Discutants : Chouaib Jouf (senior) et Mathilde Dufouleur (junior)

Abstract: “This paper analyses the impact of the low-interest rate environment on the profitability of 37 life insurance companies operating in France over the 2009-2018 period. Our empirical analysis suggests that Monetary Policy has a significant impact on profitability. This result holds after controlling for macroeconomic and financial conditions and different life insurers-specific characteristics. Accounting for the heterogeneity of life insurers, the paper sheds light on the asymmetrical impact for smaller companies. The article further examines the influence of the solvency position of life insurers on profitability and issues policy recommendations for regulators to mitigate the influence of the low-yield environment, particularly on smaller insurers.”