從壽險業會計處理、資金運用及風險監理析論外商壽險撤資現象

Abstract

自2008年金融海嘯，許多全球知名的壽險集團紛紛出售在台業務，形成一波外商壽險公司出走潮，至2014年底，已有9家外商壽險公司出售。本研究從IFRS 4會計處理、RBC及SolvencyⅡ清償能力監理制度及壽險業資金運用等面向，歸納外商壽險公司撤資原因有下列七點：

(1) 台灣壽險業存在利差損問題，特別是近年全球普遍存在低利率現象，更加弱化壽險公司獲利能力。

(2) 歐盟保險集團指令要求，使歐系之台灣壽險子(分)公司成為最終母公司財務負擔。

(3) 預計IFRS 4 PhaseⅡ適用後，外商壽險公司多需補提列負債準備，形成最終母公司財務壓力。

(4) 外商壽險公司偏重保障型保險商品，與國內壽險市場以儲蓄型保險商品為主不同，加速外商壽險公司撤資。

(5) 外商壽險公司偏好將資金運用在固定收益商品，在近年公債殖利率持續偏低之情形下，致使獲利狀況有限，亦影響資本強度。

(6) 監理機關對體質不佳壽險公司長期採取寬容作法，形成不公平競爭。

(7) 外商壽險集團策略調整或資金需求。

此外，2008年以來，已有三家壽險公司遭金融監督管理委員會接管，顯見強化壽險公司清償能力監理之重要性，而其中關於非自用不動產之監理自屬不可忽視之一環。本研究認為在目前保險法規定投資非自用不動產比例可達30%之情形下，當壽險公司過度集中風險於非自用不動產，於不動產價值下跌時，或將失卻清償能力，故亦應強化非自用不動產之監理。

After the financial crisis in 2008, many global life insurance groups sold their business units in Taiwan and left Taiwan market one after another. At the end of 2014, there are nine foreign life insurers exited. The study figures out the following reasons of departures of foreign life insurers based on the respects of IFRS 4, risk regulation of RBC and Solvency II and investment of life insurance industry.

(1) Negative spread is the common problem for the life insurance industry in Taiwan, especially under the low interest rate environment in global recently. It weakens the profitability of life insurance company more severely.

(2) Due to Insurance Groups Directive made by European Union, the European parent company of foreign life insurers will afford additional costs.

(3) After IFRS 4 Phase II adoption, increasing liability provisions requirement will cause the parent company of foreign life insurers much financial pressure.

(4) Foreign life insurers put emphasis on selling protective life insurance rather than savings-type insurance, the major product type in domestic life insurance industry, will force them to leave Taiwan market.

(5) Since bond yield remains low for these years, foreign life insurers prefer investing in fix income products will affect their performance and capital intensity.

(6) Insurance supervisory authority treating life insurance company in weak physical condition by regulatory forbearance for a long time makes an unfair competitive market.

(7) Global policy adjustment or capital allocation of the parent company of foreign life insurers.

Further, since the year of 2008, there have been three life insurance companies taken over by Financial Supervisory Commission. It raised the importance of strengthening the solvency supervisory mechanism of life insurance company, especially the investment property supervisory. According to Insurance Act, life insurance company investing in investment property ratio could up to 30%. However, if life insurance company over-concentrate on investment property, they may become insolvency when the property value decreases deeply. The study concluded that stressing on the investment property supervisory mechanism is needed also.