One metric where Superior Performers seemed to lag behind many of their competitors was in revenue growth. However, this does not tell the full story. Five-Year Growth (CAGR) 14.3% 6.9% 3.8% 4.3% 3.0% 1.5% Revenue Cash Flow Revenue Cash Flow Revenue Cash Flow While the bottom quartile increased revenues at a much higher rate than their competitors, this resulted in the poorest cash flow growth. Superior Performers, on the other hand, grew thoughtfully – their controlled revenue growth resulted in cash flow CAGR that was twice the study average. This performance did not go unrecognized by capital markets. While the publicly traded insurers in the other cohorts delivered total shareholder returns close to the study average, the Superior Performers achieved substantially higher returns. Total Shareholder Return 53.6% 45.7% 47.3% Study 46.7% Average 0 10 20 30 40 50 EUROPEAN INSURER VALUE ANALYSIS 5