Global Insurance Industry
Quarterly Spotlight Report
Third Quarter 2014
November 2014
Agenda
• 3Q Global Insurance Highlights
03
• Key Trends Spotlight
Page 2
 Non-Life Premium Rates
08
 Global Catastrophe Losses
09
 UK Non-Life Personal Lines
10
 US Life Insurance Investment Returns
11
 China Life Insurance Sector Cash-flow
12
 Global Reinsurance
13
 Alternative Capital
14
 Global Insurance Regulation
15
 Global Insurance M&A
16
Global Insurance Industry: Quarterly Spotlight Report
3Q14 Global Insurance Highlights
Page 3
Global Insurance Industry: Quarterly Spotlight Report
Global insurance stocks largely benefited from rising equity markets across all major
markets, with life stocks outpacing non-life
Global Insurance Stock Price Performance
Segment Stock Price Performance
Daily Closing Prices (Indexed, 09/30/13 = 100)
Annual Percent Change, September 30
120
3Q14
110
12.4%
10.8%
10.0%
105
5.6%
US
Life
115
12.6%
UK
16.0%
China
13.8%
100
95
85
Sep-13
Nov-13
Jan-14
Mar-14
May-14
DJ Stoxx Insurance Index
Americas 1200



Europe 800
Jul-14
Sep-14
Non-Life
90
All Sectors
Asia 1200
US
7.5%
UK
7.8%
S&P Global 1200
During 3Q14, global insurance share prices across the major regions converged on the boarder market index driven by improvements in Asia, a moderating economy
across Europe and increased sensitivity to equities among carriers in all countries
− Asian insurance stocks benefited from a recovery from seasonal, weather-related losses in Korea, increased life insurance sales in China and an upturn in
investment income from foreign sources among Japanese carriers due to Yen depreciation
− Insurers across all markets have increased their investments in equities, real estate and infrastructure projects, resulting in a tighter correlation to equity markets
Life insurance stocks increased at a faster rate than non-life during 3Q, with the UK life sector growing by 16%
− Insurers are experiencing improved profitability through a shift to higher-margin protection products
− Variable/unit-linked policies profited by stock market gains and continued de-risking activities across the industry
Non-life stocks experienced more modest growth as the industry struggles to maintain profitability in the current market cycle
− Limited investment gains, price competition, and reduced reserve releases have suppressed earnings
− Efficiency gains, due to ongoing cost cutting activities and investments in process and technology improvements have helped mitigate the pressure on profits
Source: Company filings; Dow Jones; ThompsonOne; Moody’s; A.M. Best Company; EY Research, 2014
Page 4
Global Insurance Industry: Quarterly Spotlight Report
Coming off a favorable third quarter, global insurers face considerable headwinds for
the remainder of 2014

Global Insurance – All Lines
Average Analysts’ Consensus Forecast*
Third Quarter Annual Growth – 2013-14
Gross Written Premiums
(% Change)
8%
− Contracting growth in the U.S. as GDP, which grew 3.2%
in 3Q, is forecasted to grow 1.9% in 4Q
− Weakening of the European economic recovery, credit
challenges in China and fiscal tightening in Japan
Net Income
(% Change)
14%
8%
− Concerns regarding the sustainability of the current 5+
year bull market

15%

5%
7%
3%
3Q
Estimated
3Q
Actual
4Q
Estimated
3Q
Estimated
3Q
Actual
A moderation in the growth of the global economy will
pressure industry fundamentals for 4Q and into early 2015
4Q
Estimated


Growth rate excluding reinsurers

An increase in interest rates, which is expected in early 2015
in the U.S. and U.K. and possibly other countries later in the
year, should have a positive impact on investment income
UK protection products should benefit from a continuation of
strong UK housing growth – September 2014 prices increased
12.1%, the highest rate since 2007
UK annuity sales will be challenged by the elimination of
compulsory annuities for certain defined contribution
withdrawals – UK insurers have already reported an impact
Continued geopolitical risks including Russia-Ukraine conflict,
Middle East terrorism and territorial disputes in Asia will
further challenge the current macro-economy
Global reinsurers face significant challenges from a
combination of suppressed investment earnings, significant
rate cuts and increased competition from alternative capital
sources (see Reinsurance Spotlight)
*Growth rates based on average analyst consensus forecasts across 25 global insurers.
Excludes UK based insurers due to absence of 3Q forecast data
Source: Company filings; Dow Jones; ThompsonOne; Moody’s; A.M. Best Company; EY Research, 2014
Page 5
Global Insurance Industry: Quarterly Spotlight Report
Equity market performance, interest rates and non-life pricing trends continue to be key
concerns for the industry
Factors Affecting the
Primary Insurance Industry
Impact
Current Quarter Comments
1Q14
2Q14
3Q14
1
Equity market
performance
While the insurance sector finished up versus 3Q2013, stock indices ended flat for the
quarter due to concerns over the sustainability of current equity market performance, the
continuation of low interest rates, declining bond yields and a softening P&C cycle
2
Interest rates
The decline in bond yields experienced during 9M14 is likely to put pressure on demand for
saving products, while further constraining investment income, resulting in a stagnation of
top line growth
3
Natural catastrophe
Despite higher losses due to severe winter weather during 1Q14 and floods in 2Q14, the
insured losses from catastrophe events remain below average due benign US hurricane
season during 3Q14
4
Pricing trend
The deceleration of premium growth, including a decline in the UK, continued into the third
quarter, as a result of persistent rate softening in several markets, including the US,
Germany, and France
5
Regulatory environment
The industry continues to face numerous regulatory reforms as most markets introduced
reforms for ensuring higher levels of capital adequacy and removing inefficiencies from the
industry
6
Reinsurance industry
capacity
As the reinsurance industry continues to grapple with excess capacity, primary insurers
continue to benefit from softening reinsurance rates as well as terms and conditions
7
Alternative risk transfer
instruments
Despite a relatively quiet 3Q14, the sector is set to be a record-breaking year for CAT bond
issuance providing a cheaper source of risk transfer
Reinsurance rating
environment
Source: EY analysis, 2014
8
Page 6
Reinsurers witnessed rates softening in most regions and business lines during the January,
April and July renewal seasons, a trend favourable for primary insurers
Global Insurance Industry: Quarterly Spotlight Report
Key Trends Spotlight
Page 7
Global Insurance Industry: Quarterly Spotlight Report
Non-Life rate declines continue to put pressure on premium growth across most major
markets
US Non-Life: Net Premiums Written Growth (%)
4.3%
4.5%
4.2%
4.0%

3.7%
The non-life industry continues to experience persistent rate
declines across most regions
− In the US rate softening was experienced primarily in
property lines driven by continued strong capacity and
below average catastrophe losses
− Although rates are still rising in certain casualty lines in
the US on an aggregate basis, the pace of increase has
dropped to low single digits
0.7%
2010
2011
2012
2013
1H13
− Softening rates have dampened premium growth across
several markets, including Germany and France, while
growth in the UK has turned negative
1H14

France* Non-Life: Net Premiums Written Growth (%)
Despite the rate declines, premiums have benefited from the
growth in exposures fuelled by a positive economic growth
outlook for the remainder of the year
− Growth in key areas of the economy, such as car sales,
new residential construction, and a drop in
unemployment, continue to benefit the non-life insurance
industry
4.1%
3.1%

2.2%
1.8%
2.0%
1.5%
Insurers will focus on innovation and improved service to
combat the pressure of declining rates
− Implementation of new technology across the value
chain will reduce costs and improve service
− Insurers will also seek to improve business and
customer insights through better data analytics and risk
modeling
2010
2011
2012
2013
1H13
1H14
* 1H figures denote figures for 1st five months of the year
Source: Insurance Information Institute; A.M. Best; FFSA - Fédération Française des Sociétés d'Assurances; Association of British Insurers (ABI); EY Research, 2014
Page 8
Global Insurance Industry: Quarterly Spotlight Report
Natural catastrophe losses through the first nine months of 2014 are well below average,
providing a positive impact on industry earnings and capital positions
US P&C Industry’s Catastrophe (CAT) Losses during 3Q, (US$ Bn)
48.4

23.7
− The 3Q14 hurricane season was the quietest for the
US P&C industry in more than a decade
19.1
16.1
3.7
1.3
1.3
2.6
2.0
− The $27 billion of CAT losses incurred globally during
9M14 was 56% below the 10 year average losses
9.4
8.4
0.7
If current trends persist for the remainder of the year,
2014 will be the quietest year, in terms of CAT losses, for
insurers since 2008
1.8
1.9
1.2

− During 9M14, the Asia-Pacific region experienced
over 100 CAT-events, particularly floods, severe
storms and earthquakes
Largest Natural Catastrophes Worldwide, 9M14
Month
Region
Event
Loss
Estimates
Feb-14
Japan
Winter damage
>$2.5 bn
May-14
Eastern Europe
Floods
>$2.5 bn
Jun-14
Western Europe
Severe storm, hailstorm
<$2.5 bn
Jan-14
US
Winter damage
$1.7 bn
May-14
US
Severe storm
$1.6 bn
Sept-14
Mexico
Hurricane Odile
$1.0 bn
3Q14
China
Earthquake
$1.0 bn
While the severity of insured catastrophe losses across
Asia has declined in recent quarters, the frequency of
events has increased
− The impact on insured losses in the Asia-Pacific
region has been minimized due to the current low
level of insurance penetration across the region


The subdued insured losses have not only boosted
earnings and capital positions but have also masked the
impact of the declining premium rates
However, the rising frequency of CAT-events remains a
concern as one major event can quickly lead to a spike in
losses for the industry
Source: Munich Re; Aon Benfield; AM Best; Barclays Equity Research; Morgan Stanley; EY Research, 2014
Page 9
Global Insurance Industry: Quarterly Spotlight Report
Underwriting fundamentals for the UK personal lines segment deteriorated during the
first nine months of 2014, eroding margins
UK Non-Life: Personal Lines Pricing Change (%)
10%

5%
0%

-5%
-10%
Following the industry’s first underwriting profit in 20 years, at
the end of 2013, the motor insurance sector is likely to return to
underwriting losses in 2014, with a combined ratio of 109.3%
YTD 2014, UK motor insurers have witnessed y-o-y declines in
premium, despite rising claims costs and expenses
− Insurers continue to lower rates in anticipation of claims cost
savings from the LASPO Act*, as well as to compete
effectively through price comparison websites
-15%
− The forecast for claims inflation is 1.3% in 2014 with an
increase to 2.6% in 2015
-20%
1Q12
2Q12
3Q12
4Q12
1Q13
Motor Pricing
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
Property Pricing

UK Non-Life: Personal Lines Combined Ratio (%)

130%
120%
Several motor insurers may look to expand their property book
of business, which has structurally higher underwriting margins,
less cyclicality and less regulatory risk
Underwriting results for the property insurance segment also
appear to be deteriorating
− Property insurance premium rates declined y-o-y by 7.2%
during 3Q14 mainly due to intensifying competition
110%
− During 1H14, floods led to £451 million worth of claims while
storms resulted in £640 million of losses
100%
90%

80%
Motor
Property
To protect margins in the current soft cycle, insurers will need to
adopt and implement more effective cycle management
practices
70%
2009
2010
2011
2012
2013
2014F
*LASPO Act: refers to Legal Aid, Sentencing and Punishment of Offenders Act of 2012
Source: Barclays Equity Research; AA British Insurance Premium Index; AM Best; Timetric; EY P&C Actuarial, Annual UK Motor Insurance Forecast; EY Research, 2014
Page 10
Global Insurance Industry: Quarterly Spotlight Report
US life insurance returns are likely to stagnate while organic growth weakens in the face
of continued low interest rates
US Life: Premiums Growth and Yield on Invested Assets (%)
13.8%
7.9%
7.2%
5.4%
5.2%
5.8%
5.1%
4.9%
5.1%
4.8%
4.8%
10.1%
10.2%
10.3%
2010
2011
2012
10.9%
10.8%
2013
2014F
10.3%
9.3%
4.3%
-8.1%
2008
4.9%
3.8%
0.8%
0.6%
2007
US Life: Return on Average Equity (%)
2009
2010
2011
2012
-5.6%
-6.0%
2013
1H13
1H14
-0.4%
Direct Premium & Annuity Consideration
Net Yield on Invested Assets
2007

US Life: Pre-Tax Operating Income (US$ Bn)
63.8
61.0

59.6
53.1
44.6

32.6
28.0
26.4

2007
-1.4
2008
2009
2010
2011
2012
2013
1H13
1H14

2008
2009
The US life insurance industry ROE to decline slightly to10.8% in 2014 and
10.3% in 2015 as the 10-year Treasury yield continues to drop and interest
rates remain low
The low rate environment will continued to pressure investment yields in for
the remainder of 2014 and further pressure margins on spread-based
products
Top-line growth in 2H14 and 2015 is likely to remain modest as individual
life and group benefit sales are expected to remain flat while variable
annuity business will continue to decline
In an operating environment that doesn’t support organic growth, life
insurers need to look for other strategic options to deploy their continuously
building excess capital
Several large insurers like MetLife, Prudential and Principal Financial are
deploying capital for acquisitions and share buybacks to improve returns
Source: SNL Financial; AM Best; J.P. Morgan; Morgan Stanley; EY Research, 2014
Page 11
2015F
Global Insurance Industry: Quarterly Spotlight Report
Chinese life insurers face potential significant cash outflows due to a combination of
high surrender activity and maturity payments on high cash value products
China Life: Gross Written Premium YoY Growth (%)
Total Cash Outflow Forecast on Surrenders & Maturity (Rnb Bn);
4Q14-1H15
87.6%
Premium growth decline to single digits since April:
175
• Change in requirement that a minimum 20%
(previously 10%) of bancassuance sales must qualify
as protection products
150
• Competition from wealth management products
continues to hurt bancassurance product sales
24.3%
10.4%
40%
125
100
30%
75
20%
50
7.3%
5.7%
50%
10%
25
-3.0%
-4.6%
Jan-14
Feb-14
Mar-14
Apr-14
May-14
-11.2%
Jun-14
Jul-14
0
0%
China Life
New China Life
Maturity Payment
Aug-14
CPIC Life
China Taiping
Surrender Payment
Ping An Life
% of Premiums*
* Annualized 1H14 premium
China Life: Surrender Payment (Rmb Bn) and Change in Cash Flow

55.6
− Net cash flow has been hampered by both slowing premium growth,
leading to moderating inflows, and rising surrender payments pushing
up outflows
24.0%
32.2
18.7
13.3
16.3
9.7
3.0
-5.3%
7.6
3.7
− To compete with higher return and shorter duration wealth
management products, insurers in late 2013 increased their focus on
sales of high cash value products with a 1 year duration. As a result,
increased surrender activity is expected beginning next quarter.
5.1
-5.9%
− Regular maturity payments for 5-years bancassurance products sold in
2009 represent another source of significant concern
-21.3%
China Life
New China Life
1H13
1H14
Chinese life insurers are likely to experience significant cash flow pressure
during 4Q14
CPIC Life
-55.9%
China Taiping

Ping An Life
Change in Operating Cash Flow (%)
Chinese life insurers will need to rebalance their product strategy to
address ongoing cash outflow concerns, which could include a focus on
products with high premium flow at the expense of margins
Source: China Insurance Regulatory Commission (CIRC); Morgan Stanley ; Deutsche Bank; CIMB; EY Research, 2014
Page 12
Global Insurance Industry: Quarterly Spotlight Report
Global reinsurers remain concerned over rising capital levels, stagnating top-line
growth, weakening margins, and intensifying competitive pressures
Global Reinsurance Market Capital (US$ Bn)
540
505
410
22
340
19
470
24
400
22
321
50
39
59

28
Insurers are witnessing the lowest cost of reinsurance in
10 years, driven by persistent declines in reinsurance
rates in almost all lines, across most regions
− Relatively benign weather related-loss events during
9M14
446
388
455
570
378
427
490
466
511
− Global reinsurance sector ‘s capital position is at a
record high level while demand is largely stagnant
− Intensifying competitive pressures combined with the
continuous influx of new capital from alternative
sources
2007
2008
2009
2010
2011
Traditional
2012
2013
1H14
Alternative

Global Reinsurance Underwriting Ratios and Return on Equity
107.4%
95.4%
92.0%
31.3%
84.5%
31.6%
31.3%
30.6%
88.7%
89.4%
32.2%
31.0%
94.6%

31.4%
53.9%
10.6%
14.7%
− A softening rate cycle is slowly starting to undermine
earnings and erode returns for reinsurers
2009
2010
Loss Ratio
60.7%
2.5%
2011
With declining reinsurance rates and loosening terms and
conditions, margins are getting thinner and earnings
volatility is gradually increasing
− Benign catastrophe related losses have masked the
weakening of earnings in recent quarters
76.1%
63.8%
The low cost of hedging catastrophe risk through
reinsurance programs and alternative risk transfer
instruments is aiding many insurers to seek growth
opportunities in CAT-prone, high margin coastal regions
56.5%
58.4%
12.1%
13.1%
11.9%
2012
2013
1H14
Expense Ratio
63.2%

Reinsurers with diverse business portfolios and distribution
have an edge in the current environment
10.8%
5yr-Avg
Return on Equity (RoE)
Source: Aon Benfield; AM Best; Willis; Munich Re; EY Research, 2014
Page 13
Global Insurance Industry: Quarterly Spotlight Report
The sector is set to hit a record breaking year for Catastrophe (CAT) bond issuance
Alternative Capital Split by Product (%), 1H13 vs 1H14
5%
7%

9%
12%
37%
1H13
Total Alternative
Capital
USD44 billion
45%
− During 1H14, alternative capital increased over 34%
versus 1H13 and nearly 20% since year-end 2013
1H14
Total Alternative
Capital
USD59 billion
− Given a persistently gloomy investment environment,
CAT bonds are offering attractive returns to investors,
especially given relatively low losses in recent quarters
41%

44%
Collateralized Reinsurance
CAT Bonds
Sidecars
− Total issuance of $5.9 billion in 1H14 is the highest for
any year reflecting the continued strong demand for
CAT-bonds from both sponsors and investors
Catastrophe Bond (CAT Bond) Issuance (US$ Bn)
7.5
4Q
2.0
6.3
1.9
5.3
1.4
3.5
2.8
0.0
0.3
3.5
2.4
1.6
0.2
0.8
0.9
1.8
0.4
0.8
2.4
1.0
0.7
0.7
2007
2008
2009
0.3
2010
4.5
2Q
2.1
3.3
0.7
1.5
1.0
2011
2012
0.7
2013
1.4
1Q
While 3Q14 saw just one transaction, adding $250 million to
CAT bond issuance, total issuance is still likely to reach $8$9 billion for 2014, a new record for any single year
− CAT-bond issuance reached $6.2 billion for 9M14,
which is higher than the record $6.0 billion reached
during 9M07
3Q
1.6
2.0

6.2
0.3
1.9
4.6
CAT-bonds have overtaken collateralized reinsurance as
the largest contributor to alternative capital
− CAT-bond issuance reached $4.5 billion for 2Q14,
setting a new record for issuance in any single quarter
Collateralized ILW
7.9
Alternative capital continues to flow into the reinsurance
sector through catastrophe bonds, sidecars and hedge fund
reinsurance companies

Despite the growth in alternative capital, expectations are
that funds will be diverted to government and corporate
bonds once sovereign bond yields rise to long-term levels
2014
Source: Aon Benfield; AM Best; Willis; Munich Re; EY Research, 2014
Page 14
Global Insurance Industry: Quarterly Spotlight Report
Regulators in most markets continue to introduce reforms aimed at ensuring higher
levels of capital adequacy and removing inefficiencies from the industry
Americas
Asia-Pacific
Revised capital requirements for P&C insurers in
Canada
China issues draft guidelines for insurance groups


Canadian financial regulator made changes to the
Minimum Capital Test (MCT) guidelines for P&C
insurers resulting in higher capital requirements
The new framework will come into effect on 1
January 2015, and is likely to produce an average
2.8ppt decline in capital ratios across the industry
US Senate passes Terrorism Risk Insurance Act


EMEA
EIOPA publishes paper to support Solvency II
calculation


TRIA provides insurers with the long-term financial
assurances needed to provide terrorism risk cover
It also increased insurers' co-pay to 20% from
15% and raised the mandatory recoupment
threshold to $37.5 billion from $27.5 billion
Brazil to amend insurance advisors regulations


Susep has agreed to amend regulations passed in
October 2013 regarding the agent's role as an
insurance advisor
EIOPA published the underlying assumptions in the
standard formula for the Solvency II Capital
Requirement(SCR) calculation.
The paper aims to support the application of
Solvency II Preparatory Guidelines on forward
looking assessment of own risks


The new rules enable domestic insurers and Chinabased units of foreign insurers to buy a stake in
more than one insurer in the same market segment
China preparing for 2nd generation solvency reforms


UK aims to reduce claims-based legal disputes

China Insurance Regulatory Commission (CIRC)
has published draft guidelines for consolidated
supervision of insurance groups.
CIRC started the technical tests to quantify the riskbased minimum capital for life insurers under its
second-generation solvency reform.
These cover risks including interest rates, market,
credit and insurance operations risks
Britain's Treasury announced reforms to modernise
commercial insurance laws, aimed at reducing the
number of claims-based legal disputes
India introduces motor insurance reforms
The new laws focusses on removing loopholes in
previous framework by forcing businesses to better
disclose risk information before buying a policy,
making insurers more flexible about breaches of
warranty


Indian insurance regulator introduced long-term third
party motor insurance policy for two-wheelers.
The new rules allow for three years policy instead of
current one year policy. These reforms are aimed at
increasing persistency and lowering costs
FASB introduces new revenue recognition standard and requires more disclosures
 The revenue recognition standard is more principle based and will require insurance entities and brokers to exercise more judgment
 FASB also issued a standard that will require insurers to make new disclosures about their short-duration insurance contracts.
 Insurers need to make annual updates to all assumptions used to measure the liability for future policy benefits for certain long-duration
contracts
Source: A.M. Best; SNL Insurance daily; Business News Americas; Insurance Newslinks; Reuters News; Press trust of India; EY Research, 2014
Page 15
Global Insurance Industry: Quarterly Spotlight Report
Year to date value of M&A activity for the global insurance sector increased by 35%
versus the same period last year, driven in part by strong demand from financial buyers
Global Insurance M&A Deal Volume (2010 - Q3 YTD)

3%
2014 YTD
50%
33%
13%
498
3%
2013
49%
35%
13%
503
− YTD M&A data indicates that $1b+ deals are firmly back on the
agenda, with private equity firms actively involved in a number of
these “mega” deals
4%
2012
49%
33%
13%
544
3%
2011
48%
37%
12%
− Mega deals include KKR’s acquisition of Sedgwick Claims
Management for $2.4b (Jan 2014); CPPIB’s acquisition of Wilton
Re for $1.8b (Mar 2014) and TPG Capital’s acquisition of Aon
Warranty for $1.5b (Mar 2014)
608
4%
2010
40%
Americas
40%
Europe
16%
Asia Pacific
563
− Most PE investment cases are based heavily on market disruptive
developments, including the potentially transformational impact of
technology on all elements of the insurance value chain
Middle East & Africa

Global Insurance M&A Deal Value (US$ Bn); 2010 - Q3 YTD
2014 YTD
59%
1%
12%
28%
44

2%
2013
40%
37%
40
21%

2%
2012
2011
44%
28%
26%
49
1%
47%
33%
19%
49%
Americas
Europe
19%
Asia Pacific
Although there is still strong appetite for M&A in rapid growth markets
(RGMs), the value of deals remained lower than anticipated
Mature and established markets, including the US (39% of total deal
volume) and the UK (12% of total deal volume) have account for the
bulk of M&A activity through 3Q14
Looking ahead, the momentum of M&A activity across the global
Insurance sector is likely to continue
− Based on current rates of deal activity, 2014 is expected to record
the highest volume of M&A deals in the last 5 years
49
2%
2010
Private equity (PE) interest in the sector remains strong, with 37% of
the top 25 deals involving a financial buyer (total value of the top 25
deals between Jan-Sep 2014 was $32.2b, of which $11.8b was from
financial buyers)
30%
Middle East & Africa
67
− According to EY’s 11th Capital Confidence Barometer, there is
increasing optimism among global insurers, with a corresponding
increase in the proportion of companies looking to pursue
acquisitions
Source: ThomsonOne; Mergermarket; EY Research, 2014
Page 16
Global Insurance Industry: Quarterly Spotlight Report
Global Insurance Industry: Quarterly Spotlight Report
Published: November 2014
Warning
The information contained in this report may include dated material.
Major events may have occurred since original publication that might alter the accuracy of the report.
For further information, please contact the authors:
David Sterner, Strategic Analyst - Insurance
Vikash Kr. Singh, Analyst - Insurance
David.Sterner@ey.com
Vikash.Singh@in.ey.com
+1 215 841 0213
+91 124 6192577
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Global Insurance Industry: Quarterly Spotlight Report