excellent results. — Lastly, consolidated net equity stood at ¤11,469.4 million, Sincerely, compared to ¤9,893.7 million in 2013. ¤2,316.7 million of this corresponds to holdings of minority shareholders in subsidiary companies. Consolidated shareholders’ equity increased to ¤2.97 per share at the end of 2014, compared to ¤2.54 as at December 31, 2013. oUR sHARe
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