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.

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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 

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