Performance determinants of non-life insurance firms: a systematic review of the literature

Figures & data

Figure 1. Search methods, strategies and sample selection.

Table 1. Top 17 study sources.

Study source	No. of studies
Journal of Risk and Insurance	42
The Geneva Papers on Risk and Insurance-Issues and Practice	18
Working Papers	13
Journal of Banking and Finance	11
Journal of Insurance Issues	11
European Journal of Operational Research	6
Risk Management and Insurance Review	5
Journal of Insurance Regulation	4
Journal of Productivity Analysis	4
Journal of Risk Finance	4
Journal of Financial Services Research	3
Managerial Finance	3
Book chapters	3
International Journal of Emerging Markets	2
International Journal of Financial Studies	2
Journal of Risk and Uncertainty	2
North American Actuarial Journal	2
Total	136

Source: Authors’ compilation.

Figure 2. Distribution of studies by year.

Figure 3. Distribution of number of studies by authors.

Table 2. Distribution of studies by country and performance measure.

Country	Performance measure
Developed	Efficiency	Accounting	Market	Insolvency prediction	Rating	Number of studies
Australia	1			1		2
Austria	1					1
Belgium	1					1
Canada		2		1		3
France	3					3
Germany	5	4				9
Italy	1					1
Japan	3	2	1			6
Netherlands	1	1		1		3
Portugal	1					1
South Korea	1	1				1
Spain				5		5
Sweden		1				1
Switzerland	1	1				2
UK		7		1		8
US	29	50	14	14	7	114
Sub-total	48	69	15	23	7	161
Developing
Argentina	1					1
Bangladesh		2				2
China	4	2				6
Ecuador		1				1
Ghana		3				3
India	9					9
Iran	2					2
Malaysia	2	1				3
Pakistan		2				2
South Africa	2	1				3
Taiwan	4	4				8
Thailand	2					2
Turkey	1	1				2
Sub-total	27	17				44
Total	75	86	15	23	7	205

Source: Authors’ compilation.

Table 3. Distribution of multi-country studies by performance measure.

Focus	Performance measures					No. of studies
	Efficiency	Accounting	Market	Insolvency	Rating
Europe	9	2		1	1	13
Eastern Europe		1				1
Asia	1	1				2
SADC		1				1
BRIC	1					1
Global	2	8	1		1	12
Total	13	13	1	1	2	30

Notes: SADC = Southern Africa Development Community.

BRIC = Brazil, Russia, India and China.

Source: Authors’ compilation.

Table A1. Frontier efficiency studies in the non-life insurance industry-methodologies, inputs, outputs and average efficiencies: 1990–2021.

Study	Country	Sample Period	No. of Insurers	Efficiency Estimation	Inputs	Outputs	Efficiency Type	Average Efficiency Per Year
Country specific studies-developed countries
Fecher et al. (1991)	France	1984–1989	164	SFA	Labour costs, other outlays	Gross premiums	CE	0.412
Cummins and Weiss (1993)	US	1980–1988	261	SFA	Labour, business services, equity capital	PV of expected losses, reserves	CE	0.858
Fecher et al. (1993)	France	1984–1989	164	SFA, DEA	Labour costs, other outlays	Gross premiums	TE (DEA) CE (SFA)	0.537 0.412
Delhausse et al. (1995)	Belgium, France	1984–1988	191, 243	DEA, SFA	Labour costs, other outlays	Premiums	TE	0.506 (SFA), 0.447 (DEA)
Berger et al. (1997)	US	1981–1990	472	DFA	Labour, business services, debt capital, equity capital	PV of losses incurred, invested assets	CE PE	0.387 0.315
Brockett et al. (1998)	US	1989	1,524	RAM-DEA	Surplus previous year, change in capital and surplus, underwriting and investment expenses, debt capital	Rate of return on investments, liquid assets to liability, solvency scores	Efficiency	n/a
Cummins et al. (1999)	US	1981–1990	417	DEA, Cross-Frontier	Labour, business services, debt capital, equity capital	PV of real losses incurred, invested assets	TE CE	0.869 0.600
Garven and Grace (2001)	US	1986–1996	500	Varian’s Weak Axiom of Profit Maximisation	Administrative labour, agent labour, physical capital, financial capital, miscellaneous goods	Net revenue	Efficiency score	—
Cummins and Nini (2002)	US	1993–1998	645	DEA	Administrative labour, agent labour, materials and business services, average equity capital	Present value of losses incurred	TE PTE SE AE CE RE	0.512 0.576 0.888 0.798 0.406 0.271
Worthington and Hurley (2002)	Australia	1998	46	DEA	Labour, information technology, physical capital, equity capital	Net premium revenues, invested assets	PTE SE AE CE	0.762 0.729 0.309 0.296
Brockett et al. (2004)	US	1989	1,524	RAM-DEA	Surplus previous year, change in capital and surplus, underwriting and investment expenses, debt capital	Rate of return on investments, liquid assets to liability, solvency scores	Efficiency	n/a
Ennsfellner et al. (2004)	Austria	1994–1999	53	Bayesian SFA	Operating expenses, debt capital, equity capital	Loss incurred, invested assets	TE	0.719
Turchetti and Daraio (2004)	Italy	1982–2000	45	DEA, TFP	Acquisition, production and organisational costs	Real incurred losses	TE CE AE SE TFP EC TC	0.980 0.780 0.790 0.980 1.060 1.020 1.050
Brockett et al. (2005)	US	1989	1,524	RAM-DEA	Surplus previous year, change in capital and surplus, underwriting and investment expenses, debt capital	Rate of return on investments, liquid assets to liability, solvency scores	Efficiency	n/a
Jeng and Lai (2005)	Japan	1985–1994	19	RAM-DEA, Cross-Frontier	Labour, business services, capital	Number of policies, invested assets	TE	0.972 (Keiretsu), 0.976 (NSIF), 0.911 (SIF)
Dionne et al. (2007)	US	1995–2003	369	SFA	Administrative labour, agent labour, risk management labour, debt capital equity capital	PV of losses incurred, invested assets, level of risk management	Risk Pooling Efficiency	0.481
Cummins and Xie (2008)	US	1994–2003	1,550	DEA	Administrative labour, agent labour, business services, equity capital	PV of losses incurred, average invested assets	PTE AE SE CE RE TFP PTEC PTC SEC STC	0.640 0.710 0.930 0.450 0.390 1.050 1.010 2.440 1.010 0.600
Weiss and Choi (2008)	US	1992–1998	1,119	SF	Administrative labour, agent labour, materials, equity capital	PV of losses incurred, invested assets	CE RE CSE RSE	0.810 0.744 0.877 0.911
Wende et al. (2008)	Germany	1988–2005	40	DEA, Cross-frontier	Labour and business services, debt capital, equity capital	PV of incurred claims, invested assets	TE AE CE	— — —
Cummins et al. (1995)	US	1995–2003	369	SFA	Administrative labour, agent labour, risk labour, materials/ business services, debt capital, equity capital	PV of losses incurred, intermediation (intermediate), risk management	CE	0.480
Luhnen (2009)	Germany	1995–2006	229	DEA	Labour and business service, debt capital, equity	Claims incurred, invested assets	TE SE AE CE TFP TC TEC PTEC SEC	0.800 0.940 0.590 0.480 0.918 0.921 0.997 0.967 1.032
Park et al. (2009)	US	1990–2001	370	SFA	Agent labour, other labours, materials, equity capital	Incurred losses	CE RE	0.687 0.771
Cummins et al. (2010)	US	1993–2006	718	DEA	Administrative labour, agent labour, materials and business services, equity capital	PV of losses incurred, average invested assets	TE PTE SE CE AE RE PE	0.572 0.664 0.870 0.423 0.742 0.336 1.023
Xie (2010)	US	1994–2005	312	DEA	Administrative labour, agent labour, business services, equity capital	PV of losses incurred, average invested assets	TE AE SE CE RE	0.554 0.668 0.758 0.373 0.330
Bikker and Gorter (2011)	Netherlands	1995–2005	195	TFA	Labour, debt capital, equity capital	Net premium, losses incurred, total investments	CE SE	0.170 0.930
Chen et al. (2011)	US	1990–2001	540	DEA	Labour, business services, debt capital, equity capital	Incurred losses, invested assets	TE AE CE TFP TEC TC	0.964 0.892 0.860 1.016 1.005 1.010
He et al. (2011)	US	1995–2006	557	DEA	Administrative labour, agent labour, materials and business services, equity capital	Real PV of losses incurred, average invested assets	CEC REC	1.037 0.998
Huang et al. (2011)	US	2000–2007	28	DEA	Labour, business services, equity capital	Losses incurred, invested assets	TE CE	0.904 0.799
Lin et al. (2011)	US	2002–2004	1,657	SFA	Equity capital, debt capital	Net investment income, losses incurred	CE	—
Shi and Zhang (2011)	US	2001–2006	1,527	SFA	Administrative labour, agent labour, business services and materials	Losses incurred, invested assets	CE	0.579
Shim (2011a)	US	1990–2004	190	DEA	Administrative labour, agent labour, business services and materials, equity capital	PV of losses incurred, average invested assets	PTE SE AE CE RE	0.621 0.809 0.746 0.358 0.406
Cummins et al. (2012)	US	1993–2009	1,260	DEA	Administrative labour, agent labour, business services, equity capital	PV losses incurred, average invested assets	CE RE PE	0.328 0.237 0.884
Huang et al. (2012)	Japan	1992–2005	22	DEA	Labour, business services, equity capital	Net written premiums, invested assets	TE AE CE	0.502 0.527 0.933
Leverty and Grace (2012)	US	1989–2000	1,018	DEA	Administrative labour, agent labour, business services and materials, debt capital, equity capital	PV of losses incurred, average invested assets	PTE SE AE CE RE	0.667 0.898 0.590 0.352 0.233
Brito et al. (2013)	Portugal	1999–2007	13	SFA	Acquisition services, labour and business services, claims, equity capital	Number of policies	CE	0.990
Cummins and Xie (2013)	US	1993–2009	781	DEA	Administrative labour, agent labour, materials and business services, equity capital	PV of losses incurred, average invested assets	PTE SE CE RE AE TFP PTEC PTC SEC STC	0.740 0.900 0.510 0.440 0.770 1.065 1.009 1.096 1.077 0.993
Ma et al. (2013)	US	1993–2008	1,116	DEA	Administrative labour, agent labour, materials and business services, equity capital	PV of losses incurred, invested assets	CE RE	0.470 0.330
Emm (2014)	US	1988–2001	630	Varian’s Weak Axiom of Profit Maximisation	Administrative labour, agent labour, physical capital, business services, equity capital	Net revenue	CE	0.820
Park and Park (2015)	South Korea	2006–2011	17	DEA	Labour, business services, debt capital, equity capital	Incurred losses, invested assets	TE PTE	0.920 0.930
Biener et al. (2016)	Switzerland	1997–2013	51	DEA	Labour and business services, debt capital, equity capital	Losses incurred, total investments	TE CE AE SE RE TFP	0.912 0.852 0.933 0.954 0.835 1.02
Cummins and Xie (2016)	US	1993–2011	768	DEA	Administrative labour, agent labour, materials and business services, equity capital	PV of losses incurred, average invested assets	PTE SE TE AE CE RE PE TFP TC TEC	0.740 0.900 0.660 0.780 0.510 0.440 0.630 1.173 1.165 1.015
Altuntas et al. (2019)	Germany	1999–2009	84	DEA, FE	Labour and business services, debt capital, equity capital	PV of losses incurred, Average invested assets	TE PTE SE CE RE PE	0.859 0.907 0.948 0.505 0.581 0.530
Eling et al. (2020)	Germany	1954–2016	95	TFP, Multiple Regression	Labour, debt capital, equity capital	PV of losses incurred, total investments	TFP	1,003
Country specific studies-Emerging countries
Leverty et al. (2004)	China	1995–2002	14	DEA	Labour, business services and materials, debt capital, equity capital	Losses incurred, invested assets	TE PTE SE	0.866 0.902 0.957
Hwang and Kao (2006)	Taiwan	2001–2002	24	Network DEA	Stage 1: Business and administrative expenses, commissions and acquisition expenses; Stage 2: Direct written premiums, reinsurance premiums received	Stage 1: Direct written premiums, reinsurance premiums received; Stage 2: Net underwriting income, net investment income	Marketing Efficiency Profitability Efficiency TE	0,849 0,596 0,561
Wang et al. (2007)	Taiwan	2000–2002	16	DEA	Labour, business services, debt capital, equity capital	Losses incurred, invested assets	TE AE CE	0.871 0.789 0.716
Kasman and Turgutlu (2009)	Turkey	2000–2005	22	Malmquist Index	Labour, business services, equity capital	Total losses paid	TFP EC TC PEC SEC	1.061 0.745 1.423 0.957 0779
Hsu and Petchsakulwong (2010)	Thailand	2000–2007	17	DEA	Labour, materials and business services, equity capital	Losses incurred, invested assets	TE AE CE RE	0.941 0.626 0.593 0.852
Singh and Kumar (2011)	India	1993–2008	4	DEA	Operating expenses, equity capital	Net written premiums, incurred claims, investment income	TE PTE SE	0.769 0.861 0.893
Naini and Nouralizadeh (2012)	Iran	2003–2010	17	Robust DEA	Labour, general and administrative expenses, equity capital	Losses incurred, ROE	Overall efficiency (CRS)	0.728
Chen et al. (2014)	Malaysia	2008–2011	16	DEA, OLS	Real labour and business services, debt capital, equity capital	Incurred claims + additions to reserves, invested assets	TFP TEC TC	1.212 0.992 1.220
Kweh et al. (2014)	China	2006–2010	32	Dynamic SBM-DEA	Input1 = Operating expenses Carry-over1 = debt capital Carry-over2 = equity capital	Incurred losses + additions to reserves, investment profits	Operating efficiency	0.839
Yaisawarng et al. (2014)	Thailand	2000–2007	46	SFA	Labour, business services, debt capital, equity capital	No. of policies, invested assets	CE (Model A) CE (Model B) Scale Eco, Model A, B	0.793 0. 742 0.922, 0.916
Alhassan and Biekpe (2015)	South Africa	2007–2012	70	DEA,	Labour and business services, Debt capital, Equity capital	Net premium earned, Claims incurred, Investment income	TE (Model 1, Model 2) PTE (Model 1, Model 2) SE (Model 1, Model 2)	0.522, 0.573 0.593, 0.672 0.878, 0.873
Zakery and Afrazeh (2015)	Iran	2006–2012	17	DEA	1^st stage (intellectual capital creation) Owned (financial) resources, no. of employees, general and administrative expenses 2^nd stage (intellectual capital application) Staff education, no. of agencies, product portfolio diversity	1^st stage (intellectual capital creation) Staff education, no. of agencies, product portfolio diversity 2^nd stage (intellectual capital application) ROE, losses incurred	TE	0.769
Alhassan and Biekpe (2016)	South Africa	2007–2012	66	SFA	Labour and business services, Debt capital, Equity capital	Claims incurred, Investment income	CE PE	0.801 0.457
Kuo et al. (2017)	Malaysia	2008–2013	16	Dynamic Network SBM-DEA	Input1 = Labour (staff costs) Input2 = Business services Intermediate1 = Incurred claims + additions to reserves Intermediate2 = Investment assets Carry-over1 = total liabilities Carry-over2 = equity capital	Net income, operating cash flow	Marketing efficiency (Stage 1) Profitability efficiency (Stage 2) Overall operating efficiency	0.854 0.932 0.848
Sinha (2017)	India	2013–2014	16	DEA	Operating expenses, net premium income	Operating income, assets under management, benefit paid	TE (input orientation) TE (output orientation)	0.9001 0.898
Ferro and León (2018)	Argentina	2009–2014	69	SFA	Direct labour costs, commissions to brokers, financial capital (debt and equity)	Total losses	TE	0,423
Ilyas and Rajasekaran (2019)	India	2005–2016	14	DEA	Labour and business services, debt capital, equity capital	Losses incurred, invested assets	TE PTE SE AE CE TFP TC TEC PTEC SEC	0.792 0.895 0.884 0.817 0.818 1.321 1.268 1.042 1.218 0.855
Ilyas and Rajasekaran (2020)	India	2005–2016	15	DEA, Fare-Primont PI	Labour and business services, debt capital, equity capital	Losses incurred, total investments	TFP	1,124
Ilyas and Rajasekaran (2021)	India	2005–2016	15	DEA	Labour and business services (operating expenses), debt capital, equity capital	Incurred claims, total investments	TFP	1,007
Li et al. (2021)	China	2011–2017	47	DEA	Total capital, fixed assets, management expenses	Premium written, investment income, incurred claims	TE TFP	0,905 1,055
Zhao et al. (2021)	China	2013–2017	53	DEA	Compensation expense, tax and surcharges, service charge and commission fee, operation and administrative expense	Premium earned	PE AE TE	0,626 0,746 0,827
Sinha (2021)	India	2010–2018	15	Network DEA	Stage 1: number of branches, operating expenses, equity capital; Stage 2: net premium income	Stage 1: net premium income; Stage 2: assets under management; claims paid	1st Stage 2nd Stage Overall TE	0,955 0,784 0,870
Multi-country studies
Diacon (2001)	Multi-country, 6 EU	1999	431	DEA	Total operating expenses, total capital, total technical reserves, total borrowings from creditors	Net earned premiums, total investment income	TE	0.71
Davutyan and Klumpes (2008)	Multi-country, 7 EU	1996–2002	284	DEA	Labour, business services, equity capital	PV of losses incurred, net earned premiums, average invested assets	TE PTE SE	0.267 0.352 0.759
Fenn et al. (2008)	Multi-country, 14 EU	1995–2001	562	SFA	Labour, debt capital, equity capital	Net incurred claims	CE	0.930
Zanghieri (2009)	Multi-country, 15 EU	1997–2006	not given	SFA	Labour, debt capital, equity capital	Claims paid	CE PE	— —
Eling and Luhnen (2010b)	Multi-country, 36 developed and developing incl. SA	2002–2006	3,566	SFA, DEA	Labour and business services, debt capital, equity capital	Claims + additions to reserves, total investments	TE CE	0.810 0.740
Kasman and Turgutlu (2011)	Multi-country, 19 EU, Switzerland, Turkey, Norway	1995–2005	472	SFA	Debt capital, equity capital	Incurred claims	CE	0.882
Bahloul et al. (2013)	Multi-country, 7 EU	2002–2008	125	SFA	Labour and business services, debt capital, equity capital	Losses incurred, reinsurance reserves, reserves for primary insurance contracts, total investments	CE FTP	0.690, 0.678 1.017
Huang and Eling (2013)	Multi-country, BRIC	2000–2008	819	DEA	Labour, debt capital, equity capital	Net written premiums, invested assets	TE PTE SE TFP TEC TC	0.413 0.492 0.850 0.990 0.970 1.020
Bahloul and Bouri (2016)	Multi-country, 7 EU	2002–2008	125	SFA, FE	Labour and business services, debt capital, equity capital	Losses incurred, reinsurance reserves, reserves for primary insurance contracts, total investments	CE (Model 1) CE (Model 2)	0.691 0.679
Doumpos et al. (2018)	Multi-country, 8 EU	2000–2012	458	Metafrontier RE	not given	not given	TE	0.595

Note: DEA = data envelopment analysis, SFA = stochastic frontier analysis, TFA = thick frontier approach, DFA = distribution free approach, RAM = range adjusted measure, SBM = slacks-based measure, TE = technical efficiency, PTE = pure technical efficiency, SE = scale efficiency, AE = allocative efficiency, CE = cost efficiency, PE = profit efficiency, RE = revenue efficiency, CSE = cost scale efficiency, RSE = revenue scale efficiency, TFP = total factor productivity, EC = efficiency change, TC = technical change, PTEC = pure technical efficiency change, PTC = pure technical change, SEC = scale efficiency change, PV = present value. Source: Authors’ compilation

Table A2. Summary of studies that examined drivers of non-life insurer performance.

Authors	Countries	Period	No. of insurers	Measure(s) of performance	Methodology	Determinants
Country-specific studies-Developed countries
Fields et al. (1990)	US	1990 & 1988	36	Stock return/value	Cross-sectional regression	SZ
Fecher et al. (1991)	France	1984–1989	164	TE	Comparison using ratios	SZ, OF, RK, RE
BarNiv and McDonald (1992)	US	1974–1988	294	Insolvency	MDA, LPM, exponential generalised beta distribution	SZ
Shelor et al. (1992)	US	1989	79	Stock price/value	GLS, Modified weighted least squares, Cross-sectional regression	RK
Barrese and Nelson (1992)	US	1978–1990	46	Expenses	Regression-Error components	DS
Carroll (1993)	US	1980–1987	—	Profit Margin	2SLS	SZ, CS, RK, MS, ME
Cummins and Weiss (1993)	US	1980–1988	261	CE	SFA	SZ
Fecher et al. (1993)	France	1984–1989	164	TE	Comparison using ratios	SZ, OF, RK, RE
Haley (1993)	US	1930–1989	56	Underwriting margin	Cointegration techniques-VECM, impulse response	ME
Brockett et al. (1994)	US	1991–1992	243	Insolvency	Logistic regression, neural network approach	CS
Cummins et al. (1995)	US	1989–1991	1,596	Insolvency	Logistic regression	SZ, OF, CS
Delhausse et al. (1995)	Belgium	1984–1988	191	TE, SE	Variance Analysis	OF, RK, RE, PM
Kim et al. (1995)	US	1984–1990	125	Insolvency	Event history analysis	DV, RE, AG, GW
Staking and Babbel (1995)	US	1981–1987	25	Tobin’s Q	Regression Analysis	CS, RK
Kazenski et al. (1995)	US	1985–1991	not given	Insolvency	OLS	RK, MS
Browne and Hoyt (1995)	US	1970–1990	3,676	Insolvency (solvency)	Logistic regression	MS, ME
Grace and Hotchkiss (1995)	US	1974–1990	not given	Combined ratio	VECM, variance decomposition, impulse response	ME
Gron (1995)	US	1972–1983	44	Market share	Multiple regression-weighted least squares	ME
Haley (1993)	US	1949–1992	42	Underwriting profit	Cointegration techniques-VECM	ME
Cagle et al. (1996)	US	1968–1991	27	Various ratios e.g. direct written premiums, NWP, expense ratio, ROA, net underwriting income	Ratio analysis	OF
Lee and Urrutia (1996)	US	1980–1991	164	Insolvency	Logit & hazard model	CS, GW, PM
Kramer (1996)	Netherlands	1992	195	Financial solidity-subjective measures (strong, moderate, weak)	Ordered logit model	MS
Berger et al. (1997)	US	1981–1990	472	CE, PE	Regression	SZ, OG, DS, PM
Brockett et al. (1997)	US	1987–1990	44	Insolvency	Logistic regression, neural network approach	CS
Chidambaran et al. (1997)	US	1984–1993	18	Economic loss ratio	2SGLS	RK, DS, MS
Fok et al. (1997)	US	1991	400	Income to surplus ratio	Factor & regression analysis	RK, RE, GW, MS
Tennyson (1997)	US	1992	64	Expense ratio, market share	Regression analysis	GW, ME
Bouzouita and Young (1998)	US	1989–1992	not given	Rating category	Ordered probit model, OLS	SZ, OF, CS, GW, PM
Fields et al. (1998)	US	1993	46	Stock price/value	Event study, cross-sectional regression	SZ, RE
Brockett et al. (1998)	US	1989	1524	Efficiency	Mann-Whitney Statistic	OF, DS
Gius (1998)	US	1976–1990	not given	Premiums	RE	DV, RK, DS, ME
Bajtelsmit and Bouzouita (1998b)	US	1984–1992	not given	Profit margin	RE	DS, MS, ME
Bajtelsmit, and Bouzouita (1998a)	US	1984–1992	not given	Profit margin	Regression-instrumental variable approach	MS, ME
Colquitt et al. (1999)	US	1993–1995	1,400	Cash holdings	OLS, RNE	SZ, OF, CS, RK, GA
Cummins et al. (1999)	US	1990–1992	268	Insolvency	Logistic regression	SZ, OF
Pottier and Sommer (1999)	US	1996	1,678	Rating category	Ordered probit regression	SZ, DV, CS, RK, RE, GW, PM
Cummins et al. (1999)	US	1981–1990	417	TE, CE	DEA, Cross-frontier	OF
Born (2001)	US	1984–1991	1,440	ROE	Quantile regression, OLS	SZ, OF, DV, CS, RK, AG, PM, MS, ME
Garven and Grace (2001)	US	1986–1996	500	Efficiency score	Tobit	SZ, OF, GA, DS, PM
Cummins and Nini (2002)	US	1993–1998	645	TE, AE, CE, RE, ROE	OLS	SZ, OF, DV, CS, RK, RE, GW, PM
Pottier and Sommer (2002)	US	1996–1998	1,779	Insolvency	Logistic regression	SZ, OF
Worthington and Hurley (2002)	Australia	1998	46	PTE, SE, CE, AE	Tobit	SZ, OF, DV
Lai and Limpaphayom (2003)	Japan	1983–1994	24	ROA, expense ratio, commissions, loss ratio, investment income, free cash flow	Pooled regression, 2SLS	SZ, OF, CS, RK
Li and Greenhood (2004)	Canada	1993–1998	137	ROA	RE	SZ, DV, RK, GW, MS
Shiu (2004)	UK	1986–1999	137	Investment yield, %ge change in shareholders’ funds, return on shareholders’ funds	OLS, RNE, FE	SZ, CS, RE, GW, ME
Brockett et al. (2004)	US	1989	1,524	Efficiency	Mann-Whitney Statistic	OF, DS
Salcedo-Sanz et al. (2004)	Spain	1983–1994	72	Insolvency	Support Vector Machines-based methods	CS
Segovia-Vargas et al. (2004)	Spain	1983–1994	72	Insolvency	Support Vector Machines, Genetic Algorithm & a Simulated Annealing	CS
Gaver and Pottier (2005)	US	1997	80	Rating categories	Ordered probit regression	SZ, CS, RK
Brockett et al. (2005)	US	1989	1,524	Efficiency	Mann-Whitney Statistic	OF, DS
Choi and Weiss (2005)	US	1992–1998	4,777	Underwriting profit-margin	GMM, Heteroskedastic 2SLS	OF, RE, GA, GW, DS, PM, MS
Jeng and Lai (2005)	Japan	1985–1994	19	TE, CE	RAM-DEA, Cross-frontier	OF
Díaz-Martínez et al. (2005)	Spain	1983–1994	72	Insolvency	Non-parametric machine learning techniques, See5 & Rough Set	CS
Hwang and Kao (2006)	Taiwan	2001–2002	24	Marketing & Profitability Eff	Network DEA	SZ, OF, MS
Dionne et al. (2007)	US	1995–2003	369	CE	SUR	SZ, OF, DV, CS, RK, RE, GA, DS, PM
Sharpe and Stadnik (2007)	Australia	1999–2001	68	Financial distress (1 & 2)	Logit regression	SZ, RE, GW, PM
Scordis and Barrese (2007)	US	1994–2004	41	Holding period return, market value, cash dividends	RE, FE	CS, RK, RE
Cummins and Xie (2008)	US	1994–2003	1,550	TFP, PTE, AE, SE, CE, RE	OLS	SZ, OF, DV, CS, GA, PM
Elango et al. (2008)	US	1994–2002	787	ROE, ROA, RAROE, RAROA	FE	SZ, OF, DV, CS, RK, GA, DS, PM
Liebenberg and Sommer (2008)	US	1995–2004	629	ROA, ROE, Tobin’s Q	OLS, 2SLS, Heckman	SZ, OF, DV, CS, RK, GA, PM, MS
Ma and Elango (2008)	US	1992–2000	41	RAROA	FE	SZ, DV
Weiss and Choi (2008)	US	1992–1998	1,119	CXE, RXE, CSE, underwriting profit margin	2SLS, Two-stage Tobit	SZ, OF, DV, RE, GA, GW, DS, PM, MS, ME
Boubakri et al. (2008)	US	1995–2000	177	Market returns	Regression	OF, CG, FSID
Ma and Elango (2008)	US	1992–2000	41	RAROA	FE	OF, RK, RE, GA, DS
Elango (2009)	US	2000–2004	847	ROA	Logistic regression	SZ, OF, DV, RK, GA, AG
Kleffner and Lee (2009)	Canada	1980–2004	159	Insolvency	Logistic regression	SZ, OF, CS, RK, GA, GW
Luhnen (2009)	Germany	1995–2006	229	TE, CE	Truncated regression	SZ, OF, DV, CS, GW, DS
Park et al. (2009)	US	1990–2001	370	CE, RE	Pooled OLS, Two-way FE, Two-way RE	SZ, OF, CS, GA, DS, PM
Barth and Eckles (2009)	US	1998–2005	1,545	Loss ratio	FE	GW
Chen et al. (2010)	US	1985–2008	960	ROA, ROE, Combined ratio (CR), Economic loss ratio (ELR)	Panel regression	SZ, OF, DV, CS, RE, GA, MS
Cummins et al. (2010)	US	1993–2006	718	TE, SE, CE, AE, RE, PE	Multiple regression	SZ, OF, DV, CS, RK, RE, DS, PM
Lei and Schmit (2010)	US	1995–2006	102	RAROA, ROE	RE, FE	SZ, OF, DV, CS, GA
Parente et al. (2010)	US	1992–2000	not given	Market share growth, profitability	OLS	SZ, DV, DS, PM
Yin (2010)	Japan	1989–1995 & 2004–2006	21	Expense ratio	FE, RNE	SZ, OF, RE, AG, PM
Choi (2010)	US	1992–2001	823	Growth rate	Heckman’s 2 stage regression	OF, DV, RE, GA, AG, DS
Xie (2010)	US	1994–2005	312	TE, AE, SE, CE, RE, ROA, loss ratio, expense ratio, premium growth, other financials	FE	OF
Wang (2010)	US	1995–2006	3,088	Rating grades	Least squares regressions	GW, ME
Choi and Elyasiani (2011)	US	1992–1998	953	CXE, CSE, RXE, RSE, ROA, inverse of loss ratio,	GMM	SZ, OF, DV, CS, RE, GA, DS, PM
Eckles and Pottier (2011)	US	1996–2000	1,158	Rating grades	Ordered logit model	SZ, OF, CS
He et al. (2011)	US	1995–2006	557	CE, RE, TFP, TC, TEC	Multivariate regression	SZ, OF, DV, CS, CG, PM
Huang et al. (2011)	US	2000–2007	28	TE, CE	Tobit	SZ, CG
Shi and Zhang (2011)	US	2001–2006	1,527	CE	SFA-Copula regression	SZ, OF
Shim (2011a)	US	1990–2004	190	PTE, SE, AE, CE, RE	FE	SZ, OF, DV, CS, GA, DS, PM
Shim (2011b)	US	1989–2004	190	ROE, ROA, RAROA, RAROE, Z-score	Regression lagged structure model	SZ, OF, DV, CS, RK, GA, DS, PM
Bikker and Gorter (2011)	Netherlands	1995–2005	195	CE, SE	OLS	OF, DV
Chen et al. (2011)	US	1990–2001	540	TE, AE, CE, TFP	OLS	OF
Lin et al. (2011)	US	2002–2004	1,657	CE	SFA	CS, RE, GW
Cheng and Weiss (2012)	US	1994–2005	1,845	Insolvency	Logistic pooled regression	SZ, OF, RK, MS, ME
Cummins et al. (2012)	US	1993–2009	1,260	ROA, ROE, CE, RE, PE	2 way OLS FE	SZ, OF, DV, CS, RK, RE, GA, PM
Huang et al. (2012)	Japan	1992–2005	22	TE, AE, CE	Truncated regression	SZ, OF, DV
Leverty and Grace (2012)	US	1989–2000	1,018	CE, RE, insolvency, cost of insolvency	Heckman 2-stage regression, logistic regression, Tobit	SZ, OF, CG
Lin et al. (2012)	US	2000–2007	63	Tobin’s Q, ROA Underwriting ROA	Treatment-effect model	SZ, DV, CS, RK, RE, GW, PM
Andersson et al. (2013)	Sweden	1903–1939	102	Investment returns	GMM	SZ, OF, CS, RK
Choi et al. (2013)	US	1998–2007	1,717	Liquidity creation	Regression	SZ, OF, DV, CS, RE, GA, PM
Cummins and Xie (2013)	US	1993–2009	781	PTE change, SE change, CE change, RE change, TFP change, RTS	FE, multinomial logit	SZ, OF, DV, CS, GA, DS, PM
Ma et al. (2013a)	US	1993–2008	1,116	CE, RE, ROE, ROA	Regression	SZ, OF, DV, CS, DS, PM
Kelly et al. (2013)	Canada	1991–2008	6	Loss ratio (LR)	3SLS	PM, MS
Chang and Tsai (2014)	US	2006–2010	1,423	Liquidity	OLS, Quantile regression	SZ, OF, DV, CS, RK, RE, GA, GW, ME
Chen et al. (2014)	US	2000–2011	1,479	RAROA, RAROE, CR	FE	SZ, OF, DV, CS, GA, PM
Emm (2014)	US	1988–2001	630	CE	Tobit	SZ, OF, DV, DS
Park and Xie (2014)	US	2003–2009	1,041	Rating, rating downgrade, Stock price/return	Ordered Probit regression, 2SLS, Panel Regression	SZ, OF, CS, RK, RE, GA, AG, PM
Hsu et al. (2015)	US	1997–2002	242	Cash holdings	FE	SZ, CS, RK, CG, AG
Park and Park (2015)	South Korea	2006–2011	17	TE, PTE, ROA	OLS	SZ, OF, DV, CS, GA, DS, PM, MS
Rauch and Wende (2015)	Germany	2004–2011	108	Solvency ratio	OLS, Logistic regression	SZ, OF, DV, CS, RK, GW
Zhang and Nielson (2015)	US	1996–2006	1,422	Insolvency	Logistic regression	DV, CS, RK, GA, ME
Adams and Jiang (2016)	UK	1999–2012	77	PM, ROA, ROE, solvency, CR	2SLS	SZ, OF, DV, RE, CG, AG
Ai et al. (2016)	US	2006–2013	58	ROA, Tobin’s Q	2SLS, Pooled OLS	SZ, OF, DV, CS, RK, GA, PM
Altuntas and Gößmann (2016)	Germany	1999–2011	32	ROA	OLS	SZ, OF, DV, CS, RK, RE, AG, PM
Altunta et al. (2016)	Germany	2004–2012	92	ROA, ROE, RAROA, RAROE	OLS	SZ, OF, DV, CS, RK, GA
Biener et al. (2016)	Switzerland	1997–2013	51	TE, CE, RE	Truncated regression	SZ, OF, DV, CS, AG, GW
Chang and Jeng (2016)	US	1994–2006	2,180	Liquidity	2SLS	SZ, OF, DV, CS, RE, GA, GW
Cummins and Xie (2016)	US	1993–2011	768	CE, RE, PE, TFP	Two-way FE, One-way FE	SZ, OF, DV, CS, DS, PM
Liu et al. (2016)	UK	1994–2011	127	Liquidity	2SLS	SZ, OF, DV, CS, RE, PM
Adams and Jiang (2017)	UK	1999–2012	77	PM	OLS	SZ, OF, RE, CG, AG
Caporale et al. (2017)	UK	1985–2014	167	Default probabilities	Reduced form regression	SZ, OF, DV, CS, RE, GW, ME
Che et al. (2017)	US	1997–2013	639	Investment return	OLS, Heckman model & 2SLS	SZ, OF, DV, CS, RE, GA, PM, MS
Lambalk and de Graaf (2017)	Netherlands	2008–2012	25	Profit, CR, LR, OE, IR	Regression	OF, DV
Shim (2017a)	US	1992–2010	738	Z-score	OLS, 2SLS	SZ, OF, DV, CS, RK, RE, GA, GW, PM, MS, ME
Shim (2017b)	US	1996–2010	1,003	RAROA	Quantile regression	SZ, OF, DV, CS, RK, RE, GA, AG, GW, DS, MS
Ames et al. (2018)	US	2007–2013	396	Rating category, ROE	Ordered logistic regression	SZ, CS, CG
Adams et al. (2019)	UK	1985–2010	145	CR, LR, ELR, ROA	GLS	SZ,DV, CS, RE, PM, ME
Lei (2019)	US	1993–2008	1,505	RAROE	Two-way FE regression	SZ, OF, DV, CS, RK, RE, GA, PM
Liebenberg and Lin (2019)	US	2004–2013	747	ROA	OLS, 2SLS, Heckman’s model	SZ, OF, DV, CS, RK, GA, MS
Maichel-Guggemoos and Wagner (2019)	Germany	2001–2016	91	Profitability, growth, safety	Regression analysis	SZ, OF, GW, MS
Zhang et al. (2019)	US	1992–2011	28	Sharpe ratio, Treynor ratio	OLS, Time-fixed OLS	SZ, CS, GW
Shiu (2020)	UK	1994–2011	129	ROA	Three-equation structural model	SZ, CS, RE, RK, DV
Eling et al. (2020)	Germany	1954–2016	95	TFP	Multiple regression	SZ, OF, MS, ME, DV
Adams and Baker (2021)	UK	1999–2013	73	ROE, Solvency	RE, FE	SZ, OF, RE, CG
Griffith and Liebenberg (2021)	US	2002–2015	1,557	ROA, ROE, loss ratio, expense ratio	OLS	RE
Park et al. (2021)	US	2001–2009	1,321	ROA, ROE, investment return on equity (IRE); underwriting return on equity (URE)	OLS, 2SLS	SZ, OF, CS, RE, DV, GA
Country-specific studies-Emerging countries
Leverty et al. (2004)	China	1995–2002	14	TE, PTE, SE, productivity	Weighted Tobit, WLS regression	SZ, OF, MS
Wang et al. (2007)	Taiwan	2000–2002	16	TE, AE, CE, ROA	Regression	SZ, DV, RE, CG, PM
Kasman and Turgutlu (2009)	Turkey	2000–2005	22	TFP	TFP, EC, TC, PTEC SEC	OF
Hsu and Petchsakulwong (2010)	Thailand	2000–2007	17	TE, AE, CE, RE	Truncated regression	SZ, CG
Shiu (2010)	Taiwan	2001–2003	24	Solvency ratio	Heckman 2 Stage regression, OLS, RE	SZ, DV, CS, RK, RE, PM
Foong and Idris (2012)	Malaysia	2006–2009	24	ROE	Regression	SZ, DV, CS
Naini and Nouralizadeh (2012)	Iran	2003–2010	17	Overall efficiency	Generalised Estimating Equations (GEE)	SZ, OF, CS, MS
Lee and Lee (2012)	Taiwan	1999–2009	15	ROA	Two-equation simultaneous model, 2SLS	SZ, OF, DV, CS, RK, RE, GA, GW, MS
Chen et al. (2014)	Malaysia	2008–2011	16	Malmquist Productivity Index	OLS	SZ, OF, CS, MS
Jeng and Yang (2014)	China	2000–2006	13	ROA, Growth	Two-equation simultaneous model, GMM	SZ, OF, DV, CS, RE, AG, GW, MS, ME
Lee (2014)	Taiwan	1999–2009	15	ROA, operating ratio	RNE	SZ, DV, CS, RK, RE, GA, GW, MS, ME
Kweh et al. (2014)	China	2006–2010	32	Operating efficiency	OLS	SZ, CS
Iqbal and Rehman (2014)	Pakistan	2002–2011	22	Loss ratio, Expense ratio	Pooled OLS, FE, RNE	RE
Yaisawarng et al. (2014)	Thailand	2000–2007	46	CE, TFP	SFA	PM
Alhassan and Biekpe (2015)	South Africa	2007–2012	70	TE, PTE, RTS	Truncated, Logistic regression	SZ, DV, CS, RE, AG
Alhassan et al. (2015)	Ghana	2007–2011	22	ROA	PCSE, FE	SZ, CS, RK, MS, ME
Sandada et al. (2015)	Zimbabwe	n/a	n/a	Non-financial measures	Regression	CG
Öner Kaya (2015)	Turkey	2006–2013	24	Technical profitability ratio, sales profitability ratio	FE	SZ, CS, RK, RE, AG, GW, PM
Alhassan and Biekpe (2016b)	South Africa	2007–2012	66	CE, PE	FE	SZ, DV, CS, RK, RE, AG, MS
Asare et al. (2017)	Ghana	2007–2011	22	ROA, UPM	OLS-PCSE	SZ, CS, RK
Lee (2017)	Taiwan	1999–2010	15	RAROA, RAROE	FE	SZ, DV, CS, RE, GA, GW, PM, MS
Sinha (2017)	India	2013–2014	16	TE	Truncated regression	OF, CS
Kuo et al. (2017)	Malaysia	2008–2013	16	Marketing efficiency, profitability efficiency	Truncated regression	CG
Ishtiaq (2017)	Pakistan	2009–2013	40	ROA	Multiple regression	ME
Ferro and León (2018)	Argentina	2009–2014	69	TE	Average scores	SZ
Alhassan and Biekpe (2018)	South Africa	2007–2012	37	Z-score	ISUR, OLS-PCSE, QR, GMM	SZ, OF, DV, CS, RE, MS
Barua et al. (2018)	Bangladesh	2000–2014	16	ROA, ROE	FE, RNE, Pooled OLS, PMG	SZ, CS, RK, AG, GW
Hasan et al. (2018)	Bangladesh	2009–2015	32	ROA, ROE	FE, RNE	SZ, CS, RK, AG, ME
Ilyas and Rajasekaran (2019)	India	2005–2016	14	TE, PTE, SE, CE, AE	Truncated regression, Mann-Whitney U test, Wilcoxon rank-sum tests	SZ, OF, DV, CS, RK, RE, AG
Camino-Mogro and Bermúdez-Barrezueta (2019)	Ecuador	2001–2017	25	ROA, investment income, profit after tax	PCSE	OF, DV, CS, RK, MS, ME, FSID
Ilyas and Rajasekaran (2020)	India	2005–2016	15	TFP	Mann-Whitney U test	OF
Li et al. (2021)	China	2011–2017	47	TE, TFP	DEA, Fuzzy set qualitative comparative analysis	OF, CS, RE, RK
Wu and Li (2021)	China	2009–2015	53	Solvency	Step-wise regression	RE
Andoh and Yamoah (2021)	Ghana	2008–2018	20	ROA	RE	SZ, RE, ME
Zhao et al. (2021)	China	2013–2017	53	PE, AE, TE	DEA, Tobit	SZ, DV
Ilyas and Rajasekaran (2021)	India	2005–2016	15	TFP	DEA, Bootstrap truncated regression	SZ, DV, RE
Sinha (2021)	India	2010–2018	15	1st Stage, 2nd Stage, Overall TE	Network DEA, censored & probit regression	OF
Multi-country studies
Diacon (2001)	Multi-country, 6 EU	1999	431	TE	Tobit	SZ, OF, CS, RE, PM, MS
Florez-Lopez (2007)	Multi-country, 14 EU	1997–1999	257	Rating grades	Multivariate models-MDA, logit, C4.5, CART Gini	SZ
Davutyan and Klumpes (2008)	Multi-country, 7 EU	1996–2002	284	TE, PTE, SE	FE	SZ, OF, DV, CS, GA, ME, FSID
Fenn et al. (2008)	Multi-country, 14 EU	1995–2001	562	CE	SFA	SZ, MS
Oetzel and Banerjee (2008)	Multi-country, 31 Emerging	1998–2003	307	ROE, ROA, Return on sales	GLS RE	SZ, OF, DV, GA, ME, FSID
Pope and Ma (2008)	Multi-country, 23 developed & developing	1996–2003	15	UPM	2-way FE	PM, MS, ME
Zanghieri (2009)	Multi-country, 15 EU	1997–2006	not given	CE, PE	SFA (translog cost function)	SZ, DV, PM, MS, FSID
Eling and Luhnen (2010b)	Multi-country, 36 developed & developing	2002–2006	3,566	TE, CE	Conditional Mean Approach	SZ, OF, CS
Kasman and Turgutlu (2011)	Multi-country, 19 EU, Switzerland, Turkey, Norway	1995–2005	472	CE	SFA (translog cost function)	SZ
Berry-Stolzle et al. (2011)	Multi-country, 12 countries	2003–2007	319	Profit margin	OLS, 2SLS	OF, RE, GA, GW, PM, MS
Njegomir and Stojić (2011)	Multi-country, 11 Eastern Europe	2004–2008	not given	Profit margin	FE	PM, MS, ME
Doumpos et al. (2012)	Multi-country, 91 developed & developing	2005–2009	1,836	Multicriteria score	FE	SZ, RE, ME, FSID
Fields et al. (2012)	Multi-country, 66 developed & developing	1992–2006	312	UPM	OLS	SZ, CS, RK, RE, GW, ME, FSID
Huang and Eling (2013)	Multi-country, BRIC	2000–2008	819	TE, PTE, SE	Truncated regression	SZ, CS, RK, CG
Ma et al. (2013)	Multi-country, 4 Asian	2003–2008	36	UPM	GMM	SZ, DV, RE, AG, MS, FSID
Moro and Anderloni (2014)	Multi-country, 9 EU	2004–2012	198	ROA, ROE	RE	SZ, OF, DV, CS, RK, RE, GW, FSID
Hsieh et al. (2015)	Multi-country, 62 developed & developing	1995–2009	43	ROA, ROE, Tobin’s Q, Z-score	Dynamic Panel GMM	SZ, DV, CS, RE, GW, ME, FSID
Elango and Wieland (2015)	Multi-country, 32 countries	2001–2007	2,293	ROA	Hierarchical linear modelling techniques (HLM)	ME, FSID
Biener et al. (2016)	Multi-country, various	2003–2013	283	RAROA, RAROE, CE	LSDV, Tobit, truncated regression	SZ, DV, CS, RE, GW, ME, FSID
Bahloul and Bouri (2016)	Multi-country, 7 EU	2002–2008	125	CE	FE	CG, MS, ME, FSID
Altuntas and Rauch (2017)	Multi-country, 29 developed & emerging	2004–2012	1,600	Z-score, RAROE	OLS	SZ, OF, CS, RK, RE, GA, MS, ME
Doumpos et al. (2018)	Multi-country, 8 EU	2000–2012	458	Metafrontier efficiency	RE	SZ, OF, DV, RE, MS, ME, FSID
Eling and Jia (2018)	Multi-country, 16 EU	2006–2013	770	Probability of failure	Logistic regression	SZ, OF, CS, RK, GA, GW, ME, FSID
Olarewaju and Msomi (2021)	SADC	2008–2019	58	ROA	2SLS,FE, RE, 2-step system GMM	SZ, CS, RK

Notes: TE = technical efficiency, PTE = pure technical efficiency, SE = scale efficiency, AE = allocative efficiency, RE = revenue efficiency, PE = profit efficiency, TFP = total factor productivity, TC = technical change, TEC = technical efficiency change, PTEC = pure technical efficiency change, CXE = cost X-efficiency, RXE = revenue X-efficiency, CSE = cost scale efficiency, RSE = revenue scale efficiency, RTS = returns to scale, ROA = return on assets, ROE = return on equity, RAROA = risk adjusted return on assets, RAROE = risk adjusted return on equity, CR = combined ratio, LR = loss ratio, ELR = economic loss ratio, UPM = underwriting profit margin, OE = operating expenses, IR = investment return, OLS = ordinary least squares, FE = fixed effects, RNE = random effects, PM = profit margin, GMM = generalised method of moment, GLS = generalised least squares, PCSE = panel corrected standard errors, 2SLS = two-stage least squares, LSDV = least squares dummy variable, SFA = stochastic frontier approach, MDA = multiple discriminant analysis, QR = quantile regression, LPM = linear probability model, NPDM = non-parametric discriminant model, MPG = pooled mean group, SZ = size, OF = organisational form, DV = diversification, CS = capital structure, RK = risk, RE = reinsurance, GW = growth, GA = group affiliation, DS = distribution system, CG = corporate governance, MS = market structure, ME = macroeconomic, FSID = financial sector and institutional development.

Source: Authors’ compilation.

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