壽險公司經營投資型保單對經營績效之影響The Impact of Issuing Investment-linked Insurance Policieson the Performance of L

摘要
歷經亞洲金融風暴，全球景氣一路下滑，台灣利率水準亦不斷降低，壽險業之前所銷售保單之預定利率與市場利率差距愈來愈大，致遭蒙受巨大損失。在面臨嚴峻的挑戰下，2001年下半年政府正式通過允許保險公司銷售投資型商品。本文研究目的是探討壽險公司經營投資型保險對公司經營績效之影響，以1999年至2004年間，國內25家人壽保險公司為研究對象。實證結果發現，在控制其他變數之下，壽險公司經營投資型保險對公司經營績效有正面的助益，且投資型保險市場佔有率愈高，公司績效愈好。
關鍵字：投資型保險、經營績效、總資產報酬率、營業利潤率
Abstract
Because the interest rate fell sharply during the period from 1999 to 2001, life insurance companies suffered sever losses in terms of investment earnings. The government permitted life insurance companies to sell the investment-linked insurance in the second half of 2001. The purpose of this paper is to examine the impact of issuing investment-linked insurance policies on the performance of life insurers during 1999 to 2004. The empirical results indicate that life insurers can improve company performance after issuing investment-linked insurance. The more the market shares of investment-linked insurance held, the higher the performance of the company should be.
Keywords: Investment-Linked Insurance, Performance, Return of Assets, Operating Profit Ratio