2022年美國聯準會（Fed）為抑制通貨膨脹採取激進升息政策，導致全球債券價格劇烈下跌。台灣壽險業因持有龐大美元債券部位，在資產面採市價評估（IFRS 9）而負債面仍採成本列帳（IFRS 4）的會計制度不匹配下，面臨淨值大幅縮水甚至轉負的危機。本研究以台灣前三大壽險公司之一的N人壽為個案，探討其在2022年淨值風暴下的衝擊與因應策略。

　　本研究採質性個案研究法，深度訪談N人壽資深副總經理與財務長，並運用商業模式九宮格（Business Model Canvas）架構，分析其在關鍵活動、關鍵資源、價值主張、顧客關係與收益流之調整策略。研究發現，N人壽透過資產重分類（將資產由FVOCI轉列AC）有效緩解短期淨值壓力，此舉雖為會計帳務調整，卻凸顯了現行監理指標「淨值比」在極端市場波動下的侷限性。在長期經營策略上，N人壽加速推動商品結構轉型，由傳統儲蓄型商品轉向保障型與長年期繳費商品，並積極發行次順位債券以強化資本結構，以利接軌未來IFRS 17與ICS制度。本研究建議壽險業者應重視資產負債匹配之長期管理，並強化流動性風險控管與客戶溝通機制，以維持永續經營之韌性。

The rapid interest rate hikes by the U.S. Federal Reserve in 2022 caused a sharp decline in global bond prices, severely impacting Taiwan's life insurance industry. This study investigates the impact of these hikes on "N Life Insurance," a leading insurer in Taiwan, specifically focusing on the "net worth crisis" caused by the accounting mismatch between assets (market value under IFRS 9) and liabilities (cost method under IFRS 4). Using a qualitative case study approach, this research conducted semi-structured interviews with high-ranking executives at N Life and analyzed the data using the Business Model Canvas. The results indicate that N Life successfully mitigated short-term financial pressure through asset reclassification (transferring bonds from FVOCI to Amortized Cost). Furthermore, the company adjusted its long-term strategy by shifting product focus towards protection-type policies and reinforcing capital structure through subordinated debt issuance to prepare for future IFRS 17 implementation. The study concludes that while asset reclassification offers a short-term remedy, long-term resilience requires structural product transformation and robust asset-liability management.

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網路資料
保險業公開資訊觀測站https://ins-info.ib.gov.tw/
金融監督管理委員會保險局—重大政策沿革https://history.fsc.gov.tw/Policies?type=%E4%BF%9D%E9%9A%AA%E5%B1%80