손해보험산업에서 경과손해율과 순사업비율의 정보유용성에 관한 연구

This paper deals with the information usefulness of earned－incurred loss ratio and net expense ratio reported in the non－life insurance company’s statutory－purpose financial statements, in respect of value relevance of accounting information. Earned－incurred loss ratio is the incurred loss amount divided by the amount of the earned premium and net expense ratio is the amount of the net expense divided by the retention premium amount. Although these items are not reported in the income statement based on the K－IFRS, these items are able to show well the firm’s operation efficiency. The results are as follows：First, by adding the earned－incurred loss ratio and net expense ratio to the Ohlson (1995)’s model, the explanatory power of the model significantly increased. Therefore, earned－incurred loss ratio and net expense ratio have an incremental value relevance. Second, despite different calculation method and different meaning between earned－incurred loss ratio and net expense ratio, there is no significant difference in the explanatory power of firm’s value. But when the firm’s solvency margin ratio is low, value relevance of net expense ratio is low. Third, the value relevance of earned－incurred loss ratio is different from the level of firm’s solvency margin ratio, but for the net expense ratio, there is no significant difference according to the level of solvency margin ratio. This result suggests that the level of solvency margin ratio be able to be the variables which have an effect on the predictability of profit and loss information.