Pengaruh Rasio Klaim dan Biaya Operasional terhadap Profitabilitas Perusahaan dengan Imbal Jasa Penjaminan sebagai Variabel Moderasi di PT. Jamkrindo Cabang Medan Tahun 2019-2023

Abstract

This study aims to analyze the effect of the claim ratio and operating costs on the profitability of a guarantee company, with guarantee fees as a moderating variable. The profitability of a guarantee company is an important indicator in measuring financial performance and business sustainability, therefore the factors that influence it need to be studied in depth. The research data were obtained from the monthly financial statements of PT Jamkrindo for a five-year period, thus reflecting the company's actual condition over a relatively long period. The analytical methods used were multiple linear regression and Moderated Regression Analysis (MRA) with the help of EViews software, which allows testing of direct effects and interactions between variables. The results show that the claim ratio has a negative but insignificant effect on profitability, indicating that an increase in the claim ratio tends to decrease profitability, although the effect is not statistically strong enough. Meanwhile, operating costs have a positive but insignificant effect on profitability, which may indicate that the efficiency of operational cost management is not yet a major determinant of financial performance. Other findings indicate that guarantee fees are able to negatively moderate the relationship between the claim ratio and profitability, meaning that an increase in the guarantee fee can strengthen the impact of the decline in profitability due to a high claim ratio. Conversely, underwriting fees were unable to moderate the effect of operating costs on profitability, indicating that increased underwriting revenue does not directly mitigate the impact of operating costs on financial performance. Overall, this study emphasizes the importance of optimal claim ratio management and utilizing underwriting fees as a strategy to increase profitability. These results can serve as a reference for underwriting company management in formulating more effective policies to maintain financial stability and competitiveness in the underwriting industry.