생명보험회사의 대출다각화가 수익성과 리스크에 미치는 영향

This study deals with the relationship between loan portfolio diversification and profitability regarding active asset management of the life insurance company. Especially, analyzing diversification effect by lending type, we derive implications on insurance companies' lending strategy. Our main results are as follows. When the profitability is used as the dependent variable and loan types are used as explanatory variables, as loan diversification is increasing and profitability is decreasing. This result suggests that appropriate measures should be considered to prevent diversification by loan types from worsening profitability. When the risk is used as the dependent variable and loan types are used as explanatory variables, however, risk and loan diversification have a positive relationship. This indicates that life insurance companies should consider risk management for loan diversification. This is because insurance companies are lacking specialty for screening and monitoring business in loan diversification. Therefore, our study indicates that obtaining experts is essential for developing loan products and expanding loans to firms in diverse industrial groups in order to avoid focusing on specific loan products.