보험회사 해약환급금준비금의 가치관련성에 관한 연구

[Purpose] This study analyzes the value relevance of the surrender value reserves newly disclosed by domestic insures starting from 2023 under the newly applied IFRS 17. This reserve is an equity item under supervisory accounting regulations, introduced for prudential regulation purposes. It is expected to complement IFRS 17 disclosures. This study examines the incremental value relevance of the surrender value reserve. [Methodology] This paper empirically analyzes whether the surrender value reserves disclosed by publicly listed domestic insures over five quarters, from the first quarter of 2023 to the first quarter of 2024, following the implementation of the new insurance accounting standard, IFRS 17, are significant variables in explaining corporate value. Additionally, the incremental explanatory power of these reserves, beyond the existing accounting information (net assets and net income), is examined to determine whether such explanatory power is statistically significant. [Findings] The analysis results indicate that the surrender value reserve has a significant negative relationship with firm value. This suggests that, despite being classified as an equity item in accounting, the complementary liability nature of the surrender value reserve is reflected in its evaluation by the capital market as having a negative impact on firm value. [Implications] The findings of this study are significant in that they provide insights into how the market evaluates the reserves of insures, which may face interpretative challenges due to the rapid changes in insurance accounitng. Furthermore, the results suggest that despite the usefulness of the policy reserve information under IFRS 17, the capital market continues to focus on information that highlights the differences from the previous accounting standards.