2 ANNUAL REPORT 2003 INDEX Goberning Bodies pag. 4 SISTEMA MAPFRE pag. 7 Relevant Events In The Year pag. 19 Consolidated Management Report, Consolidated Annual Accounts And Audit Report pag. 25 Sociedades holdings pag. 159 Operating Units and Companies pag. 173 Corporate Governance pag. 271 Social responsibility pag. 289 Acknowledgements and mentions pag. 297
3 SISTEMA MAPFRE pag. 3 SISTEMA MAPFRE Holding companies 8 General information 10 Presence in Spain 12 International presence 14 Ratings 16 Organisational chart Consolidated Management Report, Consolidated Annual Accounts and Audit Report Management Report 58 Balance Sheet 61 Profit and Loss Account 66 Consolidated Annual Report General overview on the Company and its activity 67 Subsidiaries, Associated and Multi-Group Companies 67 Bases of presentation of the Consolidated Annual Accounts 71 Distribution of results 71 Valuation rules 84 Information on certain Balace Sheet and Profit and Loss Account items 108 Information on Life Insurance 115 Geographical distribution of business 115 Fiscal situation 124 Information on Non Life Insurance 124 Other information 128 Events subsequent to closing 128 Consolidated Cash Flow statement 129 Statement of coverage of Technical Reserves 130 Statement of Consolidated Solvency Margin 132 Controlled Companies and Affiliates (Appendix 1) 154 Summarised Consolidated Balance sheet and Profit and Loss Account of MAPFRE INVERSIÓN 156 Audit Report 161 CORPORACIÓN MAPFRE 167 MAPFRE-CAJA MADRID Operating Units and Companies 175 MOTOR OPERATING UNIT 185 LIFE OPERATING UNIT 195 GENERAL INSURANCE OPERATING UNIT 205 COMMERCIAL INSURANCE UNIT 215 MAPFRE CAJA SALUD 223 MAPFRE AGROPECUARIA 231 MAPFRE AMÉRICA 237 MAPFRE AMÉRICA VIDA 243 ASSISTANCE OPERATING UNIT 251 REINSURANCE UNIT 259 MAPFRE INMUEBLES 265 BANCO DE SERVICIOS FINANCIEROS CAJA MADRID MAPFRE
4 Governing Bodies ANNUAL REPORT 2003
5 GOVERNING BODIES pag. 5 Board of Directors Institutional Executive Auditing Remuneration Compliance Control Committee Committee and Appointments Committee Commitee Committee Chairman D. José Manuel Martínez Martínez Chairman Chairman Chairman Chairman First Vice-Chairman D. Filomeno Mira Candel First First Vice-Chairman Vice-Chairman Second Vice-Chairman D. Francisco Ruiz Risueño Second Second Vice-Chairman Vice-Chairman Chairman Vice-Chairman Vice-Chairman Third Vice-Chairman D. Alberto Manzano Martos Third Third Member Secretary Member Secretary Vice-Chairman Vice-Chairman CEO D. Santiago Gayarre Bermejo Member Members D. Rafael Beca Borrego D. Eduardo Fernández de la Fuente D. Juan Fernández-Layos Rubio Member D. Rafael Fontoira Suris D. Rafael Galarraga Solores D. Pedro Guillén García D. Luis Hernando de Larramendi Member Member Member Member D. Sebastián Homet Duprá Member D. Andrés Jiménez Herradón Member D. Luis Leguina Cebreiros D. Rafael Márquez Osorio Member Member D.ª Francisca Martín Tabernero Member D. Antonio Miguel-Romero de Olano D.ª Mª. Teresa Mutiloa Lecumberri D. Alfonso Rebuelta Badías Member Member Member D. Agustín Rodríguez García Member Member D. Matías Salvá Benassar Member Member D. Domingo Sugranyes Bickel Member D. Pedro Unzueta Uzcanga Member D. Francisco Vallejo Vallejo Member Member D. Primitivo de Vega Zamora Member Secretary D. José Manuel González Porro
7 SISTEMA MAPFRE SISTEMA MAPFRE pag. 7
8 ANNUAL REPORT 2003 General Information SISTEMA MAPFRE (hereinafter referred to as MAPFRE or SISTEMA MAPFRE ) is an independent group of Spanish companies which conducts insurance, reinsurance, financial, property and service activities in Spain and another 36 countries. These activities are carried out through a total of 248 companies, which are grouped into Operating Units with extensive management autonomy, under the co-ordination and supervision of the senior management bodies of SISTEMA MAPFRE, which lay down the general directives and common policies under which the whole Group must operate and approve the strategic lines and objectives of the various Units and companies as well as the most important decisions and investments. The parent company of SISTEMA MAPFRE is MAPFRE MUTUALIDAD DE SEGUROS Y REASE- GUROS A PRIMA FIJA ( MAPFRE MUTUALIDAD ) which specialises in motor insurance in Spain. SISTEMA MAPFRE also includes 100 joint-stock companies registered in Spain and 140 in other countries, plus six private foundations which conduct non-profit making activities as SISTEMA MAPFRE s contribution to the general interests of society. Most of the aforementioned commercial companies (211) are grouped under holding company CORPORACIÓN MAPFRE, whose shares are listed on the continuous market of the Madrid and Barcelona Stock Exchanges and form part of the IBEX 35 index, which includes the thirty-five most traded and liquid stocks in the Spanish markets.
9 SISTEMA MAPFRE pag. 9 MAPFRE has established an important strategic alliance with the CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID ( CAJA MADRID ), the parent company of the fourth largest Spanish financial group. This alliance responds to the aim of achieving a more efficient and effective management of the insurance and banking activities of both Groups by means of: The partial integration of the businesses referred to above in Spain through holding company MAPFRE CAJA MADRID and through BANCO DE SERVICIOS FINANCIEROS CAJA MADRID MAPFRE, with MAPFRE taking a majority holding in the insurance companies and CAJA MADRID in the banks. The maximum exploitation of the potential of the networks of both groups in the distribution of banking and insurance products. The sharing of the results of the integrated activities between both groups, with MAPFRE taking 51% of the profits of insurance activities and 49% of the profits of banking activities and CAJA MADRID taking 49% of the former and 51% of the latter. This alliance is complemented by other shareholdings of CAJA MADRID in companies of SIS- TEMA MAPFRE (MAPFRE AMÉRICA and subsidiaries of MAPFRE AMÉRICA VIDA), and by MAPFRE in companies of the CAJA MADRID Group (GESMADRID, CAJA MADRID PENSIONES and CAJA MADRID BOLSA).
10 ANNUAL REPORT 2003 Presence in Spain MAPFRE has the most extensive distribution network in the Spanish insurance sector and one of the largest of all financial companies. At the close of 2003, the said network comprised: 346 direct offices with their own manager and personnel 2,222 delegations run by professional agents 157 offices in the MAPFRE FINISTERRE network 23,245 agents and associates Distribution network in Spain BALEARIC ISLANDS CANARY ISLANDS Sta. Cruz de Tenerife SISTEMA MAPFRE CAJA MADRID Las Palmas
11 SISTEMA MAPFRE pag. 11 All these offices are grouped into 22 sub-centres, which direct and co-ordinate the activities of the network in a given area, which normally coincides with several provinces, except for two of them which cover Madrid and a few adjoining municipalities and Barcelona and part of its province, respectively. MAPFRE sub-centres La Coruña Pontevedra Lugo Orense Asturias León Zamora Palencia Valladolid Cantabria Burgos Vizcaya Álava Guipúzcoa Navarra La Rioja Soria Zaragoza Huesca Lérida Gerona Barcelona Segovia Tarragona Salamanca Cáceres Guadalajara Ávila Madrid Toledo Cuenca Teruel Valencia Castellón BALEARIC ISLANDS Mallorca Menorca Badajoz Ciudad Real Albacete Ibiza Córdoba Jaén Murcia Alicante CANARY ISLANDS Sta. Cruz de Tenerife Las Palmas Huelva Sevilla Málaga Cádiz Ceuta Granada Melilla Almería GALICIA NORTE GALICIA SUR ASTURIAS CANTABRIA / BURGOS NORTE NORCENTRO ARAGÓN CATALUÑA ORIENTAL BARCELONA CATALUÑA OCCIDENTAL CASTILLA CENTRO MADRID EXTREMADURA LA MANCHA LEVANTE ANDALUCÍA OCCIDENTAL ANDALUCÍA ORIENTAL ANDALUCÍA NORTE SURESTE BALEARIC ISLANDS CANARY ISLANDS
12 ANNUAL REPORT 2003 International Presence As well as Spain, the companies of SISTEMA MAPFRE operate in a total of 36 countries. In 14 of them SISTEMA MAPFRE has companies which operate in Direct Insurance. The Assistance business, which is present directly in 36 countries, has the largest international presence. Lastly, there are representative offices for accepting reinsurance in 15 countries. In all these countries, SISTEMA MAPFRE had 804 offices and a total of 8,541 employees at the end of Moscow Galway Dublín London Brussels Luxembourg Frankfurt Paris Budapest Milan Oporto Rome Istanbul Lisbon Athens Tunis
13 SISTEMA MAPFRE pag. 13 By geographic area, the largest presence is on the American Continent (21 countries), followed by Europe (12), Asia (2) and Africa (1). ASSISTANCE REINSURANCE DIRECT INSURANCE Toronto New Jersey Philippines Florida Mexico Dominican Republic Guatemala Honduras Puerto Rico El Salvador Nicaragua Costa Rica Colombia Panama Venezuela Ecuador Peru Chile Brazil Bolivia Paraguay Uruguay Argentina Bahrein
14 ANNUAL REPORT 2003 Ratings In accordance with customary practice in the financial markets, MAPFRE MUTUALIDAD, CORPORACIÓN MAPFRE and a few other companies in SISTEMA MAPFRE, in some cases due to legal requirements and others for reasons of convenience, have been reviewed by a number of rating agencies. The following table gives the ratings assigned to the principal companies in SISTEMA MAPFRE according to the international scales used by those agencies. There are also a few other ratings assigned to other subsidiaries in accordance with local scales. It is worth pointing out that in 2003, STANDARD & POOR S upgraded the ratings assigned to the principal companies in SISTEMA MAPFRE: from AA- to AA in the case of MAPFRE MUTUALIDAD; and from A+ to AA- in the cases of CORPORACIÓN MAPFRE and MAPFRE RE. A.M. BEST in turn affirmed the A+ rating assigned to MAPFRE MUTUALIDAD, MAPFRE RE and MAPFRE ASISTENCIA, changing their outlook from stable to positive. The excellent ratings assigned to the companies in SISTEMA MAPFRE reflect the confidence that the said agencies place in them on the basis of their capital strength, business position and operating profits.
15 SISTEMA MAPFRE pag. 15 Standard & Poor's A.M. Best Company MAPFRE MUTUALIDAD AA- (Excellent) Positive outlook AA (Excellent) Stable outlook A+ (Superior) Stable outlook A+ (Superior) Positive outlook CORPORACIÓN MAPFRE A+ (Good) Positive outlook AA- (Excellent) Stable outlook (issuer credit rating) aa- Positive outlook (issuer credit rating) MAPFRE RE A+ (Good) Positive outlook AA- (Excellent) Stable outlook A+ (Superior) Stable outlook A+ (Superior) Positive outlook MAPFRE ASISTENCIA A+ (Superior) Stable outlook A+ (Superior) Stable outlook PRAICO A (Excellent) Stable outlook A (Excellent) Stable outlook MAPFRE TEPEYAC A- (Excellent) Stable outlook A- (Excellent) Stable outlook
16 ANNUAL REPORT 2003 Organisational chart * DIRECT SUBSIDIARIES EDITORIAL MAPFRE EDITORIAL COLEX MAPFRE INFORMÁTICA MAPFRE INTERNET BANCO MAPFRE - CAJA MADRID BANCO MAPFRE FINANMADRID MADRID LEASING BANCOFAR MAPFRE MUTUALIDAD MOTOR INSURANCE UNIT MARES MAPFRE SEGUROS GERAIS (Portugal) CESVIMAP MAPFRE RENTING MAPFRE MULTICENTRO DEL AUTOMÓVIL CLUB MAPFRE DEL AUTOMÓVIL FOUNDATIONS F. MAPFRE F. MAPFRE ESTUDIOS F. MAPFRE MEDICINA F. MAPFRE GUANARTEME F. CULTURAL MAPFRE VIDA F. MAPFRE TAVERA MAPFRE CAJA MADRID HOLDING CORPORACIÓN MAPFRE LIFE AND SAVINGS AND INVESTMENT UNIT GENERAL INSURANCE UNIT MAPFRE CAJA SALUD COMMERCIAL INSURANCE UNIT MAPFRE VIDA GENERAL AGENCY (Portugal) MAPFRE INVERSIÓN S.V. MAPFRE INVERSIÓN II S.G.I.I.C. MAPFRE VIDA PENSIONES CONSULTORÍA ACTUARIAL Y DE PENSIONES MODA SHOPPING MAPFRE SEGUROS GENERALES MAPFRE FINISTERRE MAPFRE GUANARTEME CONSULTMAP GESMAP MULTIMAP RELECMAP IGUAL SERVICIOS CENTRO MÉDICO DE CHEQUEOS CENTROS MÉDICOS ISLAS CANARIAS SERVIMEDIC MAPFRE INDUSTRIAL SERMAP ITSEMAP, SERVICIOS TECNOLÓGICOS MAPFRE MUSINI MAPFRE CAUCIÓN Y CRÉDITO MAPFRE AMÉRICA CAUCIÓN Y CRÉDITO MAPFRE SEGURADORA DE GARANTÍAS E CRÉDITO (Brazil) MAPFRE GARANTÍAS Y CRÉDITO (Chile) COMPAÑÍA DE SEGUROS DE CRÉDITOS COMERCIALES (Colombia) MAPFRE SEGUROS DE CRÉDITO (Mexico) AGENCIA GENERAL (Portugal) REINSURANCE UNIT MAPFRE RE MAPFRE REINSURANCE CORPORATION (United States) CAJA REASEGURADORA (Chile) C.I.A.R. (Belgium) MAPLUX RE (Luxemboug) BRANCHES: London, Brussels REPRESENTATIVE OFFICES: Athens, Lisbon, Milan, Bogotá, Buenos Aires, Caracas, Lima, Mexico, Santiago de Chile, São Paulo, Manila ALLMAP ASSIST (Germany) IBERO ASISTENCIA (Argentina) GULF ASSIST (Bahrein) BENELUX ASSIST (Belgium) ASISTENCIA BOLIVIANA BRASIL ASSISTÊNCIA NORASSIST (Canada) SUR ASISTENCIA (Chile) ANDI ASISTENCIA (Colombia) COSTA RICA SERVICIOS DE ASISTENCIA ECUASISTENCIA (Ecuador) EL SALVADOR ASISTENCIA IBEROASISTENCIA (Spain) IBEROASISTENCIA SERVICIOS DE TELEMARKETING (Spain) FEDERAL ASSIST (United States) ROAD AMERICA (United States) FRANCE ASSIST ASSISTANCE OPERATING UNIT MAPFRE ASISTENCIA SOCIETÉ DE DIFFUSION DES MARQUES AUTOMOBILES (SDMA) (France) EUROSOS ASSISTANCE (Greece) QUETZAL ASISTENCIA (Guatemala) IRELAND ASSIST JDMS (Luxemboug) NOVASSIST (Italy) NUOVI SERVICI AUTO (Italy) MÉXICO ASISTENCIA NICASSIST (Nicaragua) PANAMÁ ASISTENCIA PERÚ ASISTENCIA IBERO ASSISTÊNCIA (Portugal) CARIBE ASISTENCIA (Dominican Republic) AFRIQUE ASSISTANCE (Tunis) TURASSIST (Turkey) URUGUAY ASISTENCIA VENEASISTENCIA (Venezuela) GENERAL AGENCIES: Belgium, France, Greece, Irlanda, Italy, Portugal. REPRESENTATIVE OFFICES: Colombia, Russia, United Kingdom, Venezuela. BRANCHES: Philippines, Honduras, Hungría, Paraguay, Tunis. COMMERCIAL OFFICES: Philippines, France (MAPFRE-Sage), Honduras, Hungría, Italy (SDMA), Paraguay, Puerto Rico. BROKERS: SARL ALLIANCE OPTIMALE VIAJES MAPFRE SIAM CONSULTING, VIAJES CITEREA MAPFRE ASISTENCIA ORO AMERICA UNIT MAPFRE AMÉRICA MAPFRE ARGENTINA SEGUROS VERA CRUZ SEGURADORA (Brazil) MAPFRE COMPAÑÍA DE SEGUROS GENERALES DE CHILE MAPFRE COLOMBIA SEGUROS GENERALES LA CENTRO AMERICANA (El Salvador) MAPFRE TEPEYAC (Mexico) MAPFRE PARAGUAY MAPFRE PERÚ MAPFRE USA (Puerto Rico- USA) MAPFRE URUGUAY LA SEGURIDAD (Venezuela) MAPFRE SOFT MAPFRE AMÉRICA VIDA MAPFRE ARGENTINA SEGUROS DE VIDA VERA CRUZ VIDA E PREVIDENCIA (Brazil) MAPFRE COMPAÑÍA DE SEGUROS DE VIDA DE CHILE MAPFRE COLOMBIA VIDA MAPFRE PERÚ VIDA PRAICO LIFE (Puerto Rico) MAPFRE ASIAN (Philippines) MAPFRE AGROPECUARIA MAPFRE INMUEBLES DESURCIC SERVIMAP INMOBILIARIA BRAVO UREÑA OFF-SHORE BRANCH: Tunis
17 SISTEMA MAPFRE pag. 17 MAPFRE MUTUALIDAD DIRECT SUBSIDIARIES (100%) BANCO CAJA MADRID MAPFRE (49%) MOTOR INSURANCE UNIT FOUNDATIONS CORPORACIÓN MAPFRE (56%) MAPFRE CAJA MADRID HOLDING (51%) LIFE AND SAVINGS AND INVESTMENT UNIT (100%) GENERAL INSURANCE UNIT (100%) MAPFRE CAJA SALUD (100%) COMMERCIAL INSURANCE UNIT (100%) REINSURANCE UNIT (84%) ASSISTANCE OPERATING UNIT (100%) AMERICA UNIT (85%) MAPFRE INMUEBLES (100%) MAPFRE VIDA MAPFRE SEGUROS GENERALES MAPFRE INDUSTRIAL MUSINI MAPFRE CAUCIÓN Y CRÉDITO MAPFRE RE MAPFRE ASISTENCIA MAPFRE AMÉRICA MAPFRE AMÉRICA VIDA MAPFRE AGROPECUARIA * This information does not form part of the Consolidated management report.
19 Relevant events in the year
20 INFORME ANUAL 2003 Relevant events in the year January MAPFRE ASISTENCIA reaches an agreement to acquire the business of the group of companies called ROAD AMERICA MOTOR CLUB, an automobile club which provides services to its members in the United States ( ). MAPFRE VIDA is delisted following the success of its public buy-out bid ( ). February CESVIMAP is awarded by AENOR ( ) with the ISO certification in environmental issues March The MERCO 2003 barometer once again ranks MAPFRE as the most valued company in the Spanish insurance sector, and 14th overall among Spanish companies, ethics and social responsibility being the aspects which receive the highest score ( ). MAPFRE VIDA begins marketing its first Assured Pension Plan (PPA MAPFRE Pensiones) designed to generate final savings to supplement the State pension, with the same tax treatment as Pension Plans ( ).. The Annual General Meetings of MAPFRE MUTUALIDAD and CORPORACIÓN MAPFRE are held, approving their annual accounts for 2003 and the activities of their Boards of Directors. The General Meetings of MAPFRE MUTUALIDAD and MAPFRE AGROPECUARIA agreed the merger of both companies, through the absorption of the second by the former one.
21 RELEVANT EVENTS IN THE YEAR pag. 21 April North American magazine FORBES includes CORPORACIÓN MAPFRE among the best 400 large companies in the world ( ). June Rating agency STANDARD & POOR S upgrades MAPFRE MUTUALIDAD s financial strength rating to AA (excellent) and those of CORPORACIÓN MAPFRE (issuer credit rating), MAPFRE RE and MAPFRE REINSURANCE CORPORATION (USA) to AA- (excellent) reflecting SISTEMA MAPFRE s strong operating results, solid leadership in the Spanish and Latin American markets and its extremely strong capitalisation ( ). MAPFRE ASISTENCIA acquires NUOVI SERVIZI AUTO, a leading Italian company in the warranty extension business ( ). The Committee of Experts of the IBEX 35 equity index agrees to include the shares of COR- PORACIÓN MAPFRE in such index with effect from 1 July 2003 ( ). The shares of CORPORACIÓN MAPFRE are included in the Dow Jones Stoxx Insurance index, an international equity index of acknowledged prestige ( ). The Board of Directors of SEPI awards its holding in MUSINI SA to MAPFRE CAJA MADRID HOLDING ( ). July Rating agency AM BEST risk rating agency affirms its A+ (superior) financial strength ratings assigned to MAPFRE MUTUALIDAD and MAPFRE RE ( ). The Board of Directors of SEPI awards MUSINI VIDA to MAPFRE CAJA MADRID HOLDING ( ).
22 INFORME ANUAL 2003 MAPFRE USA CORPORATION signs a letter of intent to acquire CANADA LIFE INSURANCE COMPANY OF PUERTO RICO, specialising in Life, Accident and Health insurance, operating in Puerto Rico and the American Virgin Islands, conditional on obtaining the necessary administrative authorisations ( ). MAPFRE is selected by magazine Actualidad Económica as one of the best companies to work for in Spain due to its flexible work schedules, to the Group s working environment and to its good work conditions ( ). MAPFRE SEGUROS GERAIS, based on the study of the consultants Deloitte & Touche and Dun & Bradstreet ( ), is selected as the best Non-life insurance company in Portugal. Company MAPFRE ASISTENCIA ORO is incorporated, operating in the management and direct provision of all kinds of health and social services for the elderly and for the people who are not self-sufficient, as well as in the running of its own and of third-party residential and day centres ( ). October The Executive Committee of CORPORACIÓN MAPFRE agrees to pay an interim dividend of 0.11 gross per share out of the results for fiscal year 2003 with effect from 14 November 2003 ( ). The proposed new territorial structure of SISTEMA MAPFRE is approved; it will entail extensive renovation and reinforcement of the MAPFRE Distribution Network in Spain, enhancing its customer focus ( ). November The new procedure for dealing with the complaints of the financial customers of SISTEMA MAPFRE is implemented. It aims to speed up and simplify the existing complaints handling processes and to improve service quality, in accordance with the requirements of the Financial Law ( ).
23 RELEVANT EVENTS IN THE YEAR pag. 23 CORPORACIÓN MAPFRE wins the 34th edition of the prestigious Llotja prize, awarded by the Barcelona Chamber of Commerce in recognition of the comprehensive, frequent and reliable information system it has made available to its current and potential investors ( ). MAPFRE wins the Inversión 2003 award for Good Corporate Governance, awarded for the first time in order to boost the use and adoption of transparency and ethical and social commitment practices by companies ( ). The IX MAPFRE Road Safety campaign is initiated accompained by Forges humor ( ). The databases of the Documentation Centre of the FUNDACIÓN MAPFRE ESTUDIOS, together with a bibliographic catalogue with more than 43,000 references, are made available to the general public free of charge ( ). December MAPFRE Automóviles Riesgos Especiales (MARES) merges into MAPFRE MUTUALIDAD ( ). The Board of Directors of MAPFRE RE approves a business expansion plan and as a part of this a 150 million capital increase which will take the capital and reserves of the reinsurance company to over 475 million ( ). MAPFRE CAJA MADRID HOLDING and SEPI sign before a notary public the deed of sale of insurance company MUSINI ( ). A MAPFRE institutional campaign is launched with the last advertisement of 2003 on TVE (Spanish State Television). The advertisement, with a special thank you message to customers, agents, representatives and staff, was the most viewed on Spanish television in 2003, with an audience in excess of 7 million viewers ( ).
26 ANNUAL REPORT 2003 Management Report MARKET ENVIROMENT The evolution of the main economic indicators in 2003 leads to conclude that the stagnation period that has been affecting the global economy has ended. As the serious uncertainties that have been bearing upon the world economy over the last few years have been overcame, the main industrial economies are experiencing a recovery, led by the United States, in which the Chinese economy continues to stand out for its strong rate of growth. Such global recovery reflects a number of factors, including: strong growth rates in the U.S. and Japanese economies, as well as in their respective levels of investments and productivity; positive growth rates in the European economy in the second half of 2003; progress in business restructuring; absence of inflationary pressures; greater business confidence; higher stock prices; and narrower spreads on corporate bonds. However, the current economic growth is not yet solidly supported due to factors such as the increase in the price of gold or the high depreciation of the dollar, with historical minimum values with respect to the euro. There exist uncertainties which should be overcame in the following months, which mean a significant threat for the global growth: high levels of public and private debt -mainly from North America the scepticism on the Pacto de Estabilidad y Crecimiento de la Unión Europea (France and Germany failed to comply), the low creation of employment, geopolitical uncertainties (Middle and Near East), tension in the countries on the other side of the Atlantic and the growing protection laws which bring negotiations to a stand-still in the World Trade Organization. The economic recovery was more evident in the markets in which the presence of SISTEMA MAPFRE is concentrated (Spain and Latin America). It is worth mentioning the growth rates of the Andean economies and particularly of the Spanish economy, which will end fiscal year 2003 with: the highest growth rate differential with respect to the average of the European Economic and Monetary Union (EMU) of the last decade; a budgetary balance; high levels of consumption of households which have been compatible with a certain recovery in saving rates; as well as the continuous growths in the number of affiliations to the Social Security, which have reached historical highs.
27 CONSOLIDATED MANAGEMENT REPORT, CONSOLIDATED ANNUAL ACCOUNTS AND AUDIT REPORT pag. 27 With respect to the financial sector, in which MAPFRE business is concentrated, the severe and prolonged bear market that has been affecting the main stock exchanges has reached a turning point. This has led to a significant recovery in the value of the assets under management of pension and mutual funds, and has also spurred a cautious return of savings to the equity market However, savers and investors have been providing evidence of having learnt the lesson of previous years, and have increased the degree of diversification of their investment portfolios. This, together with a greater level of concentration in the sector and with the capital increases successfully carried out by the leaders of the insurance market, have strengthened the solvency and market capitalisation of the main insurance companies globally. Nevertheless, Investors, particularly in Europe, continue to worry about the low return on equity of insurance companies, accounting frauds scandals, and the increasing cost of natural catastrophes for the global insurance market, among which heat the wave which has affected countries around the world and has caused fires must be mentioned for its economic impact. Within this environment of global economy recovery, CORPORACION MAPFRE had another outstanding fiscal year, exceeding by a wide margin the targets announced at the beginning of such year, particularly with respect to the results it achieved. These results have been obtained through the application of a rigorous underwriting policy, both in direct insurance and reinsurance, a prudent investment policy, with a large proportion of fixed income securities, the overriding focus on the quality of management and of customer service, the control of claims and the containment of expenses.
28 ANNUAL REPORT 2003 BUSINESS DEVELOPMENT Revenues In 2003, the total revenues of MAPFRE MUTUALIDAD and its subsidiaries reached 9,249.6 million, including million from equity-accounted companies. The breakdown of these revenues by line of business is shown in the following table: TOTAL REVENUES Companies operating primarily in Spain Direct Non-life insurance premiums 3, ,389.3 Direct Life insurance premiums 1, ,226.9 Investment income 1, Other revenues from consolidated companies Brokerage and fund management* Real estate management and development* Other equity-accounted companies Cumulative subtotal 6, ,704.6 Companies operating primarily outside Spain Direct Non-life insurance premiums 1, ,375.7 Direct Life insurance premiums Accepted reinsurance premiums Assistance premiums and other revenues** Investment income Other revenues** Cumulative subtotal 2,890.62,959.2 Total cumulative revenues 9, ,663.8 Intra-group transactions eliminated upon consolidation TOTAL CONSOLIDATED REVENUES 9,249.69,305.2 Figures in millions of euros * Equity-accounted ** Includes revenues from equity-accounted companies
29 CONSOLIDATED MANAGEMENT REPORT, CONSOLIDATED ANNUAL ACCOUNTS AND AUDIT REPORT pag. 29 Both total cumulative revenues and total consolidated revenues for 2003 reflect similar figures to those of the previous year, with the former showing an increase of 0.7% while total consolidated revenues fell by 0.6%. This performance was unfavourably affected by the appreciation of the Euro against the US dollar, and by the depreciation of the currencies of a number of countries in which SISTEMA MAPFRE companies operate, as well as the decrease in the inflow of transactions related with the externalisation of corporate pension commitments underwritten in the Spanish market. Conversely, revenues were positively affected by the inclusion of the revenues of MUSINI and its subsidiaries, whose results for the fourth quarter of 2003 were fully consolidated. In 2003, SISTEMA MAPFRE achieved market shares in Spain of 9.7% in the Life business and 17.3% in the Non-Life business, against 8.4% and 15.5%, respectively, in The shares of the American subsidiaries of SISTEMA MAPFRE in their respective Non-life insurance markets (2002 figures) ranged between 2.8% in Colombia and 11.3% in Venezuela, representing, as a whole, a share of approximately 5% of the total premiums of the markets and territories in which they operate. Premiums written by the companies operating primarily in Spain, including the parent company of SISTEMA MAPFRE, evolved as follows: WRITTEN AND ACCEPTED PREMIUMS % Var /2002 MOTOR INSURANCE OPERATING UNIT (1) 1, , % LIFE, SAVINGS AND INVESTMENT OPERATING UNIT 1, , % MAPFRE VIDA 1, , % MUSINI VIDA GENERAL INSURANCE OPERATING UNIT % MAPFRE SEGUROS GENERALES % MAPFRE GUANARTEME % MAPFRE FINISTERRE % COMMERCIAL INSURANCE OPERATING UNIT % MAPFRE INDUSTRIAL % MAPFRE CAUCIÓN Y CRÉDITO % MUSINI 47,7 - - MAPFRE CAJA SALUD % MAPFRE AGROPECUARIA % TOTAL 5, , % Figures in millions of euros (1) This Unit Includes MAPFRE MUTUALIDAD and its subsidiary MAPFRE RIESGOS ESPECIALES, merged by takeover on 30 November 2003.
30 ANNUAL REPORT 2003 These figures include the total gross premiums written and accepted by the Portuguese branches of MAPFRE VIDA ( 38.4 million) and MAPFRE CAUCIÓN Y CRÉDITO ( 7.4 million).the following table shows a breakdown of such written and accepted premiums by line of business: WRITTEN AND ACCEPTED PREMIUMS % Var /2002 Motor 2, , % Health % Multi-peril 1, % Other Non-life % Total NON-LIFE 3, , % Life Risk % Life Savings1, , % Externalisations Total LIFE 1, , % GRAND TOTAL 5, , % Figures in millions of euros The breakdown of the premiums written and accepted by the most representative subsidiaries through the agents channel and the bank channel (CAJA MADRID) are shown in the following table: WRITTEN AND ACCEPTED PREMIUMS % Var /2002 AGENTS CHANNEL MAPFRE MUTUALIDAD 1, , % MAPFRE VIDA (1) % MAPFRE SEGUROS GENERALES % MAPFRE INDUSTRIAL % MAPFRE CAJA SALUD % MAPFRE CAUCIÓN Y CRÉDITO % TOTAL 4, , % BANK CHANNEL MAPFRE MUTUALIDAD % MAPFRE VIDA (1) , % MAPFRE SEGUROS GENERALES % MAPFRE INDUSTRIAL % MAPFRE CAJA SALUD % MAPFRE CAUCIÓN Y CRÉDITO % TOTAL , % Figures in millions of euros (1) Excluding externalisation transactions.
III. INTERIM MANAGEMENT REPORT OPERATING REVENUES AND FUNDS UNDER MANAGEMENT Direct insurance and accepted reinsurance premiums written by the Group s subsidiaries amounted to 6,476.2 million in the first
Annual Report 2004 2 Index Annual Report 2004 CORPORACIÓN MAPFRE Index 4 Governing bodies 6 Letter to Shareholders 11 Relevant events in the year 17 2004 Consolidated Management Report 18 Market environment
PRESENTATION OF E.164 NATIONAL NUMBERING PLAN COUNTRY CODE 34 SPAIN (Updated 01-10-2013) N(S)N number 00 2 2 International prefix SHORT CODES 0 3 3 Short codes Social value services 1 4 4 Short codes 103
Annual Report 2004 CORPORACIÓN SISTEMA 231 General information SISTEMA (hereinafter referred to as '' or 'SISTEMA ') is an independent Spanish group, which conducts insurance, reinsurance, financial, real
Luigi Lubelli Finance Director SG Conference "The Premium Review" Paris Palais Brongniart 5 th December 2007 A snapshot of An overview of the acquisition of Commerce Brief summary of 9 months 2007 results
Universidad Nacional de Educación a Distancia Spanish National Distance University OECD/US Forum on Trade in Educational Services Washington, D.C. 23-24 May 2002 Universidad Nacional de Educación a Distancia
ANNUAL REPORT 2012 Annual Consolidated Financial Statements and Management Report Subsidiary Companies Vision MAPFRE wants to be the most trusted global insurance company Mission We are a multinational
WORKSHOP REGULATING ACCESS TO PROFESSIONS: NATIONAL PERSPECTIVES Breakout session 3: Social workers Ana Isabel Lima Fernández President General Council of Social Work, Spain Brussels,17June 2013 General
Reorganisation of the - CAJA MADRID alliance Presentation for investors and analysts 17 December 2007 Milestones Appendix 2 Executive summary and CAJA MADRID have announced the reorganisation of the strategic
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic
Santander BanCorp Press release For more information contact: Puerto Rico New York José González de Castejón (787) 759-9094 Ana Calvo de Luis (212) 350-3903 Margie Alvarez (787) 250-3025 SANTANDER BANCORP
24 March 214 (Updated on 25 March 214) Hotel Tourism Short-Term Trends (HOS/HPI/IPHS) February 214. Provisional data Overnight stays in hotel establishments increase 5.5% in February as compared with the
24 January 214 (updated 27 January 214) Hotel Tourism Short-Term Trends (HOS/HPI/IPHS) Year 213. Overnight stays in hotel establishments increase 1.9% in 213 Hotels earn 41.2 euros per available room and
23 March 215 Updated at 1:3pm Hotel Tourism Short-Term Trends (HOS/HPI/IPHS) February 215. Provisional data Overnight stays in hotel establishments register an increase of 4.3% in February, as compared
22 April 2014 Preview of the Continuous Municipal Register Statistics at 1 January 2014 Provisional data The population registered in the Continuous Municipal Register decreased by 404,619 persons, standing
29 December 2015 Non-Hotel Tourist Accommodation Occupancy Survey November 2015. Overnight stays in non-hotel tourist accommodation increase 6.9% in November as compared to the same month of 2014 Overnight
Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating
. Coordinating national investment promotion with subnational investment promotion Investment climate, World Bank Global Market Access from an International Economy Spain: your partner in Europe Business
Institutional Presentation June 13 BB Seguridade Largest Insurance, Pension and Premium Bonds Company in Latin America Fast Growing with High Profitability Largest Insurance Broker in Latin America Largest
Speech of Mr. José Antonio Álvarez, Chief Executive Officer of Banco Santander at the General Shareholders Meeting, March 18, 2016 Mr. President of Cantabria. Vice-president and distinguished officials
Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Overview of key figures EARNINGS 1 Jan. - 30 Sept. 2012 1 Jan. - 30 Sept. 2011 Change % Net interest income thou. 4.06 4.66-13.0
EUROPEAN NON-LIFE INSURANCE GROUPS' RANKING 2013 Insurance and Social Protection Area May 2014 Table of Contents: 1. Presentation 2. Comments about the ranking 3. Methodological aspects The information
27 November 2015 Non-Hotel Tourist Accommodation Occupancy Survey October 2015. Overnight stays in non-hotel tourist accommodation increase 12.3% in October as compared to the same month of 2014 Overnight
excellence, efficiency, positive attitude, talent. All of these characteristics in one company: everis Consulting, IT & Outsourcing Professional Services attitude makes the difference 1. Consulting, IT
MAPFRE in Latin America: progress and growth opportunities London, 28 October 2005 1 MAPFRE in Latin America Rationale and Goals The insurance market in Latin America : Development of key figures Strategy
30 June 2014 Population Figures at 1 January 2014 Migration Statistics 2013 Provisional data Main results The population of Spain decreases by 220,130 persons in 2013, standing at 46,507,760 inhabitants
Ranking of the Largest European Insurance Groups 2012 Total, Life and Non-Life November 2013 Total Ranking In an environment marked by economic problems and low interest rates, the ten largest European
RISKS ANALYSIS FOR INSURANCE COMPANIES - AREA XXI - INDEX INTRODUCTION 1. ACTIVITIES 2. BUSINESS VALUES 3. COMPANY STRUCTURE 4.RESUMES INTERNATIONAL EXPERTISE CHARITY COLLABORATION 1 AREA XXI - Introduction
RANKING OF INSURANCE GROUPS IN LATIN AMERICA IN 2011 October 2012 TABLE OF CONTENTS: 1. Presentation. Overall. Non-life. Life. of local and multinational groups 2. Observations on the ranking 3. Methodology
Press release Brussels/Utrecht, 17 November 2009 Q3 2009 trading update Total gross inflow first nine months stable at EUR 11.4 billion Insurance net profit year-to-date of EUR 371 million Group net profit
Press release first quarter figures 2010 VASTNED RETAIL REALISES DIRECT INVESTMENT RESULT OF 17.1 MILLION IN SPITE OF DIFFICULT LETTING MARKET; VALUE MOVEMENTS IN PROPERTY PORTFOLIO BACK INTO BLACK AFTER
China Hong Kong, August 16, 2013 Economic Analysis Asia Alicia Garcia Herrero Chief Economist of Emerging Markets email@example.com Olga Porro Olga.firstname.lastname@example.org Trends in Lending and
Financial Highlights for the Fiscal Year Ended March 31, 2016 May 13, 2016 Japan Post Holdings: Financial Highlights Results of Operations for the Fiscal Year Ended March 31, 2016 Japan Post Holdings (Consolidated)
Financial supplement (unaudited) 204 Zurich Insurance Group Annual Report 204 2 Contents Results for the year ended December 3, 204 Financial supplement (unaudited) Financial highlights (unaudited) Business
Prosegur 9M 2013 Results November 12th, 2013 Compañía de Seguridad S.A. all rights reserved 1 Highlights in the period The transfer to clients of the increase in the labour costs in Brazil (ARV) is being
Institutional Presentation BB Seguridade Largest Insurance, Pension and Premium Bonds Company in Latin America Fast Growing with High Profitability Largest Insurance Broker in Latin America Largest Life
NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are
Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow
PROPERTY CASUALTY INSURANCE REGULATION IN THE UNITED KINGDOM This article considers: Richard Spiller, Esq. 011 44 171 556 4541 Introduction 1. What activities by an overseas insurer amount to the carrying
4.4. MAPFRE AND ITS DISTRIBUTORS This chapter presents how MAPFRE works with its distributors of goods and services, explains its relationship with brokerage professionals, their selection and training,
NN GROUP FINANCIAL SUPPLEMENT 4Q2014 NN GROUP FINANCIAL SUPPLEMENT 4Q2014 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Rounding could
Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the
MAPFRE APPROVES NEW STRUCTURE TO ADAPT TO STRATEGIC CHALLENGES The change will facilitate the company in moving forward with its globalization objective, which comprises geographic as well as product and
FOR IMMEDIATE RELEASE CITIGROUP THIRD QUARTER CORE INCOME RISES 27% TO $3.1 BILLION First Nine Months Core Income up 32% to a Record $9.7 Billion Revenues up 15% to $16.8 Billion from $14.6 Billion DILUTED
WAL-MART STORES, INC. 800-331-0085 www.walmartstores.com/news/ FOR IMMEDIATE RELEASE Investor Relations Contacts Investor Relations 479-273-8446 Carol Schumacher 479-277-1498 Pauline Tureman 479-277-9558
Case Study - 2012 How to improve the Banco Santander Brasil business model by analyzing opportunities of Cross Sell Is it possible to increase client relationship efficiency and revenue by collect, analyze
The Santander business model Commercial focus Efficiency Disciplined use of capital and financial strength Santander brand Prudence in risk Geographic diversification and model of subsidiaries Banco Santander
29 July 2014 Annual Labour Cost Survey (ALCS) Year 2013 Main results - The total cost per worker, in gross terms, is 30,844.49 euros during the year 2013, 0.2% less than the previous year. - The net cost
Colombia in the world Proexport around the world Process of attracting Foreign Direct Investment Proexport offers detailed and professional assistance for investors that find interesting business opportunities
SECRETARIAT OF STATE FOR THE CIVIL SERVICE GENERAL DIRECTORATE OF CIVIL SERVICE PUBLIC EMPLOYMENT IN SPAIN THE REGIONAL STATE NSI 1-1-2010 SPAIN 505,990 km 2 47,021,031 Inhab. Andalusia 87,599 km 2 8,370,975
Report on Examination of Best Meridian Insurance Company Miami, Florida as of December 31, 2011 Kevin M. McCarty, Commissioner Florida Office of Insurance Regulation Tallahassee, Florida Dear Sir: In accordance
SIMPLIFIED CONSOLIDATED BALANCE SHEET PROFIT AND LOSS ACCOUNT SIMPLIFIED CONSOLIDATED BALANCE SHEET ASSETS in thousand euro Year 2002 A. SUBSCRIBED CAPITAL UNPAID 0 0 of which called-up capital ( 0 ) B.
QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER Media telephone conference 8 November Agenda Overview Financial highlights Jörg Schneider 2 Munich Re (Group) Jörg Schneider 4 Torsten Oletzky 13 Torsten
FOR IMMEDIATE RELEASE Citigroup Reports Record Core Income for the First Quarter First Quarter Core Income Rises 49% to $3.6 Billion from $2.4 Billion Revenues up 19% to $17.5 Billion from $14.7 Billion
The Healthcare and Health Tourism Sector Introduction For Bancolombia being an ally of healthcare institutions means to accompany, advise, and offer alternatives to make your projects become a reality.
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and
UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21 AGENDA Overview George Culmer, CFO UK International Simon Lee, CEO International Emerging Markets Wrap up
2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth
The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued
PRESS RELEASE 1H 2015 (Non-audited accounts) 31 August 2015 1. EVOLUTION OF BUSINESS AREAS 1.1. FINANCIAL AREA The Financial Area comprises all financial activities of the Group including Orey Financial
RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014 In 2014, Santander continued to support its clients, growing loans by 5%. We did it with a sustained
ITALIAN INSURANCE IN FIGURES Year 2015 The Italian insurance industry gives a significant contribution to the economy and to the society, offering a wide range of services aiming at risk protection: from
13 August 2007 Fleet Place House 2 Fleet Place, Holborn Viaduct London EC4M 7RF Tel: +44 (0)20 7710 5000 Fax: +44 (0)20 7710 5001 www.mcgplc.com Financial results for the six months 2007 Management Consulting
Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International
Press Kit May 2014 SAREB, THE KEY TO CLEANING UP SPANISH BANKS BALANCE SHEETS The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) is a private company which was created
The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs
THE LATIN AMERICAN INSURANCE MARKET 2013-2014 Insurance and Social Protection Area 2013 2014 The Latin American Insurance Market 2013-2014 FUNDACIÓN MAPFRE is not liable for the content of this work, and
19 November 2012 Population Projections for 2012 Current demographic trends are to lead Spain to lose one tenth of its population in the coming 40 years From 2018 onwards, there will be more deaths than
Global Insurance Market Trends 2014 OECD Insurance and Private Pensions Committee The importance of insurance as a foundation for economic activity was acknowledged at the inception of the OECD with the
MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3023 Investor Relations Inquiries Investor Relations Group,
FY RESULTS 1 February to 31 January 2009 Net sales for FY reached 10,407 million. Net sales in local currencies and constant perimeter increased by 12%. INDITEX outperformed the sector in a challenging
First quarter results 1 Luxembourg, May 5, Highlights Health and Safety frequency rate 2 of 1.3x in Q1 compared to 1.8x in Q4. Shipments of 469 thousand tonnes in Q1 compared to shipments of 439 thousand
23 September 214 Hotel Tourism Short-Term Trends (HOS/HPI/IPHS) August 214. Provisional data Overnight stays in hotel establishments registered an increase of 2.7% in August, as compared to the same month
CIG PANNONIA LIFE INSURANCE PLC. QUARTERLY PROSPECTUS I. QUARTER 2011. May 18 th 2011 1. Summary CIG Pannonia Life Insurance Plc, (hereinafter: Issuer) publishes today its Quarterly Report regarding I.
27 January 2015 Innovation in Companies Survey Year 2013. Final results Main results Expenditure on technological innovation registers 13,233 million euros in 2013, with a 1.3% decrease as compared with
We only advise on our own life assurance, pensions and unit trusts The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC
Insurance and Social Protection Area July 2015 1. Presentation This is the eleventh edition of the Ranking of the largest European Non-Life insurance groups published by FUNDACIÓN MAPFRE, for 2014 on this
MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015