Dependent Variables (ROE)

Type

Independent Variables

R²

BIP

BIP*BIP

D-LS

SIZE

BS

D-A

(1)

ALL

−0.002

(0.416)

−0.014

(0.773)

0.003

Life

0.017^***

(0.002)

0.587^***

(0.001)

0.098

Non-life

−0.005

(0.124)

0.099^*

(0.092)

0.012

(2)

ALL

0.007

(0.804)

−0.003

(0.403)

0.001

(0.825)

−0.012

(0.808)

0.003

Life

−0.094^**

(0.020)

0.017^***

(0.005)

0.015^***

(0.000)

−0.626^***

(0.000)

0.225

Non-life

0.019

(0.596)

−0.004

(0.342)

−0.003

(0.400)

0.088

(0.139)

0.016

(3)

ALL

0.163

(0.112)

−0.137

(0.114)

−0.002

(0.484)

0.001

(0.748)

−0.006

(0.904)

0.009

Life

0.076

(0.590)

−0.159

(0.210)

0.020^***

(0.002)

0.014^***

(0.001)

−0.626^***

(0.000)

0.235

Non-life

0.189

(0.156)

−0.147

(0.184)

−0.004

(0.305)

−0.002

(0.561)

0.098

(0.102)

0.021

(4)

ALL

0.011

(0.315)

−0.003

(0.343)

0.003

(0.791)

−0.005

(0.936)

0.006

Life

0.020

(0.225)

0.005^*

(0.060)

0.015^***

(0.000)

−0.537^***

(0.001)

0.200

Non-life

0.010

(0.478)

−0.004

(0.325)

−0.002

(0.444)

0.102

(0.103)

0.016

(5)

ALL

0.009

(0.737)

0.011

(0.304)

−0.004

(0.315)

0.001

(0.760)

−0.002

(0.960)

0.006

Life

−0.096^**

(0.018)

0.022

(0.186)

0.017^***

(0.006)

0.014^***

(0.000)

−0.563^***

(0.001)

0.236

Non-life

0.021

(0.556)

0.010

(0.450)

−0.005

(0.263)

−0.002

(0.498)

0.102

(0.102)

0.017