从简化保单模型看保险公司的价值分析

Value distribution of insurance companies from simplized policy model

本文试从寿险公司价值构成及内含价值的概念出发,探讨寿险公司估值中必须高度关注的关键要素,并从实践的角度,探讨保险资产管理的投资收益与寿险公司估值之间的关系。分析方法上,本文采取"见微知著"的方法,结合对保险公司承保业务的基本单元——保单进行的定量化模型的典型分析,推断保险公司的价值特征和一些基本关系。同时,这种方法有助于对不同业务结构的保险公司进行分析,从而得出比较明确和有参考价值的价值比较。

This paper aimed to study key factors for life insurance company valuation from life insurance business＇s value composition and the concept of embedded value. It also explored on the relationship between investment return of insurance asset management and valuation of the life insurance company. It adopted the method of ＂ seeking the rule from minute particulars＂, and combined with quantitative model analysis of the basic unit of insurer＇s underwriting business- insurance policy, to deduce on characteristics of insurance company value and some basic relations. This method was useful to analyze insurers with different business structure, and arrive at relatively specific and comparable value data.