The final set of strategic and tactical characteristics evaluated were around innovation and change. These factors included: • Maturity of digital capabilities • InsurTech activity • Platform & ecosystem participation Superior Performers, analyzed along these dimensions, were largely on par with the study average. The bottom quartile, however, were significantly more likely than the average to be digital laggards, engage in minimal InsurTech activity, and eschew platforms and ecosystems. While keeping up with technological innovation was no guarantee of top-tier performance, failing to do so correlated strongly with poor performance. Clearly, digitization is a necessary (but not, on its own, sufficient) prerequisite of success. Selected Superior Performer Characteristics: Strategy & Tactics Favor P&C lines Focus on Product Leadership, Customer Intimacy, or Composite strategy More likely to leverage independent agents Optimize portfolio through M&A Keep pace with technology EUROPEAN INSURER VALUE ANALYSIS 10