危机前后美国寿险公司不动产投资研究

Research on the real estate investment of U.S life insurance companies before and after the subprime crisis

基于ISIS全球保险公司数据库收录的美国寿险公司数据资料,本文研究了美国寿险公司的不动产投资情况。研究发现,从美国寿险公司的资产组合构成来看,不动产投资所占的比重还很低,且在次贷危机前后不动产投资在整个资产组合中所占的比重没有很大的变动。在美国房地产市场顶峰期的2005年,寿险公司所持有的不动产投资反而是最低的。但是,持有不动产投资的寿险公司数量自2001年以来呈现明显减少的趋势。从盈利的角度来看,不动产投资对盈利水平的影响具有一定的顺周期性,但长期来看对寿险公司的盈利能力没有显著的影响;从偿付能力来看,不动产投资在观测期内具有显著的影响,且在一定程度上有助于提高寿险公司的偿付能力。从长期来看,寿险公司盈利能力和偿付能力的提升最终取决于其经营管理效率的提高,这在危机发生前后得到了一致的估计结果。资产规模的扩张本身并不能提升寿险公司的盈利能力和偿付能力,保持一定的成长性有助于提高公司的盈利水平。

Based on the data collected in the ISIS global insurance data bank, the real estate investment of life insurance companies in the United States is examined in this paper. We find that real estate investment accounts for a very low percentage in the asset portfolio of the U. S life insurance companies, and the percentage does not change much before and after the subprime crisis. In fact, the percentage was the lowest in the peak year of real estate market in 2005. However, the number of life insurance companies holding real estate investments tends to decrease since 2001. Real estate investment has a pro-cyclical effect on life insurance companies＇ earnings in the perspective of profitability in the examination period, but does not have significant influence in the long run. Moreover, real estate investment has a significant influence ＇on life insurance companies＇ solvency, and helps to improve the insurer＇ s solvency adequacy to a certain extent. In the long run, the profitability and solvency of life insurance companies depend on their management efficiency and the projection results shows consistency before and after the subprime crisis. The expansion of asset scale per se cannot always enhance the profitability and solvency of life insurance companies, but growth helps to increase their eamings.