Table 2. Descriptive statistics of key variables.

Variables	Mean	SD	P25	P50	P75	N
Insurer Dummy	0.0161	0.1260	0.0000	0.0000	0.0000	336,825
Holding Ratio	0.0073	0.0580	0.0000	0.0000	0.0000	336,825
ROA1	0.0477	0.0478	0.0203	0.0402	0.0707	5,404
ROA3	0.0441	0.0449	0.0179	0.0375	0.0649	3,749
BHR1	0.1837	0.6148	-0.2076	0.0122	0.3853	5,390
BHR3	0.1914	0.3405	-0.0402	0.1159	0.3270	3,733
Local	0.0647	0.2459	0.0000	0.0000	0.0000	336,825
Local province	0.0824	0.2750	0.0000	0.0000	0.0000	336,825
Ln (distance)	6.5749	1.3220	6.4605	6.9798	7.2895	336,825
SOE	0.4591	0.4983	0.0000	0.0000	1.0000	336,825
Size	21.9909	1.2666	21.1094	21.8441	22.7195	336,825
Leverage	0.4555	0.2116	0.2932	0.4556	0.6149	336,825
Top1	0.3545	0.1523	0.2324	0.3349	0.4620	336,825
ROA	0.0474	0.0413	0.0173	0.0368	0.0645	336,825
Growth	0.2508	0.6575	-0.0072	0.1249	0.3010	336,825
Dividend ratio	0.2616	0.3137	0.0000	0.1951	0.3587	336,825
Free float	0.6460	0.3468	0.4170	0.7127	0.9991	336,825
Risk-taking	0.0295	0.0339	0.0097	0.0179	0.0340	336,825
EM	0.0735	0.0921	0.0206	0.0462	0.0905	336,825
Market index	2.0128	0.2549	1.8601	2.0575	2.2328	336,825
GDP	28.5011	0.7917	28.0396	28.5390	29.0870	336,825
Per capita GDP	10.7910	0.5334	10.4537	10.8736	11.1999	336,825