投资型寿险产品对寿险公司偿付能力的影响研究

发布时间：2018-11-17 07:29

【摘要】：2016年7月,前海人寿斥80亿的巨资举牌万科,成为地产巨头万科的第二大股东,一时成为资本市场热议的话题。事实上,近两年来,多家中小型寿险公司,多次通过万能险进行杠杆举牌。对于现阶段有着"即追求稳定保障又追求投资收益"的保险理念的消费者来说,万能险和投连险这些新型的寿险产品无疑是上佳选择,而以保障为主的传统型寿险产品自然就会受到冷落。为了迎合消费者的消费偏好以及寿险公司股权发展战略的考虑,寿险公司大规模发行万能险及投连险,使得新型投资型寿险产品迅速发展。过度发展某一项创新型保险产品可能带来严重的偿付性风险,从而影响保险公司甚至是整个保险行业的健康运转。2016年一季度,新的保险业风险管理的第二代偿付能力监管体系正式实施。保监会一再强调要正确把握保险业的定位和发展方向,完善规则,推动万能险规范有序发展。基于上文的背景,本文研究了万能险和投资连结险这类新型投资寿险产品是否会影响寿险公司的偿付能力水平?与寿险公司偿付能力的影响关系是怎样的?本文首先对偿付能力的概念及影响它的因素、投资型寿险产品的概念做了一个介绍。然后从理论上分析了投资寿险产品对寿险公司偿付能力的影响。紧接着,以我国2010年至2013年的30家寿险公司的数据作为样本,运用因子分析得出各家寿险公司偿付能力的综合得分,再将偿付能力综合得分作为被解释变量,投资寿险产品保费收入占比作为解释变量,分红险保费收入占比和普通险保费收入占比作为参考解释变量进行面板回归分析。研究得出:第一,投资寿险产品规模越大越不利于寿险公司偿付能力水平;第二,分红险份额与寿险公司偿付能力呈现正相关的关系;第三,普通险份额大小与寿险公司偿付能力并没有表现出像投连险与万能险份额、分红险份额对偿付能力那样的显著的影响。在上述研究结果的基础上,本文从万能险、投连险这类投资寿险产品发展和寿险公司偿付能力优化这两个角度提出了实质性的建议。
[Abstract]:In July 2016, Qianhai Life spent $8 billion on Vanke, becoming the second-largest shareholder in property giant Vanke and a hot topic in the capital markets. In fact, in the past two years, a number of small and medium-sized life insurance companies, through universal insurance for leverage. For consumers with the idea of "pursuing both stability and investment returns" at this stage, universal insurance and investment insurance are undoubtedly the best choices for new life insurance products. And to safeguard the traditional life insurance products will naturally be left out. In order to cater to the consumer's consumption preference and the consideration of the stock development strategy of the life insurance company, the life insurance company issued universal insurance and invested the insurance on a large scale, which made the new investment life insurance products develop rapidly. Overdevelopment of an innovative insurance product can pose serious solvency risks, affecting the health of insurance companies and even the industry as a whole. The new insurance risk management of the second generation solvency regulatory system is formally implemented. The CIRC has repeatedly stressed that it is necessary to correctly grasp the orientation and development direction of the insurance industry, perfect the rules, and promote the orderly development of universal insurance norms. Based on the above background, this paper studies whether the new type of investment life insurance products, such as universal insurance and investment linked insurance, will affect the solvency of life insurance companies. What is the relationship with the solvency of life insurance companies? This paper first introduces the concept of solvency and the factors affecting it, and the concept of investment life insurance products. Then the influence of investment in life insurance products on solvency of life insurance companies is analyzed theoretically. Then, taking the data of 30 life insurance companies from 2010 to 2013 as the sample, using factor analysis to get the comprehensive score of solvency of each life insurance company, and then taking the comprehensive score of solvency as the explanatory variable. The proportion of premium income of investment life insurance products is taken as the explanatory variable, the proportion of premium income of dividend insurance and the proportion of premium income of general insurance are used as reference variables for panel regression analysis. The conclusions are as follows: first, the larger the scale of investment in life insurance products, the less conducive to the solvency level of life insurance companies; second, the share of dividend insurance and the solvency of life insurance companies show a positive correlation; Third, the size of the general insurance share and the solvency of the life insurance companies do not show the same significant effect as the share of the universal insurance and the share of the dividend insurance on the solvency. On the basis of the above research results, this paper puts forward some substantive suggestions from the perspectives of universal insurance, investment insurance, life insurance product development and the solvency optimization of life insurance companies.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.62;F842.3;F840.4

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