壽險業隱含價值之成份指標與關聯度比較

The Comparison Between the Component Index of the Embedded Value and the Relational Sequence of Life Insurance Industry

經過亞洲金融風暴、二次金融改革及美國次級房貸風暴的衝擊，使得國內壽險業在長期經營風險管理及本質價值上需更加嚴謹。歐洲國家已有多數採用歐洲隱含價值或是市場一致隱含價值，以反映時間價值。本文引用灰關聯分析，以比較臺灣現階段六家人壽保險業期間五年（2008年到2012年）採用隱含價值的指標變數，以分析其變數間的關聯度排序比較並探討隱含價值變化之內涵，做為經營管理決策調整參考。

Taiwan has experienced the impact of most notably the Asian financial crisis, the second financial reform and the subprime mortgage crisis in the United States. As a result, operational risk management and the intrinsic value of the life insurance industry in Taiwan are becoming increasingly important. Most European countries have adopted either European embedded value or market consistent embedded value to reflect the value of time. This article examines the variance index of embedded value among six life insurance companies in Taiwan over the course of the past five years (2008-2012) with grey relational analysis. We observe the relational sequences as well as their embedded value changing connotation. The conclusion can in turn be used as a reference for management and decision-making strategies.