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Financial Performance Assessment of Non-Life Insurance Companies Traded in Borsa Istanbul via Grey Relational Analysis

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  • Emine Oner Kaya

Abstract

The analysis of the financial performances of non-life insurance companies traded in Borsa Istanbul (BIST) as of the end of 2014 via the grey relational analysis (GRA) method has been aimed in this study. Financial performances of non-life insurance companies in the 2010 to 2014 period have been examined in terms of the capital adequacy ratios, liquidity ratios, operating ratios, and profitability ratios. The results of the GRA based on 16 financial ratios indicate that Aksigorta has been ranked first and Unico Sigorta has been ranked last in terms of financial performance for the 2010 to 2014 period. The results also show that profitability ratios have the greatest impact on the financial performance of non-life insurance companies traded in BIST.

Suggested Citation

  • Emine Oner Kaya, 2016. "Financial Performance Assessment of Non-Life Insurance Companies Traded in Borsa Istanbul via Grey Relational Analysis," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(4), pages 277-288, April.
    • Handle: RePEc:ibn:ijefaa:v:8:y:2016:i:4:p:277-288
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    References listed on IDEAS

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    1. Wu, Cheng-Ru & Lin, Chin-Tsai & Tsai, Pei-Hsuan, 2010. "Evaluating business performance of wealth management banks," European Journal of Operational Research, Elsevier, vol. 207(2), pages 971-979, December.
    2. Shiu, Y., 2004. "Determinants of United Kingdom General Insurance Company Performance," British Actuarial Journal, Cambridge University Press, vol. 10(5), pages 1079-1110, December.
    3. Feng, Cheng-Min & Wang, Rong-Tsu, 2000. "Performance evaluation for airlines including the consideration of financial ratios," Journal of Air Transport Management, Elsevier, vol. 6(3), pages 133-142.
    4. Emine Öner Kaya, 2015. "The Effects of Firm-Specific Factors on the Profitability of Non-Life Insurance Companies in Turkey," IJFS, MDPI, vol. 3(4), pages 1-20, October.
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    Cited by:

    1. Kanitsorn Terdpaopong & Robert C. Rickards, 2021. "Thai Non-Life Insurance Companies’ Resilience and the Historic 2011 Floods: Some Recommendations for Greater Sustainability," Sustainability, MDPI, vol. 13(16), pages 1-19, August.
    2. Amelia Bilbao-Terol & Mar Arenas-Parra & Raquel Quiroga-García & Celia Bilbao-Terol, 2022. "An extended best–worst multiple reference point method: application in the assessment of non-life insurance companies," Operational Research, Springer, vol. 22(5), pages 5323-5362, November.

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    More about this item

    Keywords

    non-life insurance companies; grey relational analysis; financial performance; financial ratios; Borsa Istanbul;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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