Comparative Study On The Performance Of Investment Linked Insurance

Investment-linked life insurance products and innovative product, it combines the two functions of protection and investment, development 15 Years, continues to expand the scale, but does not match the pace of development of investment-linked investment performance evaluation studies are still lagging behind. To evaluate the competitiveness of investment-linked investment performance, the policyholder can be select outstanding investment-linked insurance products, and help avoiding asymmetric information, and helped life insurance companies to improve investment-linked insurance products, encourage customers to expand their scale of operation, can also make the regulators spot potential problems, promote the development of investment-linked insurance products, to ensure stable investment environment to provide effective advice.In this paper RAROC Performance persistence models with bi-directional table model analysis on the competitiveness of the investment performance of equity-linked insurance. Core of this paper are the following points:first, review the history of investment-linked, explains the meaning and operation. Then introduce RAROC models with bi-directional table performance persistence model, respectively, both in the focus of investment-linked investment performance in competitive analysis, combining empirical testing. Finally based on empirical results conclusions and suggest appropriate measures for different subjects.The first chapter From our current investment-linked insurance market based on the status quo and problems of, leads to the object of this paper briefly introduces the purpose, relevance, and overall research, and domestic and foreign investment-linked performance evaluation studies are reviewed, finally pointed out the lack of innovation and.The second chapter Detailed meaning of investment-linked around the operation mechanism of investment-linked products, risk tolerance, investment management, a brief introduction and investment-linked and traditional life insurance as well as the similarities between the participating insurance, with an emphasis on investment-linked, as the advantage of creating a new type of life insurance, while recalling the development of investment-linked and predict future prospects.The third chapter, The investment performance of economic theory is described on their applicability in practical research, and briefly describe the present in mature investment performance research of basic theory of evaluation indexes and their perspective and their advantages and disadvantages.The fourth chapter According to previously mentioned portfolio theory, which applies to investment-linked performance based on analysis of competitiveness model, as well as the method you want to use in this article. To the RAROC models and introduced bi-directional table model works, and establishing formulas of the two models and two methods described in performance evaluation of investment-linked insurance advantage, explains related terminology and perspective.The fifth chapter, selected by fourth chapter introduces the model of empirical data, this paper uses data from 2012 Year 6 Months to 2015 Year 6 Months of six life insurance companies 39 Investment-linked investment accounts, all data from the life insurance company official website for information disclosure and insurance Yearbook; this paper set 90% The confidence interval of the account types are as follows:aggressive, hybrid, bond and currency type, Main models RAROC Performance persistence models and bi-directional table model, and from the perspective of risk and return and performance sustainability perspective on the performance of the Various investment accounts of life insurance companies competitiveness and comparison analysis on the competitiveness of the Various types of accounts, based on empirical results on different types of accounts and companies sort tables, facilitate investment-linked insurance policyholders more intuitive choice.Through empirical research, came to the conclusion in this paper include:1) The profitability of the investment-linked accounts tend to assume is not proportional to the risk.2) mixed accounts and aggressive account risk overall, but mixed accounts whether revenue or performance persistence are far less aggressive competitive accounts.3) every life insurance company has its own operating characteristics, reflected in the account type is set, regulate and maintain the performance of the total risk, with strong competitive life insurance companies at least meet two.4), in relation to life insurance company's investment account, ping an life insurance, prudential life insurance, overall best of Sun Life Everbright, China and Thailand, HSBC life overall performance among the four or five digits, de an account both risk and performance in persistent poor performance ranked last.The sixth chapter, the empirical results made the following main recommendations:1) To the insured, be multifaceted information selecting investment-linked and adjusted according to the changes in the capital market investment account type, investment-linked insurance funds allocated, should consider the risks and performance sustainability.2) life insurance companies, should be working to improve investment-linked investment accounts the amount of risk that is too large and poor performance persistence problem, and strengthen the management of sales.3) for regulators should broaden the scope of capital market investment, selling standard investment-linked insurance market behavior.Innovation of this paper include:1) traditional risk measures into the performance evaluation of investment-linked investments, and income as a measure of the risk instead of simple yield, more relevant to the applicant's concerns.2 introduction of performance persistence model for investment-linked account to effectively evaluate the sustainability of return on investment, including different types of accounts and comparative analysis of competitiveness between different life insurance companies, judging the types of accounts, or which companies are performing more competitive.3) using the latest data and selection of investment-linked insurance market's most representative force of investment-linked life insurance company account as the basis of this analysis, more persuasive and targeted.Also there are still limitations embodied in:1) bi-directional table model itself can be more accurately measured 3-5 years of persistence, and investment-linked insurance period is longer, pending further analysis.2) the focus of this paper is analysis of competitiveness between investment-linked products, at the same time, existing on the market, such as funds, trusts and other similar investment vehicles, investment-linked with the competitiveness of these products remains to be explored.3) for investment-linked competitiveness but in an appropriate expansion of the performance indicators, especially those unable to quantify indicators, such as investment team qualifications, investment style, and so on. If conditions allow, will study interval extended to 5 years would be more convincing, but because of data availability reasons, failed to do the research.