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Banks & insurers dividend payout ratios

48 companies, computed from their own SEC filings. 0 of them answer differently by 20 points or more depending on which basis you divide by.

What ordinary looks like here

On the basis each company’s own filings make applicable, the median bank or insurer pays out 34.0%. Half sit between 22.9% and 47.9%. Across all 532 companies here the median is 41.9% — 7.9 points less than the site as a whole.

Which basis applies, and to how many

Not a choice — it is what each company’s filings support.

Lowest payout

  1. Renaissancere Holdings 2.9%
  2. Loews 3.1%
  3. First Citizens Bancshares 4.8%
  4. Allstate 10.5%
  5. Chubb 14.9%

Highest payout

  1. Old Republic International 98.4%
  2. Fidelity National Financial 91.4%
  3. CNA Financial 81.9%
  4. Progressive 72.3%
  5. American Financial Group 72.2%

Common questions

What is a good dividend payout ratio for a bank or insurer?

Measured on the basis its own filings support, the median here is 34.0%, with half between 22.9% and 47.9%. That is the empirical answer for this sector rather than a rule of thumb, and it is the only comparison that means anything — a figure that is ordinary in one sector is stretched in another.

Which measure should a bank or insurer be judged on?

48 of the 48 measured here are read on GAAP earnings, because that is what their filings support. Each company’s page shows every basis it can be measured on and marks the one that applies.

Where do these numbers come from?

Each company’s own annual filing, read out of SEC XBRL. Every page names the accession number its figures came from and links it to EDGAR, so any figure here can be checked against the source.

All 48 companies

What a dividend payout ratio measures, and why one threshold does not fit every sector.

TickerCompanyBasisYieldSpreadRating
ACGLArch Capital GroupEarnings——44
AFGAmerican Financial GroupEarnings——42
AFLAflacEarnings——40
AIGAmerican International GroupEarnings——36
AIZAssurantEarnings——66
ALLAllstateEarnings——76
ALLYAlly FinancialEarnings——16
AXPAmerican ExpressEarnings——61
BACBank of AmericaEarnings——64
BKBank of New York MellonEarnings——72
BLKBlackRockEarnings——36
CCitigroupEarnings——54
CASSCASS Information SystemsEarnings——50
CBChubbEarnings——67
CINFCincinnati FinancialEarnings——66
CNACNA FinancialEarnings——39
COFCapital One FinancialEarnings——5
EGEverest GroupEarnings——64
FCNCAFirst Citizens BancsharesEarnings——69
FNFFidelity National FinancialEarnings——1
GSGoldman Sachs GroupEarnings——54
HDBHdfc BankEarnings——49
HIGHartford Insurance GroupEarnings——82
JEFJefferies Financial GroupEarnings——12
JPMJpmorgan ChaseEarnings——52
LLoewsEarnings——72
LNCLincoln NationalEarnings——37
METMetlifeEarnings——18
MSMorgan StanleyEarnings——53
MTBM&T BankEarnings——68
NTRSNorthern TrustEarnings——65
ORIOld Republic InternationalEarnings——14
PFGPrincipal Financial GroupEarnings——11
PGRProgressiveEarnings——7
PNCPNC Financial Services GroupEarnings——54
PRUPrudential FinancialEarnings——20
RGAReinsurance Group of AmericaEarnings——77
RJFRaymond James FinancialEarnings——76
RNRRenaissancere HoldingsEarnings——74
SCHWSchwab CharlesEarnings——80
STTState StreetEarnings——58
TFCTruist FinancialEarnings——36
TRVTravelers CompaniesEarnings——86
UNMUnum GroupEarnings——30
USBUS Bancorp \De\Earnings——56
VOYAVoya FinancialEarnings——33
WFCWells FargoEarnings——50
WRBBerkley W REarnings——35