The aim of this thesis was to choose some types of investments and set the expected return using time series; furthermore to compare these possibilities using multi-dimensional assessment. I chose four types of investments, namely: mutual funds, life insurance, additional pension savings and building savings. I expected a monthly deposit of 1000 CZK for a period of 20 years in my thesis. In case the investor would keep this money cash or on a bank account, where he would not have to pay account fees and have a zero interest rate, he would save 240 000 CZK during this period. Based on published historical returns I modeled the expected return of the investment by means of methods of time series. For modeling the return I used the model of linear trend. The highest revaluation is expected with the additional pension savings, where the dynamic strategy brings the overall return of 414 214 CZK, the balanced strategy 379 874 CZK and the conservative strategy 333 209 CZK. The investment into mutual funds using conservative strategy brings 317 894 CZK, using balanced strategy brings the return of 314 986 CZK. When choosing the conservative strategy of life insurance the overall return is 296 071 CZK and when choosing the balanced strategy it is 292 614 CZK. The expected return of the building saving is 286 139 CZK. However, it is not recommended to opt for an investment only based on the expected return. We have to take into consideration as well the risk of the investment, input one-time fee and the overall fee (monthly or annual fees). For this reason I determined the category of the above mentioned criteria, which I set using scoring method. For the determination of the order I chose the TOPSIS method and the scoring method. Based on the carried out above methods it is certain that the best investment is investing in additional pension savings.

As a medium-sized life insurance company Assupol Life provide life insurance products to clients within government departments, although the company entered the broader private market. The enactment of the Financial Advisory and Intermediary Services Act, 2002 and the Financial Intelligence Centre Act, 2001 impacted financial service providers and the research analysed the influence of regulation on managerial decision making, marketing and sales, finance, human resources, training and the structures within the organisation to comply with the legislation. The study endeavoured to determine the influence of regulation on the company and the measures implemented by the management of Assupol Life. The research results confirmed that the primary challenge faced by the company is to find a balance between compliance, managing human capital and creating value for shareholders. The major impact of the legislation involves the human resource- and training functions and the study illustrated that other influences was less severe. / Business Administration / M. Tech. (Business Administration)

This thesis is focused on services within unit-linked life insurance and strategic decisions in their selection. We characterize Czech Republic's insurance market and European Union market as a whole. The purpose of thesis is to analyse specific conditions on unit-linked life insurance market in Czech Republic. Unit-linked life insurance products of selected insurance companies are compared within this work.

This diploma thesis deals with insurance protection of permanent health consequences caused by illness or in case of injury. The aim of this work was to make an analysis of the offer of accidental injury insurance in the insurance market from the potential insurance applicants? point of view and also to identify the right combination of this kind of insurance with disability pension. In this work, four best insurance products offered in the Czech market are in detail described ? Pesrpektiva 7BN insurance by Kooperativa, Flexi insurance by Česká spořitelna, Benefit and Genio insurance by Generali Pojišťovna. A simulation applied to each of the products was made and analyzed. If a client follows the simulated model, he or she should be well insured. Using the methods of multi-criteria classification (method of rank, method of points, method WSA and method TOPSIS), the best product for potential applicants has been identified. The best option seems to be the insurance product Perspektiva 7BN offered by insurance company Kooperativa.

Title: Modelling Dependent Lives Author: Eva Pavčová Department: Department of Probability and Mathematical Statistics Supervisor: RNDr. Lucie Mazurová, Ph.D., Department of Probability and Mathematical Statistics Abstract: In this thesis, we model the dependence between the remaining lifetimes of a husband and wife using a specific Markov model. We examined the impact of the dependence on the net single premium using the specific Markov model that captures the long-term dependence between lifetimes of the two considered lives. Using this model we have calculated 10-year joint-life annuity due and 10-year last-survivor annuity due considering the age rage (37, 80) in case of dependence and also independence of the two considered lives. The calculations were based on the dataset related to the Czech population in 2015. The impact of the dependence between the remaining lifetimes of the husband and wife was found to be not significant. Keywords: positive quadrant depedence, multiple life insurance premiums, depen- dent lifetimes, joint-life annuity, last-survivor annuity, joint-life and last-survivor models

The diploma thesis is focused on the motor damage and the motor third party liability insurance profitability evaluation of the czech insurance market. In the first part both the czech market devolopment and the current law-making issues with the evaluation of the czech market key indicators are briefly described. Next part of the thesis is focused on the non life insurance market quantitative characteristic in the period from 2003 to 2015. Next part of the thesis deals with the motor damage and the motor third party liability insurance characteristics. In the last two chapters the thesis examines the motor damage and the motor third party liability market with the following evaluation of their profitability by using the combined ratio indicator.

The aim of this thesis is to describe particular financial products and compare them from the evaluation point of view. We also will review these products from the perspective of clients who differ in investment and saving attitude. We will focus on czech households and describe their habits in area of financial products and examine their behaviour during a time period in relation to phases of economic cycles and other exogenous variables. We also will describe functioning of financial system and focus on information asymmetry between houselholds and financial institutions. Further we will look at examples of moral hazard done by financial institutions. The conclusion of this thesis provides recommendations of suitable products for each client.

Cette thèse étudie quelques problèmes d’identification et d’estimation dans les modèles de survie bivariée, avec présence d’hétérogénéité individuelle et des facteurs communs stochastiques.Chapitre I introduit le cadre général.Chapitre II propose un modèle pour la mortalité des deux époux dans un couple. Il permet de distinguer deux types de dépendance : l’effet de deuil et l’effet lié au facteur de risque commun des deux époux. Une analyse de leurs effets respectifs sur les primes d’assurance écrites sur deux têtes est proposée.Chapitre III montre que, sous certaines hypothèses raisonnables, on peut identifier l’évolution jointe du risque d’entrer en dépendance et du risque de mortalité, à partir des données de mortalité par cohortes. Une application à la population française est proposée.Chapitre IV étudie la queue de distribution dans les modèles de survie bivariée. Sous certaines hypothèses, la loi jointe des deux durées résiduelles converge, après une normalisation adéquate. Cela peut être utilisé pour analyser le risque parmi les survivants aux âges élevés. Parallèlement, la distribution d’hétérogénéité parmi les survivants converge vers une distribution semi-paramétrique. / This thesis comprises three essays on identification and estimation problems in bivariate survival models with individual and common frailties.The first essay proposes a model to capture the mortality dependence of the two spouses in a couple. It allows to disentangle two types of dependencies : the broken heart syndrome and the dependence induced by common risk factors. An analysis of their respective effects on joint insurance premia is also proposed.The second essay shows that, under reasonable model specifications that take into account the longevity effect, we can identify the joint distribution of the long-term care and mortality risks from the observation of cohort mortality data only. A numerical application to the French population data is proposed.The third essay conducts an analysis of the tail of the joint distribution for general bivariate survival models with proportional frailty. We show that under appropriate assumptions, the distribution of the joint residual lifetimes converges to a limit distribution, upon normalization. This can be used to analyze the mortality and long-term care risks at advanced ages. In parallel, the heterogeneity distribution among survivors converges also to a semi-parametric limit distribution. Properties of the limit distributions, their identifiability from the data, as well as their implications are discussed.

台灣壽險業近年來面對利差損、國內低利環境，與國內長天期投資工具不足的窘境，因而保險法第146-4條修正後，壽險業者擴大持有國外投資部位。本研究以海外債券投資作為國外投資代理變數，探討海外債券投資與壽險公司之營運風險、經營績效的關係。採用2008年至2016年，共25家壽險公司不平衡追蹤資料，以OLS、Panel Data兩種統計方法作實證分析，再以金融海嘯到歐債危機的時間點，劃分成前期(2008年-2011年)、後期(2012年-2016年)作比較分析。 根據全期資料之分析：以線性模型來看，海外債券投資與營運風險為顯著負相關；和經營績效則是顯著正相關。若是非線性模型，海外債券投資與營運風險為U型相關，臨界點在18.83%。分期資料之分析則顯示：前期資料結果與全期資料一致。但後期資料的研究結果出現反轉，在線性模型下，海外債券投資與營運風險呈現顯著正相關，和經營績效則呈現顯著負相關；而非線性模型下，海外債券和營運風險的U型相關，臨界點下降至13.56%。 / In recent years, life insurers in Taiwan face the spread loss of interest rate, low interest rate environment and shortage of long-term instruments. Life insurers started to expand their foreign investments after the amendment of Article 146-4 of Insurance Act in 1992. This study aims to investigate the relations among overseas bonds investment, operational risk and business performance of life insurers. Data is composed of 25 life insurers from 2008 to 2016. With consideration of the global financial crisis and European debt crisis, this study then divides the data into two subsets (before and after the crises). The results shows that under the linear model there is a significant negative relation between overseas bonds and operational risk, but a significant positive relation between overseas bonds and business performance. Under non-linear model there is a significant U-shaped relationship between overseas bonds and operational risk, with the critical point at 18.83%. The results for the subset data before the crises (2008-2011) is consistent with the based on the whole data (2008-2016). However, the analysis for the subset data after the crises (2012-2016) display different result. Under the linear model, the relation between overseas bonds and operational risk is positive, but it is negative between overseas bonds and business performance. Additionally, the critical point of that U-shaped relationship between overseas bonds and operational risk under the non-linear model drops to 13.56%.

This thesis is focused on products used to cover the needs of the people in retirement in the conditions of the Czech Republic, which can be a suitable complement to the constantly decreasing values of the retirement pension paid by the State. At first I will describe the current situation of the Czech pension system and its compulsory transformation into a multi-pillar system. The following chapters are devoted to analyzing individual products in terms of making savings for retirement. In the last chapter I compare different products and try to find out the best way how to secure individuals savings for life in the retirement according to a particular state revenues and expenditures.