MAPFRE GROUP MAPFRE RE

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1 GROUP RE MADRID, DECEMBER 2007

2 GROUP 2

3 GROUP - HISTORICAL EVOLUTION * Year Revenues Million Total Assets & Funds under Mgmt. Result before Taxes ,583 38,988 1,156 28, ,189 36, , ,831 28, , ,473 25, , ,933 19, , ,546 9, , ,249 6, , ,419 3, , ,214 1, , ,823 * IFRS; Spanish GAAP Employees 3

4 CURRENT ORGANISATIONAL CHART FUNDACIÓN CARTERA 72% S.A. 51% - CAJA MADRID HOLDING 88% RE VIDA INVERSIÓN VIDA PENSIONES SEGUROS GENERALES AUTO- MÓVILES INMUEBLES 87% AMÉRICA AMÉRICA VIDA 88% ASISTENCIA 30% GESMADRID CAJA MADRID BOLSA CAJA MADRID PENSIONES CAJA SALUD FAMILIAR DIVISION EMPRESAS AGRO- PECUARIA CAUCIÓN Y CRÉDITO 57% 49% QUAVITAE BANCO DE SERVICIOS FINANCIEROS CAJA MADRID INTER- NACIONAL SEGUROS GERAIS INTERNATIONAL DIRECT INSURANCE DIVISION DOMESTIC BUSINESSES INTERNATIONAL BUSINESSES 4

5 GROUP MARKET SHARE IN SPAIN (prov) Market Share Market Market RK RK RK Share Share Market Share RK Market Share RK Motor 19.8% % % % % 1 Health 7.6% 4 7.7% 4 8.0% 4 7.8% 4 7.9% 4 Others Non Life 13.8% % % % % 1 Total Non Life 15.5% % % % % 1 Life 8.4% 3 9.5% 2 9.9% 2 8.4% 1 8.4% 2 Total 11.6% % % % % 1 5

6 GROUP S INTERNATIONAL NETWORK Canada USA Mexico Guatemala El Salvador Honduras Costa Rica Panama Ecuador Nicaragua Chile Perú Dominican Republic Paraguay Puerto Rico Venezuela Colombia Bolivia Uruguay Brazil Russia Ireland United Kingdom Belgium Germany France Luxembourg Hungary Italy Spain Turkey Portugal Tunisia Greece Argentina Jordan China Direct Insurance Bahrain Reinsurance Assistance Philippines 6

DISTRIBUTION NETWORK IN SPAIN 2006 GALICIA 210 42 75 19 52 24 139 27 CANTABRIA ASTURIAS CASTILE AND LEON 203 70 BASQUE COUNTRY NAVARRE LA RIOJA 20 7 52 7 ARAGON 85 23 CATALONIA 370 221 : 2.

7 DISTRIBUTION NETWORK IN SPAIN 2006 GALICIA CANTABRIA ASTURIAS CASTILE AND LEON BASQUE COUNTRY NAVARRE LA RIOJA ARAGON CATALONIA : CAJA MADRID: MADRID BALEARIC ISLANDS EXTREMADURA CASTILE LA MANCHA VALENCIA ANDALUSIA MURCIA CANARY ISLANDS CEUTA MELILLA 2 0 7

8 RE 8

9 RE S EVOLUTION 1982 Constitution of RE, SPAIN 1984 Opening of the Representative Office in MEXICO 1986 Opening of the Representative Office in MANILA 1988 Constitution of MAPLUX RE, LUXEMBOURG Opening of the Representative Office in MILAN Opening of the Representative Office in CARACAS Acquisition of CAJA REASEGURADORA, CHILE 1989 Acquisition of CIAR, BELGIUM 1990 Opening of the Representative Office in BUENOS AIRES 1991 Opening of the Representative Office in LISBON Acquisition of REASEGURADORA HEMISFERICA, COLOMBIA Opening of the Representative Office in LONDON 1993 Opening of the Representative Office in ATHENS 1994 Conversion of the LONDON Representative Office into Branch Office 1995 Incorporation of ITSEMAP 1996 Opening of the Representative Offices in LIMA and SAO PAULO 1997 New Branch Office in BRUSSELS 2000 Creation of REINSURANCE CORPORATION (MRC) in NEW JERSEY, USA 2004 New Branch Office of MRC in TORONTO, CANADA 2005 RE accredited in NEW YORK, USA 2006 New Branch Office in MUNICH 2007 Transfer of MRC Toronto Branch to RE 9

10 RE INTERNATIONAL PRESENCE GEOGRAPHICAL NETWORK Europe Latin America Madrid (Spain). Head Office Buenos Aires (Argentina) Athens (Greece) Bogota (Colombia) Brussels (Belgium). Branch Office Caracas (Venezuela) Lisbon (Portugal) Mexico D.F. (Mexico) London (UK). Branch Office Santiago (Chile) Milan (Italy) Sao Paulo (Brazil) Munich (Germany). Branch Office USA / Canada Asia New Jersey (USA) Toronto (Canada). Branch Office Manila (Philippines) 10

11 RE S SHAREHOLDERS Company % S.A (Spain) 87.9% Shelter Mutual Insurance Co. (USA) 4.6% Ecclesiastical Insurance (UK) 3.8% Societá Cattolica di Assicurazione (Italy) 2.2% Vaudoise Assurances Holding (Switzerland) 1.2% MAAF Assurances (France) 0.3% Data as at

12 RATING RE Agency Rating Standard & Poor s (1) AA A. M. Best (2) A+ (1) Outlook Stable: Updated 30 th August 2007 (2) Outlook Stable: Updated 24 th July

13 EVOLUTION OF ACCOUNTED GROSS PREMIUM % +7,5% % (P) Premiums 469,2 542,0 606,3 687,9 760,1 866, , , , ,0 Figures in million LATEST CAPITAL INCREASES: 60,0 150,0 50,0 13

14 PROFIT AND LOSS ACCOUNT RE Consolidated (June) Var % IFRS Gross Written Premium 1.132, , ,5 780,3 9,3% Net Premium Earned 639,5 835,4 877,6 492,3 12,3% Investment Result 32,7 50,8 54,7 32,7-13,3% Total Revenue 737,2 886,2 932,3 525,0 10,3% Total Claims and Expenses 665,2 831,9 816,6 455,0 11,0% Results Before Taxes 72,0 54,4 115,8 70,1 6,1% Taxes and Others 26,4 22,1 38,6 21,0-6,3% Net Result 45,6 32,3 77,2 49,1 12,4% Figures in million 14

15 BALANCE SHEET INFORMATION PGC NIIF / 2007 Investment 774,2 973, , , , ,7 Real Estate 52,5 76,5 75,7 74,9 69,9 66,7 Bonds and Equities 709,5 886, , , , ,8 Others 12,2 10,4 10,5 13,4 12,0 12,2 Total Assets 1.276, , , , , ,8 Shareholders Funds 267,0 325,6 537,1 622,7 647,7 678,0 Figures in million 15

16 EVOLUTION COMBINED RATIO 145% 135% 125% 115% 105% 95% 85% 75% (IFRS) 2005 (IFRS) 2006 (IFRS) CAT 6,1% 11,5% 2,5% 7,8% 2,4% 1,6% 5,3% 16,9% 2,90% EX CAT 100,0% 102,5% 100,1% 102,0% 104,0% 104,7% 101,1% 107,5% 103,9% 94,5% 92,5% 83,7% 82,1% 90,10% TOTAL 100,0% 102,5% 100,1% 102,0% 104,0% 110,8% 112,6% 110,0% 111,7% 96,9% 94,1% 89,0% 99,0% 93,00% MARKET 109,0% 106,0% 102,0% 102,0% 104,0% 106,0% 118,0% 116,0% 134,6% 105,0% 97,0% 99,0% 114,0% 89,8% 16

17 EVOLUTION R.O.E. RE RE has managed to permanently obtained positive results. A Capital Increase has never been needed in order to cover losses, but always has been used for company development financing. 15,0% HARD MARKET HARD MARKET 12,5% 10,0% 7,5% 5,0% 2,5% 0,0% PGC NIIF 17

18 PORTFOLIO DISTRIBUTION BY GEOGRAPHIC AREA ESTIMATED PREMIUMS BY UNDERWRITING YEAR CONSOLIDATED NON GROUP 64,0% USA 5,3% Rest of the World 9,4% Latin America 16,5% Latin America 26,5% Latin America (Group) 10,0% Rest of Europe 26,2% Spain & Portugal (Non Group) 6,5% Spain & Portugal 32,5% Spain & Portugal ( Group) 26,0% GROUP 36,0% 18

19 DISTRIBUTION OF PREMIUM BY TYPE OF BUSINESS (TOTAL PORTFOLIO) YEAR 2003 YEAR 2007 Facultative 11,3% Facultative 7,3% XL 14,5% XL 19,2% Proportional 74,2% Proportional 73,5% 19

20 DISTRIBUTION OF PREMIUM BY LINE OF BUSINESS (TOTAL PORTFOLIO) YEAR 2003 YEAR 2007 Bonds / Credit 7,0% Assistance 0,9% Bonds / Credit 6,9% Assistance 1,6% Life, Accident & Health 9,8% M.A.T. 6,8% Life, Accident & Health 14,2% Property 43,2% Motor/ TPL 7,4% Property 53,5% M.A.T. 7,2% CAT 14,5% Motor/TPL 9,9% CAT 17,0% 20

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