Performance determinants of life insurers: A systematic review of the literature

Figures & data

Table 1. Summary of frontier efficiency studies on life insurance-methodologies, inputs, outputs and average efficiencies: 1990–2021

Study	Country	Sample Period	No. of insurers	Efficiency Estimation	Input	Output	Efficiency type	Average efficiency per year
Country Specific Studies - Developed Countries
Fecher et al. (1991)	France	1984-1989	48	SFA	Labour cost, other expenses	Gross premiums	TE	0.242
Fecher et al. (1993)	France	1984-1989	48	SFA, DEA	Labour, other outlays	Gross premiums, investment returns	TE	0.242 0.357
Gardner and Grace (1993)	US	1985-1990	561	DFA	Labour, physical capital, miscellaneous items	Premiums, securities investments	CE	0.420
Yuengert (1993)	US	1989	765	SFA and TFA	Labour, physical capital	Reserves, additions to reserves	CE	0.350-0.500
Fukuyama (1997)	Japan	1988-1993	25	DEA	Home office labour cost, agent labour, physical capital	Real insurance reserves, real loans	TE PTE SE CnE	0.794 0.917 0.918 0.945
Hardwick (1997)	UK	1989-1993	54	SFA	Labour, capital	Real premiums	EE SE ToE	0.700 n/a n/a
Meador et al. (1997)	US	1990-1995	358	DFA	Labour, physical capital, materials and business services	Real incurred benefits, real additions to reserves	CE	0.416
Cummins and Zi (1998)	US	1988-1992	445	DEA, SFA, FDH and DFA	Labour, materials, financial capital	Real incurred benefits, real additions to reserves	CE-SFA CE-DEA CE-DFA CE-FDH	0.698 0.460 0.455 0.910
Carr et al. (1999)	US	-	66	DEA	Not given	Not given	CE RE	0.537 0.391
Chadwick and Cappelli (1999)	US	1993-1995	32	DEA	Not given	Not given	Relative efficiency	0.439
Cummins (1999)	US	1988-1995	750	DEA	Real administrative labour, real agent labour, business services, real equity capital	Incurred benefits + additions to reserves	TE PTE SE AE RE CE	0.567 0.632 0.893 0,650 0.331 0.361
Cummins, Tennyson and Weiss (1999)	US	1988-1995	750	DEA, Malmquist	Home office labour, agent labour, business services, real equity capital or surplus	Real incurred benefits + additions to reserves	CE TE AE SE PTE RE	0.357 0.568 0.642 0.894 0.632 0.336
Hitt (1999)	US	1995	754	DEA	Home office labour, agent labour, business services, real equity capital	Real incurred benefits + additions to reserves	CE RE	n/a n/a
Rees and Kessner (1999)	Germany UK	1992-1994	-	DEA	Distribution cost, administration cost	Total premium income (UK), change in total premium income (UK), aggregate sum insured (Germany), change in aggregate sum insured (Germany)	TE (Ger, UK)	0.480, 0,570
Ryan and Schellhorn (2000)	US	1990-1995	321	DFA	Labour, financial capital, materials	Real incurred benefit payments, additions to reserves	CE	0.312
Ward (2002)	UK	1990-1997	44	SFA, DFA	Labour, capital	Claims incurred, additions to reserves	CE RE PE	0.763 0.679 0.099
Hardwick et al. (2003)	UK	1994-1999	50	DEA	Labour, capital	Incurred benefits paid to policyholders plus additions to reserves	TE CE AE	0.561 0.523 0.916
Ennsfellner et al. (2004)	Austria	1994-1999	47	Bayesian SFA	Net operating expenses, equity capital technical provisions	Incurred benefits, change in reserves, total invested assets	TE	0.907
Greene and Segal (2004)	US	1995-1998	120	SFA	Labour, equity and physical capital, materials	Premiums	CE	0.800
Klumpes (2004)	UK	1994-1999	40	SFA	Labour, materials, policyholders’ debt capital, equity capital	Claims benefits, real invested assets	CE PE	0.655 0.863
Hussels and Ward (2007)	Germany, UK	1991-2002	31; 47	DEA and DFA	Labour, real equity capital	Net written premiums, additions to reserves	TE (Ger, UK) SE (Ger, UK) AE (Ger, UK) CE (Ger, UK)	0.764, 0.776 0.713, 0.557 0.691, 0.858 0.560, 0.652
Jeng et al. (2007)	US	1979-2001	63-89	DEA	Value added: labour, business services, equity capital Financial intermediary: surplus in previous year / assets, change in surplus / assets (underwriting + investment expenses) / assets, debt capital / assets	Value added: real benefit payments Financial intermediary: ROA, three principal components of financial condition	TE CE AE	0.953 0.803 0.834
Wu et al. (2007)	Canada	1996-1998	74	DEA	Labour expenses, general operating expenses, equity capital, claims incurred, net actuarial reserves, investment expenses, total investments, total segregated funds	Net premiums written, net income, investment gains in bonds and mortgages, investment gains in equities and real estate	Production Investment	0.810
Trigo-Gamarra (2008)	Germany	1995-2002	91	SFA	Operating expenses, equity capital	Incurred benefits, additions to reserves, bonuses and rebates	CE PE	0.678 0.914
Borges et al. (2008)	Greece	1994-2003	17	DEA	Labour cost, non-labour cost, equity capital	Life benefits and change in reserves, invested assets, reinsurance reserve, own reserve	TE	0.730
Cummins et al. (2010)	US	1993-2006	226	DEA	Administrative labour, agent labour, materials, equity capital	Real Incurred Benefits + additions to reserves, real average invested assets	TE SE CE AE RE PE	0.517 0.910 0.322 0.603 0.320 1.853
Erhemjamts and Leverty (2010)	US	1995-2004	702	DEA	Labour, business services, policyholder-supplied debt capital, equity capital	Incurred Benefits + additions to Reserves	TE CE	0.237 0.120
Trigo-Gamarra and Growitsch (2010)	Germany	1997-2005	84	DEA	Operating expenses, equity capital	Incurred benefits, additions to reserves, bonuses and rebates	SE CE PE	0.747 0.316 0.553
Hardwick et al. (2011)	UK	1994-2004	77	SFA	Labour, physical capital, debt capital, equity capital	Incurred benefits, additions to reserves	PE	0.691
Pottier (2011)	US	2005	277	DEA	Agent labour, administrative labour, business services, policyholder-supplied capital, equity capital	Net incurred benefits + additions to reserves, average invested assets	CE RE PE	0.662 0.432 0.649
Xie et al. (2011)	US	1993-2003	885	DEA	Administrative labour, agent labour, materials and business services, financial equity capital	Incurred benefits + additions to reserves, real average invested assets	CE TE	n/a n/a
Chen et al. (2013)	US	2005	267	DEA	Agent labour, administrative labour, business services, policyholder supplied capital, equity capital	Net incurred claims, average invested assets	TE AE CE RE	0.920 0.657 0.613 0.408
Chen and McNamara (2014)	US	2000-2007	308	DEA	Labour, business services, real equity capital	Real benefit payments, real invested assets	TE CE	0.465 0.299
Emm (2014)	US	1988-2001	444	VWAPM	Administrative labour, agent labour, physical capital, business services, equity capital	Net revenue + investment and other income minus output.	CE	0.840
Biener et al. (2016a)	Switzerland	1997-2013	23	DEA	Operating expenses, real debt capital, real equity capital	Real Paid benefits + additions to reserves, real value of total investments	TE CE RE AE SE	0.981 0.969 0.951 0.990 0.986
Krupa et al. (2019)	Germany	2008-2017	20	SBM-DEA	Net actuarial reserves, total investment assets	Investment return	Investment	0.810
Country-Specific Studies-Emerging Countries
Boonyasai et al. (2002)	South Korea Philippines Taiwan Thailand	1987-1997	20 29 20 12	DEA	Labour, physical capital, financial capital Real material / business services	Premium income, net investment income	TE PTE SE	n/a n/a n/a
Leverty et al. (2004)	China	1999-2002	15	DEA	Real business expenses, real equity capital, real debt capital	Real net premium income Real invested assets	TE PTE SE	0.976 0.989 0.987
Hao and Chou (2005)	Taiwan	1977-1999	26	DFA, SFA	Labour, physical capital, claims	Premiums, investments	CE	0.660
Qiu and Chen (2006)	China	2000-2003	22	DEA	Labour, equity capital, agent cost and other	Benefit payment, additions to reserves, investment yield	TE PTE SE	0.560 0.828 0.658
Hao (2007)	Taiwan	1981-2003	26	DFA	Labour, physical capital, claims	Premiums, investments	CE	0.660
Ho-Li (2007)	Taiwan	2002-2003	16	DEA	Agent labour, administrative labour, business services and materials	Premiums, investment income, communication units	TE PTE SE	0.812 0.960 0.833
Huang et al. (2007)	Taiwan	1996-2003	24	DEA	Labour, equity capital	Premiums, claims benefits	TE AE CE	0.622 0.746 0.472
Wang et al. (2007)	Taiwan	2000-2002	16	DEA	Home office labour, agent labour, business services, equity capital	Benefit payments and real additions to reserves	TE AE CE	0.871 0.789 0.716
Jeng and Lai (2008)	Taiwan	1981-2004	8-29	DEA	Home office labour, agent labour, business services, equity capital	Real benefit payments, real additions to reserves	TE CE RE	n/a n/a n/a
Chen et al. (2009a)	China	2001-2007	28	DEA	Labour, agent, materials and other related costs, equity capital	Incurred losses + additions to reserves, invested assets	TE PTE SE	0.565 0.811 0.683
Hu et al. (2009)	China	1999-2004	19	DEA	Operating expenses, labour, debt capital, equity capital	Net premiums	TE PTE SE	0.779 0.888 0.865
Kasman and Turgutlu (2009)	Turkey	2000-2005	14	Malmquist Index	Labour, business services, equity capital	Benefits incurred net plus the technical and mathematical reserves	TFP	0.806
Chen and Chang (2010)	Taiwan	1997-2006	24	DEA	Total expenses, equity capital	Real premium income	TE (CRS, VRS) SE	0.833, 0.893 0.933
Dutta and Sengupta (2011)	India	2004-2009	14	DEA	Operating expenses, net benefits paid	Net premium	PTE SE	0.866 0.948
Chakraborty, Dutta and Sengupta (2013)	India	2008-2009	14	DEA	Operating expenses, commission, debt capital, equity capital	Benefits paid, investment income	TE PTE SE	0,813 0,826 0,981
Lu et al. (2014)	China	2006-2010	34	Dynamic SBM-DEA	Operating expenses, debt capital, equity capital	Incurred benefits + additions to reserves, investment profits	Operating	0.937
Chuang and Tang (2015)	Taiwan	1976-2010	19	SFA	Labour, financial capital, business services	Incurred benefits, incurred claims, premium income	CE	0.584
Hu and Yu (2015)	Taiwan	2004-2009	27	SFA	Operating expenses, non-operating expenses	Securities, other earning assets	CE	0.330
Bian and Wang (2017)	China	2009-2013	48	SFA	Labour, business services and materials, financial capital	Real incurred benefits + additions to reserves, real invested assets	CE PE	0.504 0.114
Huang et al. (2019)	Taiwan	2000-2012	20	Network SFA	Administrative labour, agent labour, physical capital	Premiums, investment revenues	TE CE	0.671 0.729
Alhassan and Boakye (2020)	South Africa	2007-2014	50-59	DEA	Labour and business services, debt capital, equity capital	Incurred benefits, total assets	TE PTE SE	0,212 0,478 0,475
Siddiqui (2021)	India	2016-2019	24	DEA-SBM and SBM Super Efficiency	Operating expenses, debt capital, equity capital, commission paid	Benefits paid, investment income	TE PTE	0,548 0,637
Multi-country studies
Diacon et al. (2002)	15 EU	1996-1999	454	DEA	Operating expenses, total capital, total technical reserves, total borrowings	Net earned premiums, total investment income	PTE SE AE	0.557 0.800 0.869
Davutyan and Klumpes (2008)	7 EU	1996-2002	133	DEA	Labour, business services equity capital	PV of losses incurred, real average invested assets, net earned premium	TE PTE SE	0.190 0.288 n/a
Fenn et al. (2008)	14 EU	1995-2001	437	SFA	Labour, debt, equity capital, technical reserves	Net incurred claims	CE	0.796
Zanghieri (2009)	14 EU	1997-2006	-	SFA	Labour, debt capital, equity capital	Incurred benefits + additions to reserves	CE PE	n/a n/a
Eling and Luhnen (2010b)	36 Developed, Emerging and Developing	2002-2006	1735	SFA and DEA	Real labour and business services, real debt capital, real equity capital	Real value of net incurred benefits + additions to reserves, real value of total investments	TE-SFA TE-DEA CE-SFA CE-DEA	0.840 0.710 0.590 0,590
Biener and Eling (2011)	15 African, Asian and Latin American	2004-2008	15	DEA	Labour and business service, debt capital, equity capital	Real incurred benefits + additions to reserves, real value of total investments, no. of people insured relative to total population	TE* AE** CE***	0.85 0.71 0.60
Klumpes and Schuermann (2011)	8 EU	1995-2007	40	DEA	Labour, debt capital, total capital and reserves	Expected present value of future claims	CE PE	0.416 0.415
Biener et al. (2016b)	30 Developed, Emerging and Developing including South Africa	2003-2013	153	DEA	Labour, real debt capital, real equity capital (capital + surplus)	Real net benefits paid + net reserve changes, real total invested assets	CE	0.610
Cummins and Rubio-Misas (2016)	10 EU	1998-2007	450	Metafrontier DEA	Labour, material and business services, debt capital, equity capital	Value of real losses incurred, real value of invested assets	CE RE	0.754 0.220
Eling and Schaper (2017)	14 EU	2002-2013	596	DEA	Labour, debt capital, equity capital	Net benefits plus changes in reserves, total invested assets	TE CE	0.880 0.580
Giantsios and Noulas (2020)	22 EU	2007-2014	790	SFA	Labour, business services and materials, debt capital, equity capital	Net written premiums, investments	RE	0,574
Cummins and Rubio-Misas (2021)	10 EU	1998-2014	505	Metafrontier DEA	Labour, materials and business services (operating expenses), equity capital, debt capital	Incurred benefits plus addition to reserves, invested assets	MCER MRER	0,918 0,553

Notes: *Average technical efficiency: Africa=0.92, Asia=0.90, Latin America=0.74, **Average allocative efficiency: Africa=0.76, Asia=0.49, Latin America=0.93, ***Average cost efficiency: Africa=0.70, Asia=0.44, Latin America=0.69, † super efficiency score, DEA=data envelopment analysis, SFA=stochastic frontier analysis, DFA=distribution free approach, FDH= free disposal hull, TFA=thick frontier approach, SBM-DEA=slacks-based measure data envelopment analysis, VA=value added, FI=financial intermediary, TFP=total factor productivity, TE=technical efficiency, PTE=pure technical efficiency, SE=scale efficiency, CE=cost efficiency, AE=allocative efficiency, PE= profit efficiency, RE=revenue efficiency, CnE=congestion efficiency, EE=economic efficiency, ToE=total efficiency, Ger=Germany.

Source: Authors’ compilation.

Figure 1. Geographical distribution of number studies.

Table 2. Classification of studies on insurer performance

Studies by year	Number	Studies by country	No. (%)	Studies by performance measure	No. (%)
1990	2	Austria	1 (0.8)	Accounting	41 (31.8)
1991	3	Canada	3 (2.3)	Efficiency	71 (55.0)
1992	1	China	7 (5.3)	Market	2 (1.6)
1993	3	Ecuador	2 (1.5)	Insolvency prediction	10 (7.8)
1994	1	France	2 (1.5)	Rating	1 (0.8)
1995	2	Germany	7 (5.3)	Other	4 (3.1)
1996	1	Ghana	3 (2.3)	TOTAL	129 (100)
1997	5	Greece	1 (0.8)
1998	3	India	7 (5.3)
1999	8	Japan	2 (1.5)	Average number of insurers	No. (%)
2000	3	Malaysia	1 (0.8)	≤ 20	24 (19.4)
2001	2	Multi-country	20 (15.0)	21-40	30 (23.8)
2002	4	Nigeria	1 (0.8)	41-60	18 (14.3)
2003	2	Philippines	1 (0.8)	61-80	7 (5.6)
2004	6	Slovak Republic	1 (0.8)	81-100	3 (2.4)
2005	3	South Africa	2 (1.5)	101-150	7 (5.6)
2006	2	South Korea	1 (0.8)	≥ 151	37 (29.4)
2007	7	Switzerland	1 (0.8)	TOTAL	126 (100)
2008	5	Taiwan	15 (11.3)
2009	7	Thailand	2 (1.5)	Average time period of data	No. (%)
2010	5	Turkey	2 (1.5)	1-3 years	15 (11.4)
2011	7	UK	15 (11.3)	4-6 years	36 (27.3)
2012	1	US	37 (27.8)	7-9 years	25 (18.9)
2013	5	TOTAL	133 (100)	10-12 years	24 (18.2)
2014	5			13 years and above	32 (24.2)
2015	5			TOTAL	132 (100)
2016	6
2017	5
2018	3
2019	8
2020	5
2021	4
TOTAL	129

Source: Authors’ compilation.

Table A1. Summary of the findings on the direct influence of firm-level and external factors on insurer performance

	Efficiency								Accounting
	TE	PTE	SE	CE	PE	RE	AE	TFP	Prof	Solv	Market	Insol	Total
Firm-level Factors
Size
Positive	10	2	2	15	3	7	3	1	11	1	-	-	55
Negative	4	1	3	7	2	1	-	-	4	2	2	3	29
Non-Linear	1	1	1	3	1	-	1	-	-	-	-	-	8
Insignificant	4	3	4	3	-	-	2	-	6	-	1	1	24
	19	7	10	28	6	8	6	1	21	3	3	4	116
Organisational Form
Stock > Mutual	4	2	-	4	1	1	2	1	2	-	-	2	19
Mutual > Stock	5	-	2	4	-	1	-	1	1	1	-	-	15
Mutual = Stock	4	2	3	12	4	3	2	-	3	1	-	2	36
Foreign > Domestic	2	-	-	1	1	-	-	-	-	-	-	-	4
Domestic > Foreign	3	1	2	1	-	-	-	-	-	-	-	-	7
Domestic = Foreign	-	-	-	-	-	-	-	1	-	-	-	-	1
Demutualisation
Positive	1	-	-	2	-	-	-	-	-	-	-	-	3
Negative	-	-	-	-	-	-	-	-	-	-	-	-	-
Insignificant	-	-	-	1	-	-	-	-	-	-	-	-	1
	19	5	7	25	6	5	4	3	6	2	-	4	86
Diversification
Product
Positive	2	-	1	2	1	-	-	-	1	-	-	-	7
Negative	2	1	1	3	1	2	-	-	2	-	-	-	12
Insignificant	1	-	-	6	2	1	1	-	2	1	1	-	15
Non-Linear	-	-	-	1	-	1	-	-	-	-	-	-	2
Geographic
Positive	1	1	-	1	-	1	-	1	-	-	-	1	6
Negative	-	-	-	-	-	-	-	-	-	-	-	-	-
Insignificant	-	-	1	1	1	1	1	-	1	-	1	-	7
International
Positive	1	-	-	1	-	1	-	-	-	-	-	-	3
	7	2	3	15	5	7	2	1	6	1	2	1	52
Distribution System
Independent > Direct	-	-	-	2	-	1	1	-	-	-	-	-	4
Direct > Independent	2	-	1	3	2	2	1	-	-	-	-	-	11
Direct = Independent	-	-	-	5	1	-	-	-	-	-	-	-	6
Multiple > Single	1	1	-	1	-	1	1	-	-	-	-	-	5
Multiple = Single	-	-	-	1	1	-	-	-	-	-	-	-	2
	4	2	2	13	5	5	4	-	-	-	-	-	35
Risk
Positive	2	-	-	2	-	-	1	-	5	1	-	4	15
Negative	2	1	2	2	2	-	-	-	5	-	1	-	15
Insignificant	-	-	1	1	-	-	1	-	3	2	-	2	10
	4	1	3	5	2	-	2	-	13	3	1	6	40
Reinsurance
Positive	-	-	-	1	-	-	-	-	4	-	-	-	5
Negative	3	1	1	2	1	2	1	-	-	-	-	-	11
Insignificant	1	-	1	-	-	-	-	-	3	2	1	-	8
	4	1	2	3	1	2	1	-	7	2	1	-	24
Capital Structure
Leverage
Positive	-	-	1	-	-	2	-	-	-	-	1	1	5
Negative	1	-	-	1	-	1	1	-	5	1	-	-	10
Insignificant	1	-	-	1	-	-	-	-	6	2	2	1	13
	2	-	1	2	-	3	1	-	11	3	3	2	28
Capitalisation
Positive	2	-	-	2	1	1	-	-	2	2	2	1	13
Negative	2	1	2	7	2	2	1	-	2	-	-	2	21
Insignificant	2	1	2	3	-	-	2	-	1	-	-	-	11
	6	2	4	12	3	3	3	-	5	2	2	3	45
Group Affiliation
Positive	2	2	-	1	-	-	-	-	1	-	-	-	6
Negative	-	-	1	2	1	1	-	-	-	-	-	-	5
Insignificant	2	-	2	-	2	1	1	1	1	1	-	1	12
	4	2	3	3	3	2	1	1	2	1	-	1	23
External Factors
Deregulation
Positive	3	1	1	-	-	-	-	2	-	-	-	-	7
Negative	1	1	1	-	-	-	-	1	-	-	-	-	4
Insignificant	1	-	-	2	-	1	-	1	-	-	-	-	5
	5	2	2	2	-	1	-	4	-	-	-	-	16
Competition
Positive	3	1	2	4	1	-	-	-	3	3	-	1	18
Negative	1	3	1	2	-	1	-	-	3	1	-	-	12
Insignificant	1	-	1	4	-	-	-	-	3	-	-	-	9
	5	4	4	10	1	1	-	-	9	4	-	1	39
Macroeconomic Conditions
Positive	-	-	-	1	-	-	-	-	2	1	-	1	5
Negative	1	-	-	2	-	-	-	-	2	1	-	1	7
Insignificant	2	1	1	1	-	1	-	-	8	1	-	2	17
	3	1	1	4	-	1	-	-	12	3	-	4	29

Note: TE = technical efficiency, PTE = pure technical efficiency, SE = scale efficiency, CE = cost efficiency, PE = profit efficiency, RE = revenue efficiency, AE = allocative efficiency, TFP = total factor productivity, Prof = Profitability, Solv = solvency, Insol-Insolvency.

Source: Authors’ compilation.

Table A2. Summary of studies that examined drivers of life insurer performance

Authors	Countries	Period	No. of insurers	Measure(s) of performance	Methodology	Determinants
Akotey et al. (2013)	Ghana	2000–2010	10	ROA, UP, II	RE, FE	SZ, CS, RE, RK, MC
Alhassan and Boakye (2020)	South Africa	2007–2014	50–59	TE, PTE, SE	DEA, Bootstrap Truncated Regr	SZ, RE, CS
Alhassan et al. (2015)	Ghana	2007–2011	14	ROA	PCSE	SZ, CS, RK, MC
Altuntas et al. (2017)	US	2002–2012	33	Tobin’s Q, ROE	OLS	SZ, CS, DV, RE, RK
Armitage and Kirk (1994)	UK	1970–1992	67	Avg. pay-out on endowment policies; avg. cost ratios; avg. annual premium	T-tests	OF
Asare et al. (2017)	Ghana	2007–2011	14	ROA, UP	PCSE	SZ, CS, RK
BarNiv and Hershbarger (1990)	US	1975–1985	31	Insolvency	MDA, NPA, Logit	SZ, RK
Bian and Wang (2017)	China	2009–2013	48	CE, PE	Tobit	SZ, OF, CS, DV, DS
Biener and Eling (2011)	Multi-country, Africa, Asia, Latin America	2004–2008	15	TE, AE CE	T-tests, Truncated Regression	SZ, OF
Biener et al. (2016b)	Switzerland	1997–2013	23	TE, CE, RE	Truncated Regression	SZ, OF, CS, DV
Boonyasai et al. (2002)	SK, Phil, Tai, Thai	1987–1997	20	TE, PTE, SE	Tobit, T-tests	SZ, DRCP
Boose (1990)	US	1966–1984	41	General insurance expenses, commissions paid	Pooled Weighted Regression	OF
Borges et al. (2008)	Greece	1994–2003	17	TE	DEA-cross efficiency, super-efficiency, Mann-Whitney	SZ, OF
Brokešová et al. (2016)	Slovak Republic	1993–2012	18	UP	2SLS	DRCP
Browne et al. (2001)	US	1985–1995	1,593	ROE, ROA, PCS, RAROE, RAROA, RAPCS	FE, RE, OLS	SZ, CS, MC
Browne et al. (1999)	US	1972–1994	1,999	Insolvency (the number of insolvencies in quarter t)	Poisson Regression	DRCP, MC
Camino-Mogro and Bermúdez-Barrezueta (2019)	Ecuador	2001–2017	25	ROA, investment income, profit after tax	PCSE	OF, CS, DV, RK, DRCP, MC
Carr et al. (1999)	US	-	66	CE, RE	Tobit	SZ, DS
Carson and Hoyt (1995)	US	1986–1990	1,685	Insolvency (solvency)	Recursive part., MDA, Logit	OF, CS, RK
Carson and Hoyt (2000)	US	1986–1992	328	Insolvency (solvency)	Logistic regression	OF, CS, DV, RK
Chadwick and Cappelli (1999)	US	1993–1995	32	Relative efficiency	DEA, Tobit	SZ, DV, DRCP
Chen and Chang (2010)	Taiwan	1997–2006	24	TE, SE	DEA, ANOVA Analysis	DS
Chen and McNamara (2014)	US	2000–2007	308	TE, CE, ROA, RAROA	DEA, Cross-Frontier	OF
Chen and Wong (2009a, 2009b)	Multi-country (4 Asian)	1994–1999	341	Insolvency (solvency)	Logistic regression	SZ, CS
Chen et al. (2009a, 2009b)	Taiwan	1993–2003	13	Profit margin, ROA	SEM, GLS	CS, RK
Chen et al. (2009a, 2009b)	China	2001–2007	28	TE, PTE, SE	DEA	OF
Chen et al. (2013)	US	2005	267	TE, AE, CE, RE	DEA, Cross-Frontier, Regression	OF
Choi et al. (2016)	US	1999–2008	844	Liquidity creation	Regression	SZ, OF, CS, DV, RE
Chuang and Tang (2015)	Taiwan	1976–2010	19	CE	SFA, GEV Method	DRCP
Collins et al. (1997)	US	1985–1993	48	Realised investment portfolio gains	OLS	OF
Connelly and Limpaphayom (2004)	Thailand	2000–2001	18	Ratio of commissions paid to net premiums, expense ratio, ROA-BEP, ROA-NI, ROP, ROE, ROI,	OLS	SZ, RK
Cummins (1999)	US	1988–1995	750	TE, PTE, SE, CE, AE, RE	Comparative Analysis	SZ, DV, DS
Cummins and Rubio–Misas (2016)	Multi-country, 10 EU	1998–2007	450	Metatechnology CE, Metatechnology RE	Tobit	SZ, CS, RE, DRCP, MC
Cummins and Rubio-Misas (2021)	10 EU	1998–2014	505	Cost, Revenue TGRs	Metafrontier DEA, Tobit	SZ, CS, MC
Cummins and Zi (1998)	US	1988–1992	445	CE	Statistical tests	SZ, OF
Cummins et al. (1999a)	US	1990–1993	750	TEC, TC, TFP, CE, TE, AE, SE, PTE, RE	Regression	SZ, OF, DV
Cummins et al. (2010)	US	1993–2006	226	TE, SE, CE, AE, RE, PE	DEA, Multiple Regression	OF, CS, DV, DS, RE, RK
Cummins et al. (2017)	Multi-country, 10 EU	1999–2011	506	Z-score, ROA	2SLS, Quantile Regression	SZ, CS, RE, DRCP, MC
Davutyan and Klumpes (2008)	Multi-country, 7 EU	1996–2002	133	TE, PTE, SE	DEA, FE	SZ, OF, CS, DV, MC
Diacon et al. (2002)	Multi-country, 15 EU	1996–1999	454	PTE, SE, AE/ME	DEA, Tobit	SZ, OF, CS, RE
Dutta and Sengupta (2011)	India	2004–2009	14	PTE, SE	DEA	SZ, OF
Eling and Jia (2018)	Multi-country, 16 EU	2006–2013	452	Probability of failure/distressed	Logistic regression, DEA to measure efficiency	SZ, OF, CS, RK, MC
Eling and Luhnen (2010b)	Multi-country, 36 developed and developing	2002–2006	1,735	TE, CE	SFA, DEA, Conditional Mean Approach	SZ, OF, CS
Eling and Schaper (2017)	Multi-country, 14 EU	2002–2013	596	TE, CE	DEA, Truncated Regression	SZ, OF, CS, DRCP, MC
Emm (2014)	US	1988–2001	444	CE	Varian’s Weak Axiom of Profit Maximisation, Tobit	SZ, OF, DV, DS
Ennsfellner et al. (2004)	Austria	1994–1999	47	TE	Bayesian SFA	DRCP
Erhemjamts and Leverty (2010)	US	1995–2004	702	TE, CE	DEA, Cross-Frontier, Equality of Median	OF
Fecher et al. (1991)	France	1984–1989	48	TE	SFA, comparison using ratios	SZ, OF, RE
Fecher et al. (1993)	France	1984–1989	48	TE	SFA, DEA, comparison using ratios	SZ, OF, RE, RK
Fenn et al. (2008)	Multi-country, 14 EU	1995–2001	437	CE	SFA	SZ, DRCP
Fields et al. (2012)	Multi-country, 66 developed and developing	1992–2006	109	Expense ratio to net premiums written	OLS	SZ, CS, RK
Fukuyama (1997)	Japan	1988–1993	25	TE, PTE, SE, congestion	Statistical tests	OF
Gardner and Grace (1993)	US	1985–1990	561	CE, ROE	DFA, FE	SZ, OF, CS, DS, DRCP
Genetay (1999)	UK	1988–1992	41	ROA, expense ratio	T-tests	OF
Greene and Segal (2004)	US	1995–1998	120	ROA, ROE	RE	SZ, OF
Hao and Chou (2005)	Taiwan	1977–1999	26	CE	DFA, SFA, RE	SZ, DV, DRCP
Hardwick (1997)	UK	1989–1993	54	Economic efficiency (X-efficiency)	Statistical tests (T-tests)	SZ, OF
Hardwick and Adams (2002)	UK	1987–1996	176	Growth rate (asset-based)	WLS and Heckman 2 Stage	SZ, OF, DV
Hardwick et al. (2003)	UK	1994–1999	50	CE, TE, AE	DEA, Transformed OLS	SZ, OF, DRCP
Hardwick et al. (2011)	UK	1994–2004	77	PE	RE	SZ, OF, CS, DV, RK
Harris and Katz (1991)	US	1983–1986	40	Operating cost efficiency ratio	Comparisons, ANOVA, longitudinal analysis	SZ
Hitt (1999)	US	1995	754	CE, RE	DEA, Tobit	SZ, OF, DV, DS
Ho (2011)	Taiwan	2005–2009	21	ROE	RE	SZ, DV, RE
Hsiao and Whang (2009)	Taiwan	1998–2002	-	Insolvency (solvency)	Step wise regression, MDA, neural artificial network	CS
Hu and Yu (2015)	Taiwan	2004–2009	27	CE	SFA, 2SLS	SZ, OF, CS, RK
Hu et al. (2009)	China	1999–2004	19	TE, PTE, SE	DEA, Tobit, RE Tobit	OF, DS, DRCP
Huang et al. (2019)	Taiwan	1996–2003	24	TE, AE, CE	DEA, FE, RE	OF
Huang et al. (2019)	Taiwan	2000–2012	20	TE, CE, TC	Network SFA, t-statistics	OF
Hussels and Ward (2007)	Germany	1991–2002	31	TE, SE, AE, CE	DEA, DFA, Tobit	SZ, OF CS, RK
Jeng and Lai (2008)	Taiwan	1981–2004	8–29	TE, CE, RE	DEA, Cross-Frontier Analysis	DRCP
Jeng et al. (2007)	US	1979–2001	63–89	TE, CE, AE	DEA, Regression	SZ, OF
Kasman and Turgutlu (2009)	Turkey	2000–2005	14	TFP	Malmquist Index	OF
Killins (2020)	Canada	1996–2018	31	ROA (net profits/assets), ROE (net profits/equity)	Static panel model, system GMM	SZ, RK, MC
Kim et al. (1995)	US	1987–1990	70	Insolvency (solvency)	Event study analysis	RK
Klumpes (2004)	UK	1994–1999	40	CE, PE	SFA, Regression	SZ, OF, DS
Klumpes and Schuermann (2011)	Multi-country, 8 EU	1995–2007	40	CE, PE	DEA, OLS	SZ, DS
Krupa et al. (2019)	Germany	2008–2017	20	Investment efficiency score	SBM-DEA, Tobit, OLS, FE	SZ, OF, CS
Letza et al. (2001)	UK	1995–1996	47	Expense ratio, investment income to premium ratio, surplus to premium ratio	OLS	OF
Leverty et al. (2004)	China	1995–2002 non-life, 1999–2002 life	15	TE, PTE, SE, productivity	DEA, Weighted Tobit, WLS Regression (PTE-life only and productivity), Malmquist	SZ, OF, DRCP
Lorson and Wagner (2014)	Germany	1998–2011	64	New Business	Regression analysis	SZ, OF
Lu et al. (2014)	China	2006–2010	34	Operating efficiency	Dynamic SBM-DEA, Truncated Regression	SZ, CS, DS
Maichel–Guggemoos and Wagner (2019)	Germany	2001–2016	43	ROA and technical margin, growth, safety (SD of ROE, equity ratio)	Regression analysis	OF, DRCP
McNamara (1991)	US	1960–1986	121	Accounting rate of return, risk adjusted rate of return	Regression	SZ, OF
McNamara and Rhee (1992)	US	1988–1991	33	Premium income, percentage participating insurance in force, lapse rates, surplus and capital, admitted assets, operating expenses, management turnover	Ratio analysis	OF
Meador et al. (1997)	US	1990–1995	358	X-efficiency	DFA, FE	SZ, OF, CS, DV, DS, DRCP
O’Sullivan and Diacon (2003)	UK	1985–1991	53	Annual %ge change in life fund, annual %ge change in market value of total investment, volume of new business, salary of highest paid director, annual change in total written premiums	FE	SZ
Olaosebikan (2013)	Nigeria	2004–2009	25	ROA	GMM	SZ, CS, DV, RE, MC
Pottier (1997)	US	1990–1991	753	Rating	Ordered logit model, naïve model	SZ, OF, CS, RK
Pottier (2011)	US	2005	277	CE, RE, PE, costs-to-benefits ratio, revenue-to-benefits ratio, ROA	DEA, Regression	SZ, OF, CS, DV
Qiu and Chen (2006)	China	2000–2003	22	TE, PTE, SE	DEA	OF
Rees and Kessner (1999)	UK and Germany	1992–1994	-	TE	DEA	DRCP
Ryan and Schellhorn (2000)	US	1990–1995	321	X-efficiency	DFA, OLS, GLS, Tobit	SZ, OF, CS, DV, DS, DRCP
Shiu (2005)	UK	1986–1999	147	Solvency (free assets ratio)	RE	SZ, OF, CS, RK, DRCP, MC
Shiu (2006)	UK	1985–2002	235	Liquidity	OLS, RE, FE	SZ, OF, DV, RK
Shiu (2009)	UK	1986–1999	143	Investment yield	OLS, RE, FE	SZ, CS, RE, MC
Shiu (2010)	Taiwan	2001–2003	27	Solvency ratio	Heckman 2 Stage Regression, OLS, RE	SZ, CS, DV, RK
Suganthi and Rajaram (2016)	India	2005–2014	10	ROA	FE	SZ, CS, RE, RK
Tien and Yang (2014)	Taiwan	1996–2007	25	Growth (firm size-total assets-based)	Heckman 2 Stage Regression	SZ, OF, DV
Trigo-Gamarra and Growitsch (2010)	Germany	1995–2002	91	CE, PE, TFP	SFA	DRCP
Trigo-Gamarra and Growitsch (2010)	Germany	1997–2005	84	CE, SE, PE	Mann-Whitney Statistic	DS
Wang et al. (2007)	Taiwan	2000–2002	16	TE, AE, CE, ROA	Regression	SZ, DV
Ward (2002)	UK	1990–1997	44	CE, RE, PE	Comparative analysis	DS
Wu et al. (2007)	Canada	1996–1998	74	Systematic, production and investment efficiency	DEA	SZ
Xie et al. (2011)	US	1993–2003	885	ROA, CE, TE, cashflow to assets ratio, surplus to assets	DEA, FE	OF
Yuengert (1993)	US	1989	765	SE, CE	SFA, TFA	SZ
Zainudin et al. (2018)	Multi-country, 8 Asian	2008–2014	21	ROA	RE	SZ, CS, RK
Zanghieri (2009)	Multi-country, 14 EU	1997–2006	not given	CE, PE	SFA	SZ, DRCP
Zhang et al. (2019)	US	1992–2011	8	Sharpe ratio, Treynor ratio	OLS, Time-fixed OLS	SZ, CS

SK = South Korea, Phil = Philippines, Tai = Taiwan, Thai = Thailand.

ROA = Return on Assets, UP = underwriting Profit, II = Investment Income, ROE = return on equity, CE = cost efficiency, PE =profit efficiency, TE = technical efficiency, AE = allocative efficiency, RE = revenue efficiency, RAROA = risk adjusted return on assets, RAROE = risk adjusted return on equity, PTE = pure technical efficiency, SE = scale efficiency, TFP = total factor productivity, TC = technical change, ROA = return on assets, PCS = percentage change in surplus, RAPCS = risk adjusted percentage change in surplus, BEP = basic earning power, NI = net income, ROP = return on premium, ROI = return on investment, RE= random effects, FE =fixed effects, PCSE = panel corrected standard errors, OLS = ordinary least squares, MDA = multiple discriminant analysis, NPA = non-parametric analysis, LSDV = least squares dummy variable, 2SLS = 2 stage least squares, GLS =generalised least squares, GEV = generalised extreme value method, SZ = size, OF = organisational form, CS = capital structure, DS = distribution system, DV = diversification, RE = reinsurance, RK = risk, DRCP = deregulation and competition, MC = macroeconomic.Source: Authors’ compilation.

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