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.