Evaluation Of Investment Performance Of Investment Linked Insurance In China

Investment linked insurance as a life insurance product which is different from the traditional life insurance innovative. It is introduced Chinese since 1999, in the 15 years of development history, twists and turns, Experienced a period of apparent undergone four periods, however the investment linked insurance did not sink, on the contrary the rapid expansion in products and account scale, by the end of 2014, a total of 30 insurance company manages 195 investment linked insurance investment account. But in the areas of research, to study on investment linked insurance but stay on the surface, not deep to cast even insurance investment for empirical research. The evaluation of study the investment performance of investment, can choose insurance for the insured, a clear direction of investment to help, but also can improve the product structure for insurance companies, improve investment performance and even give the advise of Supervision Countermeasures of insurance regulatory authorities.The main contents of this paper:Firstly, elaborate the theory of investment-linked insurance performance evaluation involves, Lay the theoretical foundation for the full text of the study, At the same time, focus on the definition of investment linked insurance, Compare the investment-linked insurance with the traditional life insurance, universal insurance, participating insurance in similarities and differences,clarify the conceptual framework of the research article; Secondly, build ing a suitable investment-linked insurance investment performance evaluation model, denied the applicability of traditional performance evaluation methods on investment-linked insurance investment performance evaluation through comparative analysis, Put forward to use the super efficiency DEA model based on the variable returns to scale as a performance evaluation method, And build a sustainable method for evaluating performance-bi-table method; Third, according to the method chosen for the performance evaluation to empirical analysis the investment-linked insurance investment performance, And test the overall persistence and individual persistence investment linked insurance. At the end of the regression analysis of the influencing factors of investment linked insurance investment performance, and give the explanationThe main suggestions of this paper are:(1)Our investment-linked insurance investment performance difference is large, the investment performance of bond and currency accounts in the sample period are much better than other types of accounts.(2) Our investment-linked insurance has sustained on the whole, the investment-linked insurance investment performance overall good performance next year to continue the excellent performance of the possibility of a large, however It does not have a strong continuity from the individual investment-linked insurance accounts, with a strong chance, the reference value of short-term performance ranking is not high.(3) The operation time and the liquidity of the investment account has a positive impact on the investment performance of large account, The account size and investment style has a negative effect on the investment performance of the accounts. The type of investment accounts owned companies for investment performance is not significant effecting.The main recommendations in this paper:(1)For the Policyholders, clearing the nature of investment-linked insurance, investment-linked insurance essential attribute of self-financing to maintain psychological expectations, for not covered by insurance experienced investors, choose a longer operating time to inspect accounts; Adjust the amount of funds in different accounts timely and mitigate risks effectively.(2) For insurance companies, to understand the needs of consumers, improve the product structure, not expand the scale blindly, pay attention to risk control, the establishment of the internal risk early warning mechanism, reduce the influence of the risk; pay attention to the liquidity management of accounts, increase the radical type and mixed type account currency cash ratio; to strengthen communication and cooperation within the industry. (3)For the regulatory sector, strengthen the investment-linked insurance market regulatory consolidation, strengthen the marketing staff assessment and training, to build a fair and orderly market environment; improve the investment-linked insurance-related laws and regulations; strengthen multisectoral cooperation and foster a stable and healthy market environment, given the preferential tax policy and to promote the healthy and rapid development of investment-linked insurance.