보험부채에 대한 적정성평가와 자본시장의 반응

This paper deals with the value relevance of the information about insurance company’s liability adequacy test(hereafter ‘LAT’), including premium deficiency test. The standard of insurance liability adequacy test was enacted to eliminate the probability of underestimate of insurance liability in the cost model. Capital market participants are able to figure out the amount over the standard limit(hereafter ‘premium surplus’) by using the disclosure about LAT result. Although the premium surplus was recognized as a liability of policyholder according to the accounting standards, there is a chance that this amount are recognized as an equity in the capital market. For this reason, in this paper I studied on the response of capital market about LAT results which presented in the financial statements. The results are as follow:First, the regression coefficient of the premium surplus has a significant positive value in the regression model which includes the premium surplus as an explanatory variable. This result suggests that premium surplus is recognized as a shareholder’s equity rather than liability of policyholder in the capital market. Second, I also studied on whether there is a difference in the value relevance of LAT information after the adoption of IFRS, the result is that the regression coefficient of interacting variable which react only to LAT variables after the adoption of IFRS has a significant negative value. This result means that market participants’ response to the premium surplus changed by the adoption of IFRS. Third, the explanatory power of the regression model which have summary accounting measures, net assets and net incomes, and LAT variable is significantly higher than the model which has only summary accounting measures. This result suggests that the LAT information have an incremental value relevance over summary accounting measures.