Main Determinants of Profit Sharing Policy in the French Life Insurance Industry

Fabrice Borel-Mathurin, Pierre-Emmanuel Darpeix, Quentin Guibert (q.guibert@hotmail.fr) and Stéphane Loisel
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Pierre-Emmanuel Darpeix: PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique, ACPR - Autorité de Contrôle Prudentiel et de Résolution - Autorité de Contrôle Prudentiel et de Résolution, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Quentin Guibert: LSAF - Laboratoire de Sciences Actuarielle et Financière - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon, ACPR - Autorité de Contrôle Prudentiel et de Résolution - Autorité de Contrôle Prudentiel et de Résolution

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Abstract: We use a brand new data-set built from French supervisory reports to investigate the drivers of the participation rates served on euro-denominated life-insurance contracts over the period 1999-2013. Our analysis confirms practitioners' insight on the alignment with the 10-years French government bond, yet we show that on aggregate, insurers serve less than this target. Our data indicate that financial margins are more strictly targeted than participation. We find evidence that lapses are fairly uncorrelated with participation, suggesting other levers to pilot surrenders. If higher asset returns can imply better yield for policyholders, riskier portfolios do not translate into better participation

Keywords: participation rate; taux de revalorisation; profit sharing policy; life insurance; panel data; regulatory database (search for similar items in EconPapers)
Date: 2015-06
New Economics Papers: this item is included in nep-ias
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01165475v1
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Citations: View citations in EconPapers (10)

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Related works:
Journal Article: Main Determinants of Profit-Sharing Policy in the French Life Insurance Industry (2018)
Working Paper: Main Determinants of Profit-Sharing Policy in the French Life Insurance Industry (2018)
Working Paper: Main Determinants of Profit-Sharing Policy in the French Life Insurance Industry (2018)
Working Paper: Main determinants of profit sharing policy in the French life insurance industry (2015)
Working Paper: Main Determinants of Profit Sharing Policy in the French Life Insurance Industry (2015)
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