Management of Interest Rate Risk on Fixed Deffered Annuity

台灣逐漸步入高齡化社會，由於各種經濟社會因素，一般個人利用早年的儲蓄準備退休後的生活，已是不可避免的趨勢。衡諸個人自己獨力負擔退休生活所需的準備，不外乎是加入保險，藉助集體互助的力量達成，或是自力儲蓄，藉由金融工具的使用，累積財富。在政府宣示的亞太營運中心計劃勢必將帶動國內金融發展。屆時，行之歐美諸國已久的遞延年金商品可望引進台灣的保險業界，使自力儲蓄的個人能透過金融商品的多元化，選擇最有效用的金融商品，以謀取退休後的生活準備。鑑於美國業者經營遞延年金商品的教訓，在文獻的閱讀之中，筆者發現利率風險在精算界所受到的重視與發展成果值得國人借鏡，因此發奮研究利率風險在遞延年金商品中所扮演的角色，份量及其因應之道。希冀能在未來國內業者推行遞延年金之際，對經營此商品所面臨的風險能有清楚的認識，也希望監理機關能了解業者的需求而給予適度的協助。相信在健康的經營環境下，遞延年金商品會替消費者帶來莫大的福祉。本論文的研究方法為文獻探討，研究方向與目的有三：一、了解遞延年金商品的內容及其使用價值。二、辨識遞延年金商品的利率風險。三、探討如何衡量遞延年金商品利率風險與其管理的方法。 When Taiwan stepped into old-aged society, as driven by variety of economic and social forces, an individual has to prepare for his(her) retirement during the ealier working years. By doing so, he(she) can enter into the insurance plans or mutual help-each-other societies, or by individual self-saving plans and use of new financial instruments. Now, the Taiwan Government initiate an Asian Operation Center Project that may have the domestic financial market boomed up. By that time, it's possible that Deffered annuity products sold in foreign countries like USA or those in Europe over many years will appear at Taiwan market and bring the Taiwan consumer more efficient ways of preparation for retirement. After the inspection of lessons learned by United States life insurance companies while these company were selling the Defferd Annuities, the author find that the interest rate risk are emphasized extensively in actuarial literatures and it's development is worth while the domestic companies to take lessons. Thus, the author study the problem with interest rate risk and the proper measures to manage the risk. It's hoped that in the coming future, at the time of Deffered Annuities, the domestic companies will already have clear understandings about the risks they face. And it's hoped that the government understand the insurance companies' needs and give them help. It's believed that in a sound environment, the consumer will benefit from the advent of Deffered Annuities. The research method used is literature research, and the direction and goal of the study is as follows: 1.Understand what's Deffered Annuity and it's uses. 2.Indentify the interest rate risks inherent in Deffered Annuities. 3.Examine the various measures to manage the interest rate risk