Whole Life

Term Life

Pension Savings

Unit Linked

Dependent Variable

PB

Independent Variables

CPI

−0.25517

1.05255***

1.34893***

1.17289***

(−1.46447)

(4.62951)

(6.92796)

(6.94661)

U

0.17304***

0.15811**

−0.11734*

0.01682

(2.86961)

(2.00941)

(−1.74129)

(0.2879)

STR

−0.49738*

−0.21023

0.12402

0.05046

(−1.7855)

(−0.57836)

(0.3984)

(0.18693)

CCI

−0.76078**

−0.95996**

−1.49596***

−0.63402**

(−2.50384)

(−2.42127)

(−4.40588)

(−2.15337)

LTR

0.18833**

0.19184**

0.32844***

0.34098***

(2.56926)

(2.00569)

(4.00968)

(4.80045)

GDPc

0.61844

−0.22871

−0.14421

−0.65146

(1.25759)

(−0.35642)

(−0.26242)

(−1.36708)

Constant

0.79701***

1.05569***

1.5427***

0.70796**

(2.66361)

(2.70386)

(4.61372)

(2.44162)

Observations

156

156

156

156

Adjusted R Squared

0.52354

0.39273

0.64109

0.59354