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European Insurance and Occupational Pensions Authority

Insurance stress test 2018

Stress tests are one of the regular supervisory tools used to assess the resilience of the insurance sector to possible adverse developments.

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.

To learn more,  read:

Individual results

GroupCountryConsent for the publication of individual results
Vienna Insurance Group AG Wiener Versicherung GruppeAustria YES 
AgeasBelgium NO 
KBC Insurance GroupBelgium NO 
PFA_PENSIONDenmark YES 
Forsikringsselskabet Danica, skadeaktieforsikringsselskabDenmark YES 
Sampo plcFinlandNO 
AXAFrance NO 
CNP AssurancesFrance NO 
BNP Paribas CardifFrance NO 
​Crédit Agricole AssurancesFrance NO 
COVEAFrance NO 
GROUPAMA SAFrance NO 
​GROUPE DES ASSURANCES DU CREDIT MUTUELFrance NO 
​Natixis AssurancesFrance NO 
SogecapFrance NO 
​Münchener Rückversicherungs-Gesellschaft AGGermany NO 
Allianz SEGermany NO 
​HUK-COBURG VersicherungsgruppeGermany NO 
HDI Haftpflichtverband der Deutschen Industrie VVaG *Germany NO 
R+V Versicherung AktiengesellschaftGermany NO 
​Assicurazioni Generali S.p.A.Italy NO 
​UNIPOL GRUPPO SPAItaly NO 
Poste Vita GroupItaly NO 
Intesa Sanpaolo Vita S.p.A.Italy NO 
Aegon N.V.Netherlands NO 
​NN Group N.V.Netherlands NO 
AchmeaNetherlands NO 
​Gjensidige ForsikringNorway NO​ 
​Storebrand ASANorway NO​ 
MAPFRE S.A.Spain YES 
​VIDACAIXA S.A.U. DE SEGUROS Y REASEGUROSSpain NO 
​Nordea Life Holding ABSweden NO 
Livförsäkringsbolaget Skandia, ömsesidigtSweden NO 
Aviva plc​United KingdomNO 
Legal & General Group Plc​United KingdomNO 
​RSA Insurance Group plcUnited KingdomNO 
Phoenix Group Holdings​​United KingdomNO 
Prudential plcUnited KingdomNO 
Standard Life Aberdeen plcUnited KingdomNO 
The Royal London Mutual Insurance Society Limited​​United KingdomNO​ 
​Scottish Widows Group LimitedUnited Kingdom NO 
​​ReAssure Group LimitedUnited Kingdom NO 

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