臺灣的分紅壽險選擇權與保證利益的時間價值

Abstract

近年受疫情與經濟大環境影響，人們趨向穩健理財，因此具保本與投資雙重性質的分紅保單逐漸成為熱門商品。再者，由於近期臺灣逐步接軌IFRS 17，保單評價回歸現時基礎，因此讓近期銷量增長的分紅保單評價成為關注的焦點，但IFRS 17對於分紅保單中關於未來費差、死差、利差的保單期間未實現價值變化的衡量僅文字上原則性規範，並未提供實際做法，故本文透過文獻與精算會計報告回顧挑選實務上較為常見的作法：隨機情境法，用來衡量市面上的分紅保單關於未實現價值變化部分，此價值變化部分也就是所謂的選擇權與保證利益的時間價值，最後根據保單計算結果提出建議。

Due to the impact of COVID-19 and economic environment, people manage their wealth more conservative, which makes participating policies with guarantees more popular. On the other hand, since insurance companies in Taiwan have gradually phased in IFRS 17 emphasizing on fair valuation of the policy on the market basis, the valuation of participating policies has become more and more important; however, IFRS 17 doesn’t provide the details of measuring unrealized value regarding expense margin, mortality margin, and interest margin. Therefore, this paper reviews literature and actuarial accounting reports and finds that stochastic modeling is a proper method to measure the policy’s unrealized value which is so-called Time Value of Options and Guarantees(TVOG). In the end, the paper provides suggestions based on TVOG of the policy.