台灣壽險業實施RBC制前後資產配置之比較與探討

Abstract

論文摘要 自民國92年7月起為期與國際接軌，我國保險業採用風險基礎資本即RBC制來監理其清償能力。本研究主係觀察我國於民國九十二年七月保險業實施RBC制後，就我國壽險業者對於資產配置策略上有無產生導引現象，予以比較分析。 以我國壽險業共二十六家財務資料，以整體壽險業者、資產總額分為三個等級，併入金控與否及本國與外商壽險業，分四大群組比較其91年度、92年度及93年度，我國壽險業者在實施RBC制前後，其資產配置是否因RBC制實行，各項資產因投資風險之高低給予不同的風險係數，以92年度及93年度與91年度之資產配置相較，是否其資產配置會朝向低風險係數之資產移動進行研究及分析。 實證結果顯示，部分高風險係數投資項目，呈逐年調降趨勢；國外投資因主管機關將投資限額從佔總運用資金20％提高為35％，致國外投資大幅上升；除擔保放款及國外投資外，就每一群組內之壽險業者，其資產配置策略並無大幅變動。故我國在實行RBC制後，我國壽險業者在資產配置上，有開始朝向低風險係數之資產移動之趨勢。

The development of R.O.C. life insurance companies’ assets strategy since RBC launch Name：Tan-Tan Chung Advisor：Yann-Ching Tsai Graduate Institute of Accounting National Taiwan University Our insurance industry has implemented the risk- based capital approach to supervise the liquidation of insurance companies since July, 2003, in line with the international supervision of insurance industry. This study examines whether the RBC system is leaning towards the assets’ strategy of our life insurance companies. Based on the financial statements of 26 life insurance companies from 2002 to 2004, these life insurance companies are classified into 4 categories for purposes of comparison. These four categories is consisted of the total life insurance industry, three ratings of total assets, merged to financial holding company or not and the local and foreign life insurance companies. RBC system has indicated different asset to different risk factor. This study observes whether the assets’ strategy of our life insurance companies have migrated to low risk factor assets. The comparison provides analyses of assets’ strategy for 2003 and 2004 with 2002. Our findings indicate the followings : (1) high risk investments have decreased for 2003 and 2004.(2) because government regulations have already increased the limit of foreign investments in a Taiwanese company from 20% to 35%, foreign investments have significantly increased for 2003and 2004, and (3) except for secured loan and foreign investments, there is no significant change in assets’ strategy for every category. However, the investment policy for life insurance companies has gradually migrated to low risk factor assets.