МЕРЕЊЕ ФИНАНСИЈСКИХ И НЕФИНАНСИЈСКИХ ПЕРФОРМАНСИ ОСИГУРАВАЈУЋИХ ДРУШТАВА
FINANCIAL AND NONFINANCIAL PERFORMANCE MEASUREMENTS IN INSURANCE COMPANIES

Summary/Abstract: The aim of this paper is to determine the operational quality level of the insurance companies and other companies based on the selected financial and non-financial performance indicators, as well as to perform a comparative analysis of the selected performance indicators in terms of these business entities. Financial performance was analyzed based on the data provided by the Serbian Business Registers Agency database, while the analysis of the non-financial performance was based on the results of the survey conducted in 11 insurance companies and 36 other companies. The analysis of the achieved quality level in the mentioned companies and identification of differences between the insurance companies and the other companies, as well as identification of the independent variables that have the most significant effect on the differences between these two groups, were performed by implementing discriminant analysis, one-way ANOVA and the Mann-Whitney U test. The performed analyses have shown that the differences between the observed companies do not exist in respect of all non-financial performance indicators, or in respect of profitability. The average score of all non-financial performance indicators is 3.1218, and ranges from 2.77 to 3.6158, which points to the fact that companies in the Republic of Serbia are at the medium level of quality management system development. The difference between insurance companies and other companies exists at the level of efficiency ratio and liquidity ratio. An analysis of these financial performance indicators has also detected low levels of profitability of the observed business entities.

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