Strategy & Tactics Superior Performers also demonstrated clear preferences in lines of business, strategic intent, and distribution channels. Lines of Business Property Life Multi-Line & Casualty P&C Focus Life Focus Superior Performers were more likely to write P&C lines, either exclusively or as part of a multi-line strategy. The bottom quartile, on the other hand, was much more likely to write life policies. The 40 insurers were also classified according to their strategic intent, corresponding to four fundamental areas of strategic focus: • Operational Excellence - efficiency-driven price competition • Customer Intimacy - superior interaction & customer experience • Product Leadership - unique and/or higher-quality offerings • Innovation - discontinuous change and speed to market Some insurers employed a Composite strategy – executing simultaneously on more than one strategic focus – while others failed to adhere to a clear and coherent strategy at all. Strategic Intent Composite Operational Customer Product Innovation Unclear Excellence Intimacy Leadership EUROPEAN INSURER VALUE ANALYSIS 8