核保、投資與清償能力決策之間的相互配合，對於保險業的經營具有重大的影響。決策配合的好壞不但直接關係到保險公司的經營表現，由於保險業之業務範疇關係到無數承保人的權益，更會對社會金融產生重大影響。

保險公司收入來源有兩種：核保收益與投資收益。保險公司運用本業經營上獲得之核保收益來進行投資活動取得投資收益，同時加強整體經營表現。但基於保險業的特性，核保後必須保留部份收益以維持清償能力。本文研究目的在於探討保險公司在追求利益極大化的基礎下，核保、投資與清償能力三者決策的相互影響關係。本研究使用1985年到2009年英國壽險業的資料及兩階段迴歸方法來研究核保、投資與清償能力三者之間的內生關係。結果發現對於高風險承擔的壽險產業來說，當公司承擔的風險越高，越能刺激經理人去極大化投資收益並且維持較高的清償能力。此外核保、投資與清償能力三者之間的交互關係皆為正向。而其中清償能力對於核保與投資皆有顯著影響效果，代表壽險公司對於清償能力的好壞極為重視。

It is important to study the relationship between underwriting, investment and solvency decisions for insurance companies. As major institutional investors, the financial health of life insurance firms has significant macroeconomic effects on the stability of society. Insight into the decision-making mechanism enables policyholders and shareholders to make better insurance and investment choices.

There are two primary sources of an insurer’s total income: underwriting income and investment income. Underwriting income arises directly from the insurer’s core business operation. Investment income arises from investing in bonds, stocks, derivatives and other financial instruments by using the insurer’s surplus. These two streams of income have great impact on the insurer’s solvency. The aim of this paper is to empirically examine the interaction among underwriting, investment and solvency decisions by using the data of U.K. life insurance industry from 1985 through 2009 and employ a simultaneous equation model (SEM) and estimate it by two-stage least squares (2SLS). We find that all the interaction between underwriting, investment and solvency decisions is positive. Moreover, solvency has significantly positive effects on underwriting and investment decisions. It’s quite obvious that survival of an insurance company is dependent on its solvency.

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