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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: 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
|
|
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
|
|
|
March, 2022
I/2022
|
