Table 1: Entities included in the analysis.

Bloomberg ticker Name Country Market cap (mill) Number of employees Insurance          AGN NA Equity Aegon Nv The Netherlands 5204 30092  AGS BB Equity Ageas Belgium 3222 12000  ALV GY Equity Allianz Se-Reg Germany 28084 150170  AML LN Equity Amlin Plc Britain 1403 1249  AV/LN Equity Aviva Plc Britain 7970 45341  CS FP Equity Axa Sa France 20047 102957  FSA IM Equity Fondiaria-Sai Spa Italy 604 7833  G IM Equity Assicurazioni Generali Italy 17608 85019  INGA NA Equity Ing Groep Nv-Cva The Netherlands 17823 107305  JLT LN Equity Jardine Lloyd Thompson Group Britain 1384 6212  LGEN LN Equity Legal & General Group Plc Britain 5437 8662  MUV2 GY Equity Muenchener Rueckver Ag-Reg Germany 14595 47039  RSA LN Equity Rsa Insurance Group Plc Britain 3793 22078  SAMAS FH Equity Sampo Oyj-A Shs Finland 9738 6928  SCR FP Equity Scor Se France 2797 1822  SLHN VX Equity Swiss Life Holding Ag-Reg Switzerland 2915 7483  SREN VX Equity Swiss Re Ag Switzerland 14447 10448  STB NO Equity Storebrand Asa Norway 12188 2163  TOP DC Equity Topdanmark A/S Denmark 12609 2523  VIG AV Equity Vienna Insurance Group Ag Austria 3300 24968  ZURN VX Equity Zurich Financial Services Ag Switzerland 25522 54934 Banks          ALPHA GA Equity Alpha Bank A.E. Greece 695 14673  BARC LN Equity Barclays Plc Britain 17873 146100  BCP PL Equity Banco Comercial Portugues-R Portugal 1319 21365  BES PL Equity Banco Espirito Santo-Reg Portugal 2197 9858  BNP FP Equity Bnp Paribas France 32331 205348  BPE IM Equity Banca Popol Emilia Romagna Italy 2012 11647  BPSO IM Equity Banca Popolare Di Sondrio Italy 1662 3014  CBK GY Equity Commerzbank Ag Germany 8688 58255  CRG IM Equity Banca Carige Spa Italy 2564 6177  CSGN VX Equity Credit Suisse Group Ag-Reg Switzerland 26473 50700  DANSKE DC Equity Danske Bank A/S Denmark 66433 21536  DBK GY Equity Deutsche Bank Ag-Registered Germany 22308 101694  DNBNOR NO Equity Dnb Nor Asa Norway 91783 13124  ETE GA Equity National Bank of Greece Greece 2601 36588  GLE FP Equity Societe Generale France 13015 160704  HSBA LN Equity Hsbc Holdings Plc Britain 88135 302327  ISP IM Equity Intesa Sanpaolo Italy 17440 101169  KBC BB Equity Kbc Groep Nv Belgium 5111 52949  LLOY LN Equity Lloyds Banking Group Plc Britain 24014 103859  MB IM Equity Mediobanca Spa Italy 4917 2567  PMI IM Equity Banca Popolare Di Milano Italy 589 8570  POH1S FH Equity Pohjola Bank Plc-A Shs Finland 2366 3083  RBS LN Equity Royal Bank of Scotland Group Britain 25716 148300  SEBA SS Equity Skandinaviska Enskilda Ban-A Sweden 78698 17576  SHBA SS Equity Svenska Handelsbanken-A Shs Sweden 100891 11078  STAN LN Equity Standard Chartered Plc Britain 30144 85231  SWEDA SS Equity Swedbank Ab—A Shares Sweden 81943 17008  SYDB DC Equity Sydbank A/S Denmark 6980 2274  TPEIR GA Equity Piraeus Bank S.A. Greece 560 13135  UBSN VX Equity Ubs Ag-Reg Switzerland 39393 65707  UCG IM Equity Unicredit Spa Italy 13621 160562

This table shows the insurance companies and banks included in the sample. Displayed market cap values and number of employees are recorded as of end August 2011.