Appendix I: List of the financial conglomerates and insurance companies

(1)

Appendix I: List of the financial conglomerates and insurance companies

Note: Total assets, premiums and capital is measured in millions of euros on 31-12-2005

Financial conglomerates

Europe Country Total assets Employees Premiums Capital

Erste Bank Austria 152.681 36.150 1.100 13.553

Fortis Belgium 728.995 57.088 6.444 35.000

Universal Life Cyprus 670.706 190 633 8.570

Ceska pojistovna Czech Republic 476.230 5.562 145 10.789 Cespo Czech Republic 228.339 428 115 19.905 PPF Group Czech Republic 8.799 229 1.446 8.887

Alm. Brand Denmark 5.702 1.625 653 240

Danske Bank Denmark 325.894 13.260 2.048 9.281

OP Bank Group Finland 52.800 9.839 867 5.100

Sampo Finland 47.620 11.730 3.943 8.312

BNP Paribas France 1.258.079 45.356 57.300

Caisses d'Epargne France 594.132 54.291 5.900 5.154

Credit Agricole France 815.300 134.327 18.900 23.571

Societe Generale France 848.417 40.303 8.853 543

Allianz Germany 989.288 172.065 91.971 1.106

DZ Bank Gruppe Germany 401.628 23.849 7.976 2.879

Munich Re Germany 218.639 37.953 22.300 26.300

OTP Hungary 20.864 17.977 279 112

Bank of Ireland Ireland 127.780 16.960 1.913 663

Irish Life and Permanent Ireland 28.422 4.611 3.557 86

Mediolanum Italy 30.399 1.276 2.457 72

Monte Paschi Siena Italy 153.749 26.542 3.800 2.026

Intesa San Paolo Italy 576.784 99.891 2.865 6.646

Unicredit Italy 787.000 132.917 18.220 5.195

ABN AMRO Netherlands 880.804 119.724 198 1.069

Delta Lloyd Netherlands 57.084 6.990 5.717 107

Eureko Netherlands 83.293 20.166 6.577 233 ING Netherlands 1.158.639 115.300 6.613 530 Robein Netherlands 829 70 82 0 SNS-Reaal Netherlands 68.088 5.336 1.745 340 DnB-NOR Norway 133.419 11.446 2.196 1.649 Sparebank1 Norway 43.700 4.418 204 0 Storebrand Norway 24.908 1.321 1.989 380

Bilbao Vizcaya Argentaria Spain 392.389 31.154 1.981 1.661

Santander Central Hispano Spain 809.107 125.367 242 32.225

La Caixa Spain 180.352 25.254 1.982 3.006

Nordea Sweden 325.549 28.925 282 1.072

SEB Sweden 202.769 18.948 542 737

Svenska Handelsbanken Sweden 169.846 9.395 63 309

Zurich Switzerland 250.566 55.000 25 17

Abbey UK 301.515 19.084 36 0

Barclays UK 1.355.477 92.800 1.278 2.366

(2)

HBOS UK 792.920 71.985 2.898 1.696

Hermes UK 4.698.194 5.296 1.689 1.745

HSBC UK 1.038.043 268.461 3.588 66

Julian Hodge Bank Group UK 984 0 0 0

Liverpool Victoria UK 11.812 1.888 567 0

Lloyds TSB UK 454.223 62.630 843 2.082

Old Mutual UK 118.154 42.950 618 9.410

Provident Financial UK 2.902.000 2.600 100 465

Royal Bank of Scotland UK 1.139.139 137.000 8.270 13.635

Standard Life UK 138.609 11.320 5.291 0

Nationwide Insurance UK 163.637 4.800 586 2.451

North-America

Citigroup U.S. 1.102.300 159.000 2.311 83

J.P. Morgan Chase U.S. 884.579 168.000 0 79

Prudential U.S. 308.235 39.000 10 17

Merrill Lynch U.S. 502.453 8.600 0 26

Hartford Financial Services U.S. 210.684 30.000 11 11

State Farm U.S. 66.389 68.000 24 0

RBC Canada 303.733 27.045 2 13

Japan

Bank of Tokyo-Mitsubishi Japan 1.169.499 43.900 353 271

Mizuho Financial Group Japan 1.332.057 22.827 0 30

Sumitomo Mitsui Fin. Gr. Japan 929.294 21.020 7 28

Life insurance companies

Vienna Insurance Group Austria 19.441 16.346 5008 2059

Danica Denmark 31.271 893 1885 2072

PFA Denmark 30.562 967 1522 1732

AGF France 112.903 0 0 677

CNP France 241.605 3.199 26466 9547

Hannover Re Germany 39.789 1.972 7495 3142

Alleanza Assicurazioni Italy 60.640 16.500 9883 3755

Swiss Life Switzerland 108.165 8.979 8279 4844

Aviva UK 386.319 54.791 36453 16265

Friends Provident UK 73.446 4.968 1351 4103

Scottish Widows UK 108.346 3.936 5382 6599

North-America Country

AAA Western United U.S. 1.215 9.000

Banner Life U.S. 2.730

Jackson National Life U.S. 50.043 147 3590

Kansas City Life Insurance

Co. U.S.

3.364 43 502

Minnesota Life Insurance Co. U.S. 17.290 5.000 879 1805

Protective Life Corporation U.S. 21.372 2.192 213 1611

Western & Soutern U.S. 22.698 539 22,7

Foresters Canada 3.485 166

Japan

(3)

Sumitomo Life Insurance Japan 146.160 17997 4267

Dai-Ichi Mutual Life Ins. Co. Japan 205.062 8.914 24255

General insurance companies

P&V Belgium 6.042 1.238 813 265

De Noordhollandsche Netherlands 179 63 61 111

Unigarant Netherlands 60 347 103 20

Legal&General Group UK 281.351 9.273 5989 7238

Royal & SunAlliance UK 36.069 25.292 7919 6166

Groupama UK 80.288 30.500 2049

North-America

Aspen U.S. 4.770

Argonaut Group, Inc. U.S. 2.512 516 528

CNA U.S. 43.372 10.100 5584 6603

Hastings Mutual Ins. U.S. 431 214 0

Infinity Property&Casualty U.S. 1.455 2.100 723 463

Liberty Mutual U.S. 58.156 11.303 13008 6535

Markel Corporation U.S. 7.241 1.866 1456 1258

OneBeacon Insurance Group U.S. 7.564 1.000 1476 1328

Chubb Insurance U.S. 35.459 10.800 8983 9154

Safeco U.S. 10.861 7.208 4283 3043

Travelers U.S. 83.023 31.900 15008 16455

The Dominion Canada 1.856 784 1856

Japan

The Fuji Fire & Marine Ins. Japan 10.203 6.533 1854 781

The Kyoei Fire & Marine Ins. Japan 5.146 2.397 1259 473

Mitsui Sumitomo Insurance Japan 53.276 9077 12567

Millea Japan 132.616 305 14226 28000

Sompo Japan 54.696 14.706 9453 6198

Mixed insurance companies

Topdanmark Denmark 5.507 2.206 1469 480

AXA France 575.974 78.800 65995 36525

AMB Generali Germany 8.948 308 12814 3800

Gerling Group Germany 30.260 6.423 3457 1184

Talanx Germany 61.725 10.402 2448 4978

Generali Group Italy 345.554 61.561 63733 13947

(4)

Lloyds London UK 89.099 668 17282 1122

North-America

Allstate Insurance Company U.S. 115.150 70.000 10621 14893

American National Insurance U.S. 12.924 837 2492

American International

company U.S.

629.616 97.000 30893 63685

Auto-Owners Insurance U.S. 8.652 3335 0

Guardian Life Insurance

Company U.S.

18.000 4342 0

Torchmark U.S. 10.599 1850 2340

Mass Mutual Financial

Group U.S.

83.779 27.000 9670 0

Metlife U.S. 355.358 65.500 18342 21471

New York Life U.S. 124.589 5.200 6142 12919

Northwestern Mutual Life

Ins. U.S.

98.169 8384 0

The Standard U.S. 9.186 2.800 1348 1043

Thrivent U.S. 41.870 2678 4738

Alfa Mutual Insurance U.S. 1.757 2.500 467 558

American Family Insurance U.S. 11.419 8.135 730 3569

American Nat. Property and

Casualty U.S.

12.924 847 725 295

BISYS U.S. 1.136 83 509

Church Mutual U.S. 789 170 424 0

Cincinnati Financial Corp. U.S. 11.807 2.900 2334 4490

Great American Insurance U.S. 16.834 3530 1814

Shelter Insurance Companies U.S. 98.293 1.788 716 0

Manulife Canada 117.613 20.000 13713 17550

Co-operators Canada 4.264 4.315 1698 1030

Great West Life Canada 49.579 17587 6586

Canada Life Canada 15.506 5816 2263

Japan

Nipponkoa Japan 23.511 7520 4666 4001

Toa Re Japan 3.801 276 928 958

(5)

Appendix II: Additional description of the sustainability criteria

Sustainability reporting

The first step towards sustainability reporting is made in the accounting sector. The ‘Corporate

Report’ (ASSC) has been published in 1975, and this report pleads for social and environmental

reporting.

1

Obligatory international standards for sustainability reporting are not present. However,

several insurance companies use the guidelines developed by the Global Reporting Initiative (GRI).

Since 1998 several organisations work together for the GRI to develop international guidelines for

sustainability reporting. GRI vision is that reporting on economic, environmental, and social

performance by all organizations becomes a routine. To accomplish this vision GRI continually

develops, improves, and builds capacity around the use of its Sustainability Reporting Framework.

2

In

the last decade sustainability reporting gained in significance, and this reflects the necessity of society,

legal rules, and needs of companies to also measure and control non-financial performances and to

report this to internal and external stakeholders.

3

Through their sustainability reports they can

communicate how they exercise this responsibility toward sustainability.

Several analyses have examined the sustainability reporting activities of companies, and result from

these reports is that there is an increase in the number of companies which provide a sustainability

report (i.e. Kolk (2002), and Scott (2003)).

Environmental statements and Behavioural Codes

ICC Business Charter

The International Chamber of Commerce (ICC) works to promote world trade and investment based

on free and fair competition. It aims at harmonizing trade practices and formulates guidelines and

terminology for importers and exporters. The objective of the Charter is ‘that the widest range of

enterprises commit themselves to improving their environmental performance in accordance with the

principles, to having in place management practices to effect such improvement, to measuring their

progress, and to reporting this progress as appropriate, internally and externally’.

4

UNEP FI

Related to UNEP FI are the ‘Principles for Responsible Investment’ (PRI). These principles are

created, because there is a growing view among investors that environmental, social and corporate

governance issues can affect the performance of investment portfolios.

5

Equator principles

For a number of years, banks working in the project finance sector had been seeking ways to develop a

common and coherent set of environmental and social policies, and guidelines that could be applied

globally and across all industry sectors. In June 2003 the first set of Equator Principles was launched,

and over 40 financial institutions adopted these principles during a three year implementation period.

In July 2006 a newly revised set of Equator Principles were released. These Principles are adopted in

order to ensure that the projects that are financed are developed in a manner that is socially responsible

and reflect sound environmental management practices. In this way, negative impacts on

project-affected ecosystems and communities should be avoided, reduced, alleviated and/or compensated for.

The institutions which have adopted these principles recognise that they can promote responsible

environmental stewardship and socially responsible development. The revised principles apply to all

new project financings with a total project capital costs of US$10 million or more, and across all

industry sectors.

6

Global Compact and ‘Who Cares Wins’

In 2004 twenty financial institutions have worked together to publish the ‘Who cares wins’ report in

lines of the Global Compact for the financial sector. With this report the institutions want to broaden

(6)

the perspective of financial market participants, encourage them to an extended discussion and to

support creativity.

7

Environmental management systems

An environmental management system is a system that specifically focuses on the control and

improvement of environmental performances and risks. These systems help companies to minimize

the negative effects of their operations on the environment (negative effects of waste, energy usage,

and CO2 emissions). There are two possibilities for certification of environmental management

systems, namely certification by the ISO 14001 and/or by the EMAS standard. The standards of

EMAS are stricter than those of ISO14001, and EMAS requires an environmental report. The ISO

14001 standard is developed by the International Organization for Standardization, and it is a series of

international standards on environmental management. This standard provides a framework for the

development of both the system and the supporting audit program.

8

The EMAS is established by

European Regulation and it stands for the Eco-Management and Audit Scheme. The EMAS is

designed to improve companies’ environmental performance.

9

Financial products with a sustainability element

Besides investing in sustainable funds other financial products with a focus on sustainability exist, for

example, low-mileage premiums for motor vehicles insurance. Low-mileage premiums mean that you

pay in advance for a predetermined number of miles, and either pay more or receive a discount

depending on how much you drive. Thus, low-mileage drivers receive discounts for driving less.

These insurance products provide financial incentives for driving less. It is expected that these policies

will reduce driving and congestion by 10 to 12%. Driving less reduces air pollution, toxic runoff from

roads, and climate impacts. Norwich Union Insurance in the UK started offering this type of product in

2003.

10

Also products with a focus on climate change have been developed, for example the climate mortgage

offered by the Rabobank or green buildings products. Climate mortgages make it possible to lend

money for the sustainable (re)building of a house against an attractive interest rate. This makes the

energy usage lower, and reduces the negative impact on the climate. And green building does not have

to be more expensive that non-green building.

11

Allianz AG plans to introduce different commercial

insurance policies designed to support and encourage the development of green buildings. The

development of green buildings saves energy and reduces emissions of greenhouse gases. One of the

products will provide a discount to buildings that have a LEED (Leadership in Energy and

Environmental Design) or Green Globes certification. They also introduce a commercial property

product that will upgrade customers to energy efficient or green products when replacing damaged

items such as roofs, windows, equipment, lighting systems and hot water heaters. These products will

promote energy efficiency, which saves costs for the customers and reduces greenhouse gas

pollution.

12

Micro-insurance is an example of a financial product of which the focus is on social sustainability.

This product is a method to distribute insurance to reach the poor. Institutions in the developing

countries are linked with regulated insurance companies to provide professional insurance products to

the low-income market. At the same time the risk remains where it belongs, with a regulated insurer. It

has been proven that this method provides important risk management tools to low-income people,

and an important addition to the product line and profits of local institutions. Furthermore, it allows

insurers to enter these markets efficiently and profitably. In the Netherlands the Micro Insurance

Association Netherlands (MIAN) was founded in 2004. MIAN supports local organisations with the

development of micro-insurance systems.

13

One of the partners of MIAN is the Rabobank Foundation.

7_{Bijl (2007)} 8_{http://www.iso14000-iso14001-environmental-management.com} 9 www.emas.org 10_{www.environmentaldefense.org} 11_{Matthiessen and Morris (2004)} 12_{www.allianz.com}

13

(7)

AIG covers 1.6 million lives in Uganda through medium and large local institutions. AIG works with

the Micro Insurance Centre, and this Centre is working on several programmes to cover several

million more lives with life insurance, health care insurance, endowments and other long-term savings,

and property insurance.

14

Sustainability indices

Dow Jones Sustainability Group Index

The Dow Jones Sustainability Group Indexes are the first global indexes which tracked the financial

performance of the leading sustainability-driven companies worldwide; approximately two-hundred

companies are included. These indexes were launched in 1999, and based on the cooperation between

the Dow Jones Indexes, STOXX Limited and the Sustainable Asset Management (SAM).

15

FTSE4Good Index

The FTSE4Good index is developed, in 2001, to measure and identify the performance of companies

that are working towards environmental sustainability, developing positive relationships with

stakeholders, and up-hold and support universal human rights.

16

So this index gives investors

information about the companies that meet globally recognized corporate responsibility standards.

Ethibel Sustainability Index (ESI)

Since 2002 the Ethibel Sustainability Index (ESI) exists, and this index provides a complete

perspective on the financial performance of the world’s leading companies in terms of sustainability.

They started with the Ethibel Pioneer Index, but because of a growing demand from the market

Ethibel introduced the Ethibel Excellence Global Index and the Ethibel Excellence Europe Index.

Currently 278 companies are included in this index.

17

The Domini Social Index

In 1990 the Domini 400 Social Index was developed by A. Domini and her partners. In this index

four-hundred large-cap U.S. corporations are included; these companies are selected on basis of a wide

range of social and environmental standards.

18

The Carbon Climate Index

Since 2000 the Carbon Disclosure Project (CDP) provides a secretariat for the largest institutional

investor’s collaboration on the business implications of climate change. CDP is a special project of

Rockefeller Philanthropy Advisers. Institutional investors collectively sign a single global request for

disclosure of information on Greenhouse Gas Emissions. Today, more than a thousand large

corporations report on their emissions through the website of CDP. CDP also developed a Carbon

Climate Index, and this index reveals which high-impact FT500 companies have the most

comprehensive climate-change disclosure practices.

19

(8)

Appendix III: Two sided t-test, Kolmogorov-Smirnov test and ANOVA test

This appendix describes the two sided t-test, and gives an explanation for the variables in the

tables of the Kolmogorov-Smirnov tests (Appendix V) and the results from the ANOVA tests:

Two sided t-test

The two-sided t-test compares the values of observations with the average and standard

deviation. A critical value indicates whether an observation is significantly higher or lower

than average.

T =

SD

X

n

(

−

a

)

(n are the number of observations, X is the value of the observation, X

a

is

the average value, and SD is the standard deviation)

The critical value is 2,1098 and -2,1098, and this value is estimated with 17 degrees of

freedom and a 5% significance level.

Kolmogorov-Smirnov test

Z =

(

)

SD

X

_i

−

_a

(X

i

is the original observation, X

a

is the average value, and SD is the standard

deviation)

Z’s are the standardized observations under the null hypothesis

F = the cumulative probability, this value is obtained from the corresponding table for Z

S = the cumulative relative frequency, which is calculated with the following formula

S = (number of observations < X

i

)/n (n is total number of observations)

D = S – F, the maximum value of D should be smaller than the critical value for a normal

distribution

Critical value =

n

36 ,

1 (5% significance-level)

ANOVA test

The one-way ANOVA test is used to test for significant differences between means. The

F-test is used to F-test the null hypothesis that all groups have similar performances. The total sum

of squares is the sum of the squared differences between each observation and the overall

(9)

The other part is the group sum of squares. In the following ANOVA output table it is

described how the F statistic is calculated.

Table :The One-way ANOVA output

Source of variation Degrees of freedom Sum of squares Mean squares F

Groups I-1 Σgroups ni(xi-x)

2

SSG/DFG MSG/MSE

Error N-1 Σgroups (ni-1)si2 SSE/DFE

Total N-1 Σobs (xij – x)2

The degrees of freedom are determined by I-1 for groups and N-1 for error and total, where I

is the number of groups and N is the number of observations.

Subsequently, mean squares are calculated by dividing the sum of squares by the degree of

freedom. The F ratio is the test statistic which is used to determine whether the sample means

are significantly different. This ratio is calculated by the ratio of the model mean square to the

error mean square. Under the null hypothesis, that the sample means are not significantly

different, the F statistics follows a F distribution with p numerator degrees of freedom and

(10)

Appendix IV: Sustainability criteria

Notes:

* A + signifies that the criterion is fulfilled, and an – signifies that the criterion is not fulfilled.

* For sustainability reporting the + is replaced by the year of the first publication of the sustainability report. * For transparency and goals the + is replaced by ‘quantitative’ or ‘qualitative’.

Results financial conglomerates

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Total

Erste Bank Austria 2006 - - - + - qualitative qualitative - - - + + + - + + 39%

Fortis Belgium 2004 - + + + - + - + + quantitative qualitative + + + - + + + + + + + 83%

Universal Life Cyprus 2004 - - - + - qualitative qualitative - - - + + + - - + 35%

Ceska pojistovna Czech Rep. - - - + + - - - - 9%

Cespo Czech Rep. 2006 - - - + + - - - - 13%

PPF Group Czech Rep. - - - + + + - - - 13%

Alm. Brand Denmark - - - + 4%

Danske Bank Denmark 2006 - + - - - + - + + qualitative qualitative + - - - - + + + + + + 61%

OP Bank Group Finland 2003 - - - + - qualitative qualitative - - - - + + + - + - - 35%

Sampo Finland 2002 - - - + - quantitative qualitative - - - + + + + + + 43%

BNP Paribas France 2002 + + - + + - - + + quantitative qualitative + - + - + + + + + + + 78%

Caisses d'Epargne France 2003 - - - + - + - + + qualitative qualitative - - - + + + + + + 57%

Credit Agricole France 2005 - - + + - + + + + qualitative qualitative + - + - + + + + + + + 78%

Societe Generale France 2001 - + - + + - - + + quantitative qualitative + - + + + + + + + + + 78%

Allianz Germany 2000 - + + + + + + + + quantitative qualitative + - + + + + + + + + + 91%

DZ Bank Gruppe Germany - - - + 4%

Munich Re Germany 2000 - + - - - + + + + quantitative qualitative + - - - - + + + + + + 65%

OTP Hungary - - - + - qualitative qualitative - - - - + + + + + - + 39%

Bank of Ireland Ireland 2004 - - - + - + - - - + - - - + + + + + + + 48%

Irish Life and Permanent Ireland 2004 - - - + - quantitative qualitative + - - - - + + + + + + 48%

Mediolanum Italy 2004 - - - + + + + + + 30%

Monte Paschi Siena Italy 2002 - - - + - + - + - qualitative qualitative - - - + + + + + + 52%

Intesa San Paolo Italy 2002 - + + + - + - + + qualitative qualitative + + + - - + + + + + + 78%

Unicredit Italy 2000 - + - + - + + + + quantitative qualitative + - - - + + + + + + + 74%

ABN AMRO Netherlands 2003 + + + + + - - + + quantitative qualitative + + + - + + + + + + + 87%

Delta Lloyd Netherlands 2004 - - - + - qualitative qualitative - - - + + + + + + 43%

Eureko Netherlands 2005 - + - - - + + + - + + 30%

(11)

Robein Netherlands - - - + + - - - - 9%

SNS-Reaal Netherlands 2004 - - - + + qualitative qualitative - - - - + + + + + + + 52%

DnB-NOR Norway 2005 - + - + - + - + + quantitative qualitative - + - + + + + + + + + 74%

Sparebank1 Norway - - - + + - + 13%

Storebrand Norway 2004 - + - + - - - + + quantitative quantitative + + - - + + + + + + + 70%

Banco Bilbao Vizcaya Argentaria

Spain

2002 - + + + - + + + + quantitative qualitative + + + - + + + + + + + 87%

Banco Santander Central Hispano

Spain

2002 - + - + - + - + + qualitative qualitative + - - - + + + + + + + 70%

La Caixa Spain 2004 - + + + - + + + - qualitative qualitative - - + - + + + + + - + 70%

Nordea Sweden - - + + + - - - + - qualitative qualitative + - + + - + + - + + + 61%

SEB Sweden 2004 + + + - - - - + - qualitative qualitative - - + - - + + + + - + 57%

Svenska Handelsbanken Sweden - + + - - - + + qualitative qualitative - - + - + + + - + - + 52%

Zurich Switzerland 1998 - - - + + qualitative qualitative - - - - + + + + - + + 48%

Abbey UK 2005 - + - + - + - + + quantitative qualitative + - - - - + + + + + + 65%

Barclays UK 1999 + + + - - + - + + quantitative quantitative + + + + + + + + + + + 87%

Cooperative Group UK 2003 - + - - - + + + + quantitative qualitative + - - - + + + + + + + 70%

HBOS UK 2003 - - + - - + - + + quantitative qualitative + - + - + + + + + + + 70%

Hermes UK - - + - - - + + - - 13%

HSBC UK 2003 + + + + + - - + + quantitative quantitative + - + + + + + + + + + 87%

Julian Hodge Bank Group

UK

- - - + + - - - - 9%

Liverpool Victoria UK - - - + + + + - + 22%

Lloyds TSB UK 1997 - + - - - + + + + + + 35%

Old Mutual UK 2001 - - - + - + - qualitative qualitative + - - - - + + - + + + 48%

Provident Financial UK 2001 - - - + - + - qualitative qualitative + - - - - + + + + + + 52%

Royal Bank of Scotland UK 2003 + + + + - + - + + quantitative quantitative + - + - + + + + + + + 83%

Standard Life UK 2005 - - - + + + - qualitative qualitative - - - + + + + + + 52%

Nationwide Insurance UK - - - + + - + + + 22%

Total 54 41 8 25 14 20 5 22 8 40 25 40 40 25 8 16 7 24 50 50 43 43 38 47

North-America

Citigroup U.S. 2000 - + + - - + - + + quantitative quantitative + + + - + + + + + + + 78%

J.P. Morgan Chase U.S. 2003 + + + - - - - + + quantitative quantitative + + + - + + + + + + + 78%

Prudential U.S. 2005 - + - - - + + - + - + 26%

Merrill Lynch U.S. 2004 - - - + - qualitative qualitative - - - + + + + - + 39%

The Hartford Financial

Services U.S. - - - + + - - + + 17%

State Farm U.S. - - - + + - + + + 22%

RBC Canada 2003 + + + - - - - + + quantitative qualitative + - + - + + + + + + + 74%

(12)

Japan

Bank of

Tokyo-Mitsubishi Japan 2004 + + + + - + - + - qualitative qualitative + - + - + + + + + + + 78%

Mizuho Financial Group Japan 2005 - + + + - + - + - qualitative qualitative - - + - + + + + + + + 70%

Sumitomo Mitsui Fin. Gr. Japan 2005 - + - + - + - + - quantitative qualitative + - + - + + + + + - + 65%

Total 3 3 1 3 2 3 0 3 0 3 0 3 3 2 0 3 0 3 3 3 3 3 2 3

Number of FCs 64

Nr. of FCs who met criterion 49 11 32 19 23 5 26 8 47 28 47 47 30 10 22 7 30 60 60 50 52 45 57

(13)

Results life insurance companies

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Total

Vienna Insurance Group Austria 2005 - - - + + + + + - + 30%

Danica Denmark - - - 0%

PFA Denmark - - - + + 9%

AGF France 2005 - - - + - + - + - qualitative qualitative - - - - + + + + + + + 57%

CNP France 2005 - - - + + - - - + qualitative qualitative - - - - + + + + + - + 52%

Hannover Re Germany 2005 - - - qualitative qualitative - - - + - + - + + 30%

Alleanza Assicurazioni Italy 2004 - - - + + qualitative qualitative - - - - + + + + - + + 48%

Swiss Life Switzerland 2004 - + - - - + - qualitative quantitative - - - + + + - + + 43%

Aviva UK 2000 - + - + + - - + - quantitative quantitative - - - - + + + + + + + 61%

Friends Provident UK 2001 - + - - - + + quantitative quantitative - - - - + + + + + + + 57%

Scottish Widows UK - - - + - qualitative qualitative - - - + + - + - + 30%

Total 11 8 0 3 0 3 2 1 0 6 3 8 8 0 0 0 0 6 9 8 8 6 7 10 North-America AAA Western United U.S. - - - 0%

Banner Life U.S. - - - 0%

Jackson National Life U.S. - - - + + - - - - 9%

Kansas City Life Insurance Company U.S. - - - + + + - 13%

Minnesota Life Insurance Company U.S. - - - + + + + - - 17%

Protective Life Corporation U.S. - - - + + - - - + 13%

Western & Soutern U.S. - - - + + - - - - 9%

Foresters Canada - - - + + - + + - 17%

Total 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 5 2 3 2 1 Japan Fukoko Japan - - - + + - - - 9%

Sumitomo Life Insurance Japan 2006 - - - + - - - + + - - - - 17%

The Dai-Ichi Mutual Life Insurance Co Japan - - - + + - - - - 9%

Total 3 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 3 2 0 0 0 0

Number of insurers 22

Nr. of insurers who met criterion 9 0 3 0 3 2 1 0 7 3 8 8 0 0 0 0 7 17 15 10 9 9 11

% total 41% 0% 14% 0% 14% 9% 5% 0% 32% 14% 36% 36% 0% 0% 0% 0% 32% 77% 68% 45% 41% 41% 50%

% Europe 73% 0% 27% 0% 27% 18% 9% 0% 55% 27% 73% 73% 0% 0% 0% 0% 55% 82% 73% 73% 55% 64% 91%

% North-America 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 63% 63% 25% 38% 25% 13%

(14)

Results general insurance companies

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Total Europe P&V Belgium - - - + + - - - - 9% De Noordhollandsche Netherlands - - - 0% Unigarant Netherlands - - - 0%

Legal&General Group UK 2005 - - - + - + - qualitative qualitative + - - - - + + + + + + 52%

Royal & SunAlliance UK 1999 - - - + - qualitative quantitative - - - + + + - - + 35%

Groupama UK - - - qualitative qualitative - - - + + + - - - 22%

Total 6 2 0 0 0 0 0 1 0 2 0 3 3 1 0 0 0 0 4 4 3 1 1 2 North-America Aspen U.S. - - - + - + + 13%

Argonaut Group, Inc. U.S. - - - + + 9%

CNA U.S. - - - + + - - - - 9%

Hastings Mutual Insurance Company U.S. - - - 0%

Infinity Property&Casualty U.S. - - - + - 4%

Liberty Mutual U.S. - - - + + - - - - 9%

Markel Corporation U.S. - - - + + 9%

OneBeacon Insurance Group U.S. - - - + + 9%

Chubb Insurance U.S. - - - + + + 13%

Safeco U.S. - - - + + - 9%

Travelers U.S. - - - + - - - + + + - + + - 26%

The Dominion Canada - - - + + - - - - 9%

Total 12 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 4 4 1 3 8 5 Japan The Fuji Fire & Marine Insurance Co. Japan - - - qualitative qualitative - - - + + - - - - 17%

The Kyoei Fire & Marine Insurance Co. Japan - - - + + - - - - 9%

Mitsui Sumitomo Insurance Japan 2005 - + - + - + - + - qualitative qualitative - - - + + - - + - 43%

Millea Japan 2004 - - - + - + - + - qualitative qualitative - - - + + - + + - 43%

Sompo Japan 2001 - + - + - + - + - quantitative qualitative + - - - + + + + + + - 61%

Total 5 3 0 2 0 3 0 3 0 3 0 4 4 1 0 0 0 1 5 5 1 2 3 0

% total 22% 0% 9% 0% 13% 0% 17% 0% 26% 0% 30% 30% 9% 0% 0% 0% 9% 57% 57% 22% 26% 52% 30%

% Europe 33% 0% 0% 0% 0% 0% 17% 0% 33% 0% 50% 50% 17% 0% 0% 0% 0% 67% 67% 50% 17% 17% 33%

% North-America 0% 0% 0% 0% 0% 0% 0% 0% 8% 0% 0% 0% 0% 0% 0% 0% 8% 33% 33% 8% 25% 67% 42%

(15)

Results mixed insurance companies

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Total

Europe

Topdanmark Denmark - - - + - - - 4%

AXA France 2003 - + - + + - - + - qualitative qualitative + - - - + + + + + + + 65%

AMB Generali Germany - - - + + 9%

Gerling Group Germany 1998 - - - + - + + - - qualitative qualitative + - - - + - - + - - - 39%

Talanx Germany - - - 0%

Generali Group Italy - - - + + 9%

Fondiaria-Sai Italy - - - + + 9%

Aegon Netherlands - - - + + - + + 17%

De Goudse Netherlands - - - 0%

Klaverblad Netherlands - - - + 4%

Zwitserleven Netherlands - - - + + + - + - 17%

MAPFRE Spain 2003 - + - + - + - + - quantitative qualitative + - - - - + + + + + + 61%

Folksam Sweden 2004 - + - + - + - - - qualitative qualitative + - - - + + + - 43%

Bâloise Switzerland 2005 - - - qualitative qualitative - - - + - - + 22%

Helvetia Switzerland 2001 - + - - - + + - - - + 22%

Swiss Re Switzerland 2003 + + - - - + - + + qualitative qualitative + - - - + + + + + + + 70%

Lloyds London UK - - - + - - - + + + + + + 30%

Total 17 7 1 5 0 4 1 4 1 4 1 6 6 5 0 0 0 3 4 5 8 3 8 9 North-America Allstate Insurance Company U.S. 2003 - - - + - qualitative qualitative - - - + + + + + + 43%

American National Insurance Group U.S. - - - + - - + - 9%

American International company U.S. 2005 - + - - - + - qualitative qualitative - - - + + + + + + 48%

Auto-Owners Insurance U.S. - - - 0%

Guardian Life Insurance Company U.S. - - - + + - + - - 13%

Torchmark U.S. - - - + - 4%

Mass Mutual Financial Group U.S. 2005 - - - + + - - + + 22%

Metlife U.S. - - - + + - + + - 17%

New York Life U.S. - - - + + - - - - 9%

Northwestern Mutual Life Insurance U.S. - - - + + + - + - - 17%

The Standard U.S. - - - + + - - - - 9%

Thrivent U.S. - - - + - 4%

Alfa Mutual Insurance U.S. - - - 0%

American Family Insurance U.S. - - - + + - + + - 17%

(16)

BISYS Commercial Ins. Services U.S. - - - + - 4%

Church Mutual U.S. - - - 0%

Cincinnati Financial Corporation U.S. - - - 0%

Great American Insurance Company U.S. - - - + - 4%

Shelter Insurance Companies U.S. - - - + + - + - - 13%

Manulife Canada - - + + - - - + - - + + + - + - 30%

Co-operators Canada 2005 - - - + - qualitative qualitative - - - + + + + - - 35%

Great West Life Canada 2004 - - - + + - - + - 17%

Canada Life Canada - - - + - 4%

Total 24 5 0 2 1 0 0 0 0 3 0 3 3 0 0 1 0 1 14 15 4 8 13 3 Japan Nipponkoa Japan 2005 - + - - - + - - - qualitative qualitative + - - - - + + - - - - 35%

Toa Re Japan 2004 - - - + + - - - - 13%

Nippon Life Insurance/Nissay Japan 2002 - - - + - + - qualitative qualitative - - - + + + - + - 39%

Total 3 3 0 1 0 0 0 2 0 1 0 2 2 1 0 0 0 0 3 3 1 0 1 0

% total 34% 2% 18% 2% 9% 2% 14% 2% 19% 2% 26% 26% 14% 0% 2% 0% 9% 49% 53% 30% 26% 51% 28%

% Europe 41% 6% 29% 0% 24% 6% 24% 6% 25% 6% 38% 38% 31% 0% 0% 0% 19% 25% 31% 50% 19% 50% 56%

% North-America 21% 0% 8% 4% 0% 0% 0% 0% 13% 0% 13% 13% 0% 0% 4% 0% 4% 58% 63% 17% 33% 54% 13%

(17)

Appendix V: Results national level per criterion

In these two tables the national performance per criterion is given, and p is the p-value. The p-value indicates whether a performance is significantly different

from the average performance, according to the two-sided t-test.

(18)

(19)

Appendix VI: Ranking of insurance companies

In this appendix an overview of the ranking of the total performance per insurance company is given,

the performance per category is also given. Performance per criterion are included in Appendix IV.

Rank company Country Type

Total

Performance Reports Practice Social Governance

1 Allianz Germany FC 91% 88% 89% 100% 100%

2 ABN AMRO Netherlands FC 87% 75% 89% 100% 100%

3 Banco Bilbao Vizcaya Argentaria Spain _FC 87% 75% 89% 100% 100%

4 Barclays UK _FC 87% 63% 100% 100% 100%

5 HSBC UK _FC 87% 75% 89% 100% 100%

6 Fortis Belgium _FC 83% 63% 89% 100% 100%

7 Royal Bank of Scotland UK FC 83% 75% 78% 100% 100%

8 BNP Paribas France FC 78% 63% 78% 100% 100%

9 Credit Agricole France FC 78% 63% 78% 100% 100%

10 Societe Generale France FC 78% 50% 89% 100% 100%

11 Intesa San Paolo Italy _FC 78% 63% 78% 100% 100%

12 ING Netherlands _FC 78% 50% 89% 100% 100%

13 Citigroup U.S. FC 78% 50% 89% 100% 100%

14 J.P. Morgan Chase U.S. FC 78% 50% 89% 100% 100%

15 Bank of Tokyo-Mitsubishi Japan FC 78% 75% 67% 100% 100%

16 Unicredit Italy FC 74% 63% 67% 100% 100%

17 DnB-NOR Norway FC 74% 50% 78% 100% 100%

18 RBC Canada FC 74% 50% 78% 100% 100%

19 Storebrand Norway _FC 70% 38% 78% 100% 100%

20 Banco Santander Central Hispano Spain _FC 70% 50% 67% 100% 100%

21 La Caixa Spain _FC 70% 75% 56% 100% 50%

22 Cooperative Group UK _FC 70% 50% 67% 100% 100%

23 HBOS UK FC 70% 38% 78% 100% 100%

24 Mizuho Financial Group Japan FC 70% 63% 56% 100% 100%

25 Swiss Re Switzerland mixed 70% 50% 67% 100% 100%

26 Munich Re Germany FC 65% 50% 56% 100% 100%

27 Abbey UK _FC 65% 50% 56% 100% 100%

28 Sumitomo Mitsui Financial Group Japan FC 65% 50% 67% 100% 50%

29 AXA France mixed 65% 50% 56% 100% 100%

30 Danske Bank Denmark _FC 61% 38% 56% 100% 100%

31 Nordea Sweden FC 61% 38% 67% 75% 100%

32 Aviva UK life 61% 50% 44% 100% 100%

33 Sompo Japan general 61% 50% 56% 100% 50%

34 MAPFRE Spain mixed 61% 50% 44% 100% 100%

35 Caisses d'Epargne France _FC 57% 38% 44% 100% 100%

36 SEB Sweden _FC 57% 50% 44% 100% 50%

37 AGF France _life 57% 38% 44% 100% 100%

38 Friends Provident UK _life 57% 25% 56% 100% 100%

39 Monte Paschi Siena Italy FC 52% 38% 33% 100% 100%

40 SNS-Reaal Netherlands FC 52% 13% 56% 100% 100%

41 Svenska Handelsbanken Sweden FC 52% 25% 67% 75% 50%

42 Provident Financial UK FC 52% 25% 44% 100% 100%

43 Standard Life UK _FC 52% 38% 33% 100% 100%

44 CNP France _life 52% 38% 44% 100% 50%

(20)

46 Bank of Ireland Ireland FC 48% 25% 33% 100% 100%

47 Irish Life and Permanent Ireland FC 48% 13% 44% 100% 100%

48 Zurich Switzerland FC 48% 13% 56% 75% 100%

49 Old Mutual UK FC 48% 25% 44% 75% 100%

50 Alleanza Assicurazioni Italy life 48% 13% 56% 75% 100%

51 American International company U.S. mixed 48% 25% 33% 100% 100%

52 Sampo Finland _FC 43% 13% 33% 100% 100%

53 Delta Lloyd Netherlands FC 43% 13% 33% 100% 100%

54 Swiss Life Switzerland life 43% 25% 33% 75% 100%

55 Mitsui Sumitomo Insurance Japan general 43% 50% 33% 50% 50%

56 Millea Japan general 43% 38% 33% 75% 50%

57 Folksam Sweden mixed 43% 50% 33% 50% 50%

58 Allstate Insurance Company U.S. mixed 43% 13% 33% 100% 100%

59 Erste Bank Austria _FC 39% 13% 33% 75% 100%

60 OTP Hungary _FC 39% 0% 44% 100% 50%

61 Merrill Lynch U.S. FC 39% 13% 33% 100% 50%

62 Gerling Group Germany mixed 39% 50% 44% 25% 0%

63 Nippon Life Insurance/Nissay Japan mixed 39% 25% 33% 75% 50%

64 Universal Life Cyprus FC 35% 13% 33% 75% 50%

65 OP Bank Group Finland FC 35% 13% 44% 75% 0%

66 Lloyds TSB UK FC 35% 25% 0% 100% 100%

67 Royal & SunAlliance UK general 35% 13% 33% 75% 50%

68 Co-operators Canada mixed 35% 13% 33% 100% 0%

69 Nipponkoa Japan mixed 35% 38% 33% 50% 0%

70 Mediolanum Italy FC 30% 13% 0% 100% 100%

71 Eureko Netherlands FC 30% 25% 0% 75% 100%

72 Vienna Insurance Group Austria life 30% 13% 11% 100% 50%

73 Hannover Re Germany life 30% 13% 22% 50% 100%

74 Scottish Widows UK life 30% 0% 33% 75% 50%

75 Lloyds London UK mixed 30% 0% 11% 100% 100%

76 Manulife Canada mixed 30% 25% 11% 75% 50%

77 Prudential U.S. FC 26% 25% 0% 75% 50%

78 Travelers U.S. general 26% 0% 22% 75% 50%

79 Liverpool Victoria UK FC 22% 0% 0% 100% 50%

80 Nationwide Insurance UK FC 22% 0% 0% 75% 100%

81 State Farm U.S. FC 22% 0% 0% 75% 100%

82 Groupama UK general 22% 0% 22% 75% 0%

83 Bâloise Switzerland mixed 22% 13% 22% 25% 50%

84 Helvetia Switzerland mixed 22% 25% 0% 50% 50%

85 Mass Mutual Financial Group U.S. mixed 22% 13% 0% 50% 100%

86 The Hartford Financial Services U.S. FC 17% 0% 0% 50% 100%

87 Minnesota Life Insurance Company U.S. life 17% 0% 0% 100% 0%

88 Foresters Canada life 17% 0% 0% 75% 50%

89 Sumitomo Life Insurance Japan life 17% 13% 11% 50% 0%

90 The Fuji Fire & Marine Insurance Japan general 17% 0% 22% 50% 0%

91 Aegon Netherlands mixed 17% 0% 0% 50% 100%

92 Zwitserleven Netherlands mixed 17% 0% 0% 75% 50%

93 Metlife U.S. mixed 17% 0% 0% 75% 50%

94 Northwestern Mutual Life Ins. Co. U.S. mixed 17% 0% 11% 75% 0%

95 American Family Insurance U.S. mixed 17% 0% 0% 75% 50%

96 Great West Life Canada mixed 17% 13% 0% 50% 50%

97 Cespo Czech Rep. FC 13% 13% 0% 50% 0%

98 PPF Group Czech Rep. FC 13% 0% 0% 75% 0%

(21)

100 Hermes UK FC 13% 13% 0% 50% 0%

101 Kansas City Life Insurance Co. U.S. life 13% 0% 0% 50% 50%

102 Protective Life Corporation U.S. life 13% 0% 0% 50% 50%

103 Aspen U.S. general 13% 0% 0% 25% 100%

104 Chubb Insurance U.S. general 13% 0% 0% 25% 100%

105 Guardian Life Insurance Company U.S. mixed 13% 0% 0% 75% 0%

106 Shelter Insurance Companies U.S. mixed 13% 0% 0% 75% 0%

107 Toa Re Japan mixed 13% 13% 0% 50% 0%

108 Ceska pojistovna Czech Rep. FC 9% 0% 0% 50% 0%

109 Robein Netherlands FC 9% 0% 0% 50% 0%

110 Julian Hodge Bank Group UK FC 9% 0% 0% 50% 0%

111 PFA Denmark life 9% 0% 0% 0% 100%

112 Jackson National Life U.S. life 9% 0% 0% 50% 0%

113 Western & Soutern U.S. _life 9% 0% 0% 50% 0%

114 Fukoko Japan _life 9% 0% 11% 25% 0%

115 The Dai-Ichi Mutual Life Insurance Japan life 9% 0% 0% 50% 0%

116 P&V Belgium general 9% 0% 0% 50% 0%

117 Argonaut Group, Inc. U.S. general 9% 0% 0% 0% 100%

118 CNA U.S. general 9% 0% 0% 50% 0%

119 Liberty Mutual U.S. general 9% 0% 0% 50% 0%

120 Markel Corporation U.S. general 9% 0% 0% 0% 100%

121 OneBeacon Insurance Group U.S. general 9% 0% 0% 0% 100%

122 Safeco U.S. general 9% 0% 0% 25% 50%

123 The Dominion Canada general 9% 0% 0% 50% 0%

124 The Kyoei Fire & Marine Insurance Japan general 9% 0% 0% 50% 0%

125 AMB Generali Germany mixed 9% 0% 0% 0% 100%

126 Generali Group Italy mixed 9% 0% 0% 0% 100%

127 Fondiaria-Sai Italy mixed 9% 0% 0% 0% 100%

128 American National Insurance Group U.S. mixed 9% 0% 0% 25% 50%

129 New York Life U.S. mixed 9% 0% 0% 50% 0%

130 The Standard U.S. mixed 9% 0% 0% 50% 0%

131

American National Property and

Casualty U.S. mixed 9% 0% 0% 50% 0%

132 Alm. Brand Denmark FC 4% 0% 0% 0% 50%

133 DZ Bank Gruppe Germany FC 4% 0% 0% 0% 50%

134 Infinity Property&Casualty U.S. general 4% 0% 0% 0% 50%

135 Topdanmark Denmark mixed 4% 0% 0% 25% 0%

136 Klaverblad Netherlands mixed 4% 0% 0% 0% 50%

137 Torchmark U.S. mixed 4% 0% 0% 0% 50%

138 Thrivent U.S. mixed 4% 0% 0% 0% 50%

139 BISYS U.S. mixed 4% 0% 0% 0% 50%

140 Great American Insurance Company U.S. mixed 4% 0% 0% 0% 50%

141 Canada Life Canada mixed 4% 0% 0% 0% 50%

142 Danica Denmark _life 0% 0% 0% 0% 0%

143 AAA Western United U.S. _life 0% 0% 0% 0% 0%

144 Banner Life U.S. _life 0% 0% 0% 0% 0%

145 De Noordhollandsche Netherlands general 0% 0% 0% 0% 0%

146 Unigarant Netherlands general 0% 0% 0% 0% 0%

147 Hastings Mutual Insurance Co. U.S. general 0% 0% 0% 0% 0%

148 Talanx Germany mixed 0% 0% 0% 0% 0%

149 De Goudse Netherlands mixed 0% 0% 0% 0% 0%

150 Auto-Owners Insurance U.S. mixed 0% 0% 0% 0% 0%

151 Alfa Mutual Insurance U.S. mixed 0% 0% 0% 0% 0%

152 Church Mutual U.S. mixed 0% 0% 0% 0% 0%

(22)

Appendix VII: Results Kolmogorov-Smirnov test

Note: In Appendix III a description of the Kolmogorov-Smirnov test is given. Critical value at 5% significance level (1,36/

n

)

(23)

(24)

Appendix VIII: Results Spearman rank correlation test

Correlations from Spearman correlation test in SPSS

Reports Practice Social Governance

Spearman Reports Correlation Coefficient 1,000 ,868(**) ,732(**) ,554(**)

Sig. (2-tailed) . ,000 ,000 ,000

N 153 153 153 153

Practice Correlation Coefficient ,868(**) 1,000 ,770(**) ,555(**)

Sig. (2-tailed) ,000 . ,000 ,000

N 153 153 153 153

Social Correlation Coefficient ,732(**) ,770(**) 1,000 ,537(**)

Sig. (2-tailed) ,000 ,000 . ,000

N 153 153 153 153

Governance Correlation Coefficient ,554(**) ,555(**) ,537(**) 1,000

Sig. (2-tailed) ,000 ,000 ,000 .

N 153 153 153 153

(25)

Appendix IX: Results factor analyses

Results VARIMAX rotated factor analysis financial conglomerates. The correlations between the variables are given in the first table, and subsequently the outcome of the Bartlett test and the MSA.

Correlation Matrix

category1 category2 category3 category4 Total assets Employees Premiums Capital Correlation category1 1,000 0,823 0,604 0,495 0,333 0,633 0,361 0,158 category2 0,823 1,000 0,635 0,537 0,228 0,587 0,238 0,119 category3 0,604 0,635 1,000 0,580 0,033 0,324 0,133 0,044 category4 0,495 0,537 0,580 1,000 -0,054 0,410 0,172 0,010 Total assets 0,333 0,228 0,033 -0,054 1,000 0,344 0,126 0,043 Employees 0,633 0,587 0,324 0,410 0,344 1,000 0,377 0,147 Premiums 0,361 0,238 0,133 0,172 0,126 0,377 1,000 0,110 Capital 0,158 0,119 0,044 0,010 0,043 0,147 0,110 1,000 MSA 0,796

Bartlett's Test Appr.Chi-Square 190,624

df 28

Sig. 0,000

In this table information regarding the eight possible factors is given and the eigenvalue expresses their relative explanatory power. This eigenvalue also is used to determine the number of factors to extract. The % of variance states the amount of variance that is explained by this factor, and cumul is the cumulative of the % of variance.

Factor Eigenvalue % of Variance Cumul % of Variance 1 3,51416 43,9 43,8 2 1,25611 15,8 59,6 3 0,97628 12,1 71,8 4 0,85761 10,8 82,5 5 0,51251 6,4 89,0 6 0,43009 5,4 94,3 7 0,29430 3,7 98,0 8 0,15894 2,0 100,0

In this table the loadings of the eight variables for each factor are given.

(26)

Results VARIMAX rotated factor analysis life insurance companies

The correlations between the variables are given in the first table, and subsequently the outcome of the Bartlett test and the MSA.

Correlation Matrix

category1 category2 category3 category4 Total assets Employees Premiums Capital Correlation category1 1,000 0,717 0,604 0,509 0,824 0,554 0,710 0,655 category2 0,717 1,000 0,597 0,607 0,551 0,322 0,452 0,482 category3 0,604 0,597 1,000 0,131 0,425 0,359 0,352 0,362 category4 0,509 0,607 0,131 1,000 0,286 0,267 0,215 0,209 Total assets 0,824 0,551 0,425 0,286 1,000 0,728 0,922 0,942 Employees 0,554 0,322 0,359 0,267 0,728 1,000 0,760 0,782 Premiums 0,710 0,452 0,352 0,215 0,922 0,760 1,000 0,943 Capital 0,655 0,482 0,362 0,209 0,942 0,782 0,943 1,000 MSA 0,681

Bartlett's Test Approx. Chi-Square 83,724

df 28

Sig. 0,000

Factor Eigenvalue % of variance cumul % of variance 1 4,98752 62,3 62,3 2 1,32779 16,6 78,9 3 0,84476 10,6 89,5 4 0,40205 5,0 94,5 5 0,24597 3,1 97,6 6 0,11187 1,4 99,0 7 0,06739 0,8 99,8 8 0,01265 0,2 100,0

(27)

Results VARIMAX rotated factor analysis general insurance companies

Correlation Matrix

df 28

Sig. 0,000

Factor Eigenvalue % of variance cumul % of variance 1 4,45587 55,7 55,7 2 1,15775 14,5 70,2 3 1,00174 12,5 82,7 4 0,72595 9,1 91,8 5 0,45803 5,7 97,5 6 0,09803 1,2 98,7 7 0,07778 1,0 99,7 8 0,02486 0,3 100,0

(28)

Results VARIMAX rotated factor analysis mixed insurance companies

Correlation Matrix

df 28

Sig. 0,000

Factor Eigenvalues % of Variance cumul % of variance 1 4,43193 55,4 55,4 2 1,70602 21,3 76,7 3 0,71747 9,0 85,7 4 0,60249 7,5 93,2 5 0,25375 3,2 96,4 6 0,14895 1,9 98,3 7 0,10649 1,3 99,6 8 0,03288 0,4 100,0

(29)

Results VARIMAX rotated factor analysis for all insurance companies

Correlation Matrix

df 28

Sig. 0,000

Factor Eigenvalues % of Variance cumul % of variance 1 3,66970 45,9 45,9 2 1,37247 17,2 63,0 3 0,91836 11,5 74,5 4 0,63251 7,9 82,4 5 0,51364 6,4 88,8 6 0,43839 5,5 94,3 7 0,32462 4,1 98,4 8 0,13030 1,6 100,0