新会计准则下寿险公司摊销因子选择问题研究——基于财务准备金的视角  

A Research on Choice of Amortization Carrier for Residual Margin of Life Insurance Products under New China GAAP——Perspective of Financial Reporting Reserve

作　　者：赵绰翔 

机构地区：[1]中央财经大学保险学院/中国精算研究院,北京100081

出　　处：《保险研究》2015年第7期70-81,共12页Insurance Studies

摘　　要：随着新会计准则的实施,保险行业建立了财务准备金制度。寿险合同准备金包括最优估计负债、风险边际和剩余边际。边际的释放成为保险合同利润的主要来源,而剩余边际的摊销是决定保险合同利润分布的关键。基于上述背景,本文以一款分红两全保险产品为例,采用现金流建模的方法比较分析了六种不同摊销因子下保单的利润分布。结果表明,现金价值和预期红利摊销因子下,保单利润释放滞后,但是利润波动小;风险边际摊销因子下,保单利润释放前端,受利率变动影响较小;同时,保费缴纳方式对摊销因子的选择有影响。保险公司需要结合自身业务结构和发展战略选择合适的摊销因子。最后,针对保险公司负债计量,本文建议加强负债评估信息披露。The insurance industry has established the financial reporting reserve system with the implementation of New China GAAP. Reserve of life insurance contracts consists of best estimated liability, risk margin and residual margin. Release of margin becomes the main source of profit for insurance contracts and amortization of residual margin decides profit distribution. Under the New China GAAP carried out in Chinese insurance industry in 2009 and based on one participating endowment insurance product, this paper compared profit release patterns under six different amortization carriers. Results suggested that profit would release later under cash value carrier or anticipa- ted dividend carrier but with low volatility. With the risk margin carrier, profit would release early relatively and less sensitive to interest rate change. Meanwhile, premium payment method would also influence the choice of amor- tization carrier. Insurance companies should choose appropriate carrier based on combination of its own business mix and development strategy. At last, this paper provided some suggestions on liability valuation for insurance companies and called for higher transparency for liability valuation.

关 键 词：新会计准则 剩余边际 摊销因子 利润分布 

分 类 号：F832.2[经济管理—金融学]