A Study of Influence about Life Insurance Asset Management to Interest Decline

금리하락이 생명보험회사 자산운용실태에 미치는 영향

  • Received : 2016.01.15
  • Accepted : 2016.03.10
  • Published : 2016.04.30


The purpose of this paper is to see what the problem is and what the direction of the strategy of asset management after this study has analyzed asset management status of domestic life insurance companies according to interest rate trends, analyzing in time series management asset lists, asset distribution state, and securities list of life insurance companies during 2000~2014. It has carried correlation analysis and regression analysis between yield and bond interest KOSPI index. As the study result, life insurance companies have managed assets in stability than profitability. The correlation coefficient between interest rate and performance rates of total asset, management asset and securities is highly plus, correlation of management asset performance rate is higher than that of total asset performance rate, and the correlation of securities performance rate is higher than that of management asset performance rate. The correlation coefficient of KOSPI and performance rate shows minus. The suggestion is that the change of asset management is required as the interest decline rises up a reverse margin risk because of the asset management of stability.


life insurance companies;asset management;asset distribution state;performance rate;strategy of asset management;reverse margin risk


  1. Earley, Mike & Ayer, Lloyd(2013), "Asset Allocation Strategies for a low interest-rate world", Deutsche Asset & Wealth Management, pp.1-10.
  2. Gatzert, N.(2008), "Asset management and surplus distribution strategies in life insurance ; An examination with respect to risk pricing and risk measurement", Insurance-Amsterdam, Vol.42, No.2, pp.839-849.
  3. Giandomenico, Rossano(2006), "Asset Liability Management in Insurance Company", working papers, University of Bologna, pp.1-18.
  4. Zurich Financial Services(2009), "Investment Management - a creator of value in an insurance company", Second edition, pp.1-19.
  5. Jin-Gyu Kim(2014), "Asset allocation Character in Korea Life Insurance Industry", Master's degree thesis, Chosun University. 김진규(2014), "우리나라 생명보험산업의 자산 배분 특성에 관한 연구", 석사학위논문, 조선대학교.
  6. Jong-Gug Kim․Jun-Man Do(2000), "Plan of Asset Management in Life Insurance Company as Fluctuation of Long-term Interest", The Review of Insurance Academic Society, No55, Korea Insurance Academic Society, pp.187-212. 김종국․도춘만(2000), "장기금리 변동에 따른 생보사 자산운용 방안", 보험학회지, 제55호, 한국보험학회, pp.187-212.
  7. Eun-Jeong Lee(2013), "The Problem of Asset Management Regulation in Insurance Company ; Restriction for the Ratio of Stock Amount", The Issue of Economy Reform, 2013-1, pp.1-27. 이은정(2013), "보험회사 자산운용 규제의 문제점 ; 주식보유 비중에 대한 제한을 중심으로", 경제개혁 이슈, 2013-1호, pp.1-27.
  8. Jeong-Sam Jo(2011), "A Rise and Implication of the Interest Sensitivity in Profitability of Domestic Life Insurance Company", KIS Credit Monitor, March of 2011, pp.4-12. 조정삼(2011), "국내 생명보험사 수익성의 금리민감도 상승과 시사점", KIS Credit Monitor, 2011년 3월호, pp.4-12.
  9. Sung-Mi Hyeon(2009), "An Analysis and Implication of Asset Management Situation in Private Life Insurance Company", Postal Service Information, No78, KISDI, pp.43-63. 현승미(2009), "민영 생명보험회사의 자산운용 실태 분석 및 시사점", 우정정보, 제78호, 정보통신정책연구원, pp.43-63.
  10. Sang-Woo Lee(2008), "A Cause and Implication of Bankruptcy in Japan Yamamoto Life Insurance", KiRi Weekly, KIRI. 이상우(2008), "일본 야마토생명의 파산원인과 시사점", KiRi Weekly, 보험연구원.
  11. Monthly Life Insurance, every June in 2000-2013, KLIA 월간생명보험, 2000년-2013년 매년 6월호, 생명보험협회.
  12. Monthly Life Insurance, every March in 2014-2015, KLIA. 월간생명보험, 2014년-2015년 매년 3월호, 생명보험협회.
  13. Statistical Yearbook, FY2000-FY2013, Korea Life Insurance Association. 통계연보(FY2000-FY2013), 생명보험협회.
  14. Bond Interest Statistics, Bond Information Center(, KOFIA. 금융투자협회 채권정보센터 (, 채권금리통계.
  15. Main International Statistics, Economics Statistics System(, Bank of Korea. 한국은행 경제통계시스템(, 주요국제통계.