ANALYSIS AS A TOOL FOR FORMING THE ECONOMIC COMPONENT OF THE INSURANCE COMPANY'S «MANAGEMENT REPORT»

Abstract

Introduction. Availability and completeness of information about the economic, social and environmental components of enterprises activities is a necessary condition for ensuring the transparency of their business. This issue is especially relevant for insurance companies which are the enterprises of public interest. Methods. In the process of research general scientific methods were used: induction, deduction, analysis and synthesis – to study the norms of the legislative and regulatory framework of the European Union and Ukraine on integrated reporting issues; methods of grouping and comparison – to assess the structure and quality of the Management Reports of insurance companies; abstract and logical method – to systematize the results of the analysis obtained. Results. The structure and information content of the "Management Reports" of the largest, in terms of receipts and payments volumes by risky types of insurance of Ukrainian insurance companies, are studied. The main factors that led to a significant amount of data in the «Management Report» of some insurance companies have been identified. It is proposed to unify the submission of information by insurance companies in the chapters «Performance» and «Liquidity and Liabilities» in the «Management Report». It is noted that the National Bank of Ukraine needs to develop separate Guidelines for the preparation of the Management Report for non-banking financial institutions, which would take into account the specifics of their activities. Discussion. Implementation of the proposed method of the «Management Report» formation in the chapters «Performance» and «Liquidity and Liabilities» will increase the level of transparency of the insurance business and simplify the procedure for their preparation by insurance companies staff as well as the process of data systematizing by stakeholders (first of all National Bank of Ukraine). In view of the practical feasibility of developing separate guidelines on the preparation of the «Management Report» for insurance companies, taking into consideration the specifics of their business, we perceive the need for further research of content and format of submission of other sections of the «Management Report». Keywords: Management Report, insurance company, analysis, insurance premiums, insurance payments.