In addition to CEO approval, internal employee ratings of the Superior Performers were higher than average across most metrics, including: • Culture & values • Compensation • Career opportunity • Willingness to recommend as employer The sole employee rating where Superior Performers fell short was on diversity and inclusion. Yet, these companies were more than twice as likely as their competitors to have material levels of diversity on their board of directors. Board Diversity Minimal Moderate Material 30% 20% 50% 15% 65% 20% 40% 50% 10% The discrepancy between high board diversity and low employee ratings on diversity and inclusion at these companies is interesting, and not readily explicable. It is possible that the overall positive opinion that the employees have of the organization leads them to hold it to a higher standard, relative to their more disillusioned peers at other insurers. Selected Superior Performer Characteristics: Leadership & Culture Centralized governance Internal promotion of CEO with insurance business/technical background High levels of diversity on board of directors EUROPEAN INSURER VALUE ANALYSIS 12