Superior Performers are the only cohort likely to execute a Product Leadership strategy, though they also find success with Customer Intimacy and Composite strategies. The bottom quartile, unsurprisingly, are the most likely to lack a clear strategy, and the least likely to attempt a Composite strategy. The study also examined the primary distribution channels utilized by the 40 insurers. Distribution Channel Independent Agent Exclusive Agent Multi-Channel 30% 30% 40% 10% 15% 75% 10% 50% 40% Superior Performers were three times as likely as their competitors to leverage independent agents as their primary distribution channel. The top performance tier was also distinguished by a materially higher rate of M&A activity. M&A Activity Minimal Moderate Material Acquisitions 30% 40% 30% Divestitures 90% 10% Acquisitions 50% 40% 10% Divestitures 90% 5%5% Acquisitions 50% 40% 10% Divestitures 80% 20% Superior Performers showed a proclivity for not only more acquisitions, but more divestitures as well – they used M&A as an opportunity for optimizing their portfolios. EUROPEAN INSURER VALUE ANALYSIS 9