外商壽險撤資台灣之案例研究:以全球人壽為例

Abstract

自金融海嘯過後，許多全球知名的壽險集團紛紛出售在台業務，造成一批外商壽險之出走潮。儘管外商公司進場或退場係為其公司策略抉擇，但因保險業涉及眾多保戶之權益及大量之資金，頻繁之撤資行為已造成大眾對保險產業之疑慮。本研究將整理相關資料及評論，進而彙整分析這些外商壽險集團撤資之原因。 本研究認為造成此批外商壽險出走潮之因素有以下三點: (1) 台灣保險業長期以來之利差損問題 (2) 國際會計準則之適用 (3) 金融海嘯之影響 本研究自此批撤資之外商壽險集團中，選擇全球人壽作案例分析，以了解荷蘭全球集團(AEGON N.V.)出售全球人壽之原因。本研究認為荷蘭全球集團因在此波金融海嘯中受到強烈衝擊，又因在台之全球人壽連年虧損嚴重，強烈需要母公司之資金挹入，造成荷蘭全球集團資金上之壓力，故出售全球人壽使母公司之資金更為充裕。本研究另亦探討全球人壽本土化之後，在財務狀況上有的改變。本研究發現全球人壽自2011年起便轉虧為盈，其原因來自與以往不同之資金運用配置造成投資報酬之增加、有競爭力之商品及行銷策略造成初年度保費提升以及當期提存準備金之金額較往年下降。

After the financial crisis, many reputable global insurance groups sold their Taiwan units and left Taiwan market one by one. In fact, entering or leaving a market is just a business strategy for a company, but the insurance industry involves with the benefits of all policyholders as well as a great deal of capital. Frequent exits of these global insurance companies from Taiwan have concerned the public. This study compiled and summarized the archived press, journal, and research in order to figure out the reasons as below for these global insurance groups to leave Taiwan. (1) The problem of negative spread in Taiwan insurance industry (2) The adoption of IFRS (3) The financial crisis In addition, the study picked AEGON Life Insurance Inc. to perform a case study and found out the reason for its parent company to exit. Its parent company, AEGON N.V. was seriously suffered from the financial crisis, and thus could not burden the continuous strong capital needs from its loss-making Taiwan units any more. Selling its Taiwan units could strengthen its financial structure and possessed more capital on hand. The study further analyzed the change in the financial position of AEGON Life (which is renamed to Transglobe Life) after it was localized. The reasons for Transglobe Life to turn the loss into profit in 2011 include higher investment returns from better fund utilization and allocation, growing first-year premium from brand new product strategy and marketing strategy, and the decrease of its liability reserve provision.