NAIT didnt use any of its dividend reserve during covid and post covid. The last 2 dividends were increased by 5% and 3%. Prior the average increase was 9%.
Of the 40 company portfolio only 2 decreased there dividends one was variable anyway and the other quickly got back to its previous dividend. Of the other 38 all held or increased there dividend. Easily achieved in the US as US companies spend a lot on buybacks they simply stopped them and stuck with dividends.
I have read that the Prudential Regulatory authority has told the banks they should consider spending more on buybacks so in times of stress they stand a better chance of being able to pay a full dividend.