台灣金融風險與報酬衡量模型之個案研究－以投資型保險商品為例

The Financial Risk and the Reward Weight Models-Base on Example in the Investments of Insurance

許重博(Tron-Boer Shu) ； 施智耀(Chih-Yao Shih) ； 姜天瑞(Tien-Ruei Jiang)

《全球管理與經濟》 3卷2期 (2007/12) Pp. 39-66

https://doi.org/10.6565/JGME.2007.3(2).3

摘要

由於利率的波動劇烈與市場通貨膨脹的上升，造成對金融機構與社會大眾的衝擊。對金融機構而言，壽險公司過去所銷售之固定利率商品，期間甚至長達30年之商品。惟當利率下降玲對壽險公司財務將造成嚴重負擔；另一方面，對消費者而言，面對「微利」時代的來臨與台灣社會結構的老化，傳統上把錢放銀行存退休金的概念也受到衝擊，因此轉而尋找其他的工具做投資，於是投資型保單首由宏利人壽在2001年10月發行。至2003年11月止資料顯示，雖然投資型保險市佔率僅3.56%（簡士家，2003），但根據壽險公會統計資料顯示，2004年投資型保險保費收入為1,546億元，佔當年度壽險新契約比例34.71%；2005年投資型保險保費收入為2,089億元，佔當年度壽險新契約比例38.62%。投資型保單投資之標的，不外乎以市場上公開發行之共同基金為其投資標的，不同的是投資型保單可以依照需求的不同，組合多支不同的基金為標的也就是組合型基金，透過不同類型的基金可以將投資過程中所產生的風險降低並求得最大的報酬。

關鍵字

投資型保險 ； 組合型基金 ； 風險 ； 報酬

並列摘要

Cause fluctuation violent and rising, market of inflation in interest rate in recent years, and it causes the impact to financial institution and the people. As to financial institution, life insurance company fixed interest rate goods sold in the past, the item for more than 30 years during this time. Even only the cause and the bear company's financial affairs of the life insurance seriously when dropping in interest rate. On the other hand, as to consumer, in the face of' meager profit' arrival of the times and the wearing out of Taiwan social structure. Deposit bank concept of retired pay strike money traditionally. Then the making the investment type insurance policy head was issued in October of the 2001 by Manulife insurance company. The materials show till November of the 2003, though make the investment type is only 3.56% of accounting for rate of insurance market (simple person's family, 2003), But according to society's statistical data of the life insurance, the making the investment type insurance premium income will be 154,600 million in 2004, will account for 34.71% of proportion of new agreement of life insurance in current year. The making the investment type insurance premium income will be 208,900 million in 2005, will account for 38.62% of proportion of new agreement of life insurance in current year. Target that the investing type insurance policy invest, common fund that issue publicly their investment target with market nothing. Different this the making the investment type insurance policy can accord with the difference of demands, make up many pieces of different fund target combined fund, can risk produced reduce and try to get the most heavy remuneration investment course through different kinds of fund.

並列關鍵字

Investments of　insurance ； Combination fund ； Risk ； Reward