1、JULY 2023Where Did Companies Outperform and Why?The 2023 Insurance Value Creators ReportSource:BCG analysis.The insurance industry demonstrated resilience in a difficult market in 2022 1Insurance TSR compared favorably with other industries TSR in 2022,but it lagged over the medium term 2The insuran

2、ce industry has struggled to generate returns above the cost of equity in recent years3Averages do not capture the diversity of performance across the industry4Few insurers generate TSR that exceeds their return on equity5Cash flow contribution and growth of tangible book value drove TSR performance

3、 over the past five years6Insurance industry TSR performancekey takeawaysThe insurance industry demonstrated resilience in a difficult market in 2022Sources:S&P Capital IQ;BCG ValueScience Center;BCG analysis.Note:The sample comprises the 103 largest stock exchangelisted insurers globally as of Dece

4、mber 31,2022.201320142015201620172018201920202021202265331323122858892022s TSR of 8%,achieved in the face of strong headwinds following the onset of the pandemic,capped widely varying insurance industry performance over the past decade Ten-yearannual averageOne-year TSRTen-year annual TSRLarge-cap p

5、harmaGreen energy and environmentTech hardwareMiningBuilding materialsCommercial service providersInsuranceMetalsOil and gasMedia and publishingConsumer nondurablesAerospace and defenseBanksConsumer durablesMid-cap pharmaReal estateForest products and packagingAuto OEMsPower and gas utilitiesTravel

6、and tourismConstructionAuto partsFashion and luxuryMultibusinessTransportation and logisticsMachineryChemicalsRetailElectronic componentsServicesFinancial infrastructure providersMedical techHealth care servicesAsset managementand brokerageInsurance TSR compared favorably with other industries TSR i