由於市場利率持續低迷，壽險業利差損問題成為關切焦點，而國內金融市場投資工具仍然有限，壽險業2004年底5兆1,126億元的可運用資金總額中，有6,115億元（占可運用資金12.3%）投資於銀行存款及商業本票等短期投資部位。無論監理機關或壽險業均將解決之道，寄望於提高國外投資上限。本次保險法修正草案中，亦建議提高國外投資上限至資金之50%。 本研究嘗試透過計算壽險業有效契約平均預定利率、分析台灣現行金融環境下壽險業資產配置之困境，據以探討提高國外投資上限至50%，能否解決壽險業所面臨之經營困境，並提出建議做法，期能有助提供相關單位之參考。 本研究發現，壽險業有效契約平均預定利率，雖然隨著新契約預定利率逐漸調降而降低，但各項法定資金運用管道，在現行台灣整體金融環境下，很難達到損益兩平。 由風險性資產效率前緣分析也發現，國外投資上限之提高在避險成本較低時，不失為在台灣金融工具之質與量無法短期提升下，業者可以提高資金運用收益之解決方案。但如果避險成本增加，隨著國外投資上限提高而將資金移往國外，投資效率並不見得會提升，但卻也不會比提高前來得差，此時投資效率，將端視個別公司風險控管及國外金融工具選擇能力而定。 所以提高國外投資上限，僅能視個別公司逐案嚴加審核，甚至超出現行35%上限部分，應比現行審核標準更嚴格，無法通案為之。重要的是，政府要提出改善金融環境及健全保險業發展之整體策略，而不是僅僅著眼於提高國外投資上限。 關鍵字：國外投資、有效契約平均預定利率、效率前緣 / Because the environment of low interest rate, Life Insurance company’s loss expanded and raised the concerns of investors. More badly, the domestic high-yield-rate investment tools are less. For example, the total disposable capitals reached NT$ 5,112 billions in the end of 2004. There are 12.3% of these huge bucks, i.e. NT$ 611 billions that put in short term investment including commercial papers and cash. Now, not only the authorities also the life insurers are expecting the augment of foreign investment percentage. Recent amendments on the Law of Insurance suggest raise the ceiling of foreign investment from 35% to 50%. In order to propose total solutions for life insurers and MOF, this paper goes through broad discussions on 「Could the augment of investment ceiling solve the issues of interest loss?」 Hopefully, the life insurers would benefit from them. And these topics are 「the calculation of assumed interest rate of in-force life insurance policies」、「the analysis of Taiwan life insurers’ dilemma for assets management in current financial environment」. This paper advises that break-even normally is very difficult in Taiwan financial environment currently. Although the industrial average assumed interest rate of in-force policies is decreasing due to the lower assumed interest rate of new contracts. The legal investment tools are still far too less. Low yield rate and duration mismatch are the aches deep in the heart of life insurers. Due to the shortage of investment tools, the efficiency frontier analysis suggests that life insurers shall enhance oversea investment as a total solution. And it will create expected returns under the low cost of hedge. Nevertheless, if the hedging cost is uprising, the results of expanding oversea investment won’t create values any more. By the way, it won’t perform worse either if life insurers uphold original investment decision. Actually, the results of investment depend on risk management and the ability to choose better oversea investment tools. To conclude that the augment of oversea investment ceiling could be approved case-by-case not to enact the law. Especially the part exceeding 35% should be audited more toughly. The augment of oversea investment ceiling is not the key issue. More important is that the government shall propose national strategy to improve financial environment and build up sound development settings for insurance industry. Key Words：Oversea Investment、Assumed Interest Rate of In-force Policies、Efficiency Frontier