本土非金控壽險公司經營策略與關鍵成功因素 —以A公司為例

Abstract

壽險業是台灣重要的金融產業，受到經濟金融環境波動影響很大，且被法規嚴格監管。然而因台灣民眾的各式保障、儲蓄、理財、退休需求強大，壽險業的資產成長快速，其獲利模式也與其他金融業大不相同，必須從商品設計到銷售到投資，每個部份都要做對，才能獲利，而在此獲利的過程中，又有多面向的目標需要兼顧，包括市場競爭、當期獲利、長期成長、淨值、資本適足率、資金運用效率等等。 A公司在2008年時是一家本土獨立壽險公司，不屬任何金融控股公司，也沒有大股東的支持，由專業經理人管理，十年期間A公司的資產、獲利、淨值成長都優於整體產業表現，在公司治理方面更是連連獲得肯定。此外，更掌握機會完成兩次併購及一次兩岸合作，近兩年亦進行了經營團隊的傳承。 本研究以大環境分析(PESTEL)模型分析壽險產業，並分析壽險業的商業模式。另蒐集A公司及其他壽險公司的年報及法說會資料、財團法人保險發展中心及壽險同業公會等機構公布的統計資料及刊物，以及其他公開資訊，比較A公司在各個面向與整體產業或其他同業的異同，研究A公司在商品、通路、投資等各方面的策略，並從其併購及合作的案例中研究其策略運用，以找出A公司的關鍵成功因素。 研究結果發現A公司的關鍵成功因素包括「成功的投資與風險控管」、「注重公司治理與法令遵循」、「深耕專長、截長補短」、以及「獨特的策略」，期能以A公司的成功關鍵因素作為其他公司經營的借鏡。

Insurance companies are strictly regulated by the government, and their business performances are greatly affected by economic changes and financial market fluctuations. Over the past decade, the insurance sector has grown substantially due to people’s rising demand for savings, retirement protection, and wealth management products. This study aims to determine how an insurance company can most effectively achieve business growth and sustainable development in a highly competitive industry. Company A is a Taiwan domestic, non-financial holding insurance company listed on the TWSE. In the past decade, it has achieved substantial growth in asset, profit, net worth and has received numerous awards for outstanding corporate governance. Using PESTEL analysis, this study first examines the Taiwan’s life insurance industry environment to get a general picture of these companies’ business models. It then analyzes company A’s business performance and strategies with publicly available information such as annual reports, institutional investors’ conference materials, and statistical data or reports published by insurance regulators, by which the goal is to identify company A’s key success factors and to fully understand its unique business model. The results indicate that company A’s success is built upon its “successful investment and adaptive risk management”, “focus on corporate governance and compliance”, “deep cultivation of expertise”, and “unique strategic plans”. It is recommended that these key success factors may serve as guidance for companies that seek to pursue long-term success.