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A Study on Technical Efficiency of Retirement Pension Business

  • Journal of Insurance and Finance
  • 2010, 21(2), pp.73-102
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

김재현 1

1상명대학교

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ABSTRACT

Since the Retirement pension system was introduced in 2005, retirement pension providers have been heavily competing in order to increase their market shares. In the mean time, mostly due to lack of available data, empirical research, which may provide the guidelines for the competitiveness of the pension providers has been lagged behind. In an effort to partly resolve the problem, this paper empirically analyzed the technical efficiency of pension providers' retirement pension business using DEA. The empirical results show that several small retirement pension providers can gain efficiency through their low inputs, especially in labor, while large ones suffer from the severe market share competition. However, the other result using the management fees as output measure shows that some of the large pension providers operate more efficiently, while the others exhibit economies-ofscale. This means that pension management fees are considerably discounted under the rational level due to the over-competition or market practices.

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This paper was written with support from the National Research Foundation of Korea.
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