Mapfre

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.

These commitments are defined in the Underwriting Policy, approved by MAPFRE SA's Board of Directors, and are applicable to all insurance and reinsurance companies and in line with the corporate business strategy. MAPFRE has a Global Business Committee which meets monthly, and an Underwriting Policy Committee which meets each semester and is responsible for, among other things, the correct application of this policy, as well as to analyze and propose operating standards of exclusion for ESG matters.

MAPFRE implements its Sustainable Investment Policy from a dual approach: "a posteriori" to evaluate and adjust existing portfolios according to their ESG score, and "a priori" to integrate these criteria into the research of future investments.

MAPFRE has developed a Responsible Investment Framework that establishes rating thresholds, defines exclusion policies, and promotes shareholder participation, aligning its sustainable investment strategy with its long-term sustainability vision.

MAPFRE's Sustainability Plan (2024-2026) includes actions such as specific training for professionals, collaboration with universities, dissemination of content, and creation of products that incorporate ESG criteria.

In 2021, MAPFRE implemented the ExpoCat tool for georeferencing and controlling catastrophic exposures, improving information management and decision-making.

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.

Furthermore, the increase in climate risk could potentially introduce material uncertainty in the assumptions and lead to an inaccurate assessment of insurance risk.

*Executive board directors of Spanish companies

In 2012, we adopted the Principles for Sustainable Insurance (PSI) promoted by the United Nations Environment Programme Finance Initiative (UNEPFI), committing to integrate environmental, social, and governance (ESG) issues into our decision-making for the underwriting processes of the Group's insurance operations.

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.

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.

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.