Index Factsheet

MSCI Europe Insurance Index (EUR)

The MSCI Europe Insurance Index is composed of large and mid cap stocks across 15 Developed Markets countries* in Europe. All
securities in the index are classified in the Insurance industry group (within the Financials sector) according to the Global Industry
Classification Standard (GICS®).
For a complete description of the index methodology, please see Index methodology - MSCI.

CUMULATIVE INDEX PERFORMANCE — NET RETURNS (EUR) ANNUAL PERFORMANCE (%)

(MAR 2009 – MAR 2024) MSCI EMU
Year MSCI Europe
Insurance

MSCI EMU Insurance 677.73 2023 13.38 15.83

MSCI Europe 2022 2.95 -9.49
600 2021 19.92 25.13
2020 -9.21 -3.32
2019 31.28 26.05
2018 -7.22 -10.57
424.77
400 2017 10.33 10.24
2016 -1.14 2.58
2015 16.85 8.22
2014 12.92 6.84
200 2013 32.42 19.82
2012 39.98 17.29
2011 -8.62 -8.08
50 2010 4.20 11.10
Mar 09 Jun 10 Sep 11 Dec 12 Mar 14 Jun 15 Sep 16 Dec 17 Mar 19 Jun 20 Sep 21 Dec 22 Mar 24

INDEX PERFORMANCE — NET RETURNS (%) (MAR 29, 2024) FUNDAMENTALS (MAR 29, 2024)
ANNUALIZED

1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr DecSince Div Yld (%) P/E P/E Fwd P/BV

31, 1998

MSCI EMU Insurance 4.65 10.88 23.43 10.88 11.37 10.33 9.55 3.39 4.97 14.51 10.82 1.74

MSCI Europe 3.94 7.63 14.79 7.63 9.22 8.80 7.02 4.88 3.14 15.12 13.74 2.11

INDEX RISK AND RETURN CHARACTERISTICS (MAR 29, 2024)

ANNUALIZED STD DEV (%) 2 SHARPE RATIO 2 , 3 MAXIMUM DRAWDOWN
Since
Turnover 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr Dec 31, (%) Period YYYY-MM-DD
(%) 1 1998

MSCI EMU Insurance 4.63 14.15 21.76 18.84 0.75 0.54 0.57 0.20 79.53 2000-11-30—2009-03-09

MSCI Europe 3.30 13.54 15.80 13.98 0.63 0.58 0.55 0.29 58.54 2007-07-16—2009-03-09
1 2 3
Last 12 months Based on monthly net returns data Based on EMMI EURIBOR 1M from Sep 1 2021 & on ICE LIBOR 1M prior that date

Developed Markets countries include: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and
the UK.

The MSCI Europe Insurance Index was launched on Sep 15, 1999. Data prior to the launch date is back-tested test (i.e. calculations of how the index might have performed over
that time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or
back-tested -- is no indication or guarantee of future performance.

MSCI Europe Insurance Index (EUR) | msci.com

MAR 29, 2024 Index Factsheet

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI EMU Insurance Country Float Adj Mkt Cap Index
Number of 24 ( EUR Billions) Wt. (%)
ALLIANZ DE 108.82 19.62
Constituents
Mkt Cap ( EUR Millions) ZURICH INSURANCE GROUP CH 73.17 13.19
Index 554,713.85 AXA FR 63.23 11.40
Largest 108,819.53 MUENCHENER RUECKVERSICH DE 61.72 11.13
SWISS RE CH 35.95 6.48
Smallest 2,683.40
PRUDENTIAL GB 23.90 4.31
Average 23,113.08
ASSICURAZIONI GENERALI IT 23.78 4.29
Median 13,445.63 SWISS LIFE HOLDING CH 19.18 3.46
SAMPO A FI 17.84 3.22
LEGAL & GENERAL GROUP GB 17.79 3.21
Total 445.38 80.29

FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURN

MSCI FACTOR BOX MSCI FaCS
UNDERWEIGHT NEUTRAL OVERWEIGHT
VALUE
Relatively Inexpensive Stocks

LOW SIZE
Smaller Companies

MOMENTUM
Rising Stocks

QUALITY
Sound Balance Sheet Stocks

YIELD
Cash Flow Paid Out

LOW VOLATILITY
Lower Risk Stocks

MSCI FaCS provides absolute factor exposures

relative to a
<-1.5 0 +1.5< broad global index - MSCI ACWI IMI.
MSCI EMU Insurance MSCI Europe
Neutral factor exposure (FaCS = 0) represents
MSCI ACWI IMI.

SUB-INDUSTRY WEIGHTS COUNTRY WEIGHTS

11.4%
20.37% 12.82%
16.37%
5.24%

11%
5.97%

25.18%

34.36%
57.29%

Multi-line Insurance 57.29% Reinsurance 20.37% Life & Health Insurance 16.37% Germany 34.36% Switzerland 25.18% United Kingdom 12.82% France 11.4%

Property & Casualty Insurance 5.97% Italy 5.24% Other 11%

MSCI Europe Insurance Index (EUR) | msci.com

MAR 29, 2024 Index Factsheet

MSCI FACTOR BOX AND FaCS FRAMEWORK (Please refer to complete description of the MSCI FaCS methodology here)
MSCI FaCS is a standard method for evaluating and reporting the Factor characteristics of equity portfolios. MSCI FaCS consists
of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic
literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructed
by aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta)
from the latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use.
The MSCI Factor Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposures
of funds/indexes and their benchmarks along 6 Factor Groups that have historically demonstrated excess market returns over
the long run.

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to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

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