2089 Views
384 Downloads |
The impact of regulator's statement requesting EU insurers to suspend dividend distributions due to the COVID-19 pandemic on share prices
Enja Erker*
Article | Year: 2022 | Pages: 83 - 107 | Volume: 46 | Issue: 1 Received: June 1, 2021 | Accepted: November 21, 2021 | Published online: March 8, 2022
|
FULL ARTICLE
FIGURES & DATA
REFERENCES
CROSSMARK POLICY
METRICS
LICENCING
PDF
Source: The Bloomberg Terminal.
Country
|
Date
|
Insurance company
|
Austria
|
3/4/2020
|
Uniqua
Vienna Insurance Group
|
Belgium
|
7/4/2020
|
Ageas SA/NV
KBC Insurance Group
|
Finland
|
24/3/2020
|
Sampo Plc
|
France
|
3/4/2020
|
AXA SA
COFACE
SCOR SE
|
Ireland
|
2/4/2020
|
Metlife EU Holding company
|
Italy
|
30/3/2020
|
Generali
Gruppo Assicurativo Unipol
|
Germany
|
24/3/2020
|
Allianz
HDI
Nuernberger
|
Netherlands
|
2/4/2020
|
Aegon N.V.
NN Group
|
Norway
|
25/3/2020
|
Gjensidige Forsikring ASA
Storebrand ASA
|
Poland
|
26/3/2020
|
Capital Group PZU
|
Slovenia
|
31/3/2020
|
Sava Re Group
The Triglav Group
|
Spain
|
6/4/2020
|
GRUPPO CATALANA OCCIDENTE, S.A.
MAPFRE, S.A.
|
United Kingdom
|
31/3/2020
|
Admiral
Aviva plc
Direct Line
Hiscox
Phoenix Group Holdings
Prudential PLC
RSA Insurance Group plc
Saga
St James Place plc
QBE
|
Source: EIOPA – Monitoring of dividends distribution following EIOPA and NCA statement
(June 2020).
Source: Bryson Taylor (2021).
Source: The Bloomberg Terminal.
Source: The Bloomberg Terminal.
Source: The Bloomberg Terminal.
Source: The Bloomberg Terminal.
Source: The Bloomberg Terminal.
Insurance company
|
-5
|
-4
|
-3
|
-2
|
-1
|
0
|
1
|
2
|
3
|
4
|
5
|
Uniqua
|
0.37
|
0.37
|
0.14
|
0.69
|
-0.82
|
-1.18
|
0.27
|
0.17
|
0.79
|
0.79
|
0.79
|
Vienna
|
2.44
|
2.44
|
1.73
|
3.06
|
0.21
|
0.49
|
2.18
|
0.87
|
0.65
|
0.65
|
0.65
|
Ageas
|
3.57
|
3.57
|
-0.90
|
0.06
|
-4.40
|
-3.47
|
-1.24
|
-0.58
|
0.15
|
0.15
|
0.15
|
KBC I. G.
|
3.83
|
3.83
|
0.46
|
1.31
|
1.38
|
3.30
|
1.72
|
0.18
|
0.16
|
0.16
|
0.16
|
Sampo
|
3.30
|
3.30
|
2.89
|
1.42
|
2.25
|
3.61
|
2.99
|
-2.24
|
-3.92
|
-3.92
|
-3.92
|
AXA SA
|
-0.75
|
-0.75
|
-1.00
|
-0.71
|
-3.21
|
-1.34
|
0.73
|
1.15
|
0.82
|
0.82
|
0.82
|
COFACE
|
-0.89
|
-0.89
|
-4.14
|
-3.36
|
-4.44
|
0.65
|
3.61
|
3.79
|
1.67
|
1.67
|
1.67
|
SCOR SE
|
-2.88
|
-2.88
|
-0.93
|
0.88
|
-0.53
|
1.19
|
1.16
|
2.36
|
2.14
|
2.14
|
2.14
|
Metlife
|
1.05
|
1.05
|
-1.49
|
-2.42
|
-3.21
|
-2.10
|
1.23
|
2.74
|
3.81
|
3.81
|
3.81
|
Generali
|
-2.11
|
-2.11
|
-3.52
|
-0.63
|
-1.31
|
-0.19
|
0.20
|
1.05
|
1.50
|
1.50
|
1.50
|
Unipol
|
-0.10
|
-0.10
|
1.01
|
0.67
|
-0.37
|
0.29
|
1.21
|
1.45
|
0.15
|
0.15
|
0.15
|
Allianz
|
-1.94
|
-1.94
|
2.24
|
5.54
|
7.04
|
4.14
|
1.95
|
-0.69
|
-1.52
|
-1.52
|
-1.52
|
HDI
|
-6.87
|
-6.87
|
-0.95
|
-1.87
|
-3.75
|
-3.24
|
2.60
|
2.10
|
0.57
|
0.57
|
0.57
|
Nuernberger
|
0.16
|
0.16
|
1.33
|
0.52
|
1.15
|
-0.01
|
-1.04
|
-0.43
|
0.12
|
0.12
|
0.12
|
Aegon
|
-3.12
|
-3.12
|
-1.19
|
-1.72
|
0.22
|
-2.32
|
-0.83
|
0.71
|
2.22
|
2.22
|
2.22
|
NN
|
-1.02
|
-1.02
|
0.76
|
-0.04
|
0.75
|
-1.67
|
-1.44
|
-0.65
|
0.46
|
0.47
|
0.46
|
GJF
|
4.79
|
4.79
|
1.34
|
-0.90
|
-1.23
|
0.42
|
-0.87
|
-0.98
|
0.44
|
0.44
|
0.43
|
Storebrand
|
2.92
|
2.93
|
1.45
|
2.48
|
3.10
|
3.96
|
0.13
|
-2.80
|
-0.20
|
-0.20
|
-0.20
|
PZU
|
-1.17
|
-1.17
|
-2.80
|
-3.33
|
-0.06
|
1.21
|
1.60
|
1.76
|
1.29
|
1.29
|
1.29
|
Sava Re
|
-0.96
|
-0.96
|
-0.60
|
-2.38
|
1.01
|
0.72
|
0.43
|
-0.77
|
-1.24
|
-1.24
|
-1.24
|
Triglav
|
-2.62
|
-2.62
|
-0.29
|
-0.53
|
0.20
|
1.28
|
1.64
|
1.14
|
-1.07
|
-1.07
|
-1.07
|
GCO
|
-0.82
|
-0.82
|
0.57
|
-0.84
|
-1.92
|
0.52
|
1.46
|
2.09
|
0.23
|
0.23
|
0.23
|
MAPFRE
|
0.63
|
0.63
|
1.25
|
0.49
|
0.17
|
2.12
|
1.29
|
1.32
|
-0.44
|
-0.44
|
-0.44
|
Admiral
|
1.41
|
1.41
|
1.16
|
-0.40
|
-0.97
|
0.49
|
1.42
|
0.16
|
-2.33
|
-2.33
|
1.33
|
Aviva plc
|
6.65
|
6.65
|
2.92
|
0.22
|
-0.64
|
-2.78
|
-1.37
|
-3.63
|
-0.55
|
-0.55
|
-0.55
|
Direct Line
|
4.80
|
4.80
|
4.95
|
1.23
|
1.97
|
0.25
|
0.20
|
-4.00
|
-1.60
|
-1.60
|
-1.60
|
Hiscox
|
-4.77
|
-4.77
|
-1.62
|
-2.25
|
0.48
|
-0.50
|
-0.99
|
-2.44
|
-1.74
|
-1.74
|
-1.74
|
Phoenix
|
9.51
|
9.51
|
5.16
|
-1.76
|
-1.49
|
-2.55
|
-0.91
|
-4.66
|
-4.38
|
-4.38
|
-4.38
|
Prudential
|
7.50
|
7.50
|
3.39
|
-1.90
|
-1.04
|
-2.01
|
-1.05
|
-2.96
|
1.11
|
1.11
|
1.11
|
RSA I. G.
|
7.86
|
7.86
|
3.35
|
-1.42
|
-1.26
|
-2.15
|
-1.13
|
-3.34
|
-1.77
|
-1.77
|
-1.77
|
Saga
|
6.50
|
6.50
|
1.31
|
-4.73
|
-5.28
|
-0.43
|
-1.62
|
-1.09
|
-3.73
|
-3.73
|
-3.73
|
St James Place plc
|
3.60
|
3.60
|
1.46
|
-0.88
|
-1.36
|
-0.92
|
0.08
|
-1.46
|
-1.37
|
-1.37
|
-1.37
|
QBE
|
2.70
|
2.70
|
0.59
|
-2.02
|
0.45
|
3.82
|
0.13
|
0.67
|
-1.42
|
-1.42
|
-1.42
|
Source: Author.
Day t
|
Test statistic T
|
p-value
|
-5
|
1.95
|
0.060
|
-4
|
1.95
|
0.060
|
-3
|
1.55
|
0.131
|
-2
|
-1.40
|
0.170
|
-1
|
-1.29
|
0.206
|
0
|
0.07
|
0.948
|
1
|
1.84
|
0.075
|
2
|
-0.81
|
0.423
|
3
|
-0.95
|
0.351
|
4
|
-0.95
|
0.351
|
5
|
-0.95
|
0.351
|
Day t
|
Test statistic R
|
p-value
|
-5
|
19
|
0.080
|
-4
|
19
|
0.080
|
-3
|
21
|
0.728
|
-2
|
13
|
0.296
|
-1
|
14
|
0.163
|
0
|
17
|
0.728
|
1
|
22
|
0.296
|
2
|
17
|
0.728
|
3
|
18
|
0.080
|
4
|
18
|
0.080
|
5
|
18
|
0.080
|
Day t
|
Test statistic R
|
p-value
|
-5
|
-1.68
|
0.093
|
-4
|
-1.68
|
0.093
|
-3
|
-1.61
|
0.108
|
-2
|
-1.64
|
0.101
|
-1
|
-1.47
|
0.144
|
0
|
0.00
|
1.000
|
1
|
-1.86
|
0.063
|
2
|
-0.46
|
0.646
|
3
|
-0.64
|
0.525
|
4
|
-0.64
|
0.525
|
5
|
-0.64
|
0.525
|
Insurance
company
|
p-value
|
Insurance
company
|
p-value
|
Insurance
company
|
p-value
|
Uniqua
|
0.367
|
Allianz
|
0.007**
|
MAPFRE
|
0.006**
|
Vienna
|
0.011*
|
HDI
|
0.054
|
Admiral
|
0.727
|
Ageas
|
0.006**
|
Nuernberger
|
0.168
|
Aviva plc
|
0.746
|
KBC I. G.
|
0.002**
|
Aegon
|
0.017*
|
Direct Line
|
0.220
|
Sampo
|
0.003**
|
NN
|
0.034*
|
Hiscox
|
0.022*
|
AXA SA
|
0.007**
|
GJF
|
0.659
|
Phoenix
|
0.360
|
COFACE
|
0.263
|
Storebrand
|
0.018*
|
Prudential
|
0.912
|
SCOR SE
|
0.013*
|
PZU
|
0.856
|
RSA I. G.
|
0.569
|
Metlife
|
0.953
|
Sava Re
|
0.990
|
Saga
|
0.116
|
Generali
|
0.106
|
Triglav
|
0.647
|
St James Place plc
|
0.478
|
Unipol
|
0.021*
|
GCO
|
0.209
|
QBE
|
0.120
|
*p<0.05, **p<0.01, ***p<0.001.
Crossmark is a multi-publisher initiative from Crossref to provide a standard way for readers to locate the current version of a piece of content. By applying the Crossmark logo, the Institute of Public Finance is committing to maintaining the content it publishes and to alerting readers to changes if and when they occur. Clicking on the Crossmark logo will tell you the current status of a document and may also give you additional publication record information about the document.
|
|
March, 2022 I/2022 |