Faktor-Faktor yang Mempengaruhi Profitabilitas pada Perusahaan Asuransi Umum di Indonesia
Main Article Content
Abstract
Penelitian ini memiliki tujuan untuk menganalisis faktor-faktor yang mempengaruhi profitabilitas pada perusahaan asuransi umum di Indonesia. Faktor internal diukur menggunakan age of the company, liquidity ratio, leverage ratio, tangibility of asset, premium growth, loss ratio, managerial efficiency, serta size of the company. Faktor makroekonomi diukur menggunakan pertumbuhan GDP dan tingkat inflasi. Profitabilitas sebagai variabel dependen diukur menggunakan return on assets (ROA). Sampel yang digunakan sebanyak 41 perusahaan asuransi umum yang terdaftar di Otoritas Jasa Keuangan dan Bursa Efek Indonesia selama lima tahun periode 2019-2023. Teknik pengambilan sampel yang digunakan adalah purposive sampling dan metode analisis regresi data panel. Premium growth memiliki pengaruh positif terhadap profitabilitas, sedangkan tangibility of asset dan loss ratio memiliki pengaruh negatif terhadap profitabilitas. Selain itu, ditemukan hasil bahwa age of the company, liquidity ratio, leverage ratio, managerial efficiency, size of the company, growth rate of gross domestic product (GDP), serta inflation rate tidak memiliki pengaruh terhadap profitabilitas. Diharapkan manajer perusahaan asuransi umum untuk dapat mempertahankan dan meningkatkan premium growth serta meminimalisir tangibility of asset dan loss ratio agar profitabilitas meningkat. Premium growth yang besar menjadi pertanda baik untuk investor karena hal tersebut memiliki arti bahwa perusahaan memiliki profitabilitas yang baik.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Abdeljawad, I., Dwaikat, L., & Oweidat, G. (2022). The Determinants of Profitability of Insurance Companies in Palestine. In J. Res. (Humanities) (Vol. 36, Issue 2). https://doi.org/10.2139/ssrn.3533345
Abeyrathna, S. P. G. M., & Priyadarshana, A. J. M. (2019). Impact of Firm size on Profitability. International Journal of Scientific and Research Publications (IJSRP), 9(6), p9081. https://doi.org/10.29322/ijsrp.9.06.2019.p9081
Addinpujoartanto, N. A. (2017). Faktor Spesifik yang Mempengaruhi Kinerja Perusahaan Asuransi di Indonesia. https://www.researchgate.net/profile/Nur-Addinpujoartanto/publication/334720754
Al Ali, Musaed S., Al Salem, Abdulaziz S., Al Awadhi, Kholoud M., Al Foraih, Eman O., & Al Sabah, Aldana M. (2019). Examining the Nexus between Internal Factors and Profitability of Insurance Companies Listed at Kuwait Stock Exchange. Kuwait Chapter of Arabian Journal of Business and Management Review, 8(1), 30–37. https://doi.org/10.12816/0052840
Ali, S. A., Yassin, M., & AbuRaya, R. (2020). The impact of firm characteristics on corporate financial performance in emerging markets: Evidence from egypt. International Journal of Customer Relationship Marketing and Management, 11(4), 70–89. https://doi.org/10.4018/IJCRMM.2020100105
Amiyanto, Y., & Sutrisno, E. (2022). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Kepemilikan Institusional, dan Kepemilikan Manajerial terhadap Kinerja Keuangan Perusahaan. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/download/4924/4936
Ben Dhiab, L. (2021). Determinants of Insurance Firms’ Profitability: An Empirical Study of Saudi Insurance Market*. Journal of Asian Finance, 8(6), 235–0243. https://doi.org/10.13106/jafeb.2021.vol8.no6.0235
Berhe, T. A., Scholar, P. D., & Kaur, J. (2017). Determinants of insurance companies’ profitability Analysis of insurance sector in Ethiopia. In International Journal of Research in Finance & Marketing (Vol. 7). http://euroasiapub.org/current.php
Farooq, M., Khan, S., Atique Siddiqui, A., Tariq Khan, M., & Kamran Khan, M. (2021). Determinants of Profitability: A Case of Commercial Banks in Pakistan. Humanities & Social Sciences Reviews, 9(2), 01–13. https://doi.org/10.18510/hssr.2021.921
Funmilayo, F., & Abolaji, L. (2022). An Assessment of Effect of Liquidity Management on the Return on Assets of Insurance Companies in Nigeria. In Nigeria Journal of Risk and Insurance (Vol. 12, Issue 1). http://njri.unilag.edu.ng/article/download/1527/1178/
Guntara, D. (2016). Asuransi dan Ketentuan-Ketentuan Hukum yang Mengaturnya. https://doi.org/10.36805/JJIH.V1I1.79
Haddad, H. (2024). Factors Affecting the Profitability of Industrial Companies Listed in Amman Stock Exchange. Montenegrin Journal of Economics, 20(1), 137–147. https://doi.org/10.14254/1800-5845/2024.20-1.13
Haile WOLDE, T., Getahun KOLECH, A., & Deyassa DADI, M. (2020). Factors Affecting Profitability of Insurance Companies in Ethiopia. In Journal of International Trade, Logistics and Law (Vol. 6, Issue 2). https://www.jital.org/index.php/jital/article/view/198
Hamal, J. B. (2020). Factors Affecting Profitability of Nepalese Non-Life Insurance Companies. Journal of Nepalese Business Studies, 13(1), 23–35. https://doi.org/10.3126/jnbs.v13i1.34701
Hermawan, W. D., Ishak, G., & Budiantoro, A. (2023). The Impact of Financial Ratios on Return on Asset, Moderated by Total Assets: A Study on Pharmaceutical Companies in Indonesia. European Journal of Business and Management Research, 8(4), 40–45. https://doi.org/10.24018/ejbmr.2023.8.4.2003
Hossain, T. (2021). Determinants of profitability: A study on manufacturing companies listed on the dhaka stock exchange. Asian Economic and Financial Review, 10(12), 1496–1508. https://doi.org/10.18488/JOURNAL.AEFR.2020.1012.1496.1508
İLTAŞ, Y., & DEMİRGÜNEŞ, K. (2020). Asset Tangibility and Financial Performance: A Time Series Evidence. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(2), 345–364. https://doi.org/10.31592/aeusbed.731079
Ismail, N., Abdul Manaf, N., Ishak, I., & Md Husin, M. (2018). Macroeconomic factors affecting performance of insurance companies in Malaysia. https://www.researchgate.net/publication/324827547
Kryvoshlyk, T., Dymnich, O., Stetsyuk, T., Baranov, A., Britchenko, I., & Trynchuk, V. (2024). Financial Capacity of Insurance Companies as a Factor of Stable Development of the Ukrainian Insurance Market. Studia Universitatis Vasile Goldis Arad, Economics Series, 34(2), 57–85. https://doi.org/10.2478/sues-2024-0008
Kusumawati, D., Haerudin, H., & Agung Santosa, E. W. (2022). Pengaruh Likuiditas, Solvabilitas, dan Modal Kerja terhadap Profitabilitas. 18(1), 2022. https://doi.org/https://doi.org/10.26714/vameb.v18i1.9626
Lailatus Sa’adah, Muhammad Rifqy Nurarifin, & Nur Aidah Fitriana. (2024). Analisis Rasio Profitabilitas Sebagai Alat Ukur Kinerja Keuangan PT Bank Central Asia. Lokawati: Jurnal Penelitian Manajemen Dan Inovasi Riset, 2(5), 144–155. https://doi.org/10.61132/lokawati.v2i5.1188
Le, T. N., Mai, V. A., & Nguyen, V. C. (2020). Determinants of profitability: Evidence from construction companies listed on Vietnam Securities Market. Management Science Letters, 10(3), 523–530. https://doi.org/10.5267/j.msl.2019.9.028
Msomi, T. S., & Nzama, S. (2023). Analyzing firm-specific factors affecting the financial performance of insurance companies in South Africa. Insurance Markets and Companies, 14(1), 8–21. https://doi.org/10.21511/ins.14(1).2023.02
Naushad, M., Faridi, M. R., & Faisal, S. (2020). Measuring the managerial efficiency of insurance companies in Saudi Arabia: A data envelopment analysis approach. Journal of Asian Finance, Economics and Business, 7(6), 297–304. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.297
Rahman, S. U., Jan, M. F., & Iqbal, K. (2018). Determinants of Profitability in Life and Non-Life Insurance Sector of Pakistan: An Endogenous and Exogenous Evaluation. https://doi.org/https://doi.org/10.31384/jisrmsse/(2018).16.2.7
Sagita Rizki, M. (2019). Pengaruh Rasio Likuiditas dan Solvabilitas terhadap Profitabilitas dengan Pendekatan Structural Equation Modelling. https://doi.org/https://doi.org/10.23917/benefit.v4i1.6732
Sirait, J. V., Hamidah, H., & Siregar, M. E. S. (2024). Pengaruh Capital Structure, Liquidity, dan Tangibility terhadap Profitability. Jurnal Disrupsi Bisnis, 7(1), 171–184. https://doi.org/10.32493/drb.v7i1.37694
Tegegn, M., Sera, L., & Merra, T. M. (2020). Factors Affecting Profitability of Insurance Companies in Ethiopia: Panel Evidence. In International Journal of Commerce and Finance (Vol. 6). http://www.nbe.gov.et/financial/insurer.htm
Wongsuwatt, S., Thaothampitak, W., Kongjam, N., Ruttanapibool, J., Apacuppakul, R., & Koedkaeo, T. (2021). The Influence of Loss Ratio on Profitability of Non-Life Insurance Companies in Thailand: The Moderating Roles of Company Type. In Journal of Community Development Research (Humanities and Social Sciences) (Vol. 14, Issue 1). https://doi.org/https://doi.org/10.14456/jcdr-hs.2021.5
Worku, A. T., Bayleyegne, Y. W., & Tafere, Z. B. (2024). Determinants of profitability of insurance companies in Ethiopia: evidence from insurance companies from 2011 to 2020 years. Journal of Innovation and Entrepreneurship, 13(1). https://doi.org/10.1186/s13731-023-00357-1
Zelalem, D. (2020). The Impact of Financial Leverage on the Performance of Commercial Banks: Evidence from Selected Commercial Banks in Ethiopia. International Journal of Accounting, Finance and Risk Management, 5(1), 62. https://doi.org/10.11648/j.ijafrm.20200501.16