The With-Profits Strategies for Life Insurance Companies -Focused on the Case and Empirical Analysis of Life Insurance Companies in the UK- Jung, Se-Chang;
The purpose of this paper is to analyse the advantages of with-profits and make a proposal for invigorating with-profits business. The data of life insurance companies in the U.K. is used and correlation and regression are employed. The implications are drawn from the analysis. The results and implications of this paper are summarized as follows. Firstly, the with-profits policies increase premium income. There is no positive relationship between with-profits policies and operating costs. The companies that are financially sound sell more with-profits policies than those not solvent. Secondly, with regard to implications for insurance companies, they can make full use of with-profits policies for marketing purpose and the main product in the product portfolio. Finally, with regard to implications for the policyholders, the with-profits policies are not expensive by comparison with the without-profits policies. The with-profits policies provide benefit to the policyholders on a solvency basis.
오창수 (2006). 보험수리모형을 이용한 생보사 배당의 적정성에 관한 연구, <리스크관리연구>, 17, 133-181.
지홍민 (2002). 옵션모형을 이용한 생명보험계약의 가치평가, <리스크관리연구>, 13, 39-60.
한상일, 길재욱, 오세경 (2007). 배당옵션을 반영한 유배당 보험의 적정가치에 관한 연구-Asset Share 모형을 통한 배당옵션의 가치평가, <보험학회지>, 78, 1-33.
Briys, E. and de Varenne, F. (1984). Life insurance in a contingent claim framework: Pricing and regulatory implications, Geneva Paper on Risk and Insurance-Theory, 19, 53-72.
Kling, A., Russ, J. and Schmeiser, H. (2006). Analysis of embedded options in individual pension schemes in Germany, Geneva Risk and Insurance Review, 31, 43-60.
Gatzert, N. and Schmeiser, H. (2008). Assessing the risk potential of premium payment options in participating life insurance contracts, Journal of Risk and Insurance, 75, 691-712.
Grosen, A. and Jorgensen, P. L. (2000). Fair valuation of life insurance liabilities: The impact of interest rate guarantees, surrender options, and bonus policies, Insurance: Mathematics and Economics, 26, 37-57.
Grosen, A. and Jorgensen, P. L. (2001). An Analysis of Insolvency Risk, Bonus Policy, and Regulatory Intervention Rules in a Barrier Option Framework, CAF, Working Paper Series 95.
Grosen, A. and Jorgensen, P. L. (2002). Life insurance liabilities at market value: An analysis of insolvency risk, bonus policy, and regulatory intervention rules in a barrier option framework, Journal of Risk and Insurance, 69, 63-91.
Linnemann, P. (2003). An actuarial analysis of participating life insurance, Scandinavian Actuarial Journal, 2003, 153-176.
Linnemann, P. (2004). Valuation of participating life insurance liabilities, Scandinavian Actuarial Journal, 2004, 81-104.
O’Brien C. D. (2009). The UK with-profits life insurance industry: A market review, Centre for Risk and Insurance Studies, Nottingham University.