Abstract | This paper examines the growth strategies of three insurance companies, AXA, Generali and ING from 1995 to 2005. The conceptual framework links marketing to organic revenue growth, which in turn drives value creation. We decompose revenue growth into organic growth, external growth (M&A, divestitures), exchange rate effects, and assess under- or outperformance in different geographical markets and business segments. Exchange rate effects are usually of minor importance – except if companies enter markets at an inopportune time. The findings show the importance of organic revenue growth in the insurance industry and indicate that only organic revenue growth enhances shareholder value with marketing being a key driver in generating organic revenue growth. |
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