Impact of the Business Structure on Solvency of Property-Liability Insurance Companies and Its Mediating Effect

Table 1

Descriptive statistics.

	Variable	Sample size	Mean value	Standard deviation	Minimum value	Maximum value
Full sample	Solvency	325	18.91	67.63	0.52	898.4
	Nonauto	451	0.486	0.357	0.013	1
	Roa	448	−0.017	0.067	−0.399	0.299
	Rein	450	0.228	0.234	0	0.971
	Size	448	8.079	1.660	5.188	13.59
	Loss	393	0.438	0.431	0	6.880
	Lev	448	0.616	0.211	0.018	1.297
	Geodiv	450	0.609	0.362	0	0.959
	Invest	440	0.651	0.196	0.137	0.985
	GDP	454	12.90	0.758	10.99	13.52
	Interest	454	2.412	0.694	1.022	3.325
Sample of Chinese-funded P/L insurance companies	Solvency	209	14.30	50.10	0.52	315.5
	Nonauto	273	0.270	0.196	0.013	0.971
	Roa	270	−0.006	0.056	−0.399	0.084
	Rein	272	0.113	0.103	0	0.734
	Size	270	8.910	1.541	6.189	13.59
	Loss	235	0.435	0.159	0	0.779
	Lev	270	0.644	0.201	0.018	0.959
	Geodiv	273	0.778	0.284	0	0.959
	Invest	264	0.267	0.169	0.015	0.762
	GDP	275	12.90	0.767	10.99	13.52
	Interest	275	2.423	0.685	1.022	3.325
Sample of foreign-funded P/L insurance companies	Solvency	116	27.21	90.77	1.077	898.4
	Nonauto	178	0.817	0.289	0.053	1
	Roa	178	−0.035	0.077	−0.308	0.299
	Rein	178	0.404	0.267	0.001	0.971
	Size	178	6.817	0.834	5.188	9.325
	Loss	158	0.442	0.653	0	6.880
	Lev	178	0.574	0.219	0.020	1.297
	Geodiv	177	0.349	0.315	0	0.922
	Invest	176	0.473	0.169	0.053	0.863
	GDP	179	12.90	0.746	10.99	13.52
	Interest	179	2.396	0.709	1.022	3.325