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Lethal lapses : how a positive interest rate shock might stress German life insurers
Feodoria, Mark; Förstemann, Till - 2015
Life insurers typically grant policyholders a surrender option. We demonstrate that the resulting lapse risk could materialise in the form of a "policyholder run" if interest rates were to increase sharply. An inverse stress test based on a unique set of regulatory panel data suggests that...
Persistent link: https://www.econbiz.de/10011285414
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Interest rate risk of life insurers : evidence from accounting data
Möhlmann, Axel - 2017
Life insurers are exposed to interest rate risk, and their liability side is typically more sensitive to interest rate changes than their asset side. This paper develops an accounting-based measure of interest rate sensitivity. My approach uses the coexistence of historical cost and market value...
Persistent link: https://www.econbiz.de/10011648952
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Too much "skin in the game" ruins the game : evidence from managerial capital gains taxes
Bührle, Anna Theresa; Yen, Chia-Yi - 2023 - This version: August 25, 2023
Co-investment, often seen as a remedy for agency problems, may incentivize managers to cater to own preferences. We … provide evidence that mutual fund managers with considerable co-investment stakes alter risk-taking decisions to prioritize …. Such tax-induced behavior is associated with negative fund performance. We highlight the role of co-investment in …
Persistent link: https://www.econbiz.de/10014422557
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How is the low-interest-rate environment affecting the solvency of German life insurers?
Kablau, Anke; Weiß, Matthias - 2014
Life insurance companies are affected directly by the impact of the low-interestrate environment. To fulfil promised … funds requirements. This points to a potential solvency risk in the life insurance industry. …
Persistent link: https://www.econbiz.de/10010432256
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Steuersubventionen und Ersparnisbildung in Lebensversicherungen
Lang, Oliver - 1995
Im deutschen Einkommensteuersystem wird Ersparnisbildung in Kapitallebensversicherungen durch die Absetzbarkeit der Versicherungsprämien bei der Ermittlung des zu versteuernden Einkommens und durch die Steuerfreiheit der Endausschüttung begünstigt. Die daraus resultierende Steuerersparnis ist...
Persistent link: https://www.econbiz.de/10011620688
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Steuersubventionen und Ersparnisbildung in Lebensversicherungen
Lang, Oliver - 1995
Persistent link: https://www.econbiz.de/10013428012
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Inter-cohort risk sharing with long-term guarantees : evidence from German participating contracts
Hombert, Johan; Möhlmann, Axel; Weiß, Matthias - 2021
Long-term minimum return guarantees sold by European life insurers increasingly become binding as interest rates decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts when guarantees are not binding, we study how binding...
Persistent link: https://www.econbiz.de/10012497374
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On the exposure of insurance companies to sovereign risk : portfolio investments and market forces
Düll, Robert; König, Felix; Ohls, Jana - 2015
risk. This paper focuses on the transmission of sovereign risk to insurance companies as some of the largest institutional … investors in the sovereign bond market. We use a firm level panel dataset that covers large insurance companies, banks and non … reflected in current insurance regulation (incl. upcoming Solvency II in Europe). …
Persistent link: https://www.econbiz.de/10011373080
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The standard portfolio choice problem in Germany
Huck, Steffen; Schmidt, Tobias; Weizsäcker, Georg - 2014
We study an investment experiment conducted with a representative sample of German households. Respondents invest in a …
Persistent link: https://www.econbiz.de/10010413601
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Risk attitude and capital market participation : is there a gender investment gap in Germany?
Fey, Jan-Christian; Lerbs, Oliver; Schmidt, Carolin; … - 2020
Do women invest differently than men? We contribute to the answer of this question by analysing the Panel on Household Finances (PHF) of the German Bundesbank. This representative panel collects a wide variety of behavioural and financial variables in the area of household finance. We find that...
Persistent link: https://www.econbiz.de/10012387111