The Value of Casualty & Property Insurance Company in Taiwan─According Actuarial Standard of Practice No.19Adopted by the Actrarial Standards Board October 1991

[[abstract]]一個公司的經營成效，必然反應在公司的價值上，因此如何評價一個公司，一直以來都是多方討論的議題，因此當經營階層、股東、投資人都在追求公司價值極大化的前題下，如何適當評估公司的價值，以反應公司的真實面貌，便顯得格外重要。 在過去，我國保險業，不論產、壽險，其所存在的市場是屬於較為封閉的，因此併購或股權交易的案例不多，但隨著我國加入WTO以及金融控股法的通過，增加了外商企業投資本國產物保險公司的機會，同時金融控股公司紛紛將產物保險公司納入成為金控旗下的一員，在這樣的情形下，如何去評估一間產物保險公司的價值，便成了交易雙方最重要的課題了。 由於產物保險公司經營上的特性不同於一般產業，保費採預先收取，而賠款發生在未來，因此絕對的保費收入不代表絕對的利潤，因此增加了評估產物保險公司價值的困難度，但在美國，為了解決產物保險公司的評價問題，美國精算學會組成了專案團隊，考量多方意見後，在1991年提出了第十九號公報，針對保險業的價值評估提出了建議，因此本研究希望藉由美國精算學會第十九號公報的建議，將產物保險公司的價值評估方法具體化，提供一個對我國產險公司價值評估的方向。[[abstract]]The operating effectiveness of a company shall always reflect to its value. Therefore, how to appraise a company’s value is one of key issues for management level, shareholders and investors who are seeking for maximizing the company’s value. In the past, the insurance industry, both for life and non-life, is rather conservative and thus making the merger or stock trading between insurance companies seldom happened. However, after Taiwan joins WTO and the pass of Financial Holding Company Act, the opportunity for multinational enterprises to invest the local Casualty & Property insurance companies has increased. In the meantime, many Financial Holding Companies intended to include the Casualty & Property insurance company as a member of the holding companies also emphasized the importance of the value appraisal of a Casualty & Property insurance company. The business operation of Casualty & Property insurance company is different from other industry. The premium income does not mean profit due to its pre-collection of premiums and latter claims payment process and it has increased the difficulty to appraise the value of the Casualty & Property insurance company. Yet, in the United States of America, the CSA formed a Special Project Task Force to research how to solve the appraisal issue for Casualty & Property insurance company. In 1991, the Association finally made the proposal of appraisal in Actuary Standard of Practice No. 19 based on various measurements and consideration. Based on the suggestion indicated in Actuary Standard of Practice No. 19, this research hopes to consolidate a clearer direction of value appraisal for Casualty & Property insurance companies in Taiwan