Mapfre

The MAPFRE S.A. Board of Directors is the most senior management and supervisory body for the entire Group. It includes a Steering Committee that acts within all of its powers, except those that 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 Risk and Sustainability). The Executive Committee exercises direct supervision over management of the Business Units and coordinates the various Areas and Units across the Group. The Transformation and Innovation Committee reports to the Executive Committee and has decision-making powers in relation to all transformation and innovation initiatives within MAPFRE. Additionally, the Global Business Committee is tasked with analyzing the development of the Group's global insurance and service businesses, monitoring adherence to established plans, and proposing corrective or improvement actions. The management, coordination and supervision of the activities of the different Units and Areas are carried out, according to their respective remit, by the local, regional and business unit Management Committees as well as the Executive Committee.

At MAPFRE, we hold leading positions in most of the markets we operate in. We have achieved this thanks to deploying a proprietary and highly differentiating management model, designed to achieve profitable growth founded on several factors: Transformation and innovation, Geographic diversification, Customer focused, for both private and business sectors, Customer service via multiple channels, Offering a wide variety of products and services, A deep commitment to caring for people. Our highly diversified business model, both geographically and in terms of product, enables us to achieve sustainable growth over the medium and long term, while successfully navigating the evolving challenges in each market. Our Vision at MAPFRE is to be 'YOUR TRUSTED INSURANCE COMPANY', the insurer of choice for all our customers worldwide, with a global presence and a comprehensive range of insurance, financial, reinsurance, and service products. We aim to become a leader in the markets in which we operate through a sustainable, proprietary, and differentiated business model based on transformation and innovation. It is designed to achieve profitable growth with clear and decisive focus on the customer, both private and corporate, creating relationships based on equity and transparency, with a multi-channel approach and a firm vocation for service. Our corporate Purpose, the essence of our day-to-day operations, is best expressed when we tell our clients: 'We are by your side every step of the way, accompanying you to move forward with peace of mind, contributing to the development of a more sustainable and supportive society.' In other words, we support them not just today, but also in the future, because we're prepared to offer what they need now and what they may need tomorrow—just as we have been doing for over 90 years. In a world of uncertainty, we are defined by the dedication of over 230,000 employees, partners, and providers who deliver exceptional service, remain close to our customers, innovate, adapt to their needs, and are always there when they need us.

MAPFRE Group maintains environmental commitments in its insurance and reinsurance underwriting business to contribute to the transition toward a low-carbon economy, reinforcing the commitment to be a net zero company by 2050.

MAPFRE faces significant risks due to climate change, especially in relation to natural disasters that may increase in frequency and severity, impacting claims and the resources needed for their management. To address these risks, specialized reports and control systems are used to manage exposure to catastrophic risks, determining maximum underwriting capacities per risk and event. In 2021, MAPFRE implemented the ExpoCat tool for georeferencing and controlling catastrophic exposures, improving information management and decision-making. Additionally, the Group's reinsurer, MAPFRE RE, is responsible for placing reinsurance protections to mitigate catastrophic risks, ensuring that the Group can withstand losses without compromising its solvency. Furthermore, the increase in climate risk could potentially introduce material uncertainty in the assumptions and lead to an inaccurate assessment of insurance risk.

In a world of uncertainty, we are defined by the dedication of over 230,000 employees, partners, and providers who deliver exceptional service, remain close to our customers, innovate, adapt to their needs, and are always there when they need us.

Multicultural, diverse team: MAPFRE people represent diverse and inclusive talent, with each one contributing to our purpose.

Our business model focuses not only on delivering financial results, but also on doing so in a sustainable manner so as to contribute to the development of the societies we operate in. The success of this model is based on our good governance practices, our environmental and investment responsibility, and our contribution to society. MAPFRE is firmly committed to growth and diversification, both geographically and in terms of products and services, because this is what strengthens our business model. Manages its business in an efficient manner and constantly improves productivity, and reduces structural costs to enhance its competitiveness. Professionally manages the risks it assumes, ensuring sustainable growth and results. Deploys a global management model with ample capacity for local implementation, ensuring a balance between corporate involvement and business development in each country. Makes its resources available to the entire organization, harnessing the synergies derived from sharing talent, processes, and tools. Promotes specialized management as a means of continuously optimizing results and enhancing service quality. Focused on people, we offer an insurance program featuring Life, Health, Accident, Property and Casualty protection (i.e. Auto insurance, Homeowners, Family and Third-Party Liability insurance, etc.), Savings and Investment, Retirement, Burial, Travel and Leisure. Our offering is tailored to each country and market, according to the customer's needs.

MAPFRE has consistently and decidedly striven from the start to adopt the best corporate governance practices. MAPFRE's good governance practices are oriented toward creating sustained financial and social value over the long-term. The company's objective is to ensure financial stability and safeguard the interests of shareholders, maximizing the positive impact on society as a whole. MAPFRE is governed by the Recast Text of the Spanish Companies Act and has a series of Institutional, Business and Organizational Principles in place that have been approved by the Board of Directors of MAPFRE S.A., which, together with its Bylaws, the Annual General Meeting's Regulations, and the Board of Directors' Regulations, define the structure, composition and functions of each of its governing bodies and make up the minimum mandatory compliance framework for all of the companies in the MAPFRE Group and their respective governing bodies. In addition, MAPFRE has a group of corporate policies and standards that complement its governance system. Regarding the Spanish National Securities and Exchange Commission (CNMV) Good Governance Code of Listed Companies as of December 31, 2024, MAPFRE complies fully with 90.62% and fully or partially with 96.87%% of the recommendations. Our commitment is supported by the following Values, which help us execute on the company's purpose and achieve its vision: Solvency: The financial, technical, and professional strength to respond to commitments undertaken with sustainable results. Integrity: Ethics, respect for human rights, and honesty among MAPFRE professionals in their relations with all our stakeholders. Service: Continual improvement in the development of all our activities in order to satisfy the needs of our customers. Innovation: As a means to transform and set us ourselves apart, offering solutions to our customers and anticipating their needs.

Details of the payments made by the Group's fully consolidated Spanish companies to providers in the financial years 2024 and 2023 are provided in the following tables. Average provider payment period: 2024: 5.8 days, 2023: 6.4 days. Ratio of paid operations: 2024: 5.6 days, 2023: 6.2 days. Ratio of operations pending payment: 2024: 20.6 days, 2023: 17.8 days. Total payments made: 2024: 1,851.8 million euros, 2023: 1,781.9 million euros. Total pending payments: 2024: 26.1 million euros, 2023: 32.7 million euros. Information regarding invoices paid in a period of time less than the maximum established in the late payment regulation is shown in the accompanying table. Monetary volume paid: 2024: 1,851.8 million euros, 2023: 1,781.9 million euros. Percentage over total monetary payments to providers: 2024: 98.6%, 2023: 98.2%. Number of invoice paid: 2024: 265,211, 2023: 263,421. Percentage over total number of invoices paid to providers: 2024: 98.7%, 2023: 98.9%.