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An Examination of the Relative Efficiency of Mutual and Stock Life Insurance Companies

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  • Michael J. McNamara

Abstract

This paper presents the results of an analysis of the relative efficiency of mutual and stock life insurance companies. "Efficiency" is defined in terms of accounting-based measures of risk and return. Following a review of previous comparisons of the performance of mutual and stock financial institutions and a discussion of potential agency and managerial incentive problems under each organizational form, a test of efficiency is developed and implemented. Significant differences in risk-adjusted returns for the entire sample of mutual and stock companies were not detected; however significant differences were found in comparisons by firm size and by time period.

Suggested Citation

  • Michael J. McNamara, 1991. "An Examination of the Relative Efficiency of Mutual and Stock Life Insurance Companies," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 14(1), pages 13-30.
    • Handle: RePEc:wri:journl:v:14:y:1990:i:1:p:13-30
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    Cited by:

    1. Victor A. Puleo & Dan Marlin, 1998. "Top Management Team Characteristics And Life Insurer Performance: Do Top Managers Make A Difference?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 2(1), pages 24-36, July.

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