This paper applies a risk-adjusted return on capital (RAROC) f ramework to the financial analysis of the risk and performance of an insurance company. A case s tudy is presented for a diversified insurer with both proper ly & casualty and life insurance business segments. The approach first quantifies the probability distributions of the different types of risk the institution faces: non-catastrophe liability risk, catastrophe risk, life risk, asset-liability mismatch (ALM) risk, credit risk, market risk, and operat ing risk. These risk type distributions are then aggregated to create an integrated risk distribution for the institution. Economic Capital and RAROC are then calculated using this risk distribution in conjunction with income statement analysis to p roduce performance metrics and insights at both the line of business and total company level that suppor t strategic as well as tactical decisions. Exhibits providing the case s tudy numerical examples accompany the discussion of methodology throughout the paper. Contact lnfo Lisa S. Ward, Risk Management Solutions, Inc., lisa.w~rd~0rms.com. David H. Lee, ERi~, dlet~ERlsk.com.