This paper reviewed the financial effects of the issuance of capital securities, which began to be issued by domestic insurers since the mid-2010s, and analyzed the value relevance of hybrid securities presented as separate items of equity for insurer’s financial statements. Analysis results show that the proportion of the amount issued for hybrid securities and firm value had a significant negative relation, and the regression coefficient of hybrid securities showed a significant negative value as a result of the regression. As a result of analyzing whether there is a significant difference in the explanatory power of insurer's net assets and profits on firm value depending on whether hybrid securities are capitalized, the explanatory power of accounting information calculated by capitalizing hybrid securities was significantly lower than that of other cases. These results indicate that the capital nature of hybrid securities is denied in the capital market regardless of the classification method under IFRS and supervisory regulations. This study is meaningful in that it confirmed the capital market's evaluation of hybrid securities, whose issuance has recently increased significantly. These results are expected to be useful when considering environmental risks factors of hybrid securities in the capital market.