Objective
The 2018 exercise was tailored to assess the resilience of the European insurance sector to specific adverse scenarios with potential negative implications for the stability of the European financial markets and the real economy. Hence, it cannot be considered as a pass-or-fail or capital exercise for the participating groups. In total 42 (re)insurance groups, representing a market coverage of around 75% based on total consolidated assets, participated.
The exercise tested the impact of a prolonged low yield environment (Yield Curve Down - YCD - scenario) as well as of a sudden reversal of risk premia (Yield Curve Up - YCU - scenario), which are currently identified as key risks across financial sectors.
Stress test results
Overall, the exercise confirmed the significant sensitivity to market shocks combined with specific shocks relevant for the European insurance sector.
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Individual results
| Group | Country | Consent for the publication of individual results |
|---|---|---|
| Vienna Insurance Group AG Wiener Versicherung Gruppe | Austria | YES |
| Ageas | Belgium | NO |
| KBC Insurance Group | Belgium | NO |
| PFA_PENSION | Denmark | YES |
| Forsikringsselskabet Danica, skadeaktieforsikringsselskab | Denmark | YES |
| Sampo plc | Finland | NO |
| AXA | France | NO |
| CNP Assurances | France | NO |
| BNP Paribas Cardif | France | NO |
| Crédit Agricole Assurances | France | NO |
| COVEA | France | NO |
| GROUPAMA SA | France | NO |
| GROUPE DES ASSURANCES DU CREDIT MUTUEL | France | NO |
| Natixis Assurances | France | NO |
| Sogecap | France | NO |
| Münchener Rückversicherungs-Gesellschaft AG | Germany | NO |
| Allianz SE | Germany | NO |
| HUK-COBURG Versicherungsgruppe | Germany | NO |
| HDI Haftpflichtverband der Deutschen Industrie VVaG * | Germany | NO |
| R+V Versicherung Aktiengesellschaft | Germany | NO |
| Assicurazioni Generali S.p.A. | Italy | NO |
| UNIPOL GRUPPO SPA | Italy | NO |
| Poste Vita Group | Italy | NO |
| Intesa Sanpaolo Vita S.p.A. | Italy | NO |
| Aegon N.V. | Netherlands | NO |
| NN Group N.V. | Netherlands | NO |
| Achmea | Netherlands | NO |
| Gjensidige Forsikring | Norway | NO |
| Storebrand ASA | Norway | NO |
| MAPFRE S.A. | Spain | YES |
| VIDACAIXA S.A.U. DE SEGUROS Y REASEGUROS | Spain | NO |
| Nordea Life Holding AB | Sweden | NO |
| Livförsäkringsbolaget Skandia, ömsesidigt | Sweden | NO |
| Aviva plc | United Kingdom | NO |
| Legal & General Group Plc | United Kingdom | NO |
| RSA Insurance Group plc | United Kingdom | NO |
| Phoenix Group Holdings | United Kingdom | NO |
| Prudential plc | United Kingdom | NO |
| Standard Life Aberdeen plc | United Kingdom | NO |
| The Royal London Mutual Insurance Society Limited | United Kingdom | NO |
| Scottish Widows Group Limited | United Kingdom | NO |
| ReAssure Group Limited | United Kingdom | NO |