| Summary: | 碩士 === 國立政治大學 === 風險管理與保險學系 === 107 === The International Accounting Standard Board (IASB) issued the IFRS 17 “Insurance Contract” on May 18, 2017, and is scheduled to be effective on January 1, 2022. The Taiwan insurance industry will implement IFRS 17 in 2025. The purpose of introducing the new standard includes: achieving the principle of consistency in the accounting standards for insurance contracts, making the sources of profit and loss of the statement of comprehensive income more transparent, and adopting current market information related to insurance liability. The new standards will bring about tremendous changes in the financial reporting of the insurance industry, and the current practice of the overall insurance industry will undergo a comprehensive change.
This study will consider the investment characteristics of the asset and the liability. The portfolio of the asset side considers six multiple risk. Liability is tested on the 10-year endowment insurance, 10-year term life insurance and life annuity insurance to simulate the asset and liability under the new standard.
According to the simulation results of this study, the following conclusions can be drawn:
I. To achieve the least volatility of equity returns, we should increase the proportion of investment in bond positions.
II. When assessing changes in mortality, term life insurance is more sensitive to initial contractual service margins and profit and loss than endowment insurance.
III. The higher expense of 10-year endowment insurance, 10-year term life insurance or life annuity insurance, the higher best estimated liabilities(BEL), but the lower liability under the balance sheet.
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