投資型保單效率前緣之比較-以20張投資型保單與台灣50為例

由於全球經濟的不景氣，國際金融市場利率持續走低，也因為經濟環境的改變導致市場利率的不斷下滑，壽險業者因利率下降，以及壽險業者在資金的運用上投資報酬率並不若預期，在對於過去以高預定利率時推出的保單而言，壽險業者必須面臨利差損所帶來的營運困境，以及傳統保險因保費高漲所造成的銷售困難，長期下來壽險業者因此導致虧損，壽險業者為了減少損失，且避免危及壽險業者的穩健經營，故轉向開發兼具保險與投資的新產品-投資型保單。然而透過保險契約來從事投資對投資人真的是一件明智的決策嗎？還是應該保險歸保險、投資歸投資呢？本文比較國內去年報酬率最高的20張投資型保單以及台灣50指數，存在無風險利率情況下其投組前緣的斜率，藉以明瞭是保險與投資合一，或是保險歸保險、投資歸投資，何者對投資人才是較為明智的抉擇。研究結果顯示，未禁止放空限制時，以報酬率而言，許多投資型保單相切投組的期望報酬皆小於台灣50，而風險則半數大於台灣50，以相切投組的斜率所代表之投資績效而言，20張投資型保單中，只有2張之投資績效超過台灣50；當禁止放空限制時，以報酬率而言，許多投資型保單相切投組的期望報酬同樣皆小於台灣50，但風險則大多數小於台灣50，以相切投組的斜率所代表之投資績效而言，20張投資型保單中，只有3張之投資績效超過台灣50。這顯示，就投資的觀點而言，購買投資型保單並不是一個明智的決策。然而，本文的研究結果也顯示，並不是所有的投資型保單其績效皆不如台灣50，因此，如何慎選保單，應該是購買投資型保單的重要課題。此外，本文的投資績效乃以投組前緣上的相切投組的斜率來衡量，此意謂著最適資金配置的結果，因此除了前述慎選基金外，投資於投資型保單的第二個重要課題就是如何明智地將資金配置於保單所連結之基金，如此方可獲得最佳的投資績效。

關鍵字

投資型保單；投組前緣；相切投組

並列摘要

Due to global economic crisis, international financial markets interest rate goes down gradually. Owing to this, life insurance companies were unable to get expected returning by using the funds. Life insurance companies have to develop new services by offering investment-linked insurance to compensate the loss from high assumed interest of traditional life insurance. Therefore, the purpose of this study is not to evaluate the pros and cons of investment-linked insurance, but to find out the most suitable combination of investment property and to provide consumers as a reference, whether investment property will be better than traditional insurance, where insurance and investment were separated. Among the investment-linked insurance, without short-sales restriction, most of the insurance has lower return compare to Taiwan 50, half of them have higher risk than Taiwan 50. As for performance, only 2 out of 20 insurance properties were higher than Taiwan 50. With short-sales restriction, most of the insurance remained lower return compare to Taiwan 50, but mostly lower risk than Taiwan 50. As for performance, only 3 out of 20 insurance properties were higher than Taiwan 50. This shows that from the point of investment, purchasing an investment-linked insurance is not a wise decision. However, this study also revealed that, not all of the investment products performance were lower than Taiwan 50. Thus, it is important to learn to choose an investment product wisely and also, how to allocate the fund for the best performance.