壽險產業購併成長模型與績效衡量研究： 以富邦人壽購併案例為個案探討

Growth and Performance Through Merger & Acqisition in the Insurance industry A Case Study on Fubon Life

王嬿智(Yen-Chih Wang)

指導教授 ： 邱顯比

共同指導教授 ： 林修葳

國立臺灣大學/管理學院/國際企業學研究所/碩士(2011年)

https://doi.org/10.6342/NTU.2011.10064

摘要

受到 2008 年全球金融海嘯襲擊，保險產業面臨許多新的挑戰，版圖發生大變化。外商壽險公司因國外總公司財務嚴重惡化，也間接拖累該集團在台灣的保險子公司營運。在法規部分，母公司與在台的子公司採用與不同的會計標準，因而選擇出售子公司，並將獲利拿來改善母公司的財務體質。
本研究欲先從產業經濟學的SCP理論的邏輯框架，從市場結構(Structure)--市場行為(Conduct)--市場績效(Performance)三方面對保險產業組織進行分析，進而探討保險產業購併之行為。
本研究質化與量化方法並重。質性研究為「個案分析法」，以富邦人壽併購安泰人壽為對象之個案研究為主。本研究經資料嚴謹整理分析及深度訪談內容之後，歸納富邦人壽購併安泰人壽有八大項綜效，條列如下：(1)資產規模：總資產達2.5兆元，在全國金控中排名第二名；(2)富邦人壽總保費收入市佔率躍居於市場第二，達13.9%；(3)規模經濟：客戶群達284.4萬人；(4)範疇經濟：合併後能提供更完整的壽險產品，以滿足各類客戶的需求；(5)行銷通路：富邦人壽與以業務員為主的通路(91%)的安泰人壽合併後，預計將可產生互補效果。關係行銷是壽險產業重要的銷售方式，富邦人壽可擁有安泰人壽強大的業務員人才庫；(6)資金運用：在富邦人壽購併安泰人壽後，2009年第一季可運用資金由3,333 億元增加至9,796億元；(7)集團綜效：富邦金的金融版圖，涵蓋銀行、壽險、產險、證券等，已趨於完整，因此，富邦人壽的客戶也能透過富邦金控使用其他的金融服務；(8)經營績效：富邦金2009 年獲利198.01 億元，EPS 達2.44 元，年增率為82.07%，獲利表現佳，主要來自於富邦人壽合併安泰後對於資產配置的調整以及合併綜效提升。
在量化研究方面，進行問卷調查了解富邦人壽在購併安泰人壽後，了解消費者是否因購併事件而改變其對該公司品牌之看法。本研究有四點發現，條列如下：(1)所有壽險公司與消費者心中的理想點仍有距離。意味著在台灣消費者心中，並未有一家特別突出的壽險公司之品牌形象符合其心中的理想位置；(2)「售後服務佳」、「保費合理」、「業務人員素質佳」、「壽險公司財務健全」、「產品內容完整」，在消費者心中會特別重視的點；(3)富邦人壽購併前後，在消費者心中的形象並未有顯著的改變；(4)少量使用者為三張保單以下使用者，大量使用者為四張以上保單使用者，比較其最後結果，發現兩者對於壽險公司之形象，並無顯著差異。

關鍵字

併購

並列摘要

Abstract
Due to financial tsunami and the strict requirement for risk-based capital (RBC)
ratio, some large international financial groups are in urgent need of the capital to pass
the financial crisis. Therefore, the parent company decided to sell the subsidiary in
Taiwan in order to take back the reserves from it. The recent waves of large mergers and
acquisitions in insurance industries in Taiwan raise important questions concerning
whether acquired firms achieve gains in operating efficiency or face possible losses
from a greater sensitivity of market interest rate and the stricter requirement policy of
risk-based capital ratio.
For the insurance industry, it has been know for its stringent solvency standards and
high-cost distribution system. Scales economies and potential efficiency gains may
provide a major motivation for the mergers and acquisitions in the insurance industry.
Thus, an important issue in insurance industry consolidation is whether mergers and
acquisition actually succeed in improving efficiency. We investigate this issue by the
case study. On Oct.20, Dutch financial group ING sells ING Life in Taiwan to the
island's Fubon Financialfor $600 million. This takeover not only made Fubon expand its
customer base by a third, but also made it become the second largest life insurance
company in Taiwan by premium, jumping from the fifth in the market. The deal would
add ING Taiwan's T$610 billion ($18.7 billion) in assets to Fubon's own operations to
create a life insurance firm with about T$1 trillion in assets, ranking 4th in the industry
by assets.
Strategically, Complementary business profile, including sales channel, policy focus
and customer base; Scale expansion on combined basis with 13-14% market share in
terms of total premiums and 18 percent in terms of first-year premiums. And Fubon
would become the 2nd largest life insurance company in Taiwan in terms of total
premium and first-year premium. A solid number 2 market position should help create
more loading gain going forward.
In addition to the benefits of larger scale, ING Life Taiwan is strong in selling
traditional life products through a tied-agency network of 8,100 agents. In contrast,
Fubon Life mainly sells lower-margin investment-linked products through its bank
branch network. This acquisition greatly expands Fubon’s distribution reach and should
be supportive of further growth for Fubon’s insurance division.

並列關鍵字

M&A

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