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Leboho, Nakedi Wilson. "Quantitative Risk Management and Pricing for Equity Based Insurance Guarantees." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/96980.
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Thesis (MSc)--Stellenbosch University, 2015ENGLISH ABSTRACT : Equity-based insurance guarantees also known as unit-linked annuities are annuities with embedded exotic, long-term and path-dependent options which can be categorised into variable and equity indexed annuities, whereby investors participate in the security markets through insurance companies that guarantee them a minimum of their invested premiums. The difference between the financial options and options embedded in equity-based policies is that financial ones are financed by the option buyers’ premiums, whereas options of the equity-based policies are financed by also continuous fees that follow the premium paid first by the policyholders during the life of the contracts. Other important dissimilarities are that equity-based policies do not give the owner the right to sell the contract, and carry not just security market related risk, but also insurance related risks such as the selection rate, behavioural, mortality, others and the systematic longevity. Thus equity-based annuities are much complicated insurance products to precisely value and hedge. For insurance companies to successfully fulfil their promise of eventually returning at least initially invested amount to the policyholders, they have to be able to measure and manage risks within the equity-based policies. So in this thesis, we do fair pricing of the variable and equity indexed annuities, then discuss management of financial market and insurance risks management.
AFRIKAANSE OPSOMMING : Aandeel-gebaseerde versekering waarborg ook bekend as eenheid-gekoppelde annuiteite is eksotiese, langtermyn-en pad-afhanklike opsies wat in veranderlike en gelykheid geindekseer annuiteite, waardeur beleggers neem in die sekuriteit markte deur middel van versekering maatskappye wat waarborg hulle ’n minimum van geklassifiseer kan word hulle belˆe premies. Die verskil tussen die finansi¨ele opsies en opsies is ingesluit in aandele-gebaseerde beleid is dat die finansi¨ele mense is gefinansier deur die opsie kopers se premies, terwyl opsies van die aandele-gebaseerde beleid word deur ook deurlopende fooie wat volg op die premie wat betaal word eers deur die polishouers gefinansier gedurende die lewe van die kontrakte. Ander belangrike verskille is dat aandele-gebaseerde beleid gee nie die eienaar die reg om die kontrak te verkoop, en dra nie net markverwante risiko sekuriteit, maar ook versekering risiko’s, soos die seleksie koers, gedrags, sterftes, ander en die sistematiese langslewendheid. So aandeel-gebaseerde annuiteite baie ingewikkeld versekering produkte om presies waarde en heining. Vir versekeringsmaatskappye suksesvol te vervul hul belofte van uiteindelik ten minste aanvanklik belˆe bedrag terug te keer na die polishouers, hulle moet in staat wees om te meet en te bestuur risiko’s binne die aandeel-gebaseerde beleid. So in hierdie tesis, ons doen billike pryse van die veranderlike en gelykheid geïndekseer annuiteite, bespreek dan die bestuur van finansiele markte en versekering risiko’s bestuur.
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Costa, Nuno Emanuel Martins. "Os seguros ligados a fundos de investimento : Unit-Linked." Master's thesis, Instituto Superior de Economia e Gestão, 2002. http://hdl.handle.net/10400.5/18840.
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Mestrado em Ciências ActuariaisO sector dos seguros de vida tem registado, durante os últimos anos, um crescimento muito forte por toda a Europa. O constante desenvolvimento de novos produtos é uma consequência do aparecimento de novas necessidades associadas quer à protecção de riscos quer à rentabilidade de poupanças. O crescente dinamismo dos mercados de capitais europeus, proporcionando bons rendimentos, e a descida generalizada das taxas de juro, têm conduzido a uma aposta cada vez maior em seguros ligados a fundos de investimento, em substituição de produtos com taxas garantidas cada vez mais baixas. A vantagem dos seguros Unit-Linked consiste assim no facto de permitirem ao Tomador aproveitar simultaneamente os rendimentos dos mercados de capitais e os benefícios fiscais dos seguros de vida. Este estudo pretende dar a compreender um pouco do que são, e como funcionam, os seguros ligados a fundos de investimento, numa altura em que Portugal parece ainda estar a despertar para estes produtos. Evidenciando as vantagens quer para os Tomadores quer para as seguradoras, pretende-se ainda demonstrar o potencial destes seguros para o mercado português, à semelhança do que já acontece noutros países da Europa.
For the last years the sector of life insurance has registered a strong increase ali over Europe. The constant development of new products is a consequence of the appearance of new needs which are associated both to the protection of risks and to the profitability of savings. The increasing activity of European stock markets, which provide good incomes, and the general drop of interest rates have led to growing confidence in insurances associated to investment funds, which replace those products whose guaranteed rates are increasingly low. Thus, the advantage of Unit-Linked insurance consists in the fact that they allow the insurance taker to benefit by incomes from stock markets simultaneously with fiscal benefits from life insurances. This research aims at providing some understanding of insurances associated to investment funds and how they work, in a time when Portugal seems to be still awakening to these products. By making clear the advantages both for the insurance taker and the insurance companies, there is further intention to demonstrate the potential of such insurances for the Portuguese market, similar to what is already happening in other European countries.
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Klofáč, Michal. "Regulace finančního poradenství v České republice." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198026.
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Consulting one's personal finance with a financial advisor should allow even the less financially educated to optimize their financial portfolio. The client-advisor relationship is however a strong case of information asymmetry, which can result in harm being made to the client by the advisor, either knowingly (when the advisor attempts to maximize their own utility, even at the client's cost) or unknowingly (e.g. when the advisor is inadequately qualified in the field). One of the ways to reduce such risks is a proper regulatory framework, which is the core subject of the thesis. At first, the thesis analyzes the current state of financial advisory in the Czech Republic (how it is performed, what part of the population benefits from it, what the main problems are etc.) and shows how the client-advisor interaction ought to be performed. The main part of the thesis describes what the main problems and risks for the client are and which legal measures exist that can reduce these negative effects. The current legal framework in the Czech Republic is then thoroughly analyzed and compared with best-practice of select EU states. Finally, legal measures which are currently being discussed or passed as laws are mentioned. In the very end, other measures which could help make the field of financial advisory in the Czech Republic more efficient are suggested. The aim of the thesis is to provide a compact overview of the regulatory measures currently affecting financial advisory in the Czech Republic, show them in the international context and test the hypothesis that the Czech market of financial advisory is still relatively immature and that further appropriate regulation would improve its effectiveness resulting in higher protection of clients.
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Janata, Michal. "Právní úprava distribuce finančních produktů retailového typu v České republice." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264628.
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The thesis analyses legal environment of the financial services market in relation with business practice of retail financial products distribution in Czech republic. It describes current legislation and instruments of regulation of the distributional activities both on national and supra-national (european) level. Furthermore, it introduces the development of regulation in light of identified weaknesses of legislation, leading to specific recommendations and measures ensuring vast consumer protection and fixing the level-playing-field in distribution throughout various sectors of financial markets and their layovers. The conclusions are based on author´s theoretical studies of economic and legal context and private business practice.
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El, Bernoussi Khalid. "Stabilité financière des banques et régulation." Thesis, Paris 2, 2011. http://www.theses.fr/2011PA020057.
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Les banques sont des institutions à part, car elles sont au coeur du fonctionnement des économies et de la dynamique de croissance des pays. Leurs services représentent de ce fait un bien public, et il est donc primordial de les maintenir éloignées autant que possible du risque de faillite. Toutefois, des crises bancaires surviennent régulièrement et affectent les sociétés, souvent de manière durable et profonde, à l’image de la crise financière des subprimes qui a éclaté en 2007, et dont nous ne connaissons pas encore toutes les conséquences désastreuses. Pour prévenir le risque de faillite et de crises bancaires, les autorités de régulation nationales ont développé des filets de sécurité qui, en partie, suivent les standards internationaux de réglementation et de supervision bancaire développés par le Comité de Bâle sur le contrôle bancaire, sous l’égide de la Banque des Règlements Internationaux. Cependant, les crises récurrentes se produisent et nous montrent les limites de la régulation bancaire et, surtout, nous indiquent que celle-ci doit être en permanence revue et adaptée, de façon dynamique, à l’évolution des systèmes bancaires et de l’innovation financière. L’un des principaux objectifs est de s’assurer que les banques soient suffisamment et solidement capitalisées pour faire face à des pertes exceptionnelles inattendues. Par ailleurs, il est primordial, afin d’assurer une stabilité financière durable, que les superviseurs bancaires soient à même de contrôler efficacement les banques et d’entreprendre les actions nécessaires pour que ces dernières demeurent à des niveaux de risques engagés raisonnables et qui ne menacent ni leur solvabilité, ni celle de l’ensemble du système bancaire. Enfin, les banques sont censées être régulées par le marché (discipline de marché), sur la base des informations qu’elles sont tenues de divulguer publiquement, sur leur santé financière. Dans ces politiques de régulation bancaire et de prévention du risque de crise, il ne faut pas oublier le rôle de l’assureur dépôt, à qui certains économistes et instances internationales veulent prêter de plus en plus de pouvoir sur les banques. Nous montrons dans notre travail de thèse, à travers des analyses empiriques menées sur des données contemporaines, les insuffisances des politiques de régulation et de supervision bancaire, les erreurs commises dans l’approche de la régulation bancaire, et nous présentons les aspects qu’il serait souhaitable de prendre en compte, pour approcher une politique de réglementation et de supervision bancaire plus efficace, et dynamique, dans l’objectif de maintien de la stabilité bancaire. Nous avançons notamment qu’il est nécessaire de mieux prendre en compte la nature de l’activité des différents types d’institutions financières qui composent les systèmes bancaires, et dont la nature et le degré d’exposition aux risques ne sont pas les mêmes. Il est également important de considérer les caractéristiques de l’environnement institutionnel dans lequel évoluent les banques, de manière à développer une structure de supervision adaptée et efficace. En définitive, nous étudions dans cette thèse un large ensemble de déterminants économiques et institutionnels, susceptibles d’impacter la stabilité bancaire, de manière à identifier celles des politiques de régulation qu’il s’agirait de mettre en oeuvre, afin d’assurer dans l’avenir un meilleur maintien de la stabilité financière des banquesBanks are special institutions because they are central to the functioning of economies and to economic growth. Their services represent a public good. Therefore, it is essential to keep them as far as possible from risk of bankruptcy. However, banking crises occur regularly and affect societies, often dramatically and over a long period, like the current subprime financial crisis which burst into 2007, and which consequences are still not very well perceived. To prevent the risk of bankruptcy and banking crisis, the national authorities of regulation have developed safety nets. These follow partially the international standards of regulation and banking supervision developed by the Basel Committee on Banking Supervision under the aegis of the Bank for International Settlements. However, recurrent crises occur and show us the limits of the banking regulation and, especially, indicate that the latter should be continually revised and adapted to the evolution of banking systems and financial innovations. One of the main goals is to make sure that banks are enough capitalized to face unexpected large losses. In order to achieve long-lasting financial stability, it is essential that banking supervisors can monitor efficiently banks. By doing so, the risk taken by banks would be sustainable and would not threaten either their own solvency or the whole banking system solvency. Finally, banks are supposed to be regulated by the market (market discipline) on the basis of information about their financial health which should be disclosed publicly. Along the policies of banking regulation and crisis risk prevention, one should not forget the role of the deposit insurers. Indeed, some economists and international authorities want to attribute more power over banks to deposit insurers. In our research, the empirical analysis, based on contemporary data, show the weakness of the actual regulation and banking supervision policies and the mistakes in banking regulation. Different features of the banking system that should be taken into account for an efficient implementation of regulation and banking supervision policies are also discussed in this work. Hence, we suggest that the type of financial institutions' activities should be better taken into account as it changes with the degree of risk exposure. We also find that it is important to consider the characteristics of the institutional environment in which banks evolve in order to develop a suitable and efficient supervision agency. To summarize, we study in this thesis a large range of economic and institutional determinants of the banking system, which are likely to affect the banking stability. By doing so, we are able to identify the regulation policies which would be the most likely to preserve the financial stability of banks
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TingTingChiang and 蔣婷婷. "The Study on Investment Linked-Insurance Products." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/76531141720142352016.
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碩士大葉大學
事業經營研究所
91
The Study on Investment Linked-Insurance Products Epitome The worldwide depression causes interest rate facing its critical point at 0%. Taiwan is staying inside the weak global economy and no chance to raise its interest rate in the near future. Owing to the poor banking interest rate， the conservative investors and the investors escaping from the risk of stock market can choice not only at bonds but at investment linked-insurance as another financial tool that meets both the need of stable benefit and insurance. The conclusion of this study is as follow: 1. This stage is the best time for promoting investment linked-insurance. 2. The promotion of investment linked-insurance not only provides the consumers a multi choice of insurance product， but also has marked the maturity of Taiwan insurance company. 3. The promotion of investment linked-insurance signifies the trends of the enlightenment of consumer consciousness， the independence of investment choice， and the innovation of insurance management. 4. The insurance employee has to transform himself as a “multi mention financial management consultant” raising his core competitiveness so as not to be weeded out by financial integration. 5. The insurance companies have to integrate their resources forming an economic scale and marching to variation of product， integration of circulation， and organization of management. 6. The transformation of competitive mode between insurance companies. Keyword:Investment Linked-Insurance
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LIN, CHIA-YI, and 林佳怡. "A Study on Investment-Linked Insurance Policy." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/51976588806032059724.
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陳雅正. "Study on Regution of Investment Linked Insurance." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/15074679528601127632.
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碩士國立政治大學
風險管理與保險學系
89
For facilitating of cross-business operation of the insurance industry, increasing policyholders’ choices in financial services, and shifting attach of interest risk, investment linked insurance products will introduced into the Taiwan insurance market soon. Based on it’s special features, the regulation of investment linked insurance should be different from the regulation of traditional life insurance. This paper defines the scope of investment linked insurance and discourses it’s nature and special features in the first place, and then describes it’s historical evolution and main types. In terms of insurance regulation, it is generally divided into two broad categories: i.e. financial regulation and market conduct regulation. This paper studies on the issues of regulation of investment linked insurance in such an approach. With regard to financial regulation of investment linked insurance, five aspects of regulation of investment linked insurance are examined: separate accounts, investments, liability reserves, surrender cash value and tax. With regard to market conduct regulation, this paper includes four aspects: operational qualification, information discourse, products and marketing. Finally the author submits his conclusion and recommendations to the regulatory authority to enhance the framework of regulation of investment linked insurance in Taiwan.
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CHEN, SU-YIN, and 陳淑吟. "The Characteristics of the Investment-Linked Insurance Development." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/bb32eu.
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碩士靜宜大學
管理碩士在職專班
106
After engaging in insurance for 20 years, the interest rate from traditional insurance policy is 8% to 2.25%, because traditional office premiums become more expensive as the interest rate is lowered. In 2002, when the interest rate was set at 4%, Taiwan also started to have investment-type insurance policies. It was known that investment-type insurance policies are much cheaper than traditional insurance policies, but there are risks. After experiencing the financial tsunami in 2008, we learned more about the advantages of investment-based insurance. Investment-oriented insurance products are a type of financial instrument that has functions such as investment, insurance, tax, financial management, asset preservation, and pre-production tax sources. Assets are allocated through investment-based insurance policies, and long-term ownership is also a good retirement planning tool. First, you can achieve financial goals and complete financial freedom. When designing the beneficiaries when planning insurance protection, the use of insurance policies can solve the problem of property distribution and can also be used for asset transfer. Taiwan’s insurance has the highest penetration rate in the world. According to the statistics of the insurance center, the average premium per person (ie, insurance density) reached NT$150,000, and the insurance coverage was only 560,000 yuan. The protection was obviously insufficient. Through investment-type insurance policies, you can increase security, meet different stages of demand, and achieve the significance and function of insurance. At the same time, you can also achieve the virtues of the country's love for savings. In this process, we also participate in many cases of clients. I will also share in the cases to let more people understand the advantages of investment-type insurance products.
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LIN, JIE-FAN, and 林玠帆. "A Strategy Analysis for Investment-linked Insurance Products." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/58204008083679728266.
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碩士國立宜蘭大學
人文及管理學院高階經營管理碩士在職專班
104
Sales of investment-linked insurance products, which combine features of insurance products and investment tools, have grown substantially since 2002 and have thus attracted wide attention. The majority of investment-linked insurance products are associated with mutual funds, and a majority of holders adopt either a buy and hold strategy or periodic fixed investment strategy, rarely bringing technical analysis into consideration. This study thus utilizes the concept of moving averages to construct an investment strategy in an attempt to improve investment performance. Results of empirical analysis achieved through clustering and regression reveal that the moving averages strategy designed in this study was more effective than a buy and hold strategy and performed best for regional equity funds. The win rate was highest for single-country equity funds. The results of this study offer strategic implications for investment-linked insurance holders regarding investment selection and market entrance timing.
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Chang, Che-Hao, and 張哲豪. "Determinants of the investment-linked insurance in Taiwan." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/41006483070948792601.
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碩士國立臺灣大學
經濟學研究所
103
Taiwan’s investment-linked new insurance premium saw a rapid growth since 2003. The investment-linked insurance new insurance premium reached peak in 2007, where the investment-linked new insurance premium as a percentage of total life insurance new premium reached 62%. However affected by financial tsunami in 2008, the investment-linked new policy premium as a percentage of total life insurance new premium experience a significant decrease to 35%. And for the period of 2009~2012, the percentage continued to fall. This paper investigated the factors that affect the investment-linked insurance in Taiwan. We used 12 insurance companies’ investment-linked new insurance policy’s face value as explained variable, and used panel data’s fixed effect model and random effect model in analysis. We used insurance companies’ equity value、average income per capita、saving rate、one year term deposit rate of five largest banks、USD/NTD exchange rate、MSCI world stock index、J.P. Morgan Global Aggregate Bond Index and the number of domestic and foreign funds as explanatory variables. Finally, we examined if the effect on the domestic and foreign insurance companies are different. The empirical results shows that there is a positive correlation between average income per capita、USD/NTD exchange rate、MSCI world stock index and the number of domestic and foreign funds with investment-linked insurance. Whereas saving rate、one year term deposit rate of five largest banks、and J.P. Morgan Global Aggregate Bond Index are negatively correlated with investment-linked insurance. Furthermore, both domestic and foreign insurance companies are positively affected by average income per capita and USD/NTD exchange rate, and negatively affected by the saving rate. Only domestic insurance companies are positively affected by MSCI world stock index, and negatively affected by J.P. Morgan Global Aggregate Bond Index. The number of domestic and foreign funds have only positive effect on the foreign insurance companies.
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Lin, Yu-hsuan, and 林佑瑄. "Post-Implementation of KYC Investors to Investment-Linked Insurance Investment Behavior Patterns." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/98047815574880761757.
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碩士逢甲大學
經營管理碩士在職專班
99
Because of sales disputes for structured note and to protect investors, domestic financial services Financial Supervisory Commission, the competent authority requires that all investors in the banking sector before investing, must be processing "know your customer investment property"(Know Your Customer, KYC), the use of questionnaires to customers according to risk Tolerance level to be classified, so that investors can invest in investment properties for their own goods. Therefore, this research mainly to Investment-Linked Insurance of investors investment properties and behavior (investment selection results) to influencing factors research topics, the use of a domestic insurance company KYC questionnaire for the survey sample analysis correlation, hoping to empirical Estimates, the influential factors that investors investment property, Further analysis, Investment-Linked Insurance of investors in property through investment category,whether the investment patterns of behavior consistent with its investment property to the insurance industry as a reference to determine the investment property. After empirical model to estimate, we found that male, the lower the number of children, the less the investors, the higher education level, investors are becoming more active risk properties; the investment selection on male, age the higher the number of children Less, the higher education level, the investment target type is more positive. And investors, after the KYC questionnaire to determine the risk attributes, and actual behavior (the type of investment targets) the independence, said the KYC system implementation and investment behavior of investors is not relevant. Therefore recommended that the competent authorities in regulating the insurance industry investment properties during the classification process should be more able to design some of the attributes a true reflection of the kinds of questions the customer investment risk, non-will system a mere formality. Financial institutions, industry should be widely publicized and investors for the risks and rewards of various commodities in the cognitive, will focus on bringing investors to understand investment products, so that it can really protect the interests of investors.
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Chang, Sheng-Hsiung, and 張勝雄. "The Comparison of the Investment Performance by BTID and Investment-Linked Insurance." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/41454792402713458342.
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碩士真理大學
統計與精算學系碩士班
102
Investment-linked Insurance is the combined products of insurance and investment; this means that these contracts both offer insurance protection and investment by which policyholders have to take all risks. Another similar strategy concept of insurance and investment is to buy term and invest the difference(BTID); this means that consumers buy the term life insurance and invest the difference to the risky assets. Therefore, the purpose of this paper is to analyze and compare the investment performance of two strategies(that is to buy investment-linked Insurance and BTID) for the consumers on many insurance factors, by using the simulation method. This study we find that the firstly, whether gender, age and insurance period, the investment performance of BTID is better than the investment performance of investment-linked insurance product. Secondly, we find that the insurance factor (that is total loading premium ratio) will affect the consumer choice of investment strategies. Finally, the investment factor (that is average return and volatility) will not change the choice of investment strategies.
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Chang, Cheng Hsien, and 張承先. "The study of Television Marketing for Investment Linked Insurance." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/50700926599935886999.
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碩士朝陽科技大學
保險金融管理系碩士班
99
Due to the rapid development of television technology, the TV shopping market continued to expand, so the insurance marketing to television media as a major pipeline, making the insurance market, the competition is fierce. Therefore, this study people over the age of 20 in Taichung for the questionnaire survey, using descriptive statistics method of investment-oriented insurance in Marketing on TV shopping channels. The results showed that age, the frequency of time watching television and browsing through TV shopping, on the TV marketing of investment insurance have a higher acceptance, therefore, content design, can target the characteristics of this area, do further Study design, in order to achieve maximum program effectiveness, so that the performance of the industry to obtain the best results.
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Lin, Yun-Son, and 林雍善. "Case Study on selling Investment Linked-Insurance through Bank." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/86519941374095797459.
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碩士國立中央大學
財務金融學系碩士在職專班
92
Investment-linked insurance policy is a financial product providing insurance and investment. This innovative product includes functions of a life-insurance policy, securities investment and asset management. Emerging problems in Taiwan banking industry, such as fierce competition, tiny trading spread, earnings and profitability down, aggressive penetration of local market share by foreign banks, create opportunities for wealth management. Hence, more and more local banks focus on their own wealth management sectors. The growing wealth management sector brings banks handsome fee-income and no risk. The 2003 sales account for ten folds that of 2002. The buying spree on sales in the product greatly profits local banks. The sale of insurance policy through banking service channels attributes its success to the following reasons: 1.Long-term strategic alliance between banks and insurance companies create win-win situation. 2.Smooth operation flows through insurance companies to banks. 3.Broad access to banks’client database to find target customers. 4.Increase fee-income and reduce interest expense. 5.Investment-linked insurance policy guarantees principal and interests, which earns more than term-deposits. 6.Emphasizing the importance of risk management by disclosing policy’s risk.
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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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Lu, Hsin-Yi, and 盧心怡. "Investment-Linked Insurance Demand and Macroeconomic Factors: Evidence from Taiwan." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/23233109530939123306.
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碩士臺灣大學
經濟學研究所
98
Taiwan''s insurance market accounts for the proportion of the GDP have constantly increased in the past few years. New contract of life insurance premium income has been nearly occupied half by investment-linked insurance market. This study will explore macroeconomic factors of the demand for investment-linked insurance to provide marketing strategies for insurance industry. The study is based on samples and information collected from April 2002 to February 2010. The selected explanatory variables include the level of Taiwan investment in new compact insurance premium income, two-yearly certificate deposit interest rates of postal office, Taiwan''s stock index on information, and average earnings in Taiwan. The goal of this project is to find which factors impact significantly on investment insurance premium income using the Augmented Dickey-Fuller Test, Chow breakpoint test and estimate, vector auto regression (VAR), Granger Causality, and Co-integration Test etc. Finally, estimating insurance premium income and growth rates by out-of-sample forecasting, which is among forecasting methods, Recursive forecast is significantly more accurate over other methods.
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Tung, I.-Chuan, and 童奕川. "Legal Analysis and Business Prospect of Investment-Linked Insurance Product." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/61961867582836584469.
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碩士國立臺灣大學
國家發展研究所
102
Investment-linked insurance is one of the mainstream products currently on the insurance market. It is combined interdependently by insurance contract and securities investment trust contract. Targets of securities investment trust contract are decided by the proposer or the insurer on behalf of the proposer. Though the essence of investment-linked insurance is considered as life insurance by scholars and court, it is mostly utilized to evade income tax and estate tax and totally without the function of spreading or diversion of risk. Thus it is occasionally thought as securities investment contract instead of life insurance contract. Investment-linked insurance can be divided into tax-planning type and cost-saving type. The lure of tax-planning type for the proposer and the beneficiary is that tax-planning type could be used to evade income tax and estate tax. The lure of evading tax actually could be evaluated as fictitious expressions in collusion of civil law without any intent to sign an insurance contract. The proposer and the beneficiary may possibly face the risk of duty to repay and penalty. Cost-saving type could save the fee or cost of financial business transactions of the proposer and the insurer. But the proposer will be responsible for the risk of investing. The insurer may have problems of tie-in sale, concerted action and interested parties transaction. The standard provisions of investment-linked insurance are better being considered as adminstrative guidance. It will become articles for standard contracts when it is actually and generally adopted by contracts of same type. Investment-linked insurance should be designed toward cost-saving type. The insurer should develop the business of discretionary investment and securities investment trust fund, and help grow affiliated securities investment trust enterprise and consulting enterprise, or cooperate with other securities investment enterprises in strategic alliance. The insurer also must implement the procedures of policy underwriting. Then the investment-linked insurance could really fulfill its capabilities of protection and investment.
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Sung, Pen-ya, and 宋鵬雅. "The Inquiry Into Taxation of Investment-linked Insurance in Taiwan." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/47058727307472031056.
Full textAbstract:
碩士義守大學
財務金融學系碩士班
97
It has been over eight years since the investment-linked insurance policy was introduced in Taiwan. This new policy opened a brand-new insurance market and, however, brought some dispute between insurers and insured. Two major issues were concerned. First, should the income tax of investment earnings coming from separate accounts be collected? Second, should the payment of investment-linked insurance be regarded as estate property of the decedent? Further study on these disputes will be discussed in this paper. The appearance of investment-linked insurance arises from the lower market interest rate that leads to the lower assumed interest rate and higher premium in insurance market. The applicants therefore cannot buy adequate life insurance due to high premium, and the insurers, considering the getting higher operating cost on fixed assumed interest rate, transfer the investment sovereign in traditional policy into the insurance applicants via investment policy. Differed from FSC insurance bureau, IRS is finding the investment-linked insurance as a financing commodity rather than an insurance commodity. Considering the practical side and referring to related literatures, in this paper, we go for a contention that investment-linked insurance is essentially an insurance commodity under specified condition. Some suggestions to FSC are concluded in this paper. First, adequate standards must be established towards investment-linked insurance, which makes tax concessions available with regards to Insurance Law, Income Tax Act, and Estate-and-gift Tax Act. Second, when the investment income in separate accounts is received, tax must be collected under specified condition. Third, Ministry of Finance is suggested to make proposals for amending the law, specific to laws about tax concessions and exclusion clauses of tax avoidance.
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Chia-WenTsai and 蔡佳紋. "A study of sale dispute for investment-linked insurance products." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/06634456031865989227.
Full textAbstract:
碩士淡江大學
保險學系保險經營碩士在職專班
94
This thesis studied the sales experience in the investment-linked insurance products in America、U.K、Japan and China. It also introduced the insurance dispute and investment quarrel, which happened in Taiwan. And I bring up some suggestion to the applicant, insurer, and insurance agent. I hope to reduce the dispute in investment-oriented insurance products for future。 By the way, everything is transparent, equitable, and reasonable. The applicants quite understand what risk they will have is. The insurer grasps the duty of a good and honest management has to achieve to open the true information. The supervisors maintain the business transaction in a legitimate market. But the most important thing is that the insurance agents have to promise to obey the professional ethics and norm, indeed to know what is the customers need, which they want, informing those customers the risk clearly, and do not puff up the rewards rate. Otherwise, it will cause many disputes and lawsuit to hurt insurance industry and increase the cost of society.
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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.
Full textAbstract:
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.
Full textAbstract:
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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Liu, Ya-Li, and 劉雅莉. "An insurance policy or a security investment tool -- A study on the attribute of investment-linked insurance products." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/61019390873190993479.
Full textAbstract:
碩士東吳大學
法律學系
103
In 2001, the Investment-linked insurance products were booming in the financial markets of many countries around the world. Meanwhile, the tumble of the interest rate in Taiwan has made the traditional life insurance products less competitive in the local market. As a result of the above mentioned factors, the financial authority in Taiwan was eager to bring the Taiwanese financial market into a new era by introducing innovated cross-industrial products. With the help from the newly formed Financial Holding Company Act thereupon, the first Investment-linked insurance product in Taiwan was introduced to the market in November 2001. This new type of financial products provides dual benefits of both protection and investment, and they were soon in great demand by Taiwanese investors. However, gradually the high risk that came along with the high yield caused problems when the investors found that the proceeds were not as high as they expected, and some even suffered heavy losses. That is why in recent years, the number of the disputes related to Investment-linked insurance products has risen up to the second place among non-claim complaints, only next to that of the disagreements arose from life insurance products. When there are disputes related to the Investment-linked insurance products, it is usually difficult for investors to make clear whether to seek relief from the insurance aspect or the securities one. In Taiwan, when the judiciary tends to deal with these disputes, it is custom to quote Insurance Laws or Financial Consumer Protection Act. However, these regulations are usually not able to solve the pragmatic arguments concerning the separated accounts which deal with the securities investments, and thus could not offer satisfactory legal remedies to the investors. It is necessary and important to re-examine the legal position of the investment-linked insurance products, because the distinctive character of pursuing profits in the Investment-linked insurance products has made them greatly different from the traditional life insurance products, which focus mainly on safeguarding the financial status of the policy holders. We should look closely at the special identities of how these products transact, the degree of the risks the investors might face, and financial value of the products themselves so that we could find the fittest laws and regulations which the investment-linked insurance products could apply to. In addition, we should also keep an eye on whether the cited regulations could also help to promote the safety of the transactions, to stabilize the financial market, and to protect the rights and interests of the investors. These laws and decrees must be able to ascertain the legal value of the products so that to confirm their legal positioning. In this dissertation, the author shares her points of view by describing the meaning and the features of the Investment-linked insurance products in the beginning part. She continues to elaborate her work by sharing the development and current status of Investment-linked insurance products in other countries, and emphasizes her discussion on the dual-supervision system in Hong Kong. The author also discusses the theories of the nature of securities investment brought up by the scholars in the United States. She then analyzes and reviews the present situations in the Taiwanese financial market with concentration on why the Investment-linked insurance products are currently categorized as insurance products by the authorities. In the conclusion, the author sincerely hopes that this dissertation will contribute to improve the financial market in Taiwan, to steady the economic growth, and to guarantee the rights and interests of the investors.
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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.
Full textAbstract:
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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Chen, Yan-Jia, and 陳彥嘉. "An Analysis of the Applicability of Insurance Contract Law to Investment-Linked Insurance Contracts." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/64314175548671934053.
Full textAbstract:
碩士國立臺北大學
法學系
95
Investment-linked insurance products have been popular ever since they first appeared in the Taiwanese insurance market in 2000. It seems that the Legislators intend to enact certain law to confine the legal relationship between the insurer on the one hand, and the applicant, insured and/or beneficiary on the other hand, based on the framework of the current Insurance Law. As of this date, the only regulation in Taiwan concerning the contracts for the investment-linked insurance products is Section 123(2) of the Insurance Law. Under the above-referenced legislative framework, this Thesis will discuss whether adjustment is required when applying these newly arisen investment-linked insurance products to the traditional insurance law, and how to adjust if necessary. The First Chapter is Introduction, wherein the purpose and scope of this Thesis will be defined. In Chapter Two, the author will provide more details as to the contents of the investment-linked insurance products. The author will then analyze the concept of the investment-linked insurance products in Chapter Three, and discuss the legal aspects of applying current Insurance Law to the investment-linked insurance products in Chapter Four. Chapter Five is the conclusion.
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Huang, Yu-Ting, and 黃玉婷. "A study of Purchase Factors and Sustainability of Investment Linked Insurance." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/74700117323017253448.
Full textAbstract:
碩士朝陽科技大學
企業管理系碩士班
95
Realizes along with the consumer gains ground, the market to open, and the free competition time to approach. The traditional marketing technique has been unable to utilize sufficiently on the Investment Linked Insurance, and the past sales time entered the marketing time gradually, the strategy only attention to sell of “product orientation” already not to be able to move the consumer. Therefore, the insurance businesses have to necessity “customer orientation” of marketing way to promote the service quality and operational performance. This research is mainly taking the consumer of purchase Investment Linked Insurance as the research object, discussing the connection between the service quality, customer satisfaction and customer loyalty, then understand sustainability of Investment Linked Insurance. The main goal of this research are as follows: 1.Discussion the consumer purchase factors of Investment Linked Insurance. 2.Discussing customers to the difference between the anticipated value and the actual approval of service quality in the Life Insurance Companies. 3.After purchasing Investment Linked Insurance by consumer of service quality, customer satisfaction, customer loyalty of connection to inquire into sustainability of Investment Linked Insurance. 4.Based on the result of this research, proposed when the consumer purchases the Investment Linked Insurance, they should pay attention to item and the feasible suggestions to promote the service quality, customer satisfaction and customer loyalty of Life Insurance Companies. The findings discovered that the customer satisfaction was influenced by service quality, further affects customer loyalty, that accomplish sustainability of Investment Linked Insurance. In the consumer purchase factors of Investment Linked Insurance, sex was showed a noteworthy difference toward relate fees of purchase factors of Investment Linked Insurance, age was showed a noteworthy difference toward sales and insurance functions of purchase factors of Investment Linked Insurance, and educational level was showed a noteworthy difference toward insurance functions of purchase factors of investment Linked 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.
Full textAbstract:
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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Huang, Shiann-Wen, and 黃憲文. "A Study of Consumer Purchasing Intention about Investment-Linked Insurance Products." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/31017857996792723148.
Full text
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LIU, MEI-TZU, and 劉美姿. "A Study on the Market's Characters of Investment Linked Insurance Products." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/39822658959139000706.
Full textAbstract:
碩士輔仁大學
應用統計學研究所
94
Beside the characters of life insurance’s indemnification, the investment linked insurance products have advantages, such as dispersed investment, dispose asset and satisfied the demand of life planning. Until the end of 2005, the share of the investment linked insurance products’ market have reached 48.91%. It becomes the main product in life insurance market. The purposes of this thesis are to study the differences of the market position of the type of the investment linked insurance products, consumer preferences of purchasing products, and attribute importance. The main results are as follows: First, customers understand approximately the investment linked insurance products and one-three of customers ever bought it. Second, customers choose and buy the investment linked insurance products that they base on their demand of investment and the products’ characters. Third, the most of customers like the products that have emphasized investment, safeguard clause of nonstop efficacy and no equity funds. But the age and insured experiences of customers like the different products. Forth, according to different positions and times of staying position at present, the professional customers of finance and insurance have different preferences. The thesis try to find the best interesting products of purchased the investment linked insurance products on the basic characters and insured experience. Therefore, the thesis will help the seller of insurance companies to make marketing decisions and strategies.
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麥瑋玲. "A Study on the Management Strategies of Investment Linked Insurance Products." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/68721030025008031033.
Full textAbstract:
碩士國立政治大學
風險管理與保險學系
89
Abstract To comply with the down trend of market interest rates, enhance the competibility of insurance industry, at this time the governmental institutions revised investment limitation of the related laws & regulations, it seems the time to promote investment linked insurance products is comming. This study will help us to overview current situation and evaluate whether Taiwan owns enough criteria and demand to develop investment linked insurance products based on the financial environmental background to develop investment linked insurance products. By extensive interviews with the major of eight insurance companies, the case study oriented approach will help us better understand the operation strategies of investment linked insurance products whatever insurance companies will take. We will build up key points following study structure and come out conclusions and related suggestions through case study comparisons. The main conclusion of this study are described as followings: (1) Due to going down interest rates and the regulation liberalization, this trend symbolically indicates that the era of investment linked insurance products is coming. (2) Foreign insurance companies will mainly focus on running investment linked insurance product business in future; local insurance companies will involved in both investment linked insurance product business and traditional insurance products business. (3) The competitive advantage of foreign companies is that they have strong international experiences; the strength of local companies is having sales channel infrastructure. (4) The target market will focus on those who have higher income, have experiences in mutual funds and stock investment, and have planning for pensions. (5) The choice of target market and channels will affect product strategies. (6) The agents are main marketing channels ; bank and security companies will be subsequent channels we have to aggressively target on. (7) The competitive strength of insurance companies depends on management, services, and performances of utilizing capitals since now. Key words: investment linked insurance products, management strategies, marketing strategies, response strategies.
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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.
Full textAbstract:
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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Chiu, Chen-Chi, and 邱禎祺. "A Study on the Risk Control for Investment Performance of the Investment-Linked Insurance Products." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/39484737654117103935.
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
Investment-link (i.e. Unit-link) product has been in Taiwan life insurance market for over a decade. There is a positive correlation between the sales of investment-link products and the trend of the economics. However, the traditional products are totally different. In order to investigate the phenomenon in life insurance market, the research will focus on the difference, development history and fee charge between investment-link product and traditional product. Furthermore, the research also probes into the advantages and disadvantages between the two products. By considering the requirement of consumers, the research also focuses on the comparison of returns between the two products. It is base on the assumption as below: a) same traditional product interest rate and investment-link product annual investment return b) same face amount c) same premium payment d) keep on payment to the traditional product and regular investment to the investment-link product for twenty years. To compare the cash value of traditional product and the account value of investment-link product, the result shows the returns of investment-link product is better than traditional product. However, there are challenges to the investment-link products about the uncertainty of investment return and the investment risk of consumers. In order to find the solutions to reduce investment risk, an auto-rebalance technology is introduced to manage the fund portfolio of investment-link product. After a series of back testing in the research by using 46 scenarios, the result shows the auto-rebalance technology is available to reduce the risk of fund investment. Base on the advantages of investment-link product, it is good for consumers to leverage protection by limited premium; it is also a good choice to reduce investment risk by using the auto-rebalance technology. In conclusion, the research is trying to help the consumers to have a better understanding about the investment-link and traditional products. Besides, there is an auto-rebalance technology which is helpful to reduce investment risk of investment-link product. And hope the research is also helpful for the life industry to develop investment-link product which is one of the solutions to solve negative interest spread loss of Taiwan life industry.
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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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Lee, I.-chen, and 李怡真. "Financial Knowledge Education and Training System for Agents Selling Investment-Linked Insurance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/69763827439204613553.
Full textAbstract:
碩士國立中山大學
財務管理學系研究所
98
Investment-Linked Insurance was introduced to the Taiwan market in 2001. It has since influenced the way insurance sales agents sell the products. Because of the level of complication of Investment-Linked Insurance compared with traditional insurance, and professional knowledge and skills needed during the selling process, an insurance sales agent needs to improve his competence in order to become a financial advisor for his customers. However, literature review shows that most researchers focus on how to improve customer satisfaction, service quality, customer loyalty or the impact of training on sales. There are so few studies related to the development of a training system specifically designed for selling Investment-Linked Insurance. According to the results from surveys, almost sixty percent of sales agents consider the ability of gathering and analyzing information or the understanding of political or economical status the skills they need the most. Moreover, almost fifty percent of sales agents believe the investment performance in the past does not affect the decision of customers for the purchases of Investment-Linked Insurance. At the same time, seventy percent of sales agents admit that customers tend to stay off Investment-Linked Insurance because of risk. Not only do surveys show that sales agents need more skills, but also interviews indicate that sales agents are afraid that they can not improve their competence without a systematic training. Therefore, we classify the knowledge and skills needed during the sale process for Investment-Linked Insurance. After the basic training sessions, sales agents will take five training modules, including data collection, interpretation of political or economical status, investment portfolio allocation, investment performance review and funds analysis. At the same time, sales agents follow the training steps of identification, learning, practices and articulation in order to get ready for Investment-Linked Insurance. The benefits of this training system for Investment-Linked Insurance are two-folds, including the increase of time and cost efficiency for training and the enhancement of professional knowledge or skills.
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Lin, Hsiu-Yueh, and 林秀玥. "Empirical Study on the Insured Amount Of Investment–Linked Insurance in Taitung." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/agen7z.
Full textAbstract:
碩士國立高雄第一科技大學
風險管理與保險研究所
101
This study focuses on all of company A’s clients in Taitung, with the same policyholder and the insured dated from 2006, and select 329 people as our study sample. We categorize the 329 people based on age, gender, marriage, education, income, occupation, race, insurance kind, and coverage, and discuss the best insurance kind for policyholder through descriptive statistics, chi-square test, and regression analysis. Further, in aspect of investment linked insurance product, it’s found that investment linked insurance product takes up the highest proportion in company A’s clients in Taitung, 228 out of 329. Based on more significant variables inall policies, we develop a regression model to estimate the coverages on investment linked insurance product, and further lead to a formula that can be applied on estimating practical coverages. The final results are that all policies is significantly negatively related with age, and has significant positive relation with income, education, race. And taking the four variables to conduct regression analysis on investment linked insurance product, it’s shown that coverage is negative related with age, but positive related with income, education, and race.
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Fang, Shu-Yuan, and 方淑媛. "Empirical analysis of the rate of return on investment-linked insurance products." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/be9zbh.
Full textAbstract:
碩士國立中山大學
財務管理學系研究所
107
The insurance contracts involved in this study are investment-linked products with regular premiums and non-discretionary accounts. The author analyzes the following features of sample policies: genders and ages of the proposers and insureds at initial purchase, the insureds’ insurance ages, statuses as well as holding periods at the record date, insured amounts, annual target premiums, and total premiums paid. In addition, this paper integrates various items indicated on insurance contracts and account statements and employs descriptive statistics to present the patterns of various rates of return, including the rate of return on the account value, the accumulated absolute rate of return for reference measured by New Taiwan Dollars, and the rate of return on total paid premiums. The first two are shown on the account statements offered by the insurance company, whereas the last one could be derived by the policyholder him/herself by using the account statements. Empirical results show that the mean of the rate of return on total paid premiums is -48.19%. However, among the twenty valid policies with premiums paid persistently and held longer than 132 months, the mean and median of the rate of return on total paid premiums is 2.75% and 0.87%, respectively. This implies that by holding the sample products for longer periods and paying premiums persistently, on average the rate of return on total paid premiums would be positive. Keywords: insurance, investment-linked product, holding period, account value, rate of return
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Chen, Tzu-Yin, and 陳姿吟. "A Study on Securities and Exchange Act. Of Investment-Linked Insurance Products." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/5b6yd6.
Full textAbstract:
碩士東吳大學
法律學系
107
When there are disputes related to the Investment-linked insurance products, it is usually difficult for investors to make clear whether to seek relief from the insurance aspect or the securities one. In Taiwan, when the judiciary tends to deal with these disputes, it is custom to quote Insurance Laws or Financial Consumer Protection Act. However, these regulations are usually not able to solve the pragmatic arguments concerning the separated accounts which deal with the securities investments, and thus could not offer satisfactory legal remedies to the investors. We should look closely at the special identities of how these products transact, the degree of the risks the investors might face, and financial value of the products themselves so that we could find the fittest laws and regulations which the investment-linked insurance products could apply to. In addition, we should also keep an eye on whether the cited regulations could also help to promote the safety of the transactions, to stabilize the financial market, and to protect the rights and interests of the investors. These laws and decrees must be able to ascertain the legal value of the products so that to confirm their legal positioning. In this dissertation, the author shares her points of view by describing the meaning and the features of the Investment-linked insurance products in the beginning part. She continues to elaborate her work by sharing the development and current status of Investment-linked insurance products in other countries. The author also discusses the theories of the nature of securities investment brought up by the scholars in the United States. She then analyzes and reviews the present situations in the Taiwanese financial market with concentration on why the Investment-linked insurance products are currently categorized as insurance products by the authorities. In the conclusion, the author sincerely hopes that this dissertation will contribute to improve the financial market in Taiwan, to steady the economic growth, and to guarantee the rights and interests of the investors. This article scrutinizes the nature and features of the insurance policy contract by applying Howey Test used by the U.S. Supreme Court to review investment contracts. This article concludes that the insurance policy contracts fall within the definition of investment contract and therefore constitutes a security under the Securities and Exchange Act. This article attempts to establish the protection mechanism for investors and enhance the information disclosure by the securities investors, and anticipates to attract more legal commentators to discuss the legal regulation of securities investors.
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Hsiung, Cheng-hui, and 熊承慧. "The Study on the Key Factors of Investment Linked Insurance Buying Decision." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/v9369t.
Full textAbstract:
碩士銘傳大學
應用統計資訊學系碩士班
96
The study is associated with the theory and method of “management” and “statistics” to study the key factors of investment linked insurance buying decision. The study used the questionnaire to survey the customers and the target customers of the first eighth insurance companies in order to understand the effect of the factors such as the population variables, the differences among people, and the considerations before buying to the investment linked insurance buying decision. Based on the results, the study can find the target market and provide market strategies and recommendations to the insurance vendors. The results of the study shows that：1. Customers prefer to get the proposal with the monthly budget between three to five thousand dollars. 2. Based on the population variation analysis, it can be said that customers’ involvement on the Investment linked Insurance can be differentiated by their vocations, positions, working functions and income. 3. There are significant influence on future buying decisions by customers’ involvement on the Investment linked Insurance. It shows that the higher lever of involvement, the higher level of purchasing (repurchasing) willingness and budget. Insurance companies can improve the customers’ level of involvement through the advertisement, programmercial, publicity and agents to enhance the sales volume. 4. Based on the population variation analysis, it can be said that customers’ purchasing situation on the Investment linked Insurance can be differentiated by their age and working functions. The budget of Investment linked Insurance have significant relation to vocations, positions, working functions and income. 5. People attach great importance to the service quality of insurance companies and agents. The insurance company should increase the service performance and quality through the professional training and courses to cultivate customers’ royalty and increase market share.
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CHIU, CHIUNG-YIN, and 邱瓊瑩. "Research on the Insurer's Duty of Disclosure in Investment-linked Insurance Contract." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/68745516493441068501.
Full textAbstract:
碩士國立臺北大學
法律學系一般生組
98
Investment-linked insurance products have been popular since they first appeared in Taiwan in 2000. These products combine functions and benefits of insurance and investment. One important feature of these products is that they have potential to earn high profits but they also have high risk at the same time. According to the statistical data of the Financial Supervisory Commission, the investment-linked insurance products have caused many insurance disputes in our country. Therefore, this thesis is about the research on the insurer’s duty of disclosure in investment-linked insurance contract. The First Chapter is Introduction, wherein the purpose and scope of this thesis will be defined. In Chapter Two, the author will provide more details as to the contents of the investment-linked insurance products. Chapter three is the most important part of this thesis. The author will introduce the disputes of the investment-linked insurance products in America, U.K, and Japan. The author will then analyze some lawsuit cases in Taiwan, and bring up some suggestion to reduce the dispute. In Chapter Four, the author mention about the integration of financial law. Chapter Five is the conclusion.
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Lin, Ｙi-Chun, and 林毅君. "A Monte Carlo Simulation on Expected Returns of Investment-Linked Insurance Products and Related Investment Strategies." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/60782663550643441276.
Full textAbstract:
碩士世新大學
財務金融學研究所(含碩專班)
95
As an insurance commodity with characteristic of investment, the Investment-Linked Insurance (ILI) has gradually become a new pipeline for people’s wealth management. This thesis proposes methods to analyze the performance of ILI’s investment part, with regard to both expected return and risk aspects. Specifically, the investment part of ILI is a dollar-cost averaging investment stategy. In such cases the internal rate of returns (IRR) measures can better capture the expected-return performance. For differing alternative investment strategies, Monte Carlo Simulation is run to simulate realized returns many (1000) times, this thesis finds that the influence on the annual rate of return is very little for differing payment periods. The portfolio rebalancing period and rebalancing principle are more influential. The results of study shows that adopting the Constant-Mix (CM) strategy may reduce the fluctuation of the rate of returns, and improve the average IRR.
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Lin, Yi-Hua, and 林怡華. "Impact of Investment-Linked Insurance Products on Operating Performance of Life Insurance Industry－Application of DEA Model." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/13573367131775794839.
Full textAbstract:
碩士國立臺北大學
經濟學系
100
Due to the government's open-door policy, the life insurance market in Taiwan has been transformed from completely closed market to open competition. Besides, over the past few years, caused by the low interest rate environment, the life insurance companies are confronted with the spread damages problems. These have affected the operations of life insurance companies to a certain degree. In order to respond to the trend of disadvantage, the life insurance companies begin to introduce new insurance products, and investment-linked insurance product is one of them. After Taiwan allows the life insurance companies to sell the investment-linked insurance in 2002, the market share of investment-linked insurance products is going up. Until 2008, the market share of investment-linked insurance products starts to decline due to the financial tsunami. What is the impact of investment-linked insurance products on the operating performance of life insurance industry? This motivation propels the development of this thesis. In the literature of the impact of the investment-linked insurance products on the operating performance of life insurance industry, regression analysis is a widely used method. Yue-ping Luo (2006) uses 25 domestic life insurance companies from 1999 to 2004 as sample, and uses multiple regression method to conduct the analysis. This thesis applies data envelopment analysis method together with the Tobit regression model to explore this issue. The study period of this thesis is from 2003 to 2010. First, we use data envelopment analysis (DEA) to evaluate the performance of 22 life insurance companies. Second, we use the value of efficiency as the dependent variable, and then employ Tobit regression model to explore the impact of market share, investment-type proportion, public sector and private sector, and the proportion of financial income on the value of efficiency. The results show that the impact of market share on the value of technical efficiency is positive, which means that increasing the market share could improve the operating performance of the life insurance companies. The impact of investment-type proportion on the value of technical efficiency is negative, which indicates that the higher the investment-type proportion will lead to a negative impact on efficiency performance. The impact of public sector on the value of technical efficiency is positive. The impact of the proportion of financial income on the value of technical efficiency is positive, which means that financial income is indeed a very important factor to the life insurance industry.
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Lin, Chih-Hao, and 林治皓. "The Impact of Investment-Linked Insurance and Bancassurance Strategy on Profitability for Life Insurance Companies in Taiwan." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/17759379617776336654.
Full textAbstract:
碩士實踐大學
財務金融與保險研究所
96
In recent six years (during 2002 to 2007), Investment-Linked Insurance Products have gradually become the main source of business of the life insurance companies, they bring substantial business for life insurance companies. But, their separate account characteristic makes the investment risk is mainly born by their policy-holders. Hence, whether they can create value for the life insurance company as the traditional life insurance policies has become a hot issue. On the other hand, the actual market situation and the past literature found that the development of bancassurance channel and investment-linked insurance business in life insurance companies seems to bring a positive impact for the insurance company. Therefore, the purposes of this paper include: Whether there is a positive impact on the profitability and benefit of life insurance companies if they operate investment-linked insurance products? What impact the strategy of development bancassurance channel in life insurance companies will bring? This paper uses the variables of Return on Assets (ROA) and Pre-tax Profit Margin (PM) as the proxy variables for the profitability of the insurance companies. Out data are from 24 life insurance companies and the data period is from 2002 to 2006. The methodology this paper adopts is the Panel data regression analysis. The (ROA), or (PM) is regressed on the number bank’s insurance broker and agency companies the insurance company involves. The empirical results show that the market share of investment-linked insurance is without significant impact on ROA and PM. There are three variables of life insurance companies operating concentration degree of investment-linked insurance in this paper. The three variables are: “The rate of investment-linked insurance business degree of focus (Focus)”, “Contribution degree of investment-linked insurance operating income (Con)” and “Separate Account Products Assets Rate (SAPAR)”. The variable “Focus” does not significant affect ROA and PM. Only some of the “Con” variable has significant and positive impact on ROA. “SAPAR” variable have significant positive impact on ROA and PM. Finally, in the evidences concerned about the Bancassurance Strategy, the number of bank’s insurance broker and agency companies a life insurance company involved didn’t have significant impact on profitability (ROA and PM). In addition, the empirical results also found that the number of bank’s insurance broker and agency companies a life insurance company involved has significant positive impact on the investment-linked insurance business of a life insurance company. The more relationship a life insurance company cooperates with the bank’s insurance broker and agency companies, more investment-linked insurance business a life insurance company operates. Keywords：Investment-Linked Insurance, Bancassurance, Operating Performance, Profitability
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wang, Hsiao-Chuan, and 王曉娟. "A Study on Customer’s Satisfaction and Repurchasing Intention of the Investment-linked Insurance." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/22674843541361900450.
Full textAbstract:
碩士朝陽科技大學
財務金融系碩士班
98
Passing through the financial tsunami, the global economic downturn and the low interest rates, life insurance companies are facing a severe challenge of the spread in interest rate and higher premiums. Since the investment-type insurance commodity combines life insurance protection and the function of investment and financial management, it has become a mainstream insurance commodity after being introduced in 2001. Customer satisfaction is an important indicator of operating performance. It is a main concern whether clients would repurchase them or not. The present study investigates the determinants of repurchasing intension for the investment-type insurance commodity. The insurance client holds 1.55 on average. They are long-term investments among them. In one-factor ANOVA, client’s education on the business staff have significant differences in quality and the annual income of client for the company''s operating performance are significantly different. The results from the Logistic regression analysis and cross analysis (test of independence) and one-factor ANOVA have the evidence that annual income, quality of product and business personnel play roles on the repurchasing intension of the investment-type insurance commodity.
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Fan, Huai-Tin, and 范懷庭. "A Study on the Investment-linked Insurance —Take Duty of Explanation as Centre." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/32877055925088832777.
Full textAbstract:
碩士國立臺北大學
法律學系一般生組
97
The basis of the Financial Supervisory Commission (hereinafter referred to as FSC) announced the go (96) Annual insurance appeals to statistics, in terms of the insurance, life insurance rate (56.11%) the highest investment-type insurance (25.43%) followed. According to FSC analysis pointed out: the current total number of complaints and the complaint rate of increase in the same period last year, which increased the total number of complaints in addition to valid contracts because of the overall growth of things, mainly attributable to the increase in the following appeals: (1) recruit disputes, contract Conversion and change the payment period of the dispute. (B) The clerk does not really recruit. (C) is not informative investment-oriented insurance this merchandise costs associated with the target premium is too high or exaggerated configuration ROI can be seen on the investment-oriented policies in the description of merchandise with the implementation of the insured there is considerable doubt. This thesis on the study methods, including historical data analysis, traditional jurists analysis, literature review method, to study the legislation. At analysis on historical data, there is insurance law in Article 146th fifth, sixth and sixth and so the authorization of the provisions of "investment-type insurance merchandise management approach", according to the approach of the third second provisions, the competent organs of the Ministry of Finance set "investment-type insurance information to expose the matter to be followed." Law in the traditional analysis method up, according to civil law, one of the article245 first paragraph, and does not resolve the financial industry who "intentionally fails to fully inform", "fault for not really inform" or "misleading inform" circumstances. As for laws and regulations has made it clear that the obligation on the order of norms, while the Civil Code Article 184 second policyholders should be sought on the legal basis for the best selection. Explore the law on the literature, mainly in the form of the article see our country scholars and graduate thesis of this field for comparative study of the relevant views. At the same analysis and that each class of views between scholars, considering its advantages and disadvantages of this article can be obtained investment-type insurance contracts for a fragmented consider, that is divided into life insurance contract is deemed to protect the insured person, while investment contracts to protect part of the investment man-made object. Finally, the rule of law in the financial integration, the people in this area the impact of investment in the future, our country's civil liability for the financial category of the new trend is related to investment-type financial products and investment in the future development of the protection of people, nature can not be ignored its existence. This paper mainly in the draft law on financial services as a basis for discussion with the current or past the cause of China's insurance-related concept of the rule of law to make a comparison, trying to draft assessment of financial services to investment-type financial products and the advantages and disadvantages.
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Yang, Shu-Min, and 楊淑閔. "Equity-linked Life Insurance Policies in Taiwan: The Case of Foreign Investment Instruments." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/83994007523201842326.
Full textAbstract:
碩士真理大學
財經研究所
95
The purpose of this paper is to price equity-linked life insurance policies for foreign investment instruments and check the net present value where the death rate of mortality table is hedging cost, using Monte Carlo simulation. The findings are as follow: 1.In actuarial equity, given the age, the higher the amount insured, the higher is the hedging cost of theory. The higher the age, the higher is the hedging cost.2.If death rate of mortality is to be considered directly as the hedging cost, the net present value of the liability of insurance companies will be greatly biased.
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NAN, CHEN CHIN, and 陳枝楠. "The Study of Purchase Motivation and Consumption Decisions of Investment Linked Insurance Product." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/80014023315411931737.
Full textAbstract:
碩士亞洲大學
國際企業學系碩士班
94
ABSTRACY The investment linked insurance, one of the investment tools which consumers relatively paid attention to in recent years, not only has a function of the traditional life insurance, but also satisfies consumers in multiple demands, such as investment, financing even festival tax, etc. The pursuing of the investment linked insurance has high competitive advantages in the insurance market, will replace traditional insurance and become the market that every insurance company does their best to win .However what are the motivations for consumers to buy investment linked insurance？ Which are the types of purchase motivation clusters of the investment linked insurance？ What are the differences of the insuring behaviors of the purchase motivation clusters ? Are there significant distinctions in allegiance and contentment between purchase motivation clusters and the expenditure type premium？ It is the subject that the government and life insurance companies pay much attention to. For life insurance companies, purchase motivation will be a good marketing tool for market segmentation of investment linked insurance. In conclusion, this research attempts to summarize the cognitive factors of purchase motivation in investment linked insurance products by factor analysis. Furthermore, use cluster analysis to segment the purchase motivation of investment linked insurance products. After all others, examine the main effect and the interactive effects on the market segmentation factor between consumers’ allegiance and contentment on the foundation of purchase motivation clusters and the expenditure type of premium. This research indicates （1）”Capital collection” is getting most explanation and receiving most attention from consumers, showing that the motivation of investing and financing is the core of the investment linked insurance market.（2）We can know that “muti-motivation cluster” is the most important part of market segmentation from three purchase motivation cluster segmented by cluster analysis.（3）The expenditure types of premium have significant interactive effects on purchase motivation and allegiance.
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CHEN, PO-HUNG, and 陳柏宏. "The Comparison of Investment Performance by Investment Linked Insurance Product and Buy Term and Invest the Difference Strategies." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/48615258016851398154.
Full textAbstract:
碩士國立臺北大學
國際財務金融碩士在職專班
95
“Are you the support or the burden of your family after your retirement?” Taiwan is experiencing the phenomenom of aging population. In order to enjoy a stable lifestyle upon retirement, the most critical and pressing issue now is to actively create wealth.According to a survey of JFAM Securities Taiwan Ltd, the three most common investment tools utilized in Taiwan are stocks, mutual funds, and investment-linked insurance products.However to the general public, the nature is the same whether an investor invests in an Investment-Linked Insurance Product or a Buy Term and Invest the Difference (BTID). Which product is more profitable for the investor? This study is focused on the investor’s point of view by analyzing the two annual account values of investing in the Investment-Linked Insurance Product and in the BTID based on conversion frequencies, transaction expenses and related taxes. The conclusions are as following: 1. The influence of conversion frequencies and transaction expenses: Without the consideration of taxes, the account value of the BTID investment, with conversions of once a year or once every two years under the same fund management, is greater than the account value of the Investment-Linked Insurance Product. However with increased conversions, the difference in the account value between the two products decreases.If the conversions are performed with different fund management companies, the gap between the account value of the two products becomes narrower. 2. The influence of taxes: In considering tax influence, no matter how frequent the investor changes his funds or fund management companies, the account value of the BTID is always less than that of the Investment-Linked Insurance Product. 3. For the investor, when and which product to choose? This study simulates the investment strategy by investing in BTID for a fixed number of years. The results can be utilized as reference by the investor.
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chen-hsuan, Yen, and 顏辰軒. "A Study of the Behavior of Purchasing Investment Linked Insurance Product of Male Consumer." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/16497223786181905821.
Full textAbstract:
碩士國立臺北大學
合作經濟學系
95
The interest rate descends consumption level and wallet of fighting the people in general. Compound interest's rolling to increase wealth income is another way. But the person of real meeting is still a handful of men, hence the gap between rich and poor's pulling has to open more, the margin is also larger. If general citizen can't make use of wealth to create more wealths effectively, just only put in the bank, and acceptancy the super and low interest income. When in June, 2001, Legislative Yuan resolution insurance revision bill, The life insurance industry can start selling an investment linked insurance product . The advantage of this product will "investment", "insurance" unite as one with" property management" knot, for the economic environment of present very much a rather big help, deserve a research.。 The conceptual of framework is based on EBM Model. Market segmentation is based on life styles of users. In the consumer behavior research, Census taking variable most for often use. Factor analysis is employed for dimension reduction. then cluster analysis is applied for classification, and some statistical method, such as ANOVA ,chi-squares are used to test the research hypothesis. The study shows, 1. these three groups all exhibit significant difference after conducting an analysis of ANOVA. 2. these three groups show significant different on motivations. 3. these three groups show significant different on Criterion of assessment. 4. these three groups show significant different on Source of information. 5. After testing whether different variables of population statistics among different group :“education”,“average monthly income”,“occupation”,display significant difference .
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chên, ch'ên mêng, and 陳孟楨. "A Study of Customer Relationship Marketing and Purchase Demand of Investment Linked Insurance Products." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/77197788799418033904.
Full textAbstract:
碩士亞洲大學
國際企業學系碩士班
95
Investment Linked Insurance Products for the life insurance companies are now the backbone of commodities, in conjunction with the “investment” and “insurance” dual function, providing consumers with the basic living guarantee, the more the chance of capital appreciation, will gradually replace traditional insurance and life insurance industry has become argued for the market. And Relationship Marketing is the current popularity of the life insurance industry marketing practices. Therefore, in this paper, Customer Relationship Marketing and Purchase Demand of to study the subject. The results of this study will contribute to the life insurance business in marketing, relationship marketing strategy development, and the application of Investment Linked Insurance Products marketing. This research indicates: (1) "salesman character", "Satisfaction" and "continuous" for consumers to the relationship marketing issues; (2) When the clerk will honestly tell of Investment Linked Insurance Products content, will enhance consumer satisfaction with the clerk and a sense of trust, thus strengthening consumers will continue to buy; (3) married and the high income earners are willing to pay a higher premium to the purchase of Investment Linked Insurance Products. It should be a sales clerk conducting its target customer group to strengthen the Investment Linked Insurance Products market share; (4) When the clerk a better relationship marketing, consumers will be willing to spend more money to buy investment-oriented insurance products.
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Lin, Hung Yu, and 林宏裕. "Asset Allocation Strategies for Investment-Linked Insurance Policy-An Analysis of Master-Feeder Funds." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/76896811161236234239.
Full textAbstract:
碩士東海大學
財務金融學系碩士在職專班
99
In recent years, Taiwan’s life insurance industry encounters shocks in both low interest rates and volatile exchange rates, leading to a highly risky business environment. Investment-linked insurance policy that takes both investment and insurance into account has hence become the mainstream instrument in the market. This study attempts to examine asset allocation by investment-linked insurance strongly marketed by insurance companies after the 2008 crisis, with special focus on master-feeder funds it incorporates. Using the concept of rolling investment, the paper compares performance among various master funds selected by the policy with three distinct investment and settlement points of time and discusses whether this type of asset allocation strategies serve to propose a low-risk instrument for investors. The empirical results show that the master funds are independent with each other and there exist significant differences in terms of performance and risk. In other words, this policy cannot guarantee stable returns in all funds it selects. Some even experience negative returns after the 2008 crisis. Therefore, despite overall advantage for the investment strategy based on master-feeder funds, the insurance company is required to pay more attention to an unbiased selection of funds available for policyholders. Otherwise, investors may make wrong choices under asymmetry of information between them and the insurance company. Moreover, since investment-linked policy will continue to prevail in the institutional framework of financial holding companies in Taiwan, it is suggested that the insurance company need enhance expertise in screening assets to secure consumer interests.