本研究係以加入金融控股公司之四家產險公司為研究對象，並以13項經營績效指標分析，探討此四家產險公司於加入金控前後，個別公司經營績效之差異性，藉以比較分析並了解產險公司加入金控後，對其經營績效是否有所助益。此外，在排除絕對數指標(本業收益及投資收益)，且合併市佔率與業界排名此二項指標，以10項經營績效指標來衡量金控旗下四家產險公司彼此之經營績效，以了解不同體系下之產險公司所產生綜效之差異性。 經過實證結果發現：(1)此四家產險公司於加入金控前後，個別公司經營績效之差異性並不明顯，僅國泰金控旗下國泰世紀產險之經營績效有較顯著改善，餘均無較大之差異性，甚或有績效下滑之態勢，顯示金控綜效於旗下產險公司表現並不明顯。(2)金控旗下四家產險公司彼此間之經營績效仍以國泰金控旗下國泰世紀產險表現最好，華南金控旗下華南產險表現居次，富邦金控旗下富邦產險排名第三，兆豐金控旗下兆豐產險則敬陪末座。從實證結果得知，國泰金控旗下國泰世紀產險不論在加入金控前後之效益顯現或與其他三家公司績效比較，都較為良好且穩定。 / The study analyzes thirteen operating efficiency indices of four property insurance companies of financial holding corporations and compares the operating efficiency before and after they join the financial holdings groups. Besides, I have taken ten operating efficiency indices into account, including consolidated market share and industry rankings, excluding absolute indices such as core earnings and investment profits, to measure the operating performance of these four companies to compare the difference of synergies among them. The empirical study shows that: 1) Only Cathay Century Insurance Company of Cathay Financial Holding Group has improved operating performance but the others do not have significant difference with regard to it; some even have worse operating performance than that before they joined the financial holdings companies and it implies low synergy is evident for property insurance companies of financial holdings companies. 2) The operating performance rankings of these four companies are as followed: Cathay Century Insurance Company of Cathay Financial Holdings, South China Insurance Company of Hua Nan Financial Holdings, Fubon Insurance Company of Fubon Financial Holdings, Chung Kuo Insurance Company of Mega Financial Holdings. The empirical study tells us that Cathay Century Insurance Company has better operating performance before and after joining financial holding companies.