Utjecaj strukture imovine za pokriće tehničkih i matematičkih pričuva na rezultat poslovanja društva za osiguranje u Republici Hrvatskoj

master's thesis

• Title (english): Impact of the structure of assets covering technical and mathematical provisions on the business result of insurance companies in the Republic of Croatia
• Author: Ana Pavković
• Mentor: Mihovil Anđelinović (mentor)
• Committee member: Drago Jakovčević (predsjednik povjerenstva)
• Committee member: Jakša Krišto (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2016-09-14, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Društva za osiguranje u svojstvu financijskih posrednika mobiliziraju dugoročnu štednju te ju usmjeravaju u konzervativne financijske instrumente, budući da se u svom poslovanju vode načelom sigurnosti, umjesto načelom profitabilnosti. Predmet ovoga rada je proučiti investicijski portfelj hrvatskih osiguratelja, istražiti kako makroekonomsko okruženje utječe na njegovu strukturu te kvantitativno ispitati vezu između strukture ulaganja i uspješnosti poslovanja osiguratelja. Ekonometrijska analiza provedena je na podacima iz godišnjih financijskih izvještaja za razdoblje od 2008. do 2015. godine pomoću metode klaster analize i analize panel podataka. Rezultati pokazuju da ulaganje u rizičnije kategorije pozitivno utječe na rezultat poslovanja, dok ulaganje u dužničke vrijednosnice ne pridonosi rastu profita. Međutim, unatoč ekonometrijskim dokazima, trenutnom periodu niskih kamatnih stopa i zahtjevima Solventnosti II, državne obveznice će ostati najvažnija komponenta imovine za pokriće tehničkih i matematičkih pričuva.

Abstract (english)

As financial intermediaries, insurance companies mobilize long term savings and allocate them conservatively, guided primarily by the safety principle instead of the profitability principle. The aim of this paper is to examine the investment portfolio of Croatian insurers, to explore how the macroeconomic environment affects its structure and to quantitatively investigate the link between asset allocation and insurance companies' profitability. Econometric analysis includes data from financial statements for the period 2008-2015, which are analyzed using the cluster analysis and panel data analysis. The results reveal that investing in riskier categories positively affects the business results, while the investment in debt securities does not encourage profit growth. However, despite econometric evidence, current low interest rate environment and Solvency II capital requirements, government bonds will remain the most important component of assets covering technical and mathematical provisions.

• Keywords: osiguranje; upravljanje ulaganjima; klaster analiza; analiza panel podataka; Solventnost II
• Keywords (english): Insurance; Investment Management; Cluster Analysis; Panel Data Analysis; Solvency II
• Language: croatian
• URN:NBN: urn:nbn:hr:148:755548
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2020-02-12 00:52:55