Research on the Effect of Insurance Capital Investment upon the Solvency of Insurance Company

【摘要 (中文/英文)】 从现代保险业的发展来看,保险投资与保险业的生存和发展已经融为一体,承保业务和投资业务并驾齐驱,已成为保险业收益构成的两大支柱。保险投资业务的发展扩大了保险公司的盈利能力和经营的稳定性,同时亦可以适当降低保险费率,减轻保险客户的负担,提高公司的竞争力。 投资作为保险资金保值、增值的手段,在国外已有了300多年的发展历史,并为大多数企业接受运用,取得了很好的成果,在我国保险投资已进入了规范发展阶段,从事保险投资的保险企业已经从中获益,合理的保险投资对提高我国保险企业的偿付能力有很大作用。运用保险资金以取得盈利,目前已经成为有些国家保险业的重要内容,是保险业生存和发展的重要前提之一。 但是,保险资金投资是一把“双刃剑”,在保险业与资本市场对接的条件下,投资形式的多样化能够分散投资风险,增加收益,增强保险公司的偿付能力,而资本市场的低迷和不景气,资本市场的金融风险,通过保险公司在资本市场的大量投资而传递给保险行业,从而引起保险公司资产的变动,并最终影响其偿付能力,并有可能导致保险公司出现偿付能力不足的情况。 因此,本文研究保险资金投资对保险公司偿付能力的影响,以及研究保险资金投资的途径,对于有...更多效地进行风险监管和控制具有重要的理论和实践意义。 本文首先回顾了理论界对保险公司偿付能力概念的认识过程,探讨了保险公司偿付能力与偿付能力风险的内涵,提出了本文对保险公司偿付能力的界定,明确了研究和讨论的范围。随后,本文分析了影响保险公司偿付能力的各种因素,并从内部因素和外部因素两个方面分别阐述这些风险因素对保险公司偿付能力的影响。影响保险公司偿付能力的内部因素主要包括:费率、业务质量、再保安排、投资因素。外部影响因素主要由宏观经济环境、监管法规和自然环境构成。此后,概述了偿付能力监管的概念,指出偿付能力监管分为正常层次的监管和偿付能力额度监管两个层次,从偿付能力管理的角度分别详述了最低偿付能力额度、实际偿付能力额度和法定偿付能力额度三个概念,并指出三者对偿付能力额度监管的指导意义。 其次,本文介绍了我国保险资金的运用原则及投资现状,指出我国的保险资金投资状况良好,表现在三方面:保费收入取得持续性增长,可运用资金随之增加;保险资金投资渠道不断拓宽;保险资金投资收益率不断提高。探讨了保险资金投资对保险公司的偿付能力存在正反两方面的作用:一方面保险投资收益能够弥补保险公司承保利润出现的亏损,以实际数据为证,说明国内外的保险公司都存在这方面的现象;另一方面,以日本寿险业在二战后发生的一系列的破产和倒闭事件为例,说明了保险投资对保险公司不利的一面,并提醒我们在进行保险资金投资时,要控制风险,不能一味追求高收益而将保险资金盲目投资于一些高风险的项目。 接下来,本文考察了国内寿险业中具有代表性的三家寿险公司:中国人寿、太平洋人寿、平安人寿,对这三家保险公司的投资收益、资本充足性和偿付能力额度状况进行了实证分析,根据中国保险监督管理委员会发布的一系列规则,计算得出了这三家保险公司2003年-2006年这四年的实际偿付能力额度和最低偿付能力额度状况,以及投资收益对保险公司偿付能力额度的影响情况。得出以下结论:我国保险公司投资能力不断增强;我国保险业的偿付能力近年来有很大程度的改善;投资收益的提高是我国保险公司偿付能力得到改善的一个重要因素;部分寿险公司资本金严重不足,影响公司的偿付能力额度。 最后,本文结合以上讨论内容,总结出本文的几个主要论点,并就主要论点提出建议:加快产品转型,降低利差损,提高保险公司的承保利润;拓宽资本金扩充渠道,增加资本金,提高资本充足率;继续拓宽投资渠道,提高我国保险资金运用于资本市场的绩效;鼓励我国的保险资金投向有长期稳定回报的国家重点建设项目和基础设施建设项目。 本文创新点:国内关于保险资金投资对保险公司偿付能力影响的研究资料,大部分是先讨论保险公司偿付能力的几个影响因素,然后指出保险资金投资是其中的一个重要影响因素。本文是重点讨论保险资金投资对保险公司偿付能力的影响程度,首先从正反两方面讨论投资对偿付能力的影响,指出如果投资不当,反而会导致保险公司偿付能力不足。然后以代表我国寿险业的三家寿险公司为例,对保险资金投资收益和偿付能力作了定量分析,实证研究了我国保险资金投资对偿付能力的影响程度。 

 During the development of modern insurance industry,the investment of insurance funds have already been a system with the survival and development of insurance industry. The operation profits and the investment profits are mainstay of insurance profits. The development of insurance funds’investment can expend the payoff ability of insurance company and the management stability, at the same time; it also can reduce the premium rate, lighten the burden of policyholder and enhance the company’s competition. Investment as a hedge against inflation for insurance funds has a history of 300 years of development,and has been widely accepted by most of the enterprises abroad and achieved good results. In our country, the insurance funds’investment has entered a phase of the development of norms, the insurance companies who engaged in the insurance capital investment have already benefited from the good returns of investment, because reasonable insurance capital investments have a great effect for the solvency of insurance companies. The use of insurance funds in order to obtain the profits not only becomes an important part of the insurance industry, but also be an important prerequisite for the survival and development of the insurance industry. But insurance capital investment has two different aspects for the insurance company. Under the condition that the insurance industry has already been linking up with the capital market, diversification with investment forms is able to disperse investment risk, increases profits and strengthens the solvency margin of the life insurance company. At the other side, if the capital market is in recession periods, the financial risks in capital market can transfer to the insurance industry by the insurance capitals that invested in the capital market, thereby arouses the alteration of the corporate assets of insurance company and affects the solvency margin ultimately, and it is likely to make the insurance company under the condition of solvency deficiency. Therefore, by studying the effects of the capital investment to the insurance company’s solvency ability and researching the approaches of the insurance funds’investment, this paper has important academic and practical significance to the risk inspection and risk control of the insurance company. Firstly, this paper reviews the theoretical process on the concept of solvency of insurance company, probes into the intension of solvency and risk of solvency, and brings forward the concept of solvency in this paper in order to define clearly the scope of our study and discussion. Subsequently, this paper analyzes various factors which mostly affect the solvency of insurance company, expatiates these risk factors how to affect the solvency from internal factors and external factors. After this, the paper outlines the concepts of solvency regulation, points out that the solvency regulation can be divided into normal levels of supervision and solvency margin supervision. Then from perspective of the solvency supervision, the paper discuss details of three conception:the minimum solvency margin、the actual solvency margin and statutory solvency. Secondary, the paper introduces the investment regulation and the investment status of insurance funds of insurance company in our country, points out that the investment of insurance funds is in order. The paper also probes into that the insurance funds’investment has positive and negative effects on the solvency of insurance company: on one hand the investment profits can be used to make up the deficit that appeared on the insurance operations, take actual data as evidence to explain that both abroad and domestic insurance companies exist this phenomenon, on the other hand, it take a series of insolvent events of insurance company in Japan after the second postwar as example, explains that the insurance capital investment has disadvantageous side on the insurance company, reminds us that when it are investing the insurance funds, it should control the invest risks and must be sure that the funds not be invested in some high risk projects blindly in order to pursue high returns. Following, the paper inspects three representative life insurance companies in the domestic lift insurance industry: the China Life Insurance Company、the China Pacific Life Insurance Company、the Ping An Life Insurance Company, carries through demonstration analysis in investment return、capital abundance and solvency margin for these three insurance companies. According to a series of regulations that announced by the China Insurance Regulatory Commission, it calculates the actual solvency margin and the minimum solvency margin for these three insurance companies from year 2003 to 2006, alone with the situation that how the investment return influence the solvency margin of insurance companies. It reaches the following conclusion: the investment ability strengthens unceasingly for these domestic insurance companies; the solvency ability of domestic insurance industry has great improvement in recent years; the arising in investment return is one of the important factors that lead to the improvement in solvency of insurance company; some of insurance companies are insufficiency in capital requirement gravely, this can influence solvency margin for these companies. Finally, combining with the discussion contents above, the paper sums up several main arguments and put forward some proposals: accelerate the product transformation, reduce the deficiency in interest rate, enhance the operation revenues; expand the channels to increase the capital requirement, raise the capital adequacy ratio; continue broadening the investment channels to improve the investment profits that the insurance funds invested in the capital market; encourage the insurance funds to invest in the state keystone construction projects and the foundation construction projects which have long-term and steady return. The innovation points in this paper: look through the domestic research information about the investment affects to solvency, it can see that lots of them are discussing the factors that influence the solvency firstly, and then pointing out that the insurance capital investment is one of the important factors. But in this paper, it concentrates on discussing the degree that the investment affects the solvency. Firstly, it discusses the how the investment influences solvency, from positive and negative aspects, and points out that inappropriate investment can lead to the insurance companies’lack of solvency. Then, this paper takes three representative life insurance companies as example and carries through quantitative analysis for investment returns and solvency margin, studies the degree that the insurance capital investment can influence the solvency margin of insurance company from demonstration research.

【关键词 (中文/英文)】 投资收益; 偿付能力; 资本市场; 保险资金运用

investment return; solvency; capital market; insurance capital investment