3. 研究結果
3.1. 研究對象介紹
3.2.3. C 人壽
國
立 政 治 大 學
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N a tio na
l C h engchi U ni ve rs it y
3.2.3. C
人壽C 人壽在以公帄價值資產計算保資產與負債各部位後，觀察資產負債表中主 要的差異，在資產部位可以看到不動產投資部位原本是 491.3 億元，經過重新評 價增值為 1,388.5 億元，增值約 182.6%。擔保放款原本帳上價值為 382.5 億元，
重新評價後增值為 418.4 億元，增值約 9.4%。保單貸款部位由原本帳上價值 428.7 億元，增加為 493.4 億元，增加 15.1%。整體資產部位即使扣除帳上的無形資產 與遞延取得成本後，仍然從原本的 13,408.7 億元增值為 14,389.5 億元，增值約 7.31%。
在負債部位由於以公帄價值重新評價準備金，在假設公司的商品與過去的銷 售狀況後得出未來預期現金流量並折現求出現值，在意外險準備金方面最佳估計 是 976.4 億元，而原始之帳面準備金為 992.6 億元，共減少了約 1.64%，再加計 風險邊際後的總準備金為 1,059.3 億元，相對於原本帳面價值增加了 6.7%。
健康險有相類似的情況，由於特別準備金的原故造成了所需要的準備金數額 減少，由原本的 50.4 億元，降到最佳估計 35.5 億元及風險邊際 3.0 億元，最佳 估計為原本的 70.5%，減少 29.5%，而加上最佳估計後為原本的 76.5%，減少了 23.5%。
壽險與年金險準備金以公帄價值重新評價後與原本的差距最大，壽險由原本 的 7,995.0 億元增加到 8,710.6 億元之最佳估計，增加 8.95%，風險邊際為 1,543.5 億元，為最佳估計之 17.7%，並使得壽險總準備金增加總額比原本的還高出 28.3%。
而年金險則由原本帳上準備金的 1,469.8 億元增加到最佳估計 2,988.3 億元，增加 了 103.3%，風險邊際為 2,065.0 億元，為最佳估計之 69.1%，造成了年金險總準 備金比原本帳面準備金高出了 243.8%。將壽險與年金保險合併來則以公帄價值
‧ 國
立 政 治 大 學
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N a tio na
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78
法評價之準備金最佳估計為 11,698.9 億元，為原本的 23.6%，加上風險邊際總準 備金為 153,074.2 億元，比原本準備金高出約 61.7%。
總負債部位共 18,350.9 億元，比原本的 12,453.4 億元增加了 47.35%，因此自 有資本由原本的 955.3 億元減少為-3,961.4 億元，共減少原本業主權益的
514.6%。
下面列出的各個表單是 C 人壽所計算出的結果，首先可以看到資產與負債的 總整理，並整理準備金在適用 QIS5 前後之差異，最後是清償能力之分析。相關 表格內容與上述 A 公司部分相同，不再重複介紹。
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Assets QIS5 Solvency I basis
Reinsurance 0.0 0.0
Investments 1,093,513,002.6 1,003,798,088.0
Unit linked investments 150,266,569.0 150,266,569.0
Deferred acquisition costs 1,078,944.0
Other 195,171,593.3 185,729,777.0
Total 1,438,951,164.8 1,340,873,378.0
Liabilities QIS5 Solvency I basis
Called up or paid up common equity capital;
and reserves -396,137,008.3 95,532,566.0
Subordinated liabilities 0.0 0.0
Other financial liabilities 0.0 0.0
Unit linked liabilities 157,692,610.0 157,692,610.0 SII: Best estimate of
insurance liabilities; SI:
insurance liabilities 1,050,785,224.0 1,208,477,834.0 Risk margin (net of
reinsurance) 369,450,469.5
Other 257,159,869.6 -120,829,632.0
Total 1,438,951,164.8 1,340,873,378.0
Premiums and technical
provisions (gross) QIS5 Solvency I basis
Change in technical
provisions QIS5/S1 in % SI/QIS5 in %
Premiums (SII 2010; SI 2009) 280,457,654.0
Technical provisions 1,420,235,693.5 1,208,477,834.0 211757859.5 117.5% 85.1%
Best estimate (QIS5) 1,050,785,224.0 Risk margin (QIS5) SF 369,450,469.5
Risk margin (QIS5) IM 0.0
Risk margin as % of Best
estimate 35.16%
Solvency QIS5 Solvency I basis Change (QIS5 - SI) QIS5/S1 in %
Value of assets 1,438,951,164.8 1,340,873,378.0 98,077,786.8 107.3%
Value of techn. prov. and
other liabilties 1,835,088,173.1 1,245,340,812.0 589,747,361.1 147.4%
Available capital -396,137,008.3 95,532,566.0 -491,669,574.3 -414.7%
Required capital (SCR,
required solvency margin) 537,985,979.5 0.0 537,985,979.5
-'Free surplus' -934122987.7 95532566.0 -1,029,655,554 -977.8%
Solvency ratio (traditional) -73.6%
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(net) SI Tech prov. QIS5 Tech prov. Best estimate Risk margin Change TP
(QIS5-SI) Total 1,208,477,834.0 1,688,434,390.1 1,327,585,043.6 360,849,346.6 479,956,556.1 139.7% 27.2%
Total life 1,104,172,700.0 1,688,434,390.1 1,327,585,043.6 360,849,346.6 584,261,690.1 152.9% 27.2%
Contracts w ith profit
participation clauses 0.0 0.0 0.0 0.0 0.0 -
-Contracts policy h.
bears the investment
risk 157,692,610.0 157,692,610.0 157,692,610.0 0.0 0.0 100.0% 0.0%
Other contracts, w ithout prof. part.
clauses 946,480,090.0 1,530,741,780.1 1,169,892,433.6 360,849,346.6 584,261,690.1 161.7% 30.8%
Reinsurance 0.0 0.0 0.0 0.0 0.0 -
-Annuity steaming
from non-life contrats 0.0 0.0 0.0 0.0 -
-Total accident and
health 104,305,134.0 -104,305,134.0 0.0%
-Health SLT 5,041,153.0 -5,041,153.0 0.0%
-Health Non-SLT 99,263,981.0 225,812,513.9 217,211,391.0 8,601,123.0 126,548,532.9 227.5% 4.0%
Solvency Capital requirement Eligible capital Solvency ratio MCR as % SCR
SCR 537,985,979.5 -396,137,008.3 -73.6% 25.0%
MCR 134,496,494.9 -469,972,152.6 -349.4% 1360153
MCR w ithout corridor or constraints 56,607,023.6 -469,972,152.6 -830.2% 237.6%
Composition Available capital Eligible capital Shortfall SCR Eligible MCR Shortfall MCR
Tier 1 -397,497,161.3 -397,497,161.3 934,122,987.7 -397,497,161.3 604,468,647.5
Tier 1 restricted 0.0 -99,374,290.3 -99,374,290.3
Tier 2 basic 0.0 99,374,290.3 26,899,299.0
Tier 2 ancillary 0.0 0.0
Tier 3 1,360,153.0 1,360,153.0
Tier 3 ancillary 0.0 0.0
Composition SCR Standard formula
BSCR 529,418,234.0
Operational risk 8,567,745.5
Adjustment for profit sharing 0.0
Adjustment for tax 0.0
Total 537,985,979.5
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Total per submodule, before
diversification
Contribution w ithin module in %
Total per module, before
diversification betw een modules
Contribution of module to BSCR in %
Total after all diversification
Market risk 599855105.0 118.8% 504726074.0 95.3%
MKTint 419321025.4 83.1% 79.2%
MKTeq 39653196.0 7.9% 7.5%
MKTprop 35252966.1 7.0% 6.7%
MKTsp 33591577.9 6.7% 6.3%
MKTconc 0.0 0.0% 0.0%
MKTfx 72036339.5 14.3% 13.6%
MKTip 0.0 0.0% 0.0%
Diversification
w ithin module -95129031.0 -18.8%
Counterparty
default risk 17760522.9 100.0% 17760522.9 3.4% 3.35%
Life risk 39316910.8 100.0% 39316910.8 7.4%
LIFEmort 39316910.8 100.0% 7.4%
LIFElong 0.0 0.0% 0.0%
LIFElapse 0.0 0.0% 0.0%
Diversification
w ithin module 0.0 0.0%
Health risk 28803579.2 100.0% 28803579.2 5.4%
Health SLT 0.0
Health Non-SLT 28803579.2
Health prem & res 28803579.2 100.0% 5.4%
Health Non-SLT
lapse 0.0 0.0% 0.0%
Total of (partial) capital requirement
per submodule 685,736,117.9
Diversification
w ithin modules -95129031.0 -18.0%
Total of capital requirements per
module 590,607,086.9
Diversification
betw een modules -61188852.9 -11.6%
BSCR 529418234.0
Total diversification -156317883.9 -29.5%