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Klopfenstein, Ashley. "Investment Income in Life Insurance." Marietta College Honors Theses / OhioLINK, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=marhonors1588419641715527.
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Rufelt, Pontus. "Investment Opportunities for Swedish Life Insurance Companies." Thesis, KTH, Matematisk statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-193945.
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Since the new risk sensitive regulation Solvency II was enabled the 1st of January 2016 the European insurance companies have to review their investment strategies. Insurance companies are among the largest institutional investors in Europe holding EUR 6.7 trillion assets, thus major changes in their asset management can impact the capital markets. To investigate how the investing opportunities have changed for life insurance companies, a representative Swedish life insurance company with an occupational pension portfolio was simulated for thirty years. This was made by first simulating the money market, bonds, equities and real estate for the simulated time by a stochastic multivariate process. Using Modern Portfolio Theory the portfolio weights was constructed for the financial asset portfolios for the model of the company. To determine future liabilities a representative ITP 2 pension portfolio was modelled where the pension policies was priced using traditional life insurance pricing theory in continuous time. For the company to be representative actuarial assumptions and as well as a consolidation policy was constructed in line with the major traditional life insurance companies in Sweden. The simulations of the company resulted in monthly cash flows, development of life insurance mathematical functions and the solvency capital requirements. The solvency capital requirement by Solvency II was calculated by applying the standard formula handed by EIOPA, where for life insurance companies the market risk module dominates in contribution to the capital requirement. By comparing the new risk sensitive capital requirement with the solvency capital requirement by the old regulations a change of structure dependent on time and asset allocation was observed. The Solvency II capital requirement for life insurance companies is clearly more dependent on the financial asset strategy for the company whereas the old capital requirement is not. The structure of the new capital requirement follows the same structure as the solvency market risk module where it is clear that low risk portfolios does not necessarily correspond to a lower capital requirement. The conclusion of this thesis is that life insurance companies in Sweden have tightened financial investing opportunities. This is due to Solvency II since this regulation is more risk sensitive than the old regulation.Sedan det nya riskkänsliga regelverket Solvens II trädde i kraft den första januari 2016 behöver europeiska försäkringsbolag se över sin investeringsstrategi för finansiella tillgångar. Försäkringsbolag är bland de största finansiella investeringsinstituten i Europa med ett innehav om 6,7 biljoner euro och i och med detta kan stora förändringar i försäkringsbolagens tillgångsallokering påverka kapitalmarknaden. För att undersöka hur investeringsmöjligheterna har förändrats för livförsäkringsbolag simulerades ett svenskt fiktivt och representativt livförsäkringsbolag med en tjänstepensionsportfölj trettio år framåt i tiden. Först simulerades penningmarknaden, obligationer, aktier och fastighetsmarknaden trettio år med en multivariat stokastisk process. Genom att tillämpa modern portföljteori konstruerades portföljvikter för de simulerade finansiella tillgångarna för bolaget. För att modellera framtida skulder för bolaget konsturerades en representativ ITP 2 tjänstepensionsportfölj där pensionskontrakten prissattes med hjälp av traditionell prissättningsteori för livförsäkringar i kontinuerlig tid. Aktuariella antaganden och en konsolideringspolicy konsturerades i linje med de största traditionella livförsäkringsbolagen i Sverige för att konsturea en representativ portfölj. Simuleringarna av bolaget resulterade I kassaöden och utvecklingen av livförsäkringsmatematiska funktioner månadsvis samt solvenskapitalkravet årsvis. Solvenskapitalkravet beräknades med standardformeln erhållen av EIOPA där modulen för marknadsrisk dominerar i bidraget till kapitalkravet. Genom att jämföra det nya riskkänsliga kapitalkravet med solvenskapitalkravet baserat på tidigare regelverk observerades en skillnad i struktur beroende på tid och tillgångsallokering. Storleken på Solvens II-kapitalkravet för livförsäkringsbolag är mer beroende på den finansiella tillgångsstrategin för bolagen medan detta inte är fallet för Solvens I-kapitalkravet. Strukturen på det nya kapitalkravet följer samma struktur som modulen för marknadsrisk där det observerades at lågriskportföljer nödvändigtvis inte motsvarar ett lägre kapitalkrav för livförsäkringsbolaget. Slutsatsen av projektet var att utrymmet för investeringsmöjligheter för svenska livförsäkringsbolag har förminskats. Detta är på grund av införandet av Solvens II då regelverket är mer riskkänsligt än tidigare regelverk.
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Ong, Alen Sen Kay. "Asset location decision models in life insurance." Thesis, City University London, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.336430.
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Weber, JoÌ?rg. "Value based investment and surplus management in German life insurance companies." Thesis, Henley Business School, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.270228.
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Ferreira, Mariana da Costa. "Investment strategies of a non-life insurance company under Solvency II." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/13078.
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Mestrado em Ciências ActuariaisNeste trabalho é feita a otimização da carteira de uma empresa de seguros não vida, que utiliza a fórmula standard definida no regime de Solvência II para calcular os requisitos de capital, com o objetivo de encontrar a alocação dos ativos financeiros que minimizam o risco de mercado e, simultaneamente, maximizam o retorno da carteira. A solução é obtida a partir de um processo de otimização multi-objetivo. Para analisar o desempenho da carteira e o risco do capital investido, calculamos a rentabilidade ajustada ao risco (RoRAC), que é o rácio entre o retorno esperado e o valor de Solvência II relativo ao risco de mercado. Os resultados mostram que é possível definir uma estratégia de investimento no regime de Solvência II que permita atingir os objetivos em retorno e requisitos de capital.
On this study we develop a portfolio investment optimization process for a non-life insurance company, where capital requirement is calculated using the standard formula defined by Solvency II. The optimization aims to find the minimum solvency capital requirements for market risk and, simultaneously, maximize portfolio returns. The optimal investment strategy set is obtained using a multi-objective optimization process. To analyse the performance of the portfolio and the capital at risk, we compute the return on risk adjusted capital (RoRAC), that is the expected profit over the Solvency II market capital charge. Results show that is possible to define a set of investment strategies under Solvency II regime that accomplish the objectives on return and capital requirements.
info:eu-repo/semantics/publishedVersion
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Kučová, Veronika. "Investiční životní pojištění a individuální investování spojené s pojištěním." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241611.
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This diploma thesis deals with investment life insurance and its alternatives. The aim of the thesis is to evaluate whether it is more advantageous to use the investment life insurance or individual investing into investment funds together with the purchase of risk life insurance. The evaluation is based on analysis and comparison of specific insurance and investment products. Mutual comparison is performed on an example with the help of products of three particular insurance companies. Based on the author´s findings, the last part of the thesis contains recommendations for clients how to effectively cover the risks as well as increase the value of their finances.
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Bradáč, Richard. "Investiční životní pojištění – návrh na tvorbu optimálního rezervotvorného produktu." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221723.
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The content of the dissertation is an analysis of capital life insurance products offered by AXA insurance company a.s. in comparison to the offer of chosen commercial insurance companies. The result of the dissertation is an improvement suggestion of insurance products on this company in the field of capital life insurance
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Plachetská, Zuzana. "Návrh na zlepšení Investičního životního pojištění společnosti Kooperativa pojišťovna, a.s." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222074.
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My grade essay is about investment life insurance comparing betwin Kooperative, a.s. to another competition a theirselves chosen products. The result of my essay is suggestion how to improove isurance produkt for thes company in field life insurance investment.
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Chromá, Zuzana. "Investiční životní pojištění a způsoby jeho optimálního nastavení pro klienty společnosti Partners For Life Planning, a.s." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223603.
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This thesis is engaged in questions of investment live insurance and its practical aplication for selected group of 50 clients of Partners For Life Planning, Corp. The scope of the thesis is the optimization of a sum insured setting by a death insurance, permanent accidental disability, serious illness and disability for people in various life situations. It includes insurance company offer in scope of investment life insurance, their comparision for engaged criteria and discussion of results. And than it confronts these results with a group of 50 life insured people.
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Dobiášek, Jan. "Návrh na zlepšení investičního životního pojištění společnosti ČSOB Pojišťovna, a.s., člen holdingu ČSOB." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222610.
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The diploma thesis focuses on life insurance and comparison of life investment insurance by company ČSOB Pojišťovna, a. s., a Member of ČSOB Holding with offerings of competitive insurance products from selected commercial insurance companies. The aim of this diploma thesis is to improve the design parameters of the compared life investment insurance by company ČSOB Pojišťovna, a. s., a Member of ČSOB Holding.
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Richter, Jan. "Investiční životní pojištění a individuální investování spojené s pojištěním." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-319456.
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This diploma thesis deals with the comparison of investment life insurance with risk life insurance and individual investment in open mutual funds in the territory of the Czech Republic. The theoretical part describes the basic characteristics of life insurance, open mutual funds and as a cross-section of the two products of the investment life insurance. It also describes the main cost indicators that can be used to calculate the cost of the insurance product. The analysis of the current situation is focused on a model example, in which the insurance products are compared and the investment part is evaluated. Subsequent comparison of results, selection of the most effective tool and recommendations are contained in the proposal section. The main goal of the diploma thesis is to determine the best solution for the end customer and to propose possible changes in the investment life insurance to make it more competitive.
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Adams, Joseph Allen. "A Matched Payout Model for Investment, Consumption, and Insurance with a Risky Annuity Income." BYU ScholarsArchive, 2019. https://scholarsarchive.byu.edu/etd/7474.
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We introduce a new insurance instrument allowing retirees to hedge against risk of mortality and risk of default. At retirement, the retiree is allowed to purchase an annuity that provides a defaultable income stream over his lifetime. The time of mortality and time of default are both uncertain, but are accompanied by determined hazard rates. The retiree will make consumption and investment choices throughout his lifetime, which have certain restrictions: the retiree can never enter a bankruptcy state (negative total wealth), and the investment choices are made in a risk-free financial instrument (such as a treasury bill or bond) and a risky instrument (such as commodities or stock). The retiree also makes insurance premium payments which hedge against mortality and default risks simultaneously. This new form of insurance is one which can be implemented by financial institutions as a means for retirees to protect their illiquid assets. In doing so, we calculate the optimal annuity rate a retiree should purchase to maximize his utility of consumption and bequest.Throughout the paper, we develop stochastic control models for a retiree's optimal investment and consumption policies over an uncertain planning horizon in several models which may or may not allow for insurance purchases. We find exact solutions to several models, and apply dynamic programming and the logarithmic transformation to other models to find numerical solutions when constraints are needed. We also analyze the effects of loading on insurance, analyzing the effects of more expensive insurance on the retiree's control policies and value functions. In particular, we will consider the model in which the retiree can purchase life insurance and credit default insurance (in the form of a credit default swap, or CDS) separately to hedge against life events. CDS's do not exist for annuities, but we extend this model by incorporating life insurance and the CDS into a single entity, which can be a viable, and realistic, option to hedge against risk. This model is beneficial in providing a solution to the annuity problem by showing that minimal annuity purchase is optimal.
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Schneider, Judith Christiane [Verfasser], Antje [Akademischer Betreuer] Mahayni, and Joachim [Akademischer Betreuer] Prinz. "Structured Life Insurance and Investment Products for Retail Investors / Judith-Christiane Schneider. Gutachter: Joachim Prinz. Betreuer: Antje Mahayni." Duisburg, 2011. http://d-nb.info/1016172699/34.
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Ullrych, Radek. "Komparace produktů pojišťoven." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-197465.
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The diploma thesis deals with the issues of life insurance. The aim is to compare life insurance products in the insurance market in the Czech Republic. Structure of the thesis is divided into theoretical and practical part. The theoretical section first summarizes the fundamental terms that are used in the insurance sector, describes the entities in the Czech insurance market and seeks to track down its recent development. The subjects of the descriptive part are also various forms of life insurance together with detailed description of their advantages and disadvantages. Last theoretical chapter evaluates the impact of the introduction of UNISEX rates into life insurance. The practical section is divided into several parts and the thesis analyzes investment life insurance products in deep details. Competing products are later compared on practical model cases among themselves. The conclusion brings an overall summary and assessment of the results.
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Tilšerová, Pavlína. "Investiční životní pojištění." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223606.
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The main of the master’s thesis is to determine current opportunities of investment life insurance in the Czech Republic. In the theoretical part of the thesis, the basic concepts of life insurance and investment life insurance are specified. In the practical part, the statistical analysis of insurance market development in the Czech Republic is presented. The work further provides the comparison of investment life insurance products of selected insurance institutions. The comparison is made on the basis of selected parameters and model examples. Conclusions and recommendations of this study could help to everybody participated in pension system and with a focus on modern form of life insurance.
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Lin, Fang Mei, and 林芳梅. "Investment-Linked Insurance and Financial Performance：Evidence From Taiwan Life Insurances Industry." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/57401664466378611483.
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碩士僑光科技大學
財務金融研究所
102
The paper aims to investigate the relationship between investment-linked insurance and firm performance using the panel data from 2008 to 2012 of life insurers in Taiwan. This result indicated that investment-linked insurance business is positively related to life insurers. In others words, the higher the level of investment-linked insurance business, the better the company’s financial performance. This also shows that Taiwan’s life market to support investment-linked insurance. In addition, the results also indicated that large life insurers can increase the financial performance when the company expanded investment-linked insurance business.
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Chiang, Jui-Hsiung, and 江瑞雄. "A study of Life Insurance Industries Investment-oriented Insurance Products." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/44025690882830213658.
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碩士淡江大學
保險學系保險經營碩士班
90
Title of Thesis：A study of Life Total pages：90 Insurance Industries Investment-oriented Insurance Products Key Words：Investment-Oriented Insurance Products, Mutual Fund, Marketing channel, Separate Account Name of Institute ：Master''s Program in Insurance Management , Tamkang University Graduate date：June , 2002 Degree Conferred ：Master Name of student： Advisor：Associate Professor Jui-Hsiung Chiang Li-Chu Lin 江瑞雄 林麗銖 副教授 Abstract Recently, Life insurance industry is in face of benefit decreasing because of interest loss. Insurance company has to design a new product－Investment-oriented Insurance Products, to solve the impact of interest loss. As the financial environment in our country has made it favorable for life insurance companies to market Investment-oriented Insurance, we are sure that Investment-oriented Insurance Products will become popular in the near future, giving consumers has more than choice of insurance products. This thesis was completed through the analysis and comparison of the Investment-oriented insurance policies issued by life insurance companies, based on my perusal of various investment-related report, paper and thesis. Then, conclusions and suggestions are made as follows： （1）The consumers must have the concept of benefit gain or lost by themselves. （2）The Investment-oriented Insurance Product should be regarded as a tool of insurance. （3）The consumers must hold the Investment－oriented Insurance for a long term. （4） The management of computer system and administration in life insurance industry. （5） The quality of marking people in life insurance company should be regarded. （6） The need of expanding marketing channel by life insurance company.
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Chang, Hsiu-Chen, and 張秀禎. "The Study of Perceiving Elements Affecting Life Insurance Sales Agents Selling Investment Linked Life Insurances." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/74909514535192537740.
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碩士朝陽科技大學
保險金融管理系碩士班
96
This paper establishes an understanding of the problems faced by insurance agents in the marketing of investment-linked insurance products and the relevant impacts. The conclusions of this paper are as follows: 1.Sales agents believe that the know-how in investment-linked insurance products is a prerequisite in the future. Also, investment-linked products are more complex than traditional policies and therefore, they are more difficult to understand. The market potential for unit-linked insurance products still has room for development. 2.When marketing investment-linked products, agents feel that it is more difficult to obtain licenses for such products compared to traditional products. The after-sale services for investment-linked products are also more demanding and complicated. Agents would analyze the market of investment-linked insurance products before they market them because they believe that this is an important issue. 3.Training classes offered by companies such as sales techniques, popular funds in Taiwan and overseas, introductions to different products are all very helpful to the marketing of unit-linked products for agents. 4.Although investment-linked products have created premium incomes for new contracts twice as much as traditional products in 2007, only 8.6% of the interviewers intend to focus 8.6% of their efforts on investment-linked products in the future. 81% of the agents decide to split their efforts on both investment-linked products and traditional products. This shows that traditional products should not be abandoned. Both companies and agents should meet the needs of policyholders for sustainable businesses. Key words: Investment-linked insurance, Insurance sales, Licences of investment –linked insurance products
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Chen, Chuan-Chuan, and 陳娟娟. "Internal Transfer of Life Insurance Policy to Investment-Oriented Insurance or Medical Expense Insurance Policy." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/33060046628184991101.
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碩士國立高雄第一科技大學
行銷與流通管理所
94
Abstract The options of the investment oriented plan and life annuity plan products have changed people’s traditional perceptions of life insurance in Taiwan. It also reflects the needs for insurance companies to provide more options of insurance plans to meet individual demands. Consumers not only have the options to purchase life insurance plans, they have also been offered more completed insurance plans by combining investment-oriented and life insurance plans. Moreover, the emerging deficiency of social medical insurance in the oncoming aging of society makes these commercialized insurance plans the complement of the deficiency for consumers. This study aims to explore the impact of some key factors on variation in clients’ changing policy from life insurance plan into investment-oriented plan or enhancing medical expense plan within the same insurance company. Data from a questionnaire survey was used to empirically examine the relationship between the dependent variables (perceived risk, closeness of relationship, change of family life cycle, and experience of reimbursement) and the independent variables (investment-oriented transfer, and enhancing medical expense insurance transfer). The result revealed that closeness of relationship, change of family life cycle, and experience of claim were not affecting the transfer from life insurance plan to investment-oriented plan among clients. However, the factors of perceived risk from the social and psychological aspects showed a significantly negative correlation with the investment-oriented transferring; whereas, the temporal, functional and physical aspects had no significant effects on such a transferring. The perceived risk negatively influences the enhancing medical expense insurance. Consumers are more concerning about the quality of service than the loss of rescission as the increasing options of insurance plans. Consumers have also valued less the bonds of client-agent relationship. These phenomena deserve further research.
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Feng, Chun-ya, and 馮惇雅. "Optimal Choice of Investment Insurance -Oriented Insurance:An Example of “C” Life Insurance Company." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/37666583026469610730.
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碩士國立高雄應用科技大學
金融資訊研究所
98
This research combines the Efficient Frontier, developed by Markowitz’s portfolio model, and then to maximize the Sharpe index Solver to find out from the C's company of the variable universal life insurance is linked to the Fund's investment portfolio, in the same ROI, the calculation of various scenario of the internal rate of return, and then discuss the different ages of customers, the investment-type insurance products suitable for the type. The results show that investment-oriented insurance products for the insurance part of the internal rate of return lower, resulting in investment-oriented policies of the internal rate of return than the individual investment fund return is low; and investment-oriented policies during the earlier the investment and investment in the longer are there higher internal rate of return. Moreover, investment linked insurance products by the rate of return to fund the policy of the internal rate of return is also higher. The kinds of insurance the amount insured by the higher position will be made by the insurance policy of the internal rate of return lower, that is, the higher the amount of insurance, investment-oriented policies of the internal rate of return lower.
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Chen, Yin Rio Teresa, and 陳奕蓉. "Product Strategy and Analysis for Investment Linked Insurance of Taiwan Life Insurance Industry." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/65zh5s.
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kao, Szu-Lung, and 高泗龍. "Strategic Analysis of Investment-Linked Insurance via Sales Channel in Traditional Life Insurance Companies." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/03148324748796705859.
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碩士元智大學
管理研究所
96
We were motivated to analyze and find out what the major obstruction traditional insurance companies face, as the sales of investment-linked insurance has become dominating the life insurance market. While most insured would like a large portion of their premium to be allocated to fund investment, the compensation to brokers from this part is much less compared with the commission they get from sales of traditional life insurance. How insurance companies compensate the brokers and balance the sales of products in between traditional life insurance and investment-linked insurance becomes even critical to motivate sales growth, satisfy customers, and sustain employee loyalty. By using Porter’s Five Forces Analysis and the SWOT analysis in both industry analysis and the case study, we conclude that to startup an offshore asset management company so as to run the offshore fund may provide one feasible solution to this problem.
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Tsai, Tain song, and 蔡天送. "Investment of Equity Interest of Life Insurance Company in R.O.C." Thesis, 1993. http://ndltd.ncl.edu.tw/handle/34224336378823633403.
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Lin, Hsiu-Chen, and 林秀珍. "Factors affecting the investment of life insurance companies in Taiwan." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/86953344445727595655.
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碩士國立高雄第一科技大學
風險管理與保險研究所
101
This paper is written mainly to study the impact of the financial tsunami in 2008 on the life insurance sector in Taiwan. As a result, the sector’s sales performance during 2005 ~ 2007 in terms of the total investment amount was used to compared with that during 2010~2011. The study concluded that: 1.the total investment amount was positively correlated to company asset size. but negatively to either average yearly claims expenses. 2.The relatively larger asset-sized life insurance companies gained less the total investment amount after the financial tsunami than after the financial tsunami. 3.the total investment amount annual growth rate was positively correlated to financial leverage and current ratio, 4.The relatively larger asset-sized life insurance companies gained less the total investment annual amount growth rate before the financial tsunami than after the financial tsunami.
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Guambe, Calisto. "Optimal investment, consumption and life insurance in a Lévy market." Diss., 2015. http://hdl.handle.net/2263/50312.
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The purpose of this dissertation is to solve an optimal investment, consumption and life insurance problem described by jump-diffusion processes in two settings.
First, we consider a problem with random parameters of a wage earner who wants to save to his beneficiary for his death. Using one risk-free asset and one risky asset price given by a geometric jump-diffusion process, we obtain the optimal strategy via the dynamic programming approach, combining the Hamilton-Jacobi-Bellman equation with a backward stochastic differential equation with jumps.
Secondly, we discuss the optimal investment, consumption and life insurance problem with capital constraints. The problem consists of one risk-free asset and two risky asset prices defined in an independent Brownian motion and Poisson process. We derive the optimal strategy of the unconstrained problem via martingale approach, from which, the problem with capital constraint is solved applying the option based portfolio insurance method.Dissertation (MSc)--University of Pretoria, 2016.
Mathematics and Applied Mathematics
MSc
Unrestricted
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許玉蕙. "Pricing for investment-linked life insurance policies under market incompleteness." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/77989003523538368539.
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碩士國立政治大學
風險管理與保險學系
90
Investment-linked life (LIL) insurance policies integrate the attributes from the mutual fund by introducing the investment options to the policyholders and life insurance through the benefit payments shielding the unexpected events of the insured. Since the execution of the implied options depends on the policyholder’s health status. Actuarial equivalent principal and non-arbitrage pricing theory are used in evaluating the prices for LIL insurance policies. Brennan and Schwartz (1976) initially employ the option pricing theory in examining the pricing and hedging strategy for LIL insurance policies with minimum guarantees. Most published literatures are focusing on this issue adopting the B-S methodology. Since the values of the LIL policies cannot be replicated uniquely through the self-financing strategies due to underwriting risks of the insurance market. Insurance market does not satisfy the completeness assumptions, Due to lack of a unique martingale measure under market incompleteness, the utility assumption of the policyholder is involved in the pricing issue. Insurance pricing must consider the risk attitude of the investors in the market. Hence the cost the LIL insurance policies are not necessarily equal to the fair market prices. The market value should fall within the range of the bid and ask prices. In this study, we follow the approach in Mercurio (1996) by adopting the quadratic utility function and compute the reasonable range of the prices based on maximizing the terminal health utility function. Binary tree method is used in modeling the asset dynamics. Then the numerical computations are performed using endowment LIL insurance policies with 5, 10 and 15 years of duration. Based on the results, we find that the risk attitude of the policyholder, the policy duration and minimum amounts of the guarantees significantly affect the bid-ask price spread of LIL insurance policies.
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Cuo-Siang, Hwang, and 黃國祥. "investment-linked life insurance about financial valuation and risk management." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/89578244058873618236.
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碩士國立政治大學
經營管理碩士學程
90
Due to the monetary policy in the banking sector and the global economic uncertainty, the solvency issue for the life insurer becomes crucial. In Japan life insurance market, five insurers have declared their bankruptcy since 1996, six insurers had been merged, and the others have suffered serious financial press. Preventing the ruin crisis of life insurers and strengthen their financial abilities through innovation products and risk management techniques in Taiwan have become an important issue for the management. Owing to the high leverage ratio in life insurer’s capital structure, the reserve adequacy plays a vital role in shielding the policyholder''s rights. Since the uncertainty of the interest rate affects the reserve and surplus of the insurer, asset-liability risk management becomes an important subject. Adding the investment-linked life insurance policies in the insurer’s liability portfolio is an innovative strategy in managing the low interest risk. Combining with the mutual fund or the bank certificates in early stage has advanced to integrate with the equity indexed products. The investment-linked products vary from the traditional ones allowing the participation in the financial risks. Owing to the complexity of its design, the valuation becomes essential. This study analyzes investment-linked life insurance policies and their historical evolutions. The financial valuation processes are illustrated explicitly. The regulations in the reserve valuation, the asset-liability management, the connection with risk-based capital (RBC) and the related hedging issues are also explored. Finally, the product designs and managerial issues in operating the investment-linked life insurance policies in Taiwan and Mainland China are discussed.
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Tang, Min Hung, and 黨銘弘. "A Study on the Investment-Oriented Insurance Contract - Taking the Variable Universal Life Insurance Policy of Cathay Life Insurance as an Example." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/46892943245496315877.
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碩士長庚大學
商管專業學院
100
People face various risks in daily life; one of the effective handling methods to face the threat of risks is to purchase insurance for risk diversification. With the progress of economic and social development in Taiwan, people’s needs and awareness for insurance has been gradually increased. In terms of insurance products, general traditional insurance has been developed into investment-oriented insurance. Among all the investment-oriented insurance products, variable universal insurance is commonly chosen by people in Taiwan. However, the effect of purchasing investment-oriented insurance is identical to that of directly purchasing term life insurance and using the balance to invest in mutual funds. The main purpose of this study is to simulate and analyze the investment performance of front-end variable universal insurance and back-end insurance product, as well as to compare the investment performance of investing in funds after purchasing term insurance based upon the historical data from the perspective of consumers. The results of case study showed that the investment performance of using the balance of term insurance to invest in mutual funds is the highest, followed by purchasing front-end products and purchasing back-end ones. The comparison on the account value of front-back and back-end variable universal insurance, which are terminated early within the first six years showed that the account value of back-end variable universal insurance is higher than that of front-end one, which are terminated early within the first six years.
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Wu, Yi-Chung, and 吳宜鍾. "A Study on the Investment Performance of Universal Variable Life Insurances in An Insurance Company." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/27065758743177005436.
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Hsiu-Yuan, Huang, and 黃琇援. "Mutual Fund Selection and Evaluation in Investment- Linked Insurance Products By N Life Insurance Corp." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/11435849644623582099.
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碩士國立高雄應用科技大學
商務經營研究所
98
The value of investment mainly comes from the ability of profit and risk management of the investing underlying assets. Actually , it is difficult to avoid the risk of loss in bear market for most of the investors. The purpose of the Linked-Insurance-Product, launched by the insurance company, is to diversify the risk of their portfolio through asset allocation in order to gain the maximum profit under the minimum risk. Asset allocation is one of the most important topics in investment commodities. However, the choice of funds strongly related to the allocated-portfolio performance. Therefore, the capacity of fund manager’s profit gaining and risk management is very important. Based on Sharp index, beta coefficient, and VaR risk analysis, this study applied the historical data of 80 mutual funds, which are Linked-Insurance-Product launched by N insurance company, to study the winner and loser’s portfolio’s performance. We found that there are no consistent and efficient criteria to forecast the future performance of the Funds. In fact, the future performance of Funds is unpredictable. In this study, we used VaR to predict the maximum loss and minimum profit of the Funds. Then we chose 80 mutual funds from the Linked-Insurance-Product and allocated the asset portfolio by using beta coefficient and Sharp index. The endurance of risk and return of investment vary from individual investors. In order to fit the needs of the investor’s requirement on risk and return, we used Mathematical Programming model on Excel to evaluate the performance of mutual funds and chose the best portfolio that fits the needs of different types of invertors. Therefore, we could reach the goal of each investor under the least risk and the most return that meet the purpose of the Linked-Insurance-Product : a proper and persistent profit.
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Lin, Chen-Shiang, and 林振祥. "Studies on Relationship between Investment- oriented Insurance and Financial Planning--- Case Study：K Life Insurance Grou." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/48034404892887043791.
Full textAbstract:
碩士中原大學
企業管理研究所
92
Abstract In the last few years, global interest rates remained respectively low. In order to reduce the risk in interest loss of insurance organizations, the Department of Insurance of Ministry of Finance has enlisted the investment-type insurance applications as “Key Encouragement” development subject. On the other hand, in order to maintain financial integrity and various other considerations in complying government strategies, the insurance organizations were more than glad to comply. While the investment environment undergoes a turn for the better, the insurance organizations slowly drove the product strategy towards investment- oriented insurance products one after another. In addition, “One-Stop-Shopping” consumer philosophy has also influenced the way insurance industry commences their sales. At the end, the insurance industry must increase ways of sale to compensate. Normally, the insurance planning and investing in financial management were two mutually exclusive actions, and each of them occupies different time and human resources to manage. However, investment-oriented insurance products have combined the two so that one only needs to spend half the time and work with only one group of people, and could achieve the protection of insurance and well-planned financing investment. Therefore, insurance organizations actively develop investment-oriented insurance products in order to provide consumers with a product that has the insurance product on the plate, and bonds investments and assets management as side dishes. This kind of 3-in-1 product thus has the characteristics of insurance protection, financial management and investment. In all recent documents discussing investment-type insurance, all the studies focused on how management and supervisory level should react to this new product and the strategy of insurance industry operations. There have not been any studies on combining the investment-type insurance with financial management. Therefore, this essay will discuss this combination based on analysis of existing financial investment and management tools. In addition, the author will take the example of K Life Insurance Group, in which the author is working for, research reports assembled by relevant organizations, domestic and foreign articles and magazine articles, through inductive study and analysis. Now is the best time for insurance industry to introduce investment-type insurance products. The insurance agents must be familiar with relevant financial knowledge, understanding the pros of purchasing investment-oriented insurance product, and the cons of buying bonds. The insurance agents must become the client’s and the family’s financial consultant. They must also search for possible customers who are planning for their retirements, for the education costs of their children, for starting their own business, for their financial management, and/or for tax management. The insurance must act as universal financial management consultants. On the other hand, the insurance industry must also begin the transition towards integrated financial products and improve internal management and technical standards. The insurance industry should also improve the publicity of investment-type insurance products sales and variety of investment targets, efficiently prevent and reduce operation risks, increase core competitive ability and establish the long-term competitive advantages.
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Lin, Chen-Shiang, and 林振祥. "Studies on Relationship between Investment- oriented Insurance and Financial Planning--- Case Study：K Life Insurance Group." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/38937204231564209183.
Full textAbstract:
碩士中原大學
企業管理研究所
92
Abstract In the last few years, global interest rates remained respectively low. In order to reduce the risk in interest loss of insurance organizations, the Department of Insurance of Ministry of Finance has enlisted the investment-type insurance applications as “Key Encouragement” development subject. On the other hand, in order to maintain financial integrity and various other considerations in complying government strategies, the insurance organizations were more than glad to comply. While the investment environment undergoes a turn for the better, the insurance organizations slowly drove the product strategy towards investment- oriented insurance products one after another. In addition, “One-Stop-Shopping” consumer philosophy has also influenced the way insurance industry commences their sales. At the end, the insurance industry must increase ways of sale to compensate. Normally, the insurance planning and investing in financial management were two mutually exclusive actions, and each of them occupies different time and human resources to manage. However, investment-oriented insurance products have combined the two so that one only needs to spend half the time and work with only one group of people, and could achieve the protection of insurance and well-planned financing investment. Therefore, insurance organizations actively develop investment-oriented insurance products in order to provide consumers with a product that has the insurance product on the plate, and bonds investments and assets management as side dishes. This kind of 3-in-1 product thus has the characteristics of insurance protection, financial management and investment. In all recent documents discussing investment-type insurance, all the studies focused on how management and supervisory level should react to this new product and the strategy of insurance industry operations. There have not been any studies on combining the investment-type insurance with financial management. Therefore, this essay will discuss this combination based on analysis of existing financial investment and management tools. In addition, the author will take the example of K Life Insurance Group, in which the author is working for, research reports assembled by relevant organizations, domestic and foreign articles and magazine articles, through inductive study and analysis. Now is the best time for insurance industry to introduce investment-type insurance products. The insurance agents must be familiar with relevant financial knowledge, understanding the pros of purchasing investment-oriented insurance product, and the cons of buying bonds. The insurance agents must become the client’s and the family’s financial consultant. They must also search for possible customers who are planning for their retirements, for the education costs of their children, for starting their own business, for their financial management, and/or for tax management. The insurance must act as universal financial management consultants. On the other hand, the insurance industry must also begin the transition towards integrated financial products and improve internal management and technical standards. The insurance industry should also improve the publicity of investment-type insurance products sales and variety of investment targets, efficiently prevent and reduce operation risks, increase core competitive ability and establish the long-term competitive advantages.
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Lin, LI-YI, and 林俐宜. "The Comparison of the Insurance Strategy in Low Interest Era: BTID, Whole Life Insurance and Investment- Linked Insurance." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/e6y53p.
Full textAbstract:
碩士真理大學
統計與精算學系碩士班
101
The global economic has kept being down, since the end of 2000. Also, the interest rate of Taiwan’s market has kept cutting down. Till this year, the Central Bank still remain the rediscount rate at 1.875%. Our income even falls back to the level of 16 years ago. The salary is paid while young people are employed cannot raise, however, with a limited income, people might suffer uncertain risk even they work hard, and so, insurance become the best tool to fight against risk and safeguard the need of economy. Insurance companies face in a low interest rate environment caused by operational difficulties negative spread, as well as conventional insurance premiums rising due to difficulties caused by the sale, began to shift interest rate risk to the policyholder, the implementation of investment-type insurance policy, will the insurance financialization. Under the opening of our Investment concepts, people started to accept this kind of insurance policy, which means that people have insurance and finance and investment needs. Buy a term life insurance plus fund or fund portfolio is also an investment-linked products, for people in need of protection is a good choice. However, the change of life-cycle and the raise of our income make insurance products with cash value such as life insurance become a choice to old age security. This study does not explore the pros and cons of investment-linked products, but mainly through so-called "buy term life insurance and invest the difference" (Buy-Term-and-Investment the Difference, referred BTID) arrangements, by using the same expenditure approach (Equal Outlay Method , EOM), adjusted net interest cost (Interest-Adjusted Net Cost Method, IANC), and expected NPV evaluation method, we explore the difference among the whole life insurance, investment-linked policies and the protection of their own investments in security coverage and investment coverage. Besides, we also do a simulation to find out the best time to transfer the year term life insurance into a life insurance policy with cash value. We assume the interest rate part with Vasicek stochastic interest rate, and the mortality rate part with Lee-Carter mortality model.
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Talha, Mohammad. "An appraisal of investment policies of life insurance corporation of India." Thesis, 1989. http://hdl.handle.net/2009/3777.
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Han, Yi-Chen, and 韓宜珍. "A Study of Investment Allotment of Life Insurance Companies in Taiwan." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/12401085113320818367.
Full textAbstract:
碩士國立高雄第一科技大學
風險管理與保險研究所
100
Because domestic insurance market is reaching the state of saturation, the interest rate drops and the quite fierce competition among life insurance companies makes the premium declines, the main source of income in life insurance companies is replaced by investment profit, if life insurance companies invest improperly, it will affect the rights and interests of policyholders and the stability of the economy. In this study, we used the means and variances of the return on investment of life insurance companies from 2006 to 2010 to cluster 20 companies into four groups. The results showed that global financial crisis lead to the return on investment in four groups being lower in 2008 than other years, foreign investment and Government & Treasury Bond were more significant investment in the trend, the main reason lead to the proportion of foreign investment is higher than other investment targets is the profit in domestic market could not be enlarged, so life insurance companies put more money into foreign investment which has better interest rate. The major investment in the high-income and low-risk company is Government & Treasury Bond and foreign investment, these investment ratios did not change much, and the major investment in the low-income and high-risk company is Government & Treasury bond, foreign investment, bank deposits and stocks, these investment ratios changed heavily. In addition, the investment ratios in real estate investment for all insurance companies were small but grew slowly.
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Huang, Shu-Chien, and 黃淑健. "Formation Of Investment Strategy -- A Study Of Non-Life Insurance Company." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/92565766938482527871.
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JIANG, YI-JUN, and 江宜君. "The Estate Sale and Leaseback Investment of Domestic Life Insurance Industry." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/vv3s43.
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碩士國立高雄第一科技大學
金融系碩士班
105
In response to the increasing capital demand for future development in the maturely developed contemporary financial system, firms with limited capital seek assistance from the leasing industry to solve their capital need. In recent years, the leasing industry has developed its primary services and reached saturation while gradually replacing traditional bank loans. Regarding the primary leasing services, sale-leaseback (SLB) has become a crucial financing tool in corporate financing decision-making. Leaseback not only reduces firms’ asset holding costs, but also enables them to achieve asset activation while retaining the current production situation and separate asset value transfer from in-kind transfer. This approach can create wealth and tax shields for both buyers and sellers, thereby creating benefits for both parties in the transaction. A number of sale-leaseback instances can be found in Taiwan. The present study primarily investigates the tangible benefit and potential risks for buyers and sellers in sale-leaseback, and explores the difference between financial lease and operating lease in sale-leaseback. This study focuses on the practical case and return on investment of Taiwanese insurance companies investing in real estate through sale-leaseback.
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Lu, Chieng-chi, and 呂建志. "A Study of Investment Portfolio of Life Insurance Industry in Taiwan." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/sw4ez9.
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碩士國立臺北大學
企業管理學系
106
In Taiwan, the life insurance industry is a highly regulated financial industry, as it accumulates a lot of policyholders’ premium as liability reserves. The reserves are used to pay for the uncertain risk loss suffered by insured in the future. Therefore, its financial status of insurance company to the stability of society is crucial. The duration of traditional life insurance funds has been in existence for decades, often experiencing several economic cycles. The responsibility promised to the policyholders cannot be unpaid even though the investment is not good. Therefore, life insurance operators are crucial to the management of assets and liabilities. How to use life insurance funds directly reflects the manager's ability of the management. This study uses panel data analysis to explore that Taiwan's life insurance industry how to use funds under the insurance law restrictions and economic environment in Taiwan. What kind of target is invested? How does the ratio of related asset allocation affect the rate of return on capital utilization? After analysis, it was found that in the random effect mode, only the "stock" of the investment portfolio was significantly correlated with "the capital utilization rate", indicating that the performance of the life insurance company's capital utilization rate still depends only on stock operations. In addition, we can look at the correlation coefficient of each investment targets to find that "stock", "beneficial interest certificates for securities investment trust funds and mutual trust funds ", "real estate", "allocation of funds to special projects and investments in public utilities and social welfare enterprises", "investments in insurance-related businesses " and "derivatives trading " are positive. It means that increasing these investments of these targets is helpful for the utilization rate of funds.
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Lin, Mi, and 林蜜. "Key Successes Factors for the Insurance Life Operation Discretionary Investment Business." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/n2dm38.
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碩士國立臺北科技大學
商業自動化與管理研究所
97
In recent years, the income level gets higher degree and people have good understanding of investment’s importance. It is destined that public is eager for better investment outlets to be the safeguard for their life and profits from it. Under such circumstance, the traditional life insurance product can not satisfy the public’s need anymore. And the investment-oriented insurance products become the main stream on the insurance market. Originally, the investment policy can not be determined by insurance companies. It means insurance companies are forbidden to choose which item, for example, funds, stocks, or something else, is deserved to invest instead of their customers. However, a new law allows insurance company to apply for discretionary investment business and manage the books dedicated assets of the investment policy. This is so called Internal Fund and has been strived for by the insurance industry. Then, the insurance companies can help policyholder choose and make up investments. This research intends to discuss the critical factors, which cause positive and successful outcome to the business promotion, under the new law. And these critical factors are influenced by the consideration of insurance companies’ operation, policyholder and investor’s profit, and industrial environment. This research chooses forecast exploratory revision type Delphi method to detest the collection of law and regulation documents, the investment-oriented insurance products, and mutual funds. The structured questionnaires coming out from this detest are provided to a group of anonymous professionals for the feedback repeatedly until a common consensus happens. The research shows the critical factors are “the investment achievements and the control of internal risk”, “Policyholder’s recognitions to the new products”, “services’ specialized ability”, “the customer service”, “the promotion of information system”, “the coordination of investment department organization and the internal work rules and regulations’ improvement”, “the company physique”, “the ability to develop new products and its innovation”, “the products’ variation”, “the government’s monitoring”, “the market share”, “the circuit promotion”, “the insurance rate and its’ popular rate”.
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Wu, Juo Wei, and 吳倬瑋. "Risk Assessment of International Bond Investment in Taiwan Life Insurance Industry." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/96742065795242599017.
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碩士國立政治大學
風險管理與保險研究所
104
The 2014 amendment of Article 146-4 of Insurance Act extending the overseas investment ceiling to the value for foreign currency denominated listed or over-the-counter certificates of domestic stocks or bonds that are invested in by insurance enterprises in accordance with provisions of Insurance Act. This paper investigates the impact of funding in Taiwan government bond market under the overseas investment ceiling with the exclusion of international bonds investment in Taiwan life insurance industry, and analyzes the call risk of international bonds. The main results show that: (1)After the 2014 amendment of Article 146-4 of Insurance Act, foreign investments are increasing, while government bonds holdings are decreasing in investment portfolio of life insurance industry. Based on statistical analysis, as the ratio of foreign investments surging, only the ratio of authorized projects or public investment is increasing, others are falling. Especially, the ratio of government bonds and that of foreign investment are strongly negative correlation. (2) Demand of government bond of life insurance industry has impact on the funding cost of Taiwan government. The lower the demand, the higher the funding cost. Through multiple regression model, the result shows, the lower the bond holding ratio of life insurance industry, the higher the yield of Taiwan 30-year government bonds. According to the model in this paper, spread between callable international bond and government bond, lock-up period, the probability of re-issuance in international bond market, and the downtrend of interest rate should be all considered when investing in international bonds. The high yield of callable international bond is yield illusion to investors,since is largely offset by call risk. According to the model with bond market data between 2014 to 2016, the assessment of call risk is 52.45bps.
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Chang, Chin-Chia, and 張晉嘉. "A Study of Investment Benefit of Life Insurance Industry in Taiwan." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/30869858793539780816.
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碩士國立高雄第一科技大學
風險管理與保險所
94
Abstract Generally speaking, the insurance to want the premium income that the applicant collected except that the expenses support out as operating, because still should promise the needing of future damages of the assured, and the income source of the insurance, divide for being nuclear to protect income (underwriting profit, life insurance to call mortality savings) and investment profit. In recent years, because the interest rate of the financial market glides, insurance premium drop, moral risk and morale risk increase and accuracy person who improve influence of factor that insurance premium estimating in advance morals that market competition cause, it has not already been a main life industry source of underwriting profit, it is a investment profit of fund application that has been replaced. Thus, insurance enterprises cause the financial affairs by the fact that investment in improperly to worsen, even the liquidation ability of the influence company, injuring the rights and interests of the applicant and the assured. Taiwanese life insurance market revised the standard of setting up of insurance company in 1996, permitted the foreign businessman to set up the subsidiary and was engaged in insurance. One may well say that marches toward the Warring States era. This vertical-horizontal materials of annual financial affairs of 24 life insurance companies in Taiwan from 1997 to 2004 of research, adopt Panel data to regression method and analyse the net earning ratio of industry''s fund application of the whole life insurance during this period, probe into the life insurance under the norm of the insurance law, the earning capacity of every investment tool, while offering the fund application of life insurance in the future investment, under the security, mobility and profit, choose proper assets to dispose and the competent authority or the legislature do a reference while revising the law. This study empirical result is found, the assets scale of life insurance, do not influence the earning ratio of fund application .The earning ratio of fund application, more powerful variables, there are bank account, bonds and storehouse such seven parameters as stock, company''s debt, short-term investment, guarantee making loans, investment in foreign countries, etc.; In addition, the earning ratio and not so good as expectancy of investment in foreign countries of whole life insurance, is even lower than the bank account .
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Chen, Yiu-Lin, and 陳郁玲. "A study of the Traditional Life Insurance、 Saving-Insurance Products、Investment-Oriented Insurance and Annuity ---based on the case of Massmutual Mercuries Life company." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/19957379178299445168.
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碩士義守大學
資訊工程學系
91
ABSTRACT The insurance companies in Taiwan were established since 1946. Nowadays, there are 31 insurance companies in Taiwan including 15 domestic companies and 16 foreign ones. The insurance policy products consist of traditional insurance saving insurance, and investment-oriented insurance to annuity, the development of each kind of policy is based on its own background. The development of Traditional life insurance and saving insurance is relevant with market interest-rate. In the early ’80, European and American provided investment insurance policy, and it even has being increased to 30-﹪~ 50﹪among all insurance policy products .By the end of year 2000.The first index-linked insurance was provided because of descent of market interest-rate, reduction of commodity expansion and world trend. The research is made in accordance with the proceeding history of these four products─traditional insurance, saving insurance, investing insurance and annuity based on the relating investigating reports, interior and exterior relating references, periodicals and dissertations’ practical information and analyze those comparison by referring one set objectively estimated module. Then, the results can be obtained by using the real example. Finally, some purchasing selections will be suggested based on customer’s preference. And the consumers’ preference. And they will be convinced and buy some products based on the insurance company products’ superiority . These insurance policies definitely comply with their demands . The research list 5 domestic insurance companies and 4 kinds of insurance products recently datas and there are made marking reports from the “Insurance Public” year report and 5 domestic insurance companies ‘ Web side.There will provide customers purchase reference.
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Lee, Yu-Chen, and 李玉珍. "The Evaluation of Portfolio Risk and Strategy for Investment-Oriented Insurance Products by Life-insurance Companies." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/40950216261093524971.
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碩士中原大學
企業管理研究所
94
Abstract Investment-Oriented Insurance Products (IIP) will recently be one of the general investing tools in Taiwan. There are two functions of “Insurance indemnity” and “Chrematistic investment” for policyholders. The character of the Investment-Oriented Insurance Products is clearly defined that policyholders bear all the profit and loss. Before purchasing Investment-Oriented Insurance Products based on investor's expectation, policyholders must evaluate the related costs, performances and risks to affirm the value of Insurance warranty. This paper analyzes the performance of top 10 insurance companies of selling Investment-Oriented Insurance Products in 2004, including Allianzlife, Cathaylife, Fubonlife, AIG Nanshanlife, ING Antailife, Pca life, Chinalife, Shinkonglife, Mli life and Taiwanlife. Policyholders who purchased IIP are classified according to three types of portfolios: aggressive, conservative and moderate portfolios. It is difficult to obtain accurate information due to the fact that there were non-normal distribution for the portfolios and bias caused by traditional standard deviation. Following the lose risk view, we use Value at Risk (VaR) to evaluate Downside Risk and modified Sharpe performance. In addition, we applied back testing to exaime accuracy to reaffirm VaR. The empirical results show that normal distribution of returns for aggressive portfolio can apply Variance-Covariance Method, while Structured Monte Carlo is suit for the abnormal distribution. The Historical Simulation Approach is suit for moderate and conservative portfolios. We use the Spearman correlation for examining a variety of Sharpe indexes to test continuity of their performances, and found that a later period performance can be predictable by an earlier performance. We found the Benchmark-Relative Value at Risk (V3) could improve the accuracy. In general, the portfolio awards are larger than stock index returns. This paper estimates the value of IIP by using the last three years of expected returns and the Benchmark-Relative Value at Risk (V3). The best Conservative portfolio is Mlilife, AIG Nanshanlife ranks second place. The best Aggressive portfolio is Mlilife, Cathaylife comes next. The best performance of Moderate portfolio is Taiwanlife, next is Cathaylife. The connection between the character and the value of all IIP is importance for policyholders to meet retirement requirement except for the Chinalife Moderate portfolios and Taiwanlife Conservative portfolios. Besides, affirming IIP is importance for policyholders to manage personal financing in order to enhance their financial freedom, independent, security and transformation. The life-time goals of the “pleasure for living”, “Dignify for elders”, “No worry for sickness” and “ No regret for death” can be completed for everybody.
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Wang, Yi-Chin, and 王怡瑾. "The Amendment of Article 146 of the Insurance Law on the Life Insurance Company’s Investment Efficiency." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/96472324098011651820.
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碩士國立高雄第一科技大學
風險管理與保險所
93
Recent trends in financial market include globalization, securitization, financial engineering of assets, and growth of information and computer networks. In the e-commercial era of network-based information change, the types of operation keep weeding out the old and bringing forth the new ones. Dynamic management becomes one of the most modern trends. The future development in Taiwan is deeply affected by globalization and the Cross-Strait relations. The primary object of life insurance companies at present lies in dissolving the risks in interest loss of insurance organizations. Competition in financial markets causes a risk-return trade-off, in which securities that offer higher expected rates of return also impose greater risk on investors. The presence of risk, however, implies that actual returns can differ considerably from expected returns at the beginning of the investment period. Different investors’ objectives and constraints can lead to a variety of investment policies while life insurance companies are subject to complex regulation. The purpose of this paper is to empirically examine the effects of the investment constraints by testing the changes in the investment efficiency of insurance companies after the revision of the article 146 of the insurance law which become more stringent in some perspectives, but still relax the constraints as a whole. We find that the revision in 2001 does not have impact both on the rate of return and the risk of insurance companies’ investment portfolios. The results imply that life insurance companies’ portfolios lie below the minimum-variance portfolio or involve another problem of misspecification of the input parameters. It is known that MV optimization is very sensitive to errors in the estimates of the input whereas we believe the investment constraints can reduce the investment risk or promote the performance of investment.
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Ling, Huang Hsiao, and 黃小玲. "The Study of Non-life Insurance Investment on Public Investment--a study case for HSR BOT." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/87111452061236833161.
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Wen-kai, Yeh, and 葉文凱. "Will the Fund Company’s Brand Affect Life Insurance SolicitorSelling Investment-oriented Insurance Products Behavior?-A Case Study in F Investment Consulting Company." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/64205357494183623055.
Full textAbstract:
碩士國立高雄應用科技大學
金融資訊研究所
99
The studying case for this assay is based on the five major life insurance agents who contracted with the F investment company. The research is base on the following two major. The brand strategy affects the selling investment-oriented insurance products and allocation for investment insurance fund. Training and services providing by fund company or life insurance company could not only be the most efficient option but also used as a reference. The empirical results are as follows: 1.The studying showed no significant difference in which the agent should be aware of the financial market situation on the demographic variables. 2.There is no significant difference on marketing effect and products’ training providing by Fund Company toward the demographic variables, in addition to the region, in Tainan and Kaohsiung, is different than in Pingtung 3.The demographic variables for the fund companies on the subject of the difference between return:There is significant difference on designation. Department managers and business communications which there was no significant difference between the commissioner. However, for the target rate of return, it is diversity among Communications Department Manager and Director of Operations, Business assistant manager, business manager especially the differ between Communications Department Manager and Director of Operations. 4.The demographic variables affect the marketing strategy for life insurance companies sell life insurance agents behaviors. There is significant difference on region. The various marketing strategies should be performed in different areas. In particular, there is difference between the life insurance agents in Kaohsiung and Pingtung. 5.There is no difference in demographic variables on the funds of the company held talks on the sale of financial differences. In conclude,Fund financial support for life insurance companies held seminars for the sale of life insurance agents will, It is also no significant difference.
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Ting-WeiLiu and 劉庭瑋. "Underwriting, Investment and Solvency: Evidence from the United Kingdom Life Insurance Industry." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/35549848591709555261.
Full textAbstract:
碩士國立成功大學
國際企業研究所碩博士班
98
It is important to study the relationship between underwriting, investment and solvency decisions for insurance companies. As major institutional investors, the financial health of life insurance firms has significant macroeconomic effects on the stability of society. Insight into the decision-making mechanism enables policyholders and shareholders to make better insurance and investment choices. There are two primary sources of an insurer’s total income: underwriting income and investment income. Underwriting income arises directly from the insurer’s core business operation. Investment income arises from investing in bonds, stocks, derivatives and other financial instruments by using the insurer’s surplus. These two streams of income have great impact on the insurer’s solvency. The aim of this paper is to empirically examine the interaction among underwriting, investment and solvency decisions by using the data of U.K. life insurance industry from 1985 through 2009 and employ a simultaneous equation model (SEM) and estimate it by two-stage least squares (2SLS). We find that all the interaction between underwriting, investment and solvency decisions is positive. Moreover, solvency has significantly positive effects on underwriting and investment decisions. It’s quite obvious that survival of an insurance company is dependent on its solvency.
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KAO, PE-CHI, and 高培齊. "A STUDY OF INVESTMENT BENEFIT OF R.O.C. LIFE INSURANCE INDUSTRY UNDER RBC." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/23278319258986272420.
Full textAbstract:
碩士國立臺北大學
國際財務金融碩士在職專班
101
In the low interest rates and quantitative easing financial environment, the life insurance industry has faced many challenges. This study is for the disclosure of Risk-based capital (RBC) information in website of The Insurance Bureau of Financial Supervisory Commission, to capture the level of the company's capital adequacy ratio, and the financial data of life insurance companies made by Taiwan Insurance Institute, to analyze the asset allocation of the life insurance industry in Taiwan, how to adjust the amount of risk-based and total capital, at the same time, taking into the asset allocation and risk management. The capital adequacy rate system was implemented in Taiwan since year 2003. This research data is from 2005 to 2012, including the Taiwan life insurance industry on the asset allocation of bonds and treasury bills, stocks, corporate bonds, policy loans, loans, foreign investment, short-term investments. Analyze and discover the difference quarterly performance return between no special restrictions configured asset allocation and Taiwan life insurance industry actual asset allocation. The empirical results are found, RBC system does not affect the efficient portfolio frontier, and the RBC level of life insurance company in this study will not affect the life insurance company's investment portfolio returns. In this study, this research data include vertical-horizontal materials of annual financial affairs of twenty-nine life insurance companies in Taiwan from 2009 to 2011. Use Panel Data regression method, return on investment analysis of the life insurance company in the meantime, and to explore the asset allocation return on investment of the life insurance industry in the capital adequacy ratio and specification of the Insurance Act. The empirical results are found, the life insurance industry asset size and whether is the domestic life insurance company or foreign one will not affect the return on investment. The powerful influence variable in return on investment is stock. Foreign investment is not as good as return on investment expectations.
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Martins, Luís Filipe da Silva. "Optimal Stochastic Control of Life Insurance and Investment in a Financial Market." Dissertação, 2013. https://repositorio-aberto.up.pt/handle/10216/71159.
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Fu, May-Jane, and 傅媺真. "The Risk Evaluation of Foreign Investment for Taiwan Non-Life Insurance Company." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/f9vav5.
Full textAbstract:
碩士銘傳大學
經濟學系碩士在職專班
93
This paper foucs on the simulation of the VaR and credit risk for non-life insurance company’s foreign investment.Besides, we also calculates the minimum capital requirements and compares with Risk Based. Capital (hence RBC) system. The VaR model can consider the complete foreign investment risk and test the evaluation performances by backtesting. However, RBC system calculate the risk by different credit risk and weights which are reasonable or not will affect the evaluation. Manages the internal risk by VaR will serve as the auxiliary tool of RBC system. Our empirmental results will provide a reference for the evaluation of foreign investment risk for non-life insurance company.