「附保證變額年金險」商品在亞洲人口老化的社會，像日本與台灣，已經是很受歡迎的退休理財商品，這個商品的附保證機制可以用兩個方式去保證，一個是保險公司提足夠的準備金，另一個是支付一筆保費給再保公司。目前台灣保險監理機關的態度，是希望保險公司能透過再保方式將保險的風險轉嫁到國際再保公司，因此再保費用的合理性是此篇研究要探討的議題。根據財務效率市場假設的理論，當再保費用合理反應其所承受的對價風險，那就代表在台灣的再保市場是一個在價格上有效率的市場。所以此篇研究的目的，是在檢視附保證變額年金商品的保證費用，在台灣壽險市場是否有效率性，也就是保證費用與投資風險是否有其一致性。在實證研究方法上，目前台灣銷售附保證變額年金險商品，只有宏泰人壽保險股份有限公司是透過再保的方式，所以就以此公司作研究對象。實證研究結果顯示，再保公司所收取的再保費用跟保單隱含的保證風險之間存在不合理的對價關係存在。此結果與此篇研究報告的假設一致。也就是台灣附保證變額年金商品所收取的保證費用過高，是一個在費率定價上沒有效率的市場。此發現同時顯示，避險費用的議題應該是將來台灣壽險市場在發展附保證變額年金商品時最重要的議題之一。

Variable annuity with guarantee (VAWG) is gaining popular as a pension investment vehicle in Asia aging society such as Japan and Taiwan. The guarantee carried in the policy can be assured by the adequate reserve, which is provided by the insurer, or can be transferred to the re-insurance firm by paying a fair premium. Using the pioneer VAWG product recently launched by Hontai life insurance firm, this study examine the VAWG pricing market efficiency issue in Taiwan life insurance market. The empirical results strongly support the hypothesis, the premium charged by the reinsurance firm is not consistent with the risk inherited in the policy. The findings also imply that hedging expensive issue will be a major issue for the development of VAWG product in Taiwan life insurance market.

目   錄
第一章	緒論……………………………………………… 1
第二章	文獻探討………………………………………… 3
第三章	研究模型………………………………………… 8
第一節	躉繳保費下之保證成本評價模型…………… 8
第二節	期繳保費下之保證成本評價模型……………15
第四章	數值分析…………………………………………24
第一節	利率路徑之隨機過程…………………………24
第二節	躉繳保費下之保證成本模擬結果……………26
第三節	期繳保費下之保證成本模擬結果……………33
第五章	結論與建議………………………………………42

參考文獻……………………………………………………45

圖目錄
圖4-1-1 利率模擬路徑圖………………………………25

表目錄
表4-1-1 遞增型(Roll-up)保證成本……………………27
表4-1-2 遞增型(Roll-up)保證成本……………………28
表4-1-3 鎖利(Ratchet)保證成本………………………30
表4-1-4 鎖利(Ratchet)保證成本………………………31
表4-1-5 遞增型(Roll-up)保證成本……………………32
表4-1-6 遞增型(Roll-up)保證成本……………………32
表4-1-7 鎖利(Ratchet)保證成本………………………33
表4-1-8 鎖利(Ratchet)保證成本………………………33
表4-2-1 遞增型(Roll-up)保證成本……………………35
表4-2-2 遞增型(Roll-up)保證成本……………………36
表4-2-3 鎖利(Ratchet)保證成本………………………38
表4-2-4 鎖利(Ratchet)保證成本………………………38
表4-2-5 遞增型(Roll-up)保證成本……………………39
表4-2-6 遞增型(Roll-up)保證成本……………………40
表4-2-7 鎖利(Ratchet)保證成本………………………40
表4-2-8 鎖利(Ratchet)保證成本………………………41

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