| This study aims to analyze the effect of capital structure, profitability, and regulation on the value of property and liability insurance companies. The subject of this research are PT Panin Insurance Tbk, PT Lippo General Insurance Tbk, and PT Asuransi Multi Artha Guna Tbk, which are listed in BEI. Four independent variables are used : Equity to Asset (X1) representing capital structure, Return on Asset (X2) representing profitability, Reserve to Liability (X3) and Net Premium Written to Equity (X4) representing regulation. Dependent variable, company value is represented by Price to Book Value. To analyze the effect of those four independent variables on company value, secondary data from those three companies annual reports and end of the year stock price during period 2003-2010 are used. The study employed multi regression statistic analysis method with SPSS v.17 application software. The study concludes that individually, Equity to Asset (X1) has significantly negative influence on company value and Net Premium Written to Equity (X4) has significantly positive influence on company value. Meanwhile, simultaneously all the four variables have significant effect on company value and the model of four variables can explain 72.5% of the change in company value. |