SažetakMogućnosti rasta sektora osiguranja i njegovog doprinosa razvoju nacionalne ekonomije opredeljene su performansama poslovanja osiguravajućih kompanija. U radu su prezentovani rezultati ocene performansi kompanija koje se bave poslovima neživotnih osiguranja u Srbiji. Empirijsko istraživanje je sprovedeno na osnovu finansijskih izveštaja neživotnih i kompozitnih osiguravača tokom vremenskog perioda 2006-2013. godine, primenom CARMEL pokazatelja i višestruke regresione analize. Ocenjeni model individualnih fiksnih efekata na podacima panela ukazuje na značajan negativan uticaj kombinovanog racija, finansijskog levridža i stope samopridržaja na profitabilnost neživotnih osiguravača, merene stopom prinosa na aktivu (ROA), dok je uticaj stope rasta fakturisane premije, stope investicionog prinosa i veličine kompanije značajan i pozitivan. Sprovedenim istraživanjem se obogaćuje informaciona osnova za kreiranje poslovne strategije i formulisanje politike poslovanja neživotnih osiguravača u Srbiji. AbstractThe possibilities for growth of the insurance sector and its contribution to the development of the national economy are conditioned by business performance of insurance companies. This paper presents results of the assessment of performance of companies engaged in non-life insurance business in Serbia. Empirical research was conducted on the basis of financial statements of non-life and composite insurers during the period 2006-2013 by using CARMEL indicators and multiple regression analysis. The estimated model with individual fixed effects on panel data indicates a significant and negative influence of the combined ratio, financial leverage and retention rate on the profitability of non-life insurers, as measured by the return on assets (ROA), while the influence of the written premium growth rate, return on investment and company size is significant and positive. Conducted research enriches the information basis for the creation of business strategy and formulation of business policy of non-life insurers in Serbia.

SažetakZahvaljujući vremenskoj nepodudarnosti između naplata premija i isplata naknada za štete, osiguravajuće kompanije ulažu privremeno slobodna sredstva tehničkih rezervi i time ostvaruju važnu ulogu institucionalnih investitora. U radu se analiziraju mogućnosti investiranja osiguravajućih kompanija u Srbiji pri postojećim regulatornim ograničenjima i stepenu razvijenosti finansijskog tržišta. Na osnovama Markovićeve portfolio teorije, konstruisan je optimalan portfolio imovine koja služi za pokriće tehničkih rezervi neživotnih osiguravača. Rezultati istraživanja dokazuju hipotezu da kvantitativna ograničenja investicija dovode do sužavanja efikasnog skupa investicionih mogućnosti osiguravača i pogoršanja odnosa prinosa i rizika njihovih investicija. Kroz analizu realnog investicionog portfolija na nivou celokupnog sektora osiguranja, kao i konkretne osiguravajuće kompanije, generisane su preporuke za poboljšanje investicionih performansi neživotnih osiguravača. Zaključuje se da raspoloživost finansijskih instrumenata i kretanja njihovih cena i prinosa primarno opredeljuju investicione odluke osiguravača u Srbiji. Ključne reči: investicije, tehničke rezerve, rizik, prinos, investicioni portfolio AbstractOwing the time gap between the premium collection and the benefit payments, insurance companies invest temporarily free funds of technical reserves and thus fulfill an important role of institutional investors. The paper deals with the analysis of the investment possibilities of insurance companies in Serbia in terms of the existing regulatory constraints and the financial market development level. The optimal portfolio of assets used to cover technical reserves of non-life insurers is constructed on the basis of the Markowitz portfolio theory. The results of the research support the hypothesis that quantitative investment rules lead to a narrowing of an efficient set of insurer's investment opportunities and to a deterioration of risk-return trade-off of their investments. Recommendations for improving the investment performance of non-life insurers are generated through the analysis of real investment portfolio at the level of the entire insurance sector, as well as of a specific insurance company. It is concluded that the availability of financial instruments and trends in their prices and yields primarily determine investment decisions of insurers in Serbia.

SažetakU radu su prikazani teorijsko-metodološki aspekti utvrđivanja diskontne stope na primeru preduzeća NIS a.d. kao najveće energetske kompanije u Srbiji i jedne od najvećih u jugoistočnoj Evropi. Kao diskontna stopa korišćen je ukupni trošak kapitala koji predstavlja ponderisani prosek troškova sopstvenog i dugoročnog pozajmljenog kapitala. Trošak sopstvenog kapitala je izračunat primenom CAPM modela koji je, i pored svih svojih ograničenja, i dalje teorijski najispravniji i često korišćen model u praksi. Prosečni trošak dugoročnog pozajmljenog kapitala za preduzeće NIS a.d. iznosi 14,773%, trošak sopstvenog kapitala je 12,453% i ukupni trošak kapitala, WACC, je 12,505%. Glavna komponenta troška sopstvenog kapitala je premija za rizik ulaganja u Srbiju. Dobijeni rezultati pokazuju da jačanje makroekonomske stabilnosti i adekvatno upravljanje pozajmljenim izvorima sredstava mogu doprineti smanjenju ukupnog troška kapitala u naftnoj industriji Srbije. Ključne reči: diskontna stopa, WACC, trošak sopstvenog kapitala, CAPM, premija za rizik zemlje AbstractThe paper presents theoretical and methodological aspects of determining the discount rate on the example of NIS, as the largest energy company in Serbia and one of the largest in Southeast Europe. The total cost of capital which represents the weighted average of equity and long-term debt costs is used as discount rate. The cost of equity capital is calculated using the CAPM which, despite all its limitations, is still theoretically the most correct and frequently used model in practice. The average cost of long-term debt capital to the company NIS is equal to 14.773%, the cost of equity capital is 12.453% and the total cost of capital, WACC, is 12.505%. The main component of the cost of equity capital is the risk premium of investing in Serbia. The results show that macroeconomic stability strengthening and adequate management of borrowed funds can contribute to reduction of the total cost of capital in the Serbian oil industry.

This article deals with the impact of the global financial crisis on the scale and structure of investment portfolios of insurance companies, with respect to their difference compared to other types of financial institution, which derives from the specific nature of insurance activities. The analysis includes insurance companies’ exhibited and expected patterns of behavior as investors in the period before, during, and after the crisis, considering both the markets of economically developed countries and the domestic financial market of Serbia. The direction of insurers’ investments in the post-crisis period should be very carefully examined in terms of their future implications for the insurance companies’ long-term financial health, and defined in a broader context of managing all risks to which they are exposed, taking into account the interdependence of these risks. Pertinent recommendations in this regard have arisen from research of relevant past experience and current trends, and also from an analysis and comparison of views on this subject presented by a number of authors

SUMMARYExplanation the topic The pharmaceutical activity is the activity of public or social and special interest, because it is a direct function of health care. Topic positioning and discussion The aim of this paper is to highlight the importance of ensuring the quality of pharmaceutical substances that supplies hospitals, which are used for production of galenic and magistral drugs. Conclusion Compliance with national legislation, as well as establishing compliance prescribed by the European legislation in the fi eld of drug development is binding. Therefore, all manufacturers of drugs and/or active pharmaceutical ingredients must apply quality standards prescribed by the European Pharmacopoeia in order to develop, manufacture and sales of medicines. When it comes to the quality of pharmaceutical ingredients for the production of drugs in the pharmacy, pharmacies especially in residential institutions in our country is permanently done by harmonizing national legislation in order to improve conditions for the preparation and production of galenic drugs in terms of inpatient health institutions performed in a manner that is prescribed by international regulations. This requires the adaptation of institutions, including fundamental changes in competence as national professional and administrative and regulatory rules that apply to state-and private sectors.