保险公司负债公允价值的评估

Fair value evaluation of liabilities of insurance companies

保险公司的资产与负债按照财务报告或风险管理的要求要用公允价值来表示其价值。保险公司负债主要由各种类型的保险合同组成。尽管金融产品的交易非常活跃,市场价格可以相对容易地获得,但像保险合同这样缺乏交易市场,并且风险是非系统化的金融产品的公允价值的计算却十分困难。通过分层次的方法可以有效地评估金融工具的公允价值,其中评估保险公司负债的公允价值最常用的方法是现值法。现值法中包含了直接法与间接法两种本质上等价的方法。本文对这两种方法分别作了分析,并提出了在评估保险公司负债的公允价值时需要考虑的一些现实问题。

According to requirements of financial reports and risk management, the assets and liabilities of insurance company should be valued under fair value. Various insurance contracts compose of the liabilities of an insurance company. Although the market price can be obtained easily in the active market, it is very different to assess the fair value of financial instruments, such as insurance contracts, with no active market and non-systematic risks. We can evaluate the fair value of financial instruments by hierarchy methodologies, in which the present value method is used to evaluate the fair value of liabilities of insurance company. The equivalent methods of present value method are analyzed. Finally, there are some practical issues to be addressed when evaluating the fair value of liabilities of insurance companies.