保险公司承保业务盈利重要性分析  

An Analysis on the Profit Importance of Insurance Company's Insurance Acceptation Business

作　　者：任国良 郭小明 

机构地区：[1]中华联合保险控股股份有限公司研究所,北京100032 [2]中国石油上海销售公司,上海200002

出　　处：《四川理工学院学报（社会科学版）》2014年第4期61-68,共8页Journal of Sichuan University of Science & Engineering(Social Sciences Edition)

基　　金：国家社科基金项目(13CJY008)

摘　　要：保险公司在盈利策略选择上存在"山派"和"海派"两种不同观点,前者将保险公司定位为追求承保利润的风险分担机构,后者定位为追求投资收益的金融机构。基于中外保险公司的经验证据,本文实证分析发现,目前"海派"理论在中国保险行业有更好解释力,保险公司承保的目的不是为承保业务自身造血,而是为公司的投资输血。另外,保险公司承保利润与投资收益之间明显存在不可兼得的"替代"关系。虽然保险公司发展的两大车轮是承保和投资业务,但是真正驱动其发展的"轮轴"是保费规模和投资收益,偏离了这两大驱动要素,无助于保险公司的绩效价值提升。基于这些研究,文章认为短期内我国保险公司应沿袭"海派"理论对险企的定位,充分扮演好金融机构的经济角色,在注重公司未来现金流基础上对公司资金进行有效配置、运用。但从长期来看,随着保险市场发展的进一步完善,保险公司应遵从"山派"理论的初衷。Insurance company’s profitable strategy choice exists ＂mountain＂ and ＂sea＂ schools in China.In the former theory, insurance company is defined as a risk sharing mechanism and pursuit of underwritingprofit. However, the latter locates in the pursuit of investment returns of financial institutions. Based on theempirical evidence of Chinese and foreign insurance companies, this paper finds that ＂sea＂ theory in Chinainsurance industry has a better explanatory power. Insurance company’s purpose is not to underwriteinsurance business to make money, but to transfer blood for investment business. In addition, betweeninsurance company insurance profits and investment income, there exists an apparent trade -off relation.Although the development of the insurance company’s two big wheels is underwriting and investment business,the real driver of the development wheel is the size of the premium and return on investment. Deviated fromthem, insurance company will do little to improve its performance. Then, it is suggested insurance companies’short-term should follow the theory of ＂sea＂. However, in the long run, with the development of insurancemarket, insurance company should comply with the purpose of the ＂mountain＂ theory.

关 键 词：保险公司 承保业务 投资收益 中外比较 

分 类 号：F840.32[经济管理—保险]