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Marjihad Luthfiyah Rahma
Master of Financial Management Study Program, Faculty of Business Economics, University of Indonesia, Indonesia
Economics, Econometrics & Finance

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Analysis of Determinants of Profitability of Insurance Companies in Indonesia Listed on the Indonesia Stock Exchange for the Period 2019–2024 Marjihad Luthfiyah Rahma
JURNAL ECONOMINA Vol. 5 No. 6 (2026): JURNAL ECONOMINA, Juni 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/economina.v5i6.2582

Abstract

This study examines profitability determinants of insurance companies listed on the Indonesia Stock Exchange during 2020–2023 using agency theory. Profitability is proxied by return on assets (ROA). Key explanatory variables include premium growth, investment yield, and loss ratio, with controls for firm age, expense ratio, firm size, and board size. Panel data regression is employed to test their effects on ROA. The study highlights that higher premiums and investment income do not necessarily translate into higher profits without cost efficiency and effective governance mechanisms that mitigate agency problems.
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