Investor Presentaiton
The Industry Has Focused on Returning Its 'Hard' Capital to Shareholders
Many public insurers struggle to generate sufficient returns for shareholders due to high-cost liabilities, bloated expense structures, and lack
of "alpha" in investment portfolio - so, they are required to attract shareholders via capital return
U.S. and European Life Insurers Cumulative Capital Return as % of Current Market Capitalization
81%
70%
61%
55%
47%
40%
31%
23%
15%
9%
6%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Over the past decade, U.S. and European life insurers have returned capital to shareholders equal to -80% of current market capitalization
Source: Capital IQ as of April 2, 2023. Includes US insurers AEL, AIG, LNC, MET, PFG, PRU, and VOYA, and European insurers AXA, Generali, Allianz, Aviva, Swiss Life, Phoenix, L&G, NN, ASR, Ageas and Aegon.
ATHENE
26View entire presentation