Detail publikace

Do EU-Wide Stress Tests Affect Insurers’ Dividend Policies?

Autor: doc. PhDr. Ing. Ing. Petr Jakubík Ph.D. Ph.D.,
Ing. Saida Teleu Ph.D.,
Typ: IES Working Papers
Rok: 2022
Číslo: 17
ISSN / ISBN:
Publikováno v: IES Working Papers 17/2022
Místo vydání: Prague
Klíčová slova: dividend distributions; dividends and share buybacks; European insurers; EU-wide insurance stress test, COVID-19
JEL kódy:
Citace: Jakubik P. and Teleu S. (2022): "Do EU-Wide Stress Tests Affect Insurers’ Dividend Policies?" IES Working Papers 17/2022. IES FSV. Charles University.
Abstrakt: The article employs panel data to investigate whether stress test results and other characteristics associated with European insurers vulnerabilities affect dividend distributions and share buybacks. We focus on the EU wide insurance stress test conducted in 2018 and 2021 as in this way we can also capture a behaviour of insurers during the COVID-19 crisis. Our empirical results suggest that two stress tests considered had no significant impact on changes in dividend distributions. However, more resilient insurers measured by assets-over-liabilities ratio seem to have higher dividend payout ratios including share buybacks. On the contrary, higher generated profit tend to be reflected in lower payout ratio.
Ke stažení: wp_2022_17_jakubik, teleu

Partneři

Deloitte

Sponzoři

CRIF
McKinsey
Patria Finance
Česká Spořitelna
EY