STUDY RESULTS Financial Metrics Although Superior Performers accounted for only 10% of the revenue generated by the 40 insurers studied, their cash flow and returns were disproportionately higher. Five-Year Revenues (Percent of Study Total) 30% 60% 10% Cash Flow vs. Revenue Revenue vs. Invested Capital 44% 44% 38% 37% 38% 37% 25% 24% 25% 24% 17% 17% Cash Flow vs. Revenue Revenue vs. Invested Capital Cash Flow vs. Revenue Revenue vs. Invested Capital Cash flow divided by revenue is essentially a measure of profitability, while revenue divided by invested capital represents how efficiently an insurer leverages its assets. By achieving superior performance across these metrics, the top quartile generated cash flow returns materially in excess of the study average. EUROPEAN INSURER VALUE ANALYSIS 3