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Impact of Mergers and Acquisitions on European Insurers: Evidence from Equity Markets

Author

Listed:
  • Petr Jakubik
  • Dimitris Zafeiris

    (EIOPA)

Abstract

Under the current low yield environment insurers are changing their business models and looking for new investment and business opportunities. This is also reflected in an increasing interest in mergers and acquisitions to achieve sufficient returns. However, there is no clear answer in the literature whether this strategy brings the expected positive results. This study empirically tests the effects of mergers and acquisitions (M&A) on share prices of European insurers via an event study. Our results do not confirm the positive impact of such strategies on acquirers’ share prices delivering abnormal returns for shareholders.

Suggested Citation

  • Petr Jakubik & Dimitris Zafeiris, 2016. "Impact of Mergers and Acquisitions on European Insurers: Evidence from Equity Markets," EIOPA Financial Stability Report - Thematic Articles 7, EIOPA, Risks and Financial Stability Department.
    • Handle: RePEc:eio:thafsr:7
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    File URL: https://www.eiopa.europa.eu/sites/default/files/financial_stability/impact_of_mergers_and_acquisitions_on_european_insurers-evidence_from_equity_markets_june_2016.pdf
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    Cited by:

    1. Janowicz Magdalena, 2023. "The Profitability of Legal Mergers in Times of Economic Crisis – A Polish Example," Folia Oeconomica Stetinensia, Sciendo, vol. 23(2), pages 169-182, December.
    2. Janowicz Magdalena & Luty Piotr, 2019. "Is the Goodwill Recognised in a Business Combination an Indicator of the Future Profitability of the Combined Company?," Financial Sciences. Nauki o Finansach, Sciendo, vol. 24(4), pages 45-54, December.

    More about this item

    Keywords

    Insurance; Mergers and Acquisitions; financial stability;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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