Abstract
A number of researchers analyzed the relationship between stock returns and interest rate risk for financial institutions with mixed results. The assets and liabilities holdings of insurance companies are regulated to reduce interest rate risk to policyholders, but not stockholders. Given the recent increase in the number of stock companies and the recent volatility in financial stocks, this paper reexamines the direction and characteristics of the relationship between interest rate risk and stock returns with more recent evidence. Our results have important policy implications for stock investors in insurance companies.
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