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The Essence and Determinants of the Formation of the Value of Insurance Company
Baranov A. L.

Baranov, Andrii L. (2023) “The Essence and Determinants of the Formation of the Value of Insurance Company.” Business Inform 5:181–186.
https://doi.org/10.32983/2222-4459-2023-5-181-186

Section: Finance, Money Circulation and Credit

UDC 368.03:657.631.6

Abstract:
The article is aimed at further study of the theory of value in terms of determining the essence of the value of an insurance company and allocating the determinants of its formation. Analyzing, systematizing and summarizing the works of many scholars, approaches to the interpretation of the value of the company, in particular the insurer, were considered and the author’s definition was proposed. The value of an insurance company is the monetary equivalent of the utility that the company creates for all stakeholders in the process of carrying out its operational, investment and financial activities, and also the value of tangible and intangible assets that it owns. As a result of the study, it was revealed that the dominant factor in the formation of the value of an insurance company is that in the process of functioning of the company conditions are created for increasing its value. Satisfying the economic needs of policyholders, the insurer receives cash receipts, forms insurance and investment portfolios and increases its own capitalization. The necessity to consider the value of an insurance company simultaneously from the standpoint of two forms of its manifestation: the value of the integral property complex and the value of the insurance business is substantiated. The proposed approach will provide an opportunity to see a holistic picture of economic relations that develop in the process of formation, evaluation and value management of the insurer. The features of the insurance company as a commodity in the market of purchase and sale are determined. Prospects for further research in this direction are the development of practical recommendations for the development and implementation of a value-oriented management system in the near future for the recovery of the insurance business, rethinking the philosophy of its functioning and providing insurance protection to the population and economic entities.

Keywords: value of insurance company, stakeholders, utility, business processes, price, assets, value-oriented approach.

Bibl.: 11.

Baranov Andrii L. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Innovative Business Technologies, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

List of references in article

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Baranov, A. L. “Teoretyko-metodychni pidkhody do vyznachennia sutnosti vartosti strakhovoi kompanii“ [Theoretical and Methodological Approaches to Defining the Essence of Value of Insurance Company]. Finansy, oblik i audyt, no. 2 (2015): 9-22.
Davydov, O. I. “Vartist pidpryiemstva yak ekonomichna katehoriia“ [Enterprise Value as an Economic Category]. Aktualni problemy ekonomiky, no. 5 (2014): 8-19.
Yevtukh, O. T. “Kontseptualno pro vartist“ [Conceptually about Cost]. Aktualni problemy ekonomiky, no. 3 (2005): 3-16.
[Legal Act of Ukraine] (2003). https://zakon.rada.gov.ua/laws/show/п#Text
Rosh, Dzh. Stoimost kompanii: Ot zhelayemogo k deystvitelnomu [Company Value: From Desired to Actual]. Minsk: Grevtsov Pablisher, 2008.
Boiarko, I. M., and Samusevych, Ya. V. “Teoretychni aspekty systemy tsinnisno-oriientovanoho upravlinnia pidpryiemstvom“ [Theoretical Aspects of Values-Based Management]. Biznes Inform. 2012. https://www.business-inform.net/export_pdf/business-inform-2012-9_0-pages-282_284.pdf
Keranchuk, T. L. “Kontseptsiia vartisno-oriientovanoho upravlinnia pidpryiemstvom ta mozhlyvosti yii adaptatsii v Ukraini“ [The Concept of Value-oriented Enterprise Management and the Possibilities of Its Adaptation in Ukraine]. Finansy Ukrainy. 2011. https://finukr.org.ua/docs/FU_11_07_104_uk.pdf
Savchuk, V. Strategiya + Finansy: uroki prinyatiya biznes-resheniy dlya rukovoditeley [Strategy + Finance: Lessons in Business Decision Making for Executives]. Kyiv: CompanionGroup, 2009.
Makarenko, P. M. “Teoriia tsiny v tovarnomu hospodarstvi“ [Price Theory in Commodity Economy]. Visnyk Poltavskoi derzhavnoi ahrarnoi akademii. 2011. https://www.pdau.edu.ua/sites/default/files/visnyk/2011/03/130.pdf
Baranov, A. L. “Osoblyvosti zastosuvannia vartisno-oriientovanoho pidkhodu v upravlinni strakhovoiu kompaniieiu“ [Features of Value-oriented Approach Application in Management of an Insurance Company]. Finansy, oblik i audyt. 2018. http://193.110.163.202/bitstream/handle/2010/34002/faa32_2.pdf?sequence=2&isAllowed=y

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