人壽保險業評價方法之趨勢研究

Abstract

保險之基本精神在保障被保險人權益，具有提供社會安全之功能，因此站在監理者的角度，特別重視保險公司的清償能力。在此情形下，保險公司將出售合約之利益遞延至合約有效期間內認列，容易造成財務報過度穩健保守與公司價值被低估，導致報表使用者無法了解公司真正的營運績效，甚至造成公司遭其他企業惡性併購。目前人壽保險市場常用精算價值為評估指標，其包含了公司未來新合約的價值，因此存在大量主觀因素，為了消除此不確定因素，市場之分析師開始採用隱含價值來判斷人壽保險公司的價值。早期隱含價值之採用缺乏一致的規定，造成隱含價值資訊不具可比較性，為改善此一現象，歐洲CFO論壇於2004年提出歐洲隱含價值(European Embedded Value；EEV)，以增進公司間隱含價值的可比較性；而我國方面，目前隱含價值的相關規定當在發展階段，故規定尚未十分完備，僅由中華民國人壽保險商業同業公會提出一份草案規範相關事項，相信在不久的將來將會更加完整。 2004年國際會計準則委員會提出的IFRS4目前僅完成第一階段，第二階暫定於2011年公布草案，歐盟國家決定於2013年全面適用。由於與國際會計準則接軌為我國會計制度之最終目標，因此保險業之保單在未來勢必要面對公平價值的評價問題。由於台灣之保險公司過去出售許多高利率保單，一旦採用公平價值評價，首要面臨之難題便是鉅額準備金之提列，此一提列可能會劇烈地衝擊我國保險業之營運。為減緩與國際準則接軌之衝擊，本論文採用敘述性研究方法，參照保險評價相關文獻，探討近年來人壽保險業評價方法之趨勢，同時介紹隱含價值的評價觀念，搭配我國與英國之個案，比較與分析各公司的隱含價值揭露情形，以協助了解其評價之原理。最後觀察英國與我國保險公司的財報揭露，期能對隱含價值揭露之應用有進一步之了解。

The mission of insurance is to protect policyholders’ equities and to assist social security. For supervisors, solvency problem is the main issue for insurance companies. Under such circumstance, insurance companies may allocate their initial profit into overall contract periods, which may produce over-conservative financial statements and mislead financial statement users, and ultimately, may lead to “hostile merger”. Appraisal Value is one of the most important indicators in life insurance market. However, due to the fact that part of the appraisal value is from the value of future contracts, a lot of subjective factors must be taken into consideration. To eliminate such uncertainties, analysts have begun to adopt the Embedded Value when valuing life insurance companies. However, a general standard is still needed for comparability purpose. Therefore, the CFO Forum, participated by European insurance companies, had brought up ‘European Embedded Value’ (EEV) to attempt to solve the issue. In 2004, the IASB only issued phase I of IFRS 4. The draft of phase II will soon be released in 2011, and the EU member states will apply the phase II in 2013. On the road of applying international standards, all insurers in Taiwan will no longer have to face the valuation issues. Under IFRS, the first problem that insurers will face is to recognize a large amount of reserves, which would sharply impact their operation. To ease the impact of adopting IFRS, this thesis discusses valuation methods of life insurance and also takes British and Taiwan companies as examples to discuss issues related to the application of Embedded Value.