Title (srp)

Finansijsko-računovodstveni aspekti kreiranja investicionog portfolija kompanija za životno osiguranje


Stančić, Vladimir, 1985-


Petrović, Evica
Kočović, Jelena
Jovković, Biljana

Description (eng)

In addition to the basic function of personal insurance and property insurance, contemporary insurance companies are important financial institutions with an important function of mobilization and allocation of financial resources. The allocation of capital is achieved through investing premium-based insurance funds in a variety of placement options, mainly on financial markets. From the standpoint of insurance companies, such investments must also support solvency (liquid reserve assets) and provide a possible additional return on investment. Investment income earned through placement of available technical reserves, besides the contribution to the increase in earning power (value) of the company, provide conditions to offer insurance at a lower cost (premium) and strengthening the competitiveness of the insurer. A precondition for successful investment lies in a strong information-based support to the accounting system, adherence to the principles of investment and compliance with regulatory and professional normative framework. Under the conditions of the Global financial crisis, what was imposed on insurance companies was the imperative application of specific investment strategies, which include continuous analysis of the situation and opportunities in the markets and the almost immediate response to the opportunities and threats, in order to achieve investment revenues while minimizing the risk assumed. Thanks to these characteristics, as well as the large scale of the invested funds, the financial institutions make a significant contribution to the development of the very financial markets, introduction of new financial instruments and increasing the scope of activities of all participants in the financial system. As one of the most important methodological concepts in risk management, modern portfolio theory presents the basis for a rational investment policy and guidance in searching for an efficient investment portfolio of insurance companies. Practical application of theoretical principles enables the achievement of objectives – to analyse actual trends and performances of financial market and insurance market in the Republic of Serbia, to assess the possibility of building an optimal life insurers’ investment portfolio, and to provide a critical review of the current regulatory framework within a research-related time frame. The achieved results represent a solid basis for further research in this area, owing to the real empirical database and analysis of investment portfolio performances, created in accordance with various criteria considering the established timeframe.

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