The European insurance market came through the financial crisis relatively unscathed. Over the last five years, insurers have enjoyed stable revenues. Thanks to improvements in profitability, they have increased their operating results by three percent on average and after-tax earnings by seven percent. Return on equity (RoE) is also up: After a sharp decline to 4.9 percent in 2011, it rose to 8.5 percent at the end of 2013, almost reaching its 2009 level (9.0 percent).