Thesis (M.B.A.)--Boston University

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This study is to investigate the factors for successful training programs in the life insurance industry. From the aspects of curriculum design, instructors¡¦ arrangements, and trainers¡¦ self-evaluation on their efforts in the training program, this study analyzed the trained and on-schedule promoted trainers to understand how much the trainers identify with the program arrangements. This study further pointed out that, on the premise of the same instructors and curriculum, the trainees¡¦ quality and how their supervisors do the mentoring determine if the training program will succeed. This study used the survey and randomly chose 180 trainees to be the research participants, with 143 valid responses. This study concludes some trainees¡¦ and their supervisors¡¦ qualities that tend to generate the training success. The qualities will be used as some referential indicators for recruitment and adjusting curriculum in the future.

The domestic life insurance industry at present is in the steep competition situation. With the fund accumulated rapidly, which investment strategy the life insurance company should take is very important. Law of Insurance 146th puts the restriction on the investment upper limit of the life insurance company. This research will discuss the influence of this investment restriction on life insurance companies¡¦ asset allocation by the samples of Cathay Life Insurance and Shin Kong Life Insurance, and also evaluate the performances of these two life insurance companies. Moreover, under the investment restriction, this research compares the investment rates of return between the optimal portfolios by different portfolio performance measures and the actual portfolios of the two life insurance companies and also shows that which portfolio performance measure is more suitable for life insurance companies to contribute to the decision-making of the life insurance companies about asset allocation. This research utilizes the Efficient Frontier that is inferred from the Markowitz¡¦s portfolio selection model to apply on the Sharpe measure and the IRp measure to achieve the research¡¦s goal mentioned above. The conclusions of this research are as follows: 1. Evaluated by the Sharpe measure, whether there is the investment restriction or not, the difference is small¡FEvaluated by the IRp measure, then there is the higher expected rate of return and better diversification with no investment restriction. 2.The actual rates of return of Cathay Life Insurance and Shin Kong Life Insurance are below the expected rates of returns of their portfolio evaluated be the Sharpe measure and the IRp measure. Moreover, This two measures show that Cathay Life Insurance has the better investment performance then Shin Kong Life Insurance. 3. Under the investment restriction, the differences between the expected rates of return of the optimal portfolio whether by the Sharpe measure or the IRp measure and the investment rates of return of the actual portfolio of these two companies are caused by the influence of the macro economy. 4. If there is no investment restriction, the optimal portfolio of the IRp measure has the better diversification that fits the conservative character of the life insurance companies.

The corporate culture present within any organization has a significant effect on the decisions the organization makes in regards to its daily operations, goals, the environment that its employees work in and customers interact with when doing business with the company. There are various factors beyond the control of the organization that. have an effect on the culture, one of them being the economic environment. The decisions that corporations make during times of economic expansion and how they cope with times of economic contraction is a reflection of the culture that is present. The insurance industry and its participants are especially sensitive to these economic movements and make their decisions to grow and create products on their perception of economic movement. The cultures of AXA, a French insurance company, and Prudential, a British insurance company will be compared alongside the culture of the formerly prominent AIG to discover what aspects of corporate culture a corporation within the life insurance industry should have present in order to have sustainable growth during times of economic expansion and remain viable during times of economic contraction.

This study focuses on what impact the Management Control System of Non-life Insurance Industry under Financial and Non-financial Holding Company has on a company¡¦s financial and business performance. (Management Control System, hereinafter referred to as MCS) . The scope of the MCS is not conclusive, it consists of management accounting and other control methods. This study adopts Simons¡¦s Diagnostic Control Systems and Interactive Control Systems as a yardstick, and the indicators of the financial and business performance are collected from Taiwan Insurance Institute. This study is based on the exploratory study --- in-depth interviews in case studies. In order to understand what types of the MCS a Non-life Insurance Industry company choices , and each respondent¡¦s feedback on the MCS , the study is followed by semi-structured interviews. By the comparison of multiple-case designs and a more in-depth discussion , this study has found that: (1) There is no special relationship of the MCS selection between Non-life Insurance Industry under Financial and Non-financial Holding Company . (2) Both Non-life Insurance Industry under Financial and Non-financial Holding Company have Strategic Alliances in marketing . (3) Only Non-life Insurance Industry under Financial Holding Company could take the advantage of the joint-marketing in the distribution channel of a bank. (4) Non-life Insurance Industry under Non-financial Holding Company tends to have better business performance when using Interactive Control Systems . Therefore, the study suggests that when Non-life Insurance Industry under Non-financial Holding Company tries to design the control system of an organization, it is better to use the Interactive Control System to help the performance of a company.

有鑑於投資活動對壽險公司的重要性，本研究的目的，主要是由壽險業的經營特性中，經由瞭解其各個別公司在不同的條件限制下，分析其投資策略與績效之狀況，以做為投資策略制定的參考。 　　本研究係針業台灣人壽保險業，以個案訪問的方式分析產業內廠商之投資策略。再輔以經營績效的次級資料，探討兩者的關係。投資策略的策略變數包括：投資目標、投資組合、影響投資的因素以及策略決策過程；經營績效的變數包括：聯合率、市場佔有率、保單繼續率、淨利率、投資收益率。 　　研究結論如下：在投資策略方面：1.在投資部門組織方面，資金規模會影響投資部門的人力，投資組合中比例較重的項目，人力的配置也較多。2.各家公司的投資目標不外乎是獲利性、安全性和變現性，至於公益性甚少被考量。3.保險公司的投資目標是在公司之財力及承擔風險能力範圍內，在法令之規定及政府監督下，獲取最高之長期稅後投資收益。4.各壽險公司的投資組合因投資目標的不同而異。5.影響投資策略因素可以分為投資環境、公司本身條件以及外在目標限制，壽險公司在決定投資決策之前必須先行對這些項目對評估。6.中小型的壽險公司因為投資業務較少，投資部門人員也比較精簡，所以在投資決策的過程充分發揮彈性。在投資策略與經營績效之研究方面：1.精確計算現金流量，根據資產、負債的性質做好資產負債管理，可以使壽險公司在兼顧流動性、安全性之下，求取最大的投資報酬率。2.投資高風險的投資工具，不一定能帶來高報酬，但是波動性一定很大，造成投資報酬率、淨利率時好時壞。3.資金規模不一定會影響投資報酬率，資金少的壽險公司也可以運用期間分析、資產負債管理的方法來降低風險、增加報酬率。4.正確的投資策略可以提高投資收益，進而增加淨利率。同時公司可以將獲利反映在保費上，使價格更具有競爭性，以提高新契約佔有率進一步擴大市場佔有率。保費的優惠也會留住舊客戶，提高保單繼續率。另一方面，公司可以增加資本支出，投資新的資源設備，對於提昇商品設計、精算、核保、理賠、服務和投資的品質有正面的幫助。行政效率的提高，可以使損失率、費用率下降。可見投資策略影響投資績效、投資績效會進一步影響經營績效。 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究範圍 3 第三節 論文結構 3 第四節 研究限制 4 第二章 文獻探討 5 第一節 壽險業投資活動概述 5 第二節 壽險業投資特性 9 第三節 壽險業投資策略及影響因素 15 第四節 壽險業投資策略形成與投資決策程序 22 第五節 壽險業投資策略與經營績效 26 第三章 產業研究 31 第一節 產業介紹 31 第二節 產業分析 37 第三節 壽險業投資活動概況 56 第四章 研究設計 67 第一節 研究架構 67 第二節 研究方法 68 第三節 究研變數 69 第五章 壽險公司投資策略個案研究 73 第一節 甲人壽保險公司 73 第二節 乙人壽保險公司 80 第三節 丙人壽保險公司 87 第四節 丁人壽保險公司 95 第六章 個案分析與討論 102 第一節 投資策略比較 102 第二節 經營績效比較 109 第七章 結論與建議 117 第一節 研究結論 117 第二節 對壽險業的建議 119 第三節 對後續研究之建議 120 參考文獻 121

行政院會於民國八十八年十二月十六日通過保險法修正草案，修正草案中針對強化之監理機制與增進保戶大眾之權益係以強化其資本適足性為其修法目標，所採之方法即建立風險基礎資本額制（Risk-based Capital, RBC）。而保險法修正案於民國九十年六月二十六日業已經立法院三讀通過，然RBC制度將於民國九十二年中實施。台灣保險監理機關的確有必要對於壽險公司之投資效率及經營上的安全作一考量，所以便引入美國監理關協會（National Association of Insurance Commissioners, NAIC）早於1993年便推動的風險基礎資本額制。 　　本文檢視美國壽險業者在風險基礎資本額制實施後，其資本結構與資產風險是否產生顯著之變化，研究保險公司之冒險行為之增減，以作為台灣監理機關未來施行RBC制度的參考。然基於此，本文利用三階段最小平方法來分析壽險業者其風險、資本與風險基礎資本制度的關係，實證結果發現RBC ratio較高的業者在風險基礎資本額制實施後，雖然增加風險但也同時調高資本比率，另一方面，RBC ratio較低之保險公司不僅僅增加公司整體風險外，也降低資本比率。 / The risk-based capital requirements developed by the National Association of Insurance Commissioners (NAIC) were intended to raise the safety net for insurers and provide regulators with the authority to intervene when capital falls below a minimum standard of capital adequacy that is related to risk. The paper examines the simultaneous impact of RBC had on life insurer’s both capital and risk. We employed a three stage least squares (3SLS) model to analyze the relationship between life insurer’s capital, risk and the risk-based capital requirements. The results suggest that life insurers with lower RBC ratio would not only increase their capital ratio but also increase their company-wide risk. Besides, the life insurers with higher RBC ratio would reduce the capital ratio and increase the risk.

全球經濟情況變動，壽險公司的資產快速增加，國內投資工具無法滿足壽險公司的投資需求，政府大幅增加了壽險公司的投資範圍，如開放壽險公司海外投資上限，希望能提升壽險公司的資金運用效率。然而金融海嘯過後，壽險公司的投資績效受到打擊，金融資產出現大幅跌價，面臨投資跌價損失、資產減損、投資報酬率下降等情況，投資獲利逐漸下滑，影響了壽險公司的整體營運，經營情況日趨嚴峻。於是近年來，國內壽險公司投資收益佔營收比重逐漸增加，資產配置策略及實務上如何進行資金運用操作，實關係著壽險公司經營穩健度及獲利能力。本論文以一個案人壽公司為例，透過MV模型分析2005年至2011年間，在現行法令限制下，壽險公司投資組合的報酬率與風險之影響為何，且既定風險情況下，分析其投資績效，並探討此壽險公司資產配置是否具效率，又可如何調整配置提升投資報酬率，藉以供作壽險業未來資金運用策略之參考。 / As life insurance company assets rapidly increase and vary with global economical situations, domestic investment means no longer satisfy investing needs of life insurance companies. The Government relaxes investment restrictions, financially and legally, aiming to improve the very investment benefit of life insurance companies. But after the financial tsunami, their investment performance decreased, financial assets declined, unrealized losses on investment and asset impairment occurred, and return on Investment went down. The life insurance company’s overall operating conditions became more and more severe. Thus, the facts that the increasing proportion of domestic life insurance companies’ income on investment, asset allocation policy and practice on how to fund operations, do influence the stability and profitability of life insurance companies. Employing the Markowitz portfolio model, this thesis will analyze the investment benefit of life insurance companies with a specific case of a life insurance company during the period between 2005 and 2011. It reassesses issues below: the relation between capital allocation efficiency and risk of life insurance companies under established risk situations, the efficiency of life insurance companies’ asset allocation, and the rearrangement of asset allocation in order to upgrade capital allocation efficiency. These analyses would provide some reference for life insurance companies’ investing strategies in uses of future funds.

兩岸在2001年底加入世界貿易組織（WTO），使得兩岸壽險市場受到經濟自由化及國際化的衝擊。因此，要如何提高自身的經營績效及競爭能力，便成為兩岸壽險公司最重要的目標。本研究以資料包絡分析法為基礎，並結合共同邊界（metafrontier）分析法，針對兩岸地區在2004年至2007年共59家壽險公司，進行經營效率與Malmquist生產力指數的實證研究。在生產力變動來源的拆解上，本文延伸Pastor and Lovell（2005）的固定規模報酬模型，利用變動規模報酬的生產邊界來衡量各公司的技術變動及技術差距比率變動，使生產力變動的來源上獲得更明確的意涵。最後本文利用Tobit迴歸模型，探討影響兩岸壽險公司經營效率的因素。 / After joining the WTO in December 2001, there is the advent of economic liberalization and internationalization on the life insurance market of Taiwan and Mainland China. Therefore, how to improve the operating performance and the industrial competitiveness in the present economic circumstance is the critical and important goal of the life insurance industry in Taiwan and Mainland China. This study applies data envelopment analysis with metafrontier model to measure the managerial efficiency and Malmquist productivity index of 59 firms of life insurance industry in Taiwan and Mainland China from 2004 to 2007. On decomposing the sources of productivity change, we extend Pastor and Lovell’ s CRS model (2005) to a VRS frontier benchmark to measure technical change and technical gap ratio change, which apparently provides us a more meaningful decomposition of productivity change. Finally, this study uses Tobit regression model to examine the factors which influence the managerial efficiency of the life insurance industry in Taiwan and Mainland China.