第15讲寿险公司财务管理.ppt

第15讲 寿险公司财务管理 《人寿与健康保险》课程参考讲义 2008年秋季 本讲提要 15.1 财务管理 15.2 财务报告 15.1 财务管理 15.1.1 寿险公司面临的风险 15.1.2 寿险公司风险管理 15.1.3 资本管理 15.1.4 投资管理 15.1.1 Risks 1. Actuarial view of risks 2. Financial view of risks 1. Actuarial view of risks (1) Asset risk (C-1) (2) Pricing risk (C-2) (3) Interest rate risk (C-3) (4) Miscellaneous risk (C-4) (1) Asset risk (C-1) It is the risk that assets will lose value. Loss in assets’ market value, except if caused by interest rate movements Borrower’s default in payment of interest Borrower’s default in payment of principal (2) Pricing risk (C-2) It is the risk that liabilities will increase in value because future operating results are worse than those implicit in product pricing. Adverse change in mortality or morbidity experience Increase in cost of providing health care Increase in company’s operating expenses (3) Interest rate risk (C-3) It is the risk that asset and/or liability values will be negatively affected by interest rate movements. Note that changes in asset and liability values occasioned by interest rate movements fall within the C-3 risk category, not in the C-1 or C-2 categories. (3) Interest rate risk (C-3) In a rising interest rate environment, both asset and liability values ordinarily will decrease. The financial manager’s worry is that the asset decrease exceeds the liability decrease, thus reducing capital. Also, with rising interest rates, more policyowners than projected may exercise their policy surrender and loan options, necessitating the forced sale of assets at depressed prices, leading to a liquidity crisis. (3) Interest rate risk (C-3) In a falling interest rate environment, both asset and liability values ordinarily will increase. The risk here is that liabilities increase at a more rapid pace than assets, thus reducing capital. Also, more policyowners than projected may exercise their option to add funds to their contracts, necessitating the purchase of additional assets at high prices. (3) Interest rate risk (