Insurers' M&As in the United States duringthe 1990-2022 period : is the fed monetary policy a causal factor?

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      <subfield code="a">Insurers' M&As in the United States duringthe 1990-2022 period</subfield>
      <subfield code="b">: is the fed monetary policy a causal factor?</subfield>
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      <subfield code="a">The study explains why mergers and acquisitions among U.S. life insurers dropped sharply after 2012. Using causal methods such as difference-in-differences, synthetic control, and SDID, the authors show that the Federal Reserve's quantitative easing policies (20082012) pushed interest rates to persistently low levels, reducing the profitability of variable annuities. Lower sales and margins weakened life insurers, making them less attractive as acquisition targets and less capable as acquirers. The paper concludes that monetary policy had a direct causal effect on reducing M&A activity in the life insurance sector, unlike the more stable non-life segment</subfield>
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