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Annual Report Consolidated Annual Accounts and Management Report 2017 Contents 2 ANNUAL REPORT 2017. CONSOLIDATED ANNUAL ACCOUNTS AND MANAGEMENT REPORT 1 ANNUAL REPORT Consolidated management report 2017 4 Consolidated Organization overview 5 Business performance Annual Accounts and results 10 Liquidity and capital resources 36 and Management Main risks and uncertainties 44 Report Significant events after the year end 46 2017 Information on expected performance 46 R&D+i activities 49 Acquisition and disposal of treasury stock 50 Other relevant information 51 Corporate governance report 57 2 Consolidated Annual Accounts 2017 107 3 Audit Report for the Consolidated Annual Accounts 2017 247 3 1 Consolidated management report 2017 4 ANNUAL REPORT 2017. CONSOLIDATED MANAGEMENT REPORT The content of this Consolidated Management Report along with their definition and method of calculation, can be (hereinafter "the Report") was prepared in accordance with the found on our website at the following address: https://www. recommendations set out in the "Guide for the preparation of mapfre.com/corporate/institutional-investors/investors/ management reports by listed companies" published by the financial-information/alternative-performance-measures.jsp Spanish National Securities and Exchange Commission (CNMV). Some of the figures included in this report have been rounded The Alternative Performance Measures (APMs) used in the off, which could result in discrepancies between the totals and report, which refer to financial measures not defined or listed amounts in the tables. specified in the applicable financial reporting framework, Organization overview Business model The vision of MAPFRE is to be THE MOST TRUSTED GLOBAL INSURANCE COMPANY, a concept that refers not only to its geographic presence but also to the wide range of insurance, reinsurance and service products which it promotes around the globe. The Group aspires to lead the markets in which it operates through a proprietary differentiated management model based on profitable growth, a clear and purposeful orientation to both individual and corporate clients, a multichannel focus, and a profound vocation for service. Accordingly, MAPFRE: Vision Is firmly committed to TO BE THE MOST TRUSTED GLOBAL INSURANCE COMPANY growth, both in terms of business Mission WE ARE A MULTINATIONAL TEAM THAT STRIVES CONSTANTLY TO IMPROVE SERVICES AND DEVELOP THE BEST POSSIBLE volume and geographic development, RELATIONSHIP WITH OUR CLIENTS, DISTRIBUTORS, PROVIDERS, SHAREHOLDERS AND SOCIETY IN GENERAL generating adequate and sufficient Values profitability from its activities. MAPFRE SOLVENCY, INTEGRITY, EXCELLENCE IN SERVICE, INNOVATION FOR LEADERSHIP AND COMMITTED TEAM will continue to expand its presence PROFITABLE GROWTH across more countries and regional areas in order to consolidate its status as a global company, while reinforcing STRATEGY BUSINESS its presence in the countries and > Corporate Development regions which have traditionally > Client Orientation constituted its preferred markets. > Business Development > CLIENTS and Innovation > CHANNELS > Operational Excellence > PRODUCTS > Human Resources ADAPTATION TO THE MARKET Manages its business in an > Technology efficient manner and constantly > Global structure improves productivity, reducing > Sustainability and Reputation structural costs on a continuous basis in order to enhance its competitiveness. Deploys a global management Makes its resources Professionally manages model with ample capacity for local available to the entire organization, thus the risks it assumes, ensuring implementation, ensuring an appropriate harnessing the synergies derived from sustainable growth and results. balance between corporate involvement sharing talent, processes and tools. and business development in each country. As such, MAPFRE utilizes a Steers its development by corporate structure that allows it to Promotes specialized diversifying its portfolio of insurance, harness economies of scale and pursue management as a means of reinsurance and services businesses its business plans in a uniform manner continuously optimizing results and as a means of boosting growth and but with the flexibility to adapt to the enhancing service quality. minimizing risks. markets in which it operates. Organization overview 5 MAPFRE's stated mission is to be a multinational team that strives to constantly improve services and develop the best possible relationships with clients, distributors, providers, shareholders and society in general. This commitment to continuous improvement is underpinned by the following values, which assist in developing the mission and achieving the company's vision Solvency: financial strength with sustainable results and full capacity to meet all Integrity: obligations to stakeholders. ethical conduct as a core element in how everyone (senior executives, employees, agents and collaborators) behaves, with a socially responsible focus on all long-term activities and commitments. Committed team: full engagement of employees, senior executives, agents and other collaborators with THE MOST TRUSTED GLOBAL the MAPFRE project and INSURANCE COMPANY continuous development of the team's skills and abilities. Vocation for service: the constant quest for excellence in the pursuit of its activities and a continuous focus on building strong relationships with clients. Innovation for leadership: differentiation as a key aspect of continuous growth and improvement, using technology to service the different businesses and their objectives. 6 ANNUAL REPORT 2017. CONSOLIDATED MANAGEMENT REPORT Organizational structure The Executive Committee is the body which, under mandate and good governance from the Board of Directors, directly oversees the management of the business units and coordinates the Group's different A) ORGANIZATIONAL STRUCTURE areas and units. The Global Business Committee is also responsible for analyzing the development of MAPFRE's MAPFRE is a multinational company engaged mainly in insurance business and services throughout the world, its insurance and reinsurance activities, operating in a total of 45 compliance with approved plans, and proposing corrective or countries around the world. improvement measures for same. The Group's holding company is MAPFRE S.A., whose shares The management, coordination and supervision of the activities are listed on the Madrid and Barcelona Stock Exchanges. of the different units and areas are carried out, according to MAPFRE S.A. is also a component of the IBEX 35, STOXX Europe the respective remit, by the local, regional and business unit 600 Insurance, MSCI Spain, FTSE All-World Developed Europe, management committees as well as the Executive Committee. FTSE4Good and FTSE4Good IBEX indices. Each of the subsidiary companies has its own governing bodies, MAPFRE S.A. is a subsidiary of CARTERA MAPFRE, S.L., whose structure and complexity depend on the importance of a single-member company that is wholly controlled by their activities and any legal provisions that may be applicable. Fundación MAPFRE. They usually have a board of directors and, depending on the importance of their activities, a management committee as well. The Group pursues its business activities through an In the case of shell or very small companies, these bodies are organizational structure made up of four business units replaced by two administrators. (Insurance; Assistance, Services and Specialty Risks; Global Risks; and Reinsurance); three territorial areas (IBERIA, LATAM The Group's current organizational chart is shown overleaf: and INTERNATIONAL); and six regional areas (Iberia (Spain and Portugal), Brazil, LATAM North, LATAM South, North America and EURASIA (Europe, Middle East, Africa and Asia Pacific). The Insurance Business Unit is organized in line with the MAPFRE regional areas, which are the geographic units that plan, support and oversee the region. The activities of the different business units are supplemented by those of the corporate areas (Finance, Investments, Human Resources, Resources and Institutional Coordination, Business Support, Internal Audit, Strategy and M&A, General Counsel, and Business, Clients and Innovation), which have jurisdiction over all MAPFRE companies worldwide in terms of the development, implementation and monitoring of global, regional and local corporate policies. The fact that the different MAPFRE companies belong to a business group implies, without prejudice to their legal autonomy, that they form an integral part of an organic structure which regulates their interrelations, the coordination of their activities, and the oversight of the controlled companies by the controlling ones and, in the final instance, by the parent company. The MAPFRE S.A. Board of Directors is the senior management and supervisory body for the entire Group. It features a Steering Committee that acts within all of its powers, except those which cannot be ceded by law, bylaws or the regulations of the Board of Directors, and three delegate committees (Audit and Compliance, Appointments and Remuneration, and Risks). Organization overview 7 Organization chart MAPFRE S.A. Chairman & CEO Vice Chairman Vice Chairman Human Resources Business, Clients and Innovation Resources and Institutional Coordination External Relations Economic Research C.F.O. Finance Executive Committee (*) Investments Internal Audit General Counsel Strategy and M&A Business Support IT and Processes Operations Digital Business Business Units: Business
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