外文翻譯---人壽保險公司利率敏感產(chǎn)品定價(存儲版)
【正文】 ximize the return. The asset cash flow is posed of investment ine and principal repayments while the liability cash flow in any future time is defined as the sum of the policy claims，policy surrenders and expenses minus the premium ine expected to occur in that time period. When interest rates fall as the net cash flows are positive，the net flows will have to be reinvested at rates lower than the initial rates. The reinvestment risk emerges. On the other hand，negative net cash flows mean shortages of cash needed to meet liability obligations. A cash shortage requires the liquidation of assets or borrowing. If interest rates rise when the net cash flows are negative，capital losses can occur as a result of liquidation of bonds and other fixedine securities whose values have fallen. And the price risk occurs. Taiwan insurance panies are exposed largely to interest risk even though the popular products change over time. Prior to 1990，market was featured with fixed interest rate products which guarantee 20 or more years of fixed return to policyholders. With interest starts to decline in late 1990s，Taiwan insurers realize that high fixed interest products are too costly to issue but low fixedinterest rate products won’t be attractive to potential buyers. With the sale pressure，insurance panies start to issue unitlinked products as well as interest sensitive products to attract buyers. Single paid deferred annuities (SPDA) which belongs to interest sensitive family quickly takes up almost 20% of new premiums in the market and therefore its risk exposure bees vital to insurers’ insolvency. With single premium payment， SPDA policyholders earn interest at the panydeclared annual interest rate which is guaranteed for one year at a time. Before the annuity mencement date，policyholders can withdraw all of the annuity value or part of it. With the
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