Master´s thesis evaluates financial situation of chosen company between years 2007 and 2011 through methods of financial analysis and analysis of enviroment of company. Financial analysis will be performed by analyzing ratio systems and analysis of absolute, differential and ratio indexes. Solutions, that might help current situation of company, will be suggested and based on results of analysis.

A new revised prudential regulatory regime for insurers will be introduced in order to align the South African insurance industry with international standards. This regime, called Solvency Assessment and Management, is based on its European counterpart, which is known as Solvency II. This study starts off by investigating and comparing Solvency II, to be implemented in the United Kingdom, with Solvency Assessment and Management, to be implemented in South Africa, identifying a number of similarities between the regimes. The taxation of long-term insurers in both jurisdictions is then investigated, but no similarities are identified. The above prepares the ground for the main purpose of the study, which is to identify the impact of Solvency Assessment and Management on the taxation of long-term insurers in South Africa. This study identified the impact as effecting a change in the current basis used for the valuation of policyholder liabilities, which will cause a decrease in the value of liabilities, and consequently an increase in underwriting profit. The impact of this change is illustrated, and there are clear indications that there is a need to amend current income tax legislation or the directive used to determine the value of liabilities. Two options for amendments are identified but no changes to legislation are expected before 2015. / Dissertation (MCom)--University of Pretoria, 2013. / lmchunu2014 / Taxation / unrestricted

The diploma thesis explores assessing financial soundness of insurance companies present on the insurance markets of the European Union and G8. The aim of this thesis is to evaluate financial performance of selected insurance companies in a selected time period 2004 - 2014 by using ratio analysis. The thesis focuses on life insurance companies and development of insurance markets as a consequence of the financial crisis. In connection to the development of insurance markets the thesis examines the financial crisis and its impacts as a regulation of the selected formations, mainly through regulatory framework Solvency II. Development of insurance markets is demonstrated by the indicator of return on assets. At the end of the diploma thesis, a discussion with experts on this issue is included and an overall evaluation of financial soundness is provided as well.

La presente investigación tiene como objetivo examinar el efecto de las reservas internacionales en el spread soberano del Perú. Como factores adicionales que influyen en nuestra variable dependiente se han estudiado las exportaciones, saldo de cuenta corriente, términos de intercambio, IPC, tipo de cambio real, tipo de cambio nominal y bonos del tesoro de Estados Unidos. Esta investigación se realiza mediante un Modelo Vectorial de Corrección de Errores y el periodo de análisis comprende desde el 2000 al 2019. Los resultados obtenidos indican que las reservas internacionales han sido efectivas para disminuir el spread soberano en el periodo de análisis, es decir que, existe una relación inversa de largo plazo entre ambas variables, lo cual va en línea con la literatura existente. Además, se encuentra que tanto el saldo de cuenta corriente, las exportaciones, los términos de intercambio, el tipo de cambio real y los bonos del Tesoro de Estados Unidos, tienen relación de largo plazo con el spread soberano y tienen un efecto significativo y negativo sobre este. Por otro lado, la inflación tiene una relación positiva de corto y largo plazo con el EMBI. El tipo de cambio nominal no tiene significancia en el modelo. Por otro lado, los Bonos del Tesoro de Estados Unidos tienen una relación de corto plazo debido al efecto sustitución. / The main objective of this investigation is to examine the effect of international reserves on the sovereign spread of Peru. As additional factors influencing in our dependent variable, exports, current account balance, terms of trade, CPI inflation, real exchange rate, nominal exchange rate and United States Treasury bonds have been studied. This research is carried out using a Vectorial Error Correction Model and the analysis period is from 2000 to 2019. The results indicated that international reserves have been effective in reducing sovereign spread in the analysis period, it means, that there is a long-term inverse relationship between both variables, which is in line with the existing literature. Furthermore, it is found that both the current account balance, exports, terms of trade, the real exchange rate and United States Treasury bonds, have a long-term relationship with the sovereign spread and have a significant and negative effect. On the other hand, CPI inflation has a positive short and long-term relationship with EMBI. The nominal exchange rate has no significance in the model. In other hand, the United States Treasury Bonds have a positive short-term relationship with sovereign spread due to the replacement effect. / Trabajo de investigación

This master’s thesis deals with measuring competitiveness of the company Formplast Purkert, s.r.o. in the period from 2008 to 2012 using selected methods of financial analysis. The obtained results of the key indicators are compared with the results of two competitive companies and with average values of the sector. Recommendations, which will be proposed based on the obtained results, should lead to improvement of the company’s financial situation and increase its competitiveness.

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе изучаются теоретические аспекты определения экономической сущности понятий, производится анализ существующих методов управления ликвидности и платежеспособности. Во второй главе анализируется деятельность ПАО «Аэрофлот», проведен анализ ликвидности и платежеспособности, а также финансового состояния предприятия. В третьей главе определяются основные проблемы и предлагаются мероприятия по оптимизации повешению ликвидности и платежеспособности, направленные на оптимизацию финансового состояния компании. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of references and applications. The first chapter studies the theoretical aspects of determining the economic essence of concepts, analyzes the existing methods of managing liquidity and solvency. The second chapter analyzes the activities of Aeroflot PJSC, analyzes the liquidity and solvency, as well as the financial condition of the enterprise. The third chapter defines the main problems and proposes measures to improve liquidity and solvency, aimed at optimizing the financial condition of the company. In conclusion, the main conclusions are formed.

Seit 2017 sind deutsche Versicherungsunternehmen zur jährlichen Veröffentlichung des Berichts über die Solvabilität und Finanzlage („Solvency and Financial Condition Report“, kurz: SFCR) verpflichtet. Damit steht der (deutschsprachigen) Öffentlichkeit erstmals ein ausführlicher sowie größtenteils standardisierter Bericht über die Risiko- und Solvabilitätssituation der einzelnen Versicherungsunternehmen und Versicherungsgruppen zur Verfügung. Externe Adressaten können den SFCR neben den klassischen Informationsquellen (wie etwa dem Jahresabschluss nach HGB) heranziehen, um sich ein Bild über die wirtschaftliche Lage des Versicherungsunternehmens zu verschaffen. Vor diesem Hintergrund wird in der vorliegenden Dissertation die Bedeutung des SFCR im Rahmen der externen Performanceanalyse von deutschen Erstversicherungsunternehmen kritisch gewürdigt.:1. Einleitung 2. Erkenntnisziele der Performanceanalyse von Versicherungsunternehmen 3. Externe Informationen als Grundlage für die externe Performanceanalyse von Versicherungsunternehmen 4. Kennzahlenbildung und -interpretation bei Versicherungsunternehmen 5. Ausgewählte Inhalte der externen Performanceanalyse 6. Fazit

In the present work we study the economic capital of pension funds and their possible extension into the new concept of Solvency II. The main task is to examine the risks that are characteristic for pension fund activity. We use several modified stress simulations, which we model using a virtual model of pension fund. Primarily we focus on changes in net asset value (NAV) which is used in standard formula for calculation of the solvency capital requirement (SCR). In conclusion, we evaluate the possible impact of applications Solvency II to pension funds, the resulting economic capital and solvency of modeled pension fund.

確保保險公司的清償能力一直是保險監理的重心。在所有施行的保險清償監理工具中，風險基礎資本（Risk-Based Capital, RBC）是目前為止最先進的代表。然銀行監理機關已經推薦涉險值（Value at Risk, VaR）系統為資本適足要求的工具，因此涉險值有很大的潛力成為下一代的保險資本適足要求工具，雖然尚未施行。由於保險監理的重要性以及RBC和VaR在其中扮演重要的角色，兩者相對上的精確性是我們所感興趣的。 本篇論文的目的是實際去比較RBC及VaR在破產預測上的相對精確性。我們以美國1995到1998年產險公司的實際清償記錄，用型1及型2錯誤檢視RBC及VaR的破產預測能力。RBC的數據直接從產險公司報給NAIC的年報上就可取得，而VaR的數據來自於我們所建立的現金流量模擬模型。既然RBC的數據是實際的數據，而VaR的估計值也是基於公司實際的財務數據而來，我們能以實例展現VaR相較於RBC的財務預警能力。 我們的結果顯示RBC沒有任何財務預警能力，換句話說，沒有一個破產公司的RBC值小於0.7（監理機關可以根據這個值關掉公司）。另一方面，VaR有較好的財務預警能力，但是它同時也會使許多財務健全的公司必須接受許多沒有必要的檢查。我們VaR模型的整體正確分類能力只比隨意分類稍微好一些。 雖然結果並不如原先預期的好，我們仍然對VaR成為保險監理工具抱持樂觀的態度，因為它是目前為止最嚴密也最先進的風險管理工具。我們認為這些結果可以藉由修正不適當的假設後獲得改善，未來研究可以先朝這個方向努力。 / Assuring insurance company solvency has always been the focal point of insurance regulation. Among the employed solvency regulation methods, RBC represents the currently state-of-the-art capital adequacy requirement. Bank regulators already advocated the use of VaR systems in capital adequacy requirements. Value at risk thus has great potential to be the next-generation capital adequacy regulation, although not implemented yet. Because of the importance of solvency regulation as well as the key role played in that regulation by RBC and VaR, the relative accuracy of RBC and VaR is of great interest. The purpose of this research is to empirically compare the relative effectiveness of RBC and VaR in predicting insolvency. Through the solvency record of property-casualty insurers in the United States from 1995 to 1998, we examine the Type I and Type II error of VaR and RBC in predicting insolvency. The RBC figures are readily available from the annual statement since 1994 and the VaR values come from a simulation model that we build up. Since the RBC figures are the “real” numbers and the VaR estimates also base on the companies’ real financial positions, our research will demonstrate how VaR is compared to RBC in early warning for real cases. Our result shows that RBC doesn’t have any prediction power. In other words, none of the bankrupt insurers has a RBC ratio lesser than 0.7, the threshold according to which the regulator can seize the company. On the other hand, VaR has good early warning ability, but also leads the regulator to take too much unnecessary actions on solvent companies. The overall ability of correct classification of our model is just a little stronger than arbitrary classification. Although our results are not as good as we expect, we are still optimistic about the use of VaR, the currently most comprehensive and advanced approach of risk management, as an insurance solvency regulation tool. We attribute the unsatisfactory outcome to some assumptions that may be inappropriate. Further researches can move toward this aspect.

The purpose of this project is to validate the adequacy of the Standard formula, used to calculate the Solvency Capital Requirement (SCR), with respect to a Swedish insurance company. The sub-modules evaluated are Equity risk (type 1) and Interest rate risk. The validation uses a quantitative assessment and the concept of Value at Risk (VaR). Additionally, investment strategies for risk free assets are evaluated through a scenario based analysis. The findings support that the Equity shock of 39%, as proposed in the Standard formula, is appropriate for a diversified portfolio of global equities. Furthermore, to some extent; the Equity shock is also sufficient for a diversified global portfolio with an overweight of Swedish equities. Additionally, the findings shows that the Standard formula for Interest rate risks occasionally underestimates the true Interest rate risk. Furthermore, it’s shown that there are some advantage of selecting an investment strategy that stabilizes the Own fund of an insurance company rather than a strategy that minimizes the SCR. / Syftet med detta arbete är att utvärdera Standardformeln, som används för att beräkna solvenskapitalkravet (SCR) under Solvens II, med avseende på dess lämplighet för ett svensk försäkringsbolag. Modulerna som utvärderas är aktierisk (typ 1) och ränterisk. Utvärderingen genomförs med kvantitativa metoder och utifrån konceptet Value at Risk (VaR). Dessutom utvärderas investeringsstrategier för riskfria tillgångar genom en scenariobaserad analys. Resultaten stödjer att den av Standardformeln föreskrivna aktiechocken på -39 % är tillräcklig för en diversifierad global aktieportfölj. Dessutom är aktiechocken även tillräcklig för en diversifierad global portfölj med en viss övervikt mot svenska aktier. Vidare visar resultaten att Standardformeln under vissa omständigheter underskattar ränterisken. Slutligen visar den scenariobaserade analysen att det är fördelaktigt att välja en investeringsstrategi som stabiliserar Own fund, hellre än en strategi som minimerar SCR.