M&A Trends

September 13, 2017

Macro industry and M&A trends

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Global Insurance Industry: trends in global premium market share

2010:

Total Global Premiums$4.3 Trillion

$1,162 billionUS:

27% market share

$571 billionJapan: 13% market share

$215 billionChina:

5% market share

2016:Total Global Premiums

$4.7 Trillion

$1,352 billion

29% market share

$471 billion

10% market share

$466 billion

10% market share

+ 16%

- 18%

+ 117%

Source: Swiss Re sigma No 3/2017; Swiss Re sigma No 3/2011

+9% change in global premium market size during the current decade, compared to a +20% change in global GDP during the same six year period.

Change in premium

+ 26%

- 10%

+ 99%

Change in GDP

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U.S. Insurance Industry: trends in market share LIFE

Source: SNL FinancialDirect Premiums Written: Life Insurance (No Annuity), Annuity Considerations, Deposit-type Contracts, Other Considerations

TOP 15 LIFE INSURERS CONTINUE TO CONTROL ~2/3RD OF THE MARKET SHARE OVER THE LAST 10 YEARS

PER FIO REPORT (SEPT 2016), THERE ARE ~995 LIFE INSURANCE ENTITIES LICENSED IN THE U.S.

2016 Rank # Life Insurance Groups

2016 Direct Premiums Written

($ billion)

2016 Market

Share %

1 MetLife Inc. 81.4 13.0

2 Prudential Financial Inc. 45.9 7.3

3 New York Life Insurance Group 30.9 4.9

4 Principal Financial Group Inc. 28.2 4.5

5 Massachusetts Mutual Life Ins Co 23.5 3.8

6 American International Group 22.5 3.6

7 Jackson National Life Group 22.1 3.5

8 AXA 21.9 3.5

9 AEGON 21.1 3.4

10 Lincoln National Corp. 19.4 3.1

11 John Hancock 18.9 3.0

12 Voya Financial Inc. 17.6 2.8

13 TIAA 17.1 2.7

14 Nationw ide Mutual Group 15.2 2.4

15 Brighthouse Financial 13.8 2.2

Top 15 399.5 63.9%Top 25 486.2 77.8%

Top 100 617.1 98.7%

Total US Direct Premiums Written 625.2

64 67 67 64

14 12 1314

20 19 19 21

2 2 1 1

0

10

20

30

40

50

60

70

80

90

100

2005 2010 2015 2016

% M

arke

t S

hare

Top 15 Next 10 Next 75 Rest of the Companies

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U.S. Insurance Industry: trends in market share

Source: SNL Financial

TOP 15 P&C INSURERS CONTINUE TO CONTROL >55% OF THE MARKET SHARE OVER THE LAST 10 YEARS

PER FIO REPORT (SEPT 2016), THERE ARE ~2670 P&C INSURANCE ENTITIES LICENSED IN THE U.S.

P&C

2016 Rank # P&C Insurance Groups

2016 Direct Premiums Written

($ billion)

2016 Market

Share %

1 State Farm Mutual Automobile Ins 62.2 10.2

2 Berkshire Hathaw ay Inc. 33.3 5.5

3 Liberty Mutual 32.2 5.3

4 Allstate Corp. 30.9 5.1

5 Progressive Corp. 24.0 3.9

6 Travelers Companies Inc. 23.9 3.9

7 Chubb Ltd. 20.8 3.4

8 Nationw ide Mutual Group 19.8 3.3

9 Farmers Insurance Group of Cos 19.7 3.2

10 USAA Insurance Group 18.3 3.0

11 American International Group 15.6 2.6

12 Zurich Insurance Group 12.9 2.1

13 Hartford Financial Services 11.3 1.9

14 CNA Financial Corp. 10.3 1.7

15 American Family Insurance Grp 7.8 1.3

Top 15 343.0 56.4%Top 25 399.1 65.7%

Top 100 526.8 86.7%

Total US Direct Premiums Written 607.8

58 58 56 56

7 8 9 10

20 20 21 21

15 14 14 13

0

10

20

30

40

50

60

70

80

90

100

2005 2010 2015 2016

% M

arke

t S

hare

Top 15 Next 10 Next 75 Rest of the Companies

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11.95 11.87

11.56

12.63

11.1110.95

11.39

10.9811.07

10.8310.65

10.82

10.00

11.00

12.00

13.00

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Life Sector - Leverage Ratio

Leverage Ratio

U.S. Insurance Industry: trends in capital & surplus LIFE

Source: SNL Financial

… Capital & Surplus at record high of $381 billion (2016)

10 year average: 11.20

… General account assets - to - Surplus ratio below 10 year average, indicative of current excess capacity

244 253267

252

291306 310

327 332354

367 381

0

100

200

300

400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Life Sector - Capital & Surplus

Capital & Surplus

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0.99

0.900.84

0.95

0.820.76

0.79 0.770.72 0.73 0.76 0.75

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

P&C Sector - Leverage Ratio

Leverage Ratio

U.S. Insurance Industry: trends in capital & surplus

Source: SNL Financial

… Capital & Surplus at record high of $712 billion (2016)

10 year average: 0.79

… Net premiums written - to - Surplus ratio close to 10 year average, indicative of current capacity

P&C

432

497529

462

518562 560

595

667689 687

712

0

100

200

300

400

500

600

700

800

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

P&C Sector - Capital & Surplus

Capital & Surplus

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Profitability (P&C) - $ billion 2010 2011 2012 2013 2014 2015 2016

Net Underwriting Gain (Loss) (8) (35) (14) 17 14 11 (2)

Net Investment Income 48 51 50 49 55 49 48

Net Realized Capital Gain (Loss) 8 8 9 18 12 10 8

Other (2) (0) (0) (2) (6) (1) (2)

Federal Income Tax (9) (3) (6) (12) (10) (10) (7)

Net Income 37 20 38 72 65 58 45

Net yield on invested assets 3.73 3.83 3.68 3.43 3.65 3.18 3.08

Profitability (Life) - $ billion 2010 2011 2012 2013 2014 2015 2016

Net Underwriting and Other Income (112) (140) (107) (115) (123) (116) (107)

Net Investment Income 164 167 167 167 172 171 173

Net Realized Capital Gain (Loss) (16) (9) (9) (1) (1) (4) (11)

Federal Income Tax (9) (5) (10) (9) (10) (11) (16)

Net Income 28 14 40 42 38 40 39

Net yield on invested assets 5.24 5.10 4.92 4.85 4.83 4.66 4.56

US Insurance Industry: trends in profitability

LIFE

P&C

Source: SNL Financial

… Profitability primarily dependenton investment Income…

… however, net yield on invested assets continue to decline

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U.S. Insurance Industry: trends in valuations

Source: SNL Financial

Price – to – Book Ratio (median): Price change v/s S&P 500 (over last 12 months):

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U.S. Life Insurance M&A: recent transaction trends

Foreign buyers

Private Equity buyers

LIFEBuyer Buyer Country Life Insurance Targets Target Country Seller Date Value

CF Corporation USA Fidelity & Guaranty Life USA HRG Group Inc. 5/24/2017 1,835

China Oceanwide Holdings Group Co. Ltd China Genworth Financial Inc USA Genworth Financial Inc. 10/23/2016 2,751

Munich Re Germany Financial Reassurance Co. 201 Ltd USA Citigroup Inc. 9/23/2016 342

Protective Life Corporation USA Blocks of term life insurance USA Genworth Financial, Inc. 9/30/2015 661

AXA France Lifestyle protection insurance business USA Genworth Financial, Inc. 9/17/2015 536

Sun Life Financial Inc. Canada Employee benefits business USA Assurant, Inc. 9/9/2015 940

Sumitomo Life Insurance Company Japan Symetra Financial Corporation USA Investor Group 8/11/2015 3,727

Meiji Yasuda Life Insurance Company Japan StanCorp Financial Group, Inc. USA StanCorp Financial Group, Inc. 7/23/2015 5,002

New York Li fe Insurance Company USA Insurance pol icies of John Hancock Financia l USA Manul i fe Financia l Corporation 12/23/2014 334

Reinsurance Group of America , Incorporated USA Term l i fe insurance pol icies USA Voya Financia l , Inc. 8/15/2014 448

Dai-ichi Life Insurance Company, Limited Japan Protective Life Corporation USA Protective Life Corporation 6/3/2014 5,580

GreyCastle Holdings Ltd. Bermuda XL's Life Reinsurance subsidiary Bermuda XL Group plc 5/1/2014 570

Canadian Pension Plan Investment Board Canada Wilton Re Holdings Limited Bermuda Investor group 3/21/2014 1,800

Global Atlantic Financial Group USA Forethought Financial Group, Inc. USA Forethought Financial Group, Inc. 9/26/2013 650

Resolution Group United Kingdom Lincoln Benefit Life Company USA Allstate Corporation 7/17/2013 600

SCOR SE France US life reinsurance business USA Assicurazioni Generali SpA 6/3/2013 920

Protective Li fe Corporation USA MONY Li fe Insurance Company USA AXA 4/10/2013 1,056

Athene Holding Ltd. Bermuda Aviva USA Corporation USA Aviva Plc 12/21/2012 1,550

Guggenheim Capital, LLC USA Sun Life Assurance Company of Canada (U.S.), USA Sun Life Financial Inc. 12/17/2012 1,350

Prudentia l Financia l , Inc. USA Hartford’s Individual Li fe Insurance bus iness USA Hartford Financia l Services Group, Inc. 9/27/2012 615

Massachusetts Mutual Li fe Insurance Company USA Reti rement plans bus iness USA Hartford Financia l Services Group, Inc. 9/4/2012 400

Athene Group Ltd. Cayman Islands Presidential Life Corporation USA Presidential Life Corporation 7/13/2012 414

Prudential Public Limited Company United Kingdom SRLC America Holding Corp. USA Swiss Re Limited 5/31/2012 621

Guggenheim Capital, LLC USA EquiTrust Life Insurance Company USA FBL Financial Group, Inc. 10/7/2011 440

HDI (Haftpflichtverband der Deutschen Industrie V.a.G.) Germany Block of reinsurance USA Scottish Re Group Limited 4/18/2011 565

ACE Limited Switzerland New York Life Insurance Subsidiaries USA New York Life Insurance Company 10/26/2010 425

Athene Holding Ltd. Bermuda Liberty Life Insurance Company USA Royal Bank of Canada 10/22/2010 628

Protective Li fe Corporation USA United Investors Li fe Insurance Company USA Torchmark Corporation 9/14/2010 311

Harbinger Capital Partners LLC USA Old Mutual U.S. Life Holdings, Inc. USA Old Mutual Plc 8/6/2010 350

MetLife, Inc. USA American Life Insurance Company USA American International Group, Inc. 3/8/2010 15,545

Source: SNL; Note: The above table includes select domestic (including Bermuda) Li fe M&A transactions s ince January 1, 2010 with transaction va lue over $300 mi l l ion.

U.S. Life Insurance M&A activity has primarily been driven by foreign acquirers and private equity backed deals in recent years

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U.S. P&C Insurance M&A: recent transaction trends

Foreign buyers

Reinsurance sector related

P&CBuyer Buyer Country P&C Insurance Targets Target Country Seller Date Value

Axis Capital Holdings Ltd Bermuda Novae Group plc UK Novae Group plc 8/25/2017 612

Markel Corporation USA State National Companies , Inc. USA State National Companies , Inc. 7/26/2017 923

Intact Financial Corporation Canada OneBeacon Insurance Bermuda White Mountain Insurance Group 5/2/2017 1,732

Liberty Mutual Holding Co. USA Ironshore Inc. Bermuda Fosun International Holdings 12/5/2016 3,000

Sompo Holdings Inc Japan Endurance Speciality Holdings, Ltd Bermuda Endurance Speciality Holdings, Ltd 10/5/2016 6,304

Berkshire Hathaway Inc. USA Medica l Liabi l i ty Mutual Insurance Co. USA Medica l Liabi l i ty Mutual Insurance Co. 7/18/2016 1,452

Arch Capi ta l Group Ltd. Bermuda United Guaranty Corporation USA American International Group, Inc. 8/15/2016 3,425

Exor SpA Italy PartnerRe Ltd. Bermuda PartnerRe Ltd. 8/3/2015 6,606

China Minsheng Investment Corp., Ltd. China Sirius International Insurance Group, Ltd. Bermuda White Mountains Insurance Group, Ltd. 7/27/2015 2,235

ACE Limited Switzerland Chubb Corporation USA Chubb Corporation 7/1/2015 28,240

Tokio Marine Holdings, Inc. Japan HCC Insurance Holdings, Inc. USA HCC Insurance Holdings, Inc. 6/10/2015 7,497

Fosun International Holdings Ltd. BVI Ironshore Inc. Bermuda Ironshore Inc. 5/3/2015 2,098

Endurance Specialty Holdings Ltd. Bermuda Montpelier Re Holdings Ltd. Bermuda Montpelier Re Holdings Ltd. 3/31/2015 1,394

XL Group plc Ireland Catlin Group Limited Bermuda Catlin Group Limited 1/9/2015 4,280

Fosun International Holdings Ltd. BVI Meadowbrook Insurance Group, Inc. USA Meadowbrook Insurance Group, Inc. 12/30/2014 433

Assured Guaranty Ltd. Bermuda Radian Asset Assurance Inc. USA Radian Group Inc. 12/23/2014 810

Progress ive Corporation USA ARX Holding Corp. USA Investor group 12/16/2014 875

RenaissanceRe Holdings Ltd. Bermuda Platinum Underwriters Holdings, Ltd. Bermuda Platinum Underwriters Holdings, Ltd. 11/24/2014 1,671

Validus Holdings, Ltd. Bermuda Western World Insurance Group, Inc. USA Wendron Curacao Holdings B.V. 6/23/2014 690

TPG Capita l Management, L.P. USA Warranty Group, Inc. USA Onex Corporation 3/21/2014 1,225

Hamilton Insurance Group, Ltd. Bermuda S.A.C. Re Holdings, Ltd. Bermuda S.A.C. Re Holdings, Ltd. 12/9/2013 625

American Fami ly Mutual Insurance Company USA Homes i te Group Incorporated USA Investor group 9/4/2013 616

Enstar Group Limited Bermuda Torus Insurance Holdings Limited (Bermuda) Bermuda Investor group 7/9/2013 652

Markel Corporation USA Alterra Capital Holdings Limited Bermuda Alterra Capital Holdings Limited 12/19/2012 3,100

Tokio Marine Holdings, Inc. Japan Delphi Financial Group, Inc. USA Delphi Financial Group, Inc. 12/21/2011 2,891

Al leghany Corporation USA Transatlantic Holdings , Inc. USA Transatlantic Holdings , Inc. 11/21/2011 3,535

Nationwide Mutual Insurance Company USA Harleysvi l le Group Inc. USA Harleysvi l le Group Inc. 9/29/2011 816

Al l s tate Corporation USA White Mounta ins Inc. and Answer Financia l Inc. USA White Mounta ins Insurance Group, Ltd. 5/18/2011 1,000

Berkshire Hathaway Inc. USA Wesco Financia l Corporation USA Wesco Financia l Corporation 2/7/2011 548

QBE Insurance Group Limited Australia Balboa insurance business USA Bank of America Corporation 2/3/2011 700

ACE Limited Switzerland Rain and Hail Insurance Service Incorporated USA Rain and Hail Insurance Service Incorporated 9/14/2010 1,100

QBE Insurance Group Limited Australia NAU Holding Company, LLC USA Lightyear Capital, LLC 4/16/2010 565

Fairfax Financial Holdings Limited Canada Zenith National Insurance Corp. USA Zenith National Insurance Corp. 2/18/2010 1,319

Source: SNL; Note: The above table includes select domestic (including Bermuda) P&C M&A transactions s ince January 1, 2010 with transaction va lue over $500 mi l l ion.

U.S. P&C Insurance M&A activity has primarily been driven by foreign acquirers, and deals in the reinsurance and specialty insurance sectors in recent years

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Challenges & opportunities• Challenges with organic growth and operating cost management continue

• Industry profitability primarily dependent on investment income, however investment portfolio yields continue to decline

• Key macro trends – lower interest rates, pressure on profitability, underwriting losses, changing consumer behaviors, etc. - have continued for too long

• Marginal growth in U.S. premiums, accelerated growth in China, and shrinking market in Japan

• U.S. Insurance M&A activity primarily driven by foreign acquirers and private equity backed deals in the Life sector; and reinsurance & specialty insurance deals in the P&C sector

• Capital & surplus are at record highs across both Life & P&C sectors

• Opportunity to strategically allocate capital towards strategy-aligned M&A, partnerships & alliances, and corporate venture capital investments in technology-enabled innovations

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What we could expect?

To succeed in this dynamic environment organizations are reevaluating

their portfolio of businesses and rationalizing their global footprint to

strategically determine ‘where to play’ and ‘how to win’ in the future.

One of the immediate consequences of this trend

could be the expected rise in deal activity

in the global insurance industry

M&A Outlook & Trends in Corporate M&A Execution

KPMG commissioned a survey of 200 global insurance executives to learn about their perspectives and outlook for M&A, corporate strategy and innovation (in Q4 2016)

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Demand for transformation — and deals — is on the rise

Insurers are getting more strategic about ‘where they will play’ and ‘how they will win’ in the future.

Considered by many to be ripe for disruption, the global insurance industry clearly expects a rise in deal activity.

Source: KPMG International, 2017

Insurers are ready to deploy capital for longer-term strategic growth.

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Motivations driving M&A and Divestitures

33% 38%

business model transformation and enhancement is the #1 motivator for corporate M&A activity across the industry

rebalancing of portfolio for poor business performance by particular unit(s) and rationalization of global foot print, seen as the top motivator for divestitures

Source: KPMG International, 2017

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— The majority of respondents said they intend to enter into at least one to three strategic partnerships.

— Asia-Pacific is expected to see the most partnerships and alliances forged, with China and India ranking as the top two destinations in the region.

— 69% intend to forge strategic partnerships and alliances with larger firms (those with values ranging from US$250 million to US$1 billion).

Partnerships emerge as the preferred vehicle for operating model transformation

Source: KPMG International, 2017

Vs.

Vs.

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— 62% of insurers are either active or plan to set a corporate venture capital capability

— 54% are focusing VC investments on non-insurance technologies

— 25% have allocated over US$1 billion

— 90 percent say the median value of their investments will range between US$10 million and US$50 million.

Corporate venture capital to drive innovation

Insurers focus most of their VC investment activities in the following areas:

Source: KPMG International, 2017

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Strategy-alignment is a critical success factor

To successfully:

• transform their business model;• modernize their operating model; and • enhance customer engagement

insurers expect to closely align their corporate development and M&A activities with their corporate strategy and innovation initiatives.

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However, there is still some work to do

37%

47%

50%

40%

Just

said that their approach to M&A is largely reactive

of insurers with M&A teams think their objectives are highly aligned to strategy when identifying goals

believe they are less aligned when it comes to evaluating potential risks associated with integrating/separating the target’s operating model.

said they are just moderately aligned when evaluating partnerships and alliances

What’s expected next?

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What’s expected next?• Continued challenges with top line growth & profitability expected to drive a more strategy-aligned focus to M&A activity

• Cross-border M&A activity expected to be driven by companies that are reevaluating their portfolio of businesses and rationalizing their global footprint

• Potential acquirers from Asia expected to continue seeking global expansion for further diversification of risks and earnings, and acquiring industry know-how & capabilities from the developed world

• Consolidation among smaller companies to achieve cost synergies expected over the medium to long-term in more developed economies if current global economic uncertainties & challenging growth trends persists in the global insurance industry

• Portfolio rationalization & strategic repositioning of businesses expected to drive further business modularization, separation, and divestiture of non-core businesses & legacy blocks of businesses

• Business modularization strategy is expected to drive acquisitive companies to refocus & rethink their post-merger integration approach & activities as they evaluate integration / separation risks associated with operating models of acquisition targets

• Relatively more partnerships, alliances, and joint ventures expected to emerge as insurers increasingly focus on strategy-aligned transactions and innovation initiatives for targeted growth

• Senior insurance management executives, and in certain instances on direction of their Board of Directors, are developing an enterprise-wide M&A playbook to ensure better governance and a more strategy-aligned focus to their M&A activity

Thank you

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