Marzanna Lament , Sławomir Bukowski

(Angielski) PDF


The growing ecological, social and environmental awareness of the society leads to the situation where the necessary determinants of success of a company are no longer good financial results only, but also image-related aspects, which affect the way of corporate reporting. Non-financial reporting is a response to the needs of stakeholders of insurance companies for new information on environmental and social issues which are related to the implementation of the idea of corporate social responsibility (CSR). It is treated as one of the dependent variables that affect financial efficiency measured with the rate of return on equity (ROE). The aim of the study presented in this paper is to assess the impact of non-financial reporting on the financial efficiency of insurance companies on the Polish insurance market. A representative group of 43 insurance companies operating on the Polish market in the years 2004–2019 was examined in the framework of the research. The statistical data came from the database of the Polish Chamber of Insurance (Pol. Polska Izba Ubezpieczeń – PIU). The assumption that non-financial reporting has a statistically significant effect on ROE was adopted as the research hypothesis, and it was verified by a panel model constructed for this purpose. The study confirmed the research hypothesis, which will contribute to the development of a theory which assumes that CSR activity affects financial results of companies.


insurance, insurance market, financial efficiency of insurance companies, nonfinancial reporting, corporate social responsibility, CSR


G22, G32, M21


Borda, M. (2006). Ryzyko zarządzania finansami w zakładach ubezpieczeń na życie. Oficyna Wydawnicza Branta.

Bukowski, S. I., & Lament, M. B. (2021a). Corporate social responsibility (CSR) and financial results of insurance companies. In S. I. Bukowski, A. Hyz & M. B. Lament (Eds.), Competitiveness and Economic Development in Europe. Prospects and Challenges (pp. 217–232). Routledge.

Bukowski, S. I., & Lament, M. B. (2021b). CSR reporting as a factor of insurance companies’ competitive advantage. In S. I. Bukowski, A. Hyz & M. B. Lament (Eds.), Competitiveness and Economic Development in Europe. Prospects and Challenges (pp. 233–246). Routledge.

Bukowski, S., & Lament, M. (2021c). Market Structure and Financial Effectiveness of Life Insurance Companies. European Research Studies Journal, 24(2B), 502–514.

Chiaramonte, L., Dreassi, A., Paltrineri, A., & Pisera, S. (2020). Sustainability Practices and Stability in the Insurance Industry. Sustainability, 12(14), 1–21.

Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups. Official Journal of the European Union L330/1.

Doan, O. (Ed.). (1998). Ubezpieczenia życiowe. Poltext.

Geneva Association. (2010). Systemic Risk in Insurance. An analysis of insurance and financial stability.

Jonas, K. (2017). Raportowanie informacji niefinansowych w zakładach ubezpieczeń. In J. Krasodomska (Ed.), Społeczna odpowiedzialność biznesu w rachunkowości. Teoria i praktyka (s. 73–101). Difin.

Komisja Nadzoru Finansowego. (2020). Metodyka rocznego badania i oceny nadzorczej (BION) zakładów ubezpieczeń i zakładów reasekuracji za 2019 r.

Kozak, S. (2011). Determinants of profitability of non-life insurance companies in Poland during integration with the European Financial System. Electronic Journal of Polish Agricultural Universities, 14(1), 25–38.

Kramaric, T. P., Miletic, M., & Pavic, I. (2017). Profitability determinants of insurance markets in selected Central and Eastern European countries. International Journal of Economic Sciences, 6(2), 100–123.

Krištofík, P., Lament, M., & Musa, H. (2016). The reporting of non-financial information and the rationale for its standardization. E&M Economics and Management, 19(2), 157–175.

Lament, M. (2017). Raportowanie informacji niefinansowych w zakładach ubezpieczeń w Polsce. Zeszyty Teoretyczne Rachunkowości, (91), 63–86.

Lament, M. (2019a). Profil ryzyka zakładu ubezpieczeń a wyniki finansowe. In A. Śliwiński (Ed.), Zarządzanie w warunkach ryzyka (pp. 207–224). Oficyna Wydawnicza SGH.

Lament, M. (2019b). Raportowanie niefinansowe a wyniki finansowe zakładów ubezpieczeń. CeDeWu.

Lu, H., Liu, X., & Falkenberg, L. (2022). Investigating the impact of corporate social responsibility (CSR) on risk management practices. Business & Society, 61(2), 496–534.

Mittal, R. K., Sinha, N., & Singh, A. (2008). An analysis of linkage between economic value added and corporate social responsibility. Management Decision, 46(9), 1437–1443.

Ngatia, S. W. (2014). The effect of Corporate Social Responsibility on financial performance of insurance companies in Kenya. University of Nairobi.

Olowokudejo, F., Aduloju, S. A., & Oke, S. A. (2011). Corporate social responsibility and organizational effectiveness of insurance companies in Nigeria. The Journal of Risk Finance, 12(3), 156–167.

Ortyński, K. (2016). Determinants of profitability of general insurance companies performance in Poland. Central European Review of Economics & Finance, 12(2), 53–66.

Proposal for a Directive of the European Parliament and of the Council amending Directive 2013/34/EU, Directive 2014/95/EU, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting.

Sobczyk, M. (2016). W poszukiwaniu wpływu dokonań CSR na wyniki finansowe. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, (436), 261–269.

Stroiński, E. (2003). Ubezpieczenia na życie. Teoria i praktyka. Poltext.

Surroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: the role of intangible resources. Strategic Management Journal, 31(5), 463–490.

Ustawa z dnia 15 grudnia 2016 r. o zmianie ustawy o rachunkowości (Dz.U. 2017 poz. 61).

Williams, C. A. Jr., Smith, M. L., & Young, P. C. (2002). Zarządzanie ryzykiem a ubezpieczenia. Wydawnictwo Naukowe PWN.

Winman, A. J. (2021). Financial Impact of Social Responsibility on Publicly Traded Insurers [Doctoral dissertation, Walden University].

Yadav, R. K., Jain, R., & Singh, S. (2016). An overview of Corporate Social Responsibility (CSR) in insurance sector with special reference to Reliance Life Insurance. World Scientific News, 45(2), 196–223.

Do góry
© 2019-2022 Copyright by Główny Urząd Statystyczny, pewne prawa zastrzeżone. Licencja Creative Commons Uznanie autorstwa - Na tych samych warunkach 4.0 (CC BY-SA 4.0) Creative Commons — Attribution-ShareAlike 4.0 International — CC BY-SA 4.0