| Sažetak | Globalizacijski procesi i sve jaĉa konkurencija primorali su mnoge gospodarske subjekte na traganje za razliĉitim naĉinima snaţenja njihove konkurentske sposobnosti. IzmeĊu niza takvih naĉina jedan od posebno interesantnih naĉina su spajanja poduzeća. Spajanja poduzeća se provode u razliĉitim industrijama, a jednako tako su prisutna i u industriji osiguranja. U ovom radu se istraţuju uĉinci spajanja društava za osiguranja na hrvatskom trţištu osiguranja na naĉin da su provedene tri analize. Prva se odnosi na istraţivanje utjecaja spajanja na kretanje koncentracije, druga analiza se odnosi na istraţivanje karakteristika društava za osiguranje koja su bila ciljana društva u transakcijama spajanja, a treća analiza se bavi istraţivanjem utjecaja spajanja na poslovanje društava stjecatelja i ciljanih društava nakon spajanja. Podaci koji su posluţili za to istraţivanje obuhvatili su razdoblje od 1998. do 2009. godine.
Prvi uĉinak spajanja koji se istraţuje u radu je stupanj koncentracije. Stupanj koncentracije se promatra pomoću ĉetiri pokazatelja, i to: koncentracijskog omjera ĉetiri i osam vodećih društava, Herfindahl-Hirschmanovog indeksa (HH indeks) i indeksa entropije, pri ĉemu je kao osnova za izraĉun uzeta ukupna zaraĉunata bruto premija, premija ţivotnih i neţivotnih osiguranja, te vrijednost ukupne imovine. Vrijednosti navedenih pokazatelja mjerenih na temelju ukupne zaraĉunate bruto premije i ukupne imovine upućuju na zakljuĉak, s obzirom da su vrijednosti HH indeksa izmeĊu 1000 i 1800, da hrvatsko trţište osiguranja pripada umjereno koncentriranom trţištu. Mjereno, pak, na temelju ukupne zaraĉunate bruto premije, hrvatsko trţište osiguranja, s obzirom da ĉetiri vodeća društva za osiguranje imaju trţišni udjel veći od 60%, pripada strukturi poznatoj kao ĉvrsti oligopol. MeĊutim, promatrano sa stajališta zaraĉunate bruto premije neţivotnih osiguranja, hrvatsko trţište, s obzirom da vrijednosti HH indeksa prelaze 1800, pripada visoko koncentriranom trţištu, te, s obzirom da ĉetiri vodeća društva drţe više od 60% trţišta, trţišnoj strukturi poznatoj kao ĉvrsti oligopol. Nasuprot trţištu neţivotnih osiguranja, trţište ţivotnih osiguranja je nisko koncentrirano, jer HH indeks poprima vrijednosti ispod 1000, a i trţišni udjel ĉetiri vodeća društva je ispod 60%. TakoĊer se moţe zakljuĉiti da hrvatsko trţište osiguranja ne karakterizira postojanje dominantnog društva za osiguranje jer su trţišni udjeli lidera mjerenih ukupnom zaraĉunatom bruto premijom, ukupnom imovinom i zaraĉunatom bruto premijom ţivotnih i neţivotnih osiguranja ispod 40%.
Polazeći sa stajališta da sva društva za osiguranje nisu jednako pogodna, odnosno poţeljna za spajanje, u radu je, takoĊer, provedena i logistiĉka regresijska analiza s ciljem razlikovanja karakteristika društava za osiguranje koja su bila ciljana društva, odnosno analiza ĉiji je cilj bio otkriti motive spajanja odreĊenih društava za osiguranje. Takva analiza otkriva vaţnu spoznaju prema kojoj su društvima za osiguranje svojstvena odreĊena obiljeţja koja ih ĉine potencijalnim ciljanim društvima za spajanje. Iz rezultata provedenog empirijskog istraţivanja proizlazi da su, od osamnaest nezavisnih varijabli ukljuĉenih u model, koeficijent zaduţenosti, veliĉina mjerena zaraĉunatom bruto premijom i veliĉina mjerena ukupnom aktivom statistiĉki znaĉajne varijable, odnosno ove varijable najbolje predviĊaju hoće li neko društvo za osiguranje postati ciljano društvo u aktivnostima spajanja. Vjerojatnost spajanja pozitivno je povezana s koeficijentom zaduţenosti i veliĉinom mjerenom zaraĉunatom bruto premijom, dok je negativno povezana s veliĉinom mjerenom ukupnom aktivom.
Konaĉno, drţeći da se spajanjem, odnosno okrupnjavanjem društava poboljšava njihova konkurentska pozicija, na temelju razliĉitih pokazatelja poslovanja provedeno je istraţivanje zavisnom analizom varijance o utjecaju spajanja na poslovanje društava stjecatelja i ciljanih društava za osiguranje nakon spajanja pri ĉemu se istraţivanje temeljilo na šesnaest varijabli. Iako zbog malog uzorka rezultati ovog istraţivanja nisu statistiĉki znaĉajni, ipak ukazuju na odreĊene trendove koji su pokazali da je nakon spajanja kod društava stjecatelja došlo do porasta veliĉine mjerene zaraĉunatom bruto premijom i aktivom kao i porasta tehniĉkih priĉuva, dok je kod ciljanih društava došlo do poboljšanja poslovanja u vidu povećanja veliĉine mjerene aktivom, te porasta financijske stabilnosti u obliku povećanja tehniĉkih priĉuva i smanjenja razmjera troškova. |
| Sažetak (engleski) | Globalization and fierce competition have forced many business entities to look for alternative ways of improving their competitiveness. One of such ways is particularly interesting and it refers to mergers of companies. Mergers are conducted within different industries as well as in an insurance industry. This paper investigates the impacts of mergers of insurance companies on Croatian insurance market. Therefore, three analyses have been conducted. The first one refers to the analysis of mergers on dynamics of concentration while the second one refers to the investigation of characteristics of target companies. The third analysis deals with investigation of influence of mergers on performance of both acquiring and target companies after the mergers. The data used for these analyses refer to the period from 1998 to 2009.
The first impact of mergers which is investigated in this paper is related to the degree of concentration. The degree of concentration was measured by four indicators: concentration ratios of four and eight leading companies, HH index and entropy index. These indicators were measured on the basis of total gross written premium, life and non-life insurance premium as well as on the basis of the total assets. The values of the above mentioned indicators measured on the basis of total gross written premium and total assets suggest that Croatian insurance market belongs to moderately concentrated market since HH index ranges between 1000 and 1800. In terms of total gross written premium the Croatian insurance market belongs to the market structure known as tight oligopoly since four leading companies have more than 60% market share. Values of the concentration indicators calculated on the basis of non-life insurance premium show that Croatian non-life insurance market belongs to highly concentrated markets since HH index amounts to more than 1800 and concentration ratio of four leading companies exceeds 60% which suggests that Croatian non-life insurance market belongs to the market structure known as tight oligopoly. On the opposite, the life insurance market is low concentrated since HH index is below 1000 and concentration ratio of four leading companies is below 60%. Croatian insurance market is not characterised by the existence of a dominant company since the market shares of the leading companies based on total gross written premium, total assets, life and non-life insurance premium fall below 40%.
Starting from the standpoint that not all insurance companies are equally attractive for mergers, logistic regression analysis was conducted with the aim of exploration of characteristics of target insurance companies and finding out the motives for acquiring a particular insurance company. Such an analysis brings an important finding according to which insurance companies are characterized by distinctive characteristics which make them potential target companies. The findings show that out of eighteen independent variables included in the model, three of them were statistically significant (leverage, size measured by gross written premium and size measured by total assets) in predicting whether a certain company is about to become a target company. The likelihood of being acquired is significantly and positively related to leverage and size measured by gross written premium, while it is significantly and negatively related to size measured by total assets.
Based on the assumption that mergers lead to the improvement of competitive position of insurance companies measured by different indicators, dependent analysis of variance was conducted with the aim of exploring the influence of mergers on performance of both acquiring and acquired insurance companies. Sixteen independent variables were used for the analysis, but due to the small sample the results of the analysis are not statistically significant. Though, they suggest certain trends such as that after the merger the acquiring companies register increase in size measured by gross written premium and assets as well as an increase in technical provisions. At the same time the target companies register improvement in their operations by increase in size measured by total assets and an improvement of financial stability shown by increase in technical provisions as well as by decrease of expense ratio. |
