万能寿险内在收益率测算与影响因素分析

Calculation of the internal rate of return of universal life insurance product and analysis on relevant factors

保单实际收益率的衡量指标,指出结算利率不能如实反映保单收益率。通过构造定期寿险和投资组合的方式,提出以万能寿险保单资金账户内在收益率IRR来反映实际收益率较为合适,文章以目前中国市场上正在销售的B款万能终身寿险产品为样本对保单IRR进行了测算,结果表明保单IRR低于结算利率,用结算利率来反映保单收益会对投保人产生误导,文章还进一步对万能寿险保单IRR的影响因素做了分析,结果表明保单持有时间长度、费用的比例和结构等因素显著影响保单收益。最后,文章根据测算和分析的结果给出了相应的建议。

The paper discussed on the parameters for measuring the actual rate of return of universal life insurance products and asserted that the crediting rate didn＇t truthfully represent the policy＇s rate of return. It proposed that the separate account＇s internal rate of return was a more suitable representation of its actual rate of return by constructing a term life and investment portfolio. The paper used the universal product （ B type） on the insurance market today as the sample to calculate the policy＇s IRR and arrived at the conclusion that the IRR was lower than the crediting rate. Therefore, it is misleading to regard crediting rate as the return of a policy. The paper also analyzed factors affecting the universal policy＇s IRR, and concluded that the length of policy validity and the structure and ratio of expenses have a significant bearing on the policy＇s rate of return. It offered corresponding suggestions according to the results of calculation and analysis.