企業利用衍生性金融商品來從事避險已經越來越普遍。在企業面臨的各種風險暴露當中，利率風險暴露是相當重要的一個風險因素，因此利率衍生性金融商品的使用也就越來越廣泛，尤其對人壽保險業來說，這種現象更為明顯。本文旨在探討人壽保險公司利用利率衍生性金融商品是否能夠降低公司的利率風險，我們選取美國的41間人壽保險公司為研究對象，發現公司使用利率衍生性金融商品從事避險時，無形中反而會增加他們的利率風險暴露，人壽保險公司在使用衍生性金融商品的同時也應該考量到使用帶來的負面後果，因此人壽保險公司使用利率衍生性金融商品更應謹慎的運用。

I analyze the effect of firm characteristics on interest rate risk management behavior of U.S. life insurance industry. Using data collected from the annual report of life insurers in SEC, different models will be used to estimate for the probability and degree of use of interest rate derivatives. Furthmore, I analyze the exposure of interest rate with interest rate derivatives-user and nonusers. I find that life insurers with interest rate derivatives display more, if any, measurable differences in interest rate risk. That means life insurers with interest rate derivatives may face a little higher interest rate risk than non-user.

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