Cash Flow Return 30 25 4.0 9.1 16.9 20 5.4 13.3 15 10 5 Bottom 25% Middle 50% Top 25% -5 Superior performers also generated Return on Assets and Return on Equity double the study average. What was the source of the insurers’ revenue? For Superior Performers, the vast majority was from premiums written – something that was not true of all the organizations studied. Premium as Percentage of Total Revenue 85% 69% 45% High-performing insurers generated 85% of their revenues through underwriting, as opposed to investment or non-insurance products and services. Among the bottom tier, on the other hand, premiums were responsible for less than half of revenue. EUROPEAN INSURER VALUE ANALYSIS 4