人壽保險外文翻譯文獻人壽保險外文翻譯文獻(文檔含英文原文和中文翻譯)IsLifeInsuranceGoodforRetirementPlanning?Atfirstglance,thelifeinsuranceindustryappearstobeintroubleasitfacesthemillennium.Asthelargebabyboomermarketages,theseconsumershaveshiftedtheirfinancialfocusawayfromlifeinsuranceandtowardsassuringtheirfuturecomfort.Althoughtheindustryhaslongrecognizedthatitsfutureliesinmoreinfinancialproductsthaninlifeinsurance,ithaslatelybeenlosingitsshareoftheretirementmarket.Between1992and1994alone,insurers'shareof401(k)plansslippedfrom34%to30%,whilemutualfunds'shareleapedfrom26%to37%.Tax-deferredannuitiessoldbyinsurancecompaniesfellinshareofAmericans'totalretirementassetsto16.61%in1996fromitspeakin1990of22.56%.Inindividualretirementaccounts,whilebanks'marketsharefelldramaticallyfrom61%in1985to18.4%in1996,insurancecompaniessawmutualfundsandbrokeragehousesgainthefattestslicesofthebanks'loss.Suchdevelopmentscan,however,bemisleading.Twoexpertswhobelievethatthelifeinsuranceindustry'spictureisfarbrighterthanitfirstappearsarePaulHoffmanandAnthonyM.SantomerooftheWhartonSchool'sFinancialInstitutionsCenter.Theirpaper,"LifeInsuranceFirmsintheRetirementMarket:IstheNewsAllBad?"answerstheirowntitularquestionwithadecided"no."HoffmanandSantomeropointtoanumberoffactsthat,whilenotcompletelyreassuringtotheindustry,definitelyshowsomeprofitableopportunities.ArevisedversionofthispaperappearedintheJournaloftheAmericanSocietyofCLUandChFC.Firstofall,retirementplanningisahugeandgrowingmarket.Contrarytoreportsthathaveappearedinthepast,babyboomersaresavingmorerapidlythantheirparents.And,faceit,theyhaveto:Thedeclineofdefinedbenefitplans,whichAmericansoncecountedonsoheavilyfortheirgoldenyears,demandsthattheylooktootherfinancialinstrumentstoprotecttheirfutures.Thatopensupnewsalesopportunitiesforgroupandindividualretirementplanssoldbyfinancialcompanies,includinginsurers.Andannuities,whichareinsurers'biggestretirement-orientedproduct,aregrowinginimportanceasashareofAmericans'wealth.Moreover,annuitieshaveremainedstableasapercentageofretirementassets.Second,whilemutualfundsandbrokeragehouseshavebeenexpandingtheirmarketshare,theirinroadshavebeenmostlyattheexpenseofdepositoryinstitutions,notlifeinsurancecompanies.Third,theretirementmarketisagrowingfinancialfeast,evenifinsurersdohavetocompetealittleharderfortheirshareofthebounty.Bytheendof1996,totalprivateretirementassetsintheU.S.stoodatalmost$5.1trillion,havingincreasedasashareoftotalnationalwealthfrom10.6%in1983to13.6%.Therehasalsobeenadecidedshiftinthenatureofthenation'sretirementassets.In1980,totaldefinedbenefitassetsintheU.S.were2.5timesdefinedcontributionassets(mostly,401(k)plans).By1993,thelatestdateforwhichfiguresareavailable,totalfundsofbothtypesofplanswerealmostequal.From1984to1993,totalU.S.401(k)assetsalonegrewfromabout$92billionto$616billion,increasingfrom0.74%ofAmericans'totalwealthto2.18%.Asashareoftotalretirementcapital,401(k)srosefromabout7%in1984to16.6%in1993,accordingtotheU.S.DepartmentofLabor.Individualretirementaccounts,althoughnolongerasattractiveasasavingvehicleduetothelossofmosttaxadvantagesin1986,stillcaptureahugeamountoftotalretirementassets.Bytheendof1996,savingsinIRAshadswollento$1.35trillion,representingaround3%ofU.S.wealth.Mostofthegrowthwasfromgainsintheequitymarketratherthaninnewcontributions.Meanwhile,mutualfundsandbrokeragefirmspickedupmorethan43%ofthedepositoryinstitutions'dropinIRAmarketshare,increasingtheirownsharefrom15.8%to37.9%formutualfundsand14.7%to35.8%inthecaseofbrokerages.Insurers'shareoftheIRAmarketactuallyfellfrom10.4%in1990to7.8%in1996.Theannuitymarketrepresentinsurers'besthopestoretainasignificantshareoftheretirementmarket.In1993,annuitiesrepresentedalmost20%ofthemarket,followingIRAs'23.4%.Insurancecompanies'shareofthishugefinancialstashstoodatalmost76%in1993,equaltomorethan$1trillion,ofwhichabout$734billionwasearmarkedforretirement.(Thesefiguresonlyincludetax-advantagedannuities).Lifeinsurancecarriers,then,arelikelytoretainsignificantsalesandprofitgrowthintheretirementmarket.Still,theindustryneedstofindnewwaystogrow.Itsrecentbingeofmergersandacquisitionshasimprovedcostefficiencyanddiminishedcompetitionamongcarriers,butisscarcelyenoughtooffsetinroadsbybrokersandmutualfunds.Evenbankshavedeclaredtheirintentionstomarketcompetitivenewinstrumentsintheannuitiesmarket.Adisturbingdevelopmentforinsurancecompaniesistheirlossofshareofrevenue,from55%ofsalesfeesforvariableannuitiesin1994toonly43%thenextyear.TheWallStreetJournalhaspredictedthatinsurers'shareofthesefeescouldfallto30%bytheyear2000.Withthesedevelopmentsinmind,strategyforlifeinsurancefirmsinthedecadeaheadneedtoaimatstoppingtheirskidoutoftheretirementmarket,wheretheyhavefallenfroma22.7%marketsharein1983to18%in1996.Elementsofasuccessfulstrategymightinclude:1.Retaindominanceinannuitiesbyincreasingcostefficiencyindeliveryandholdingdownfees,tomaintaincompetitivenesswithotherfinancialservices.2.SlowdownlossofmarketshareforIRAaccounts.Whilethismarkethasdiminishedintermsofnewcontributions,financialreturnsonexistingIRAassetshavegrownto12%ofinsurancecompanypensionassetsasof1996,from3.3%in1983.3.Jumpwithbothfeetintotheexploding401(k)market,withparticularemphasisonpursuingthefatmarketforrolloveraccounts.Forthelifeinsuranceindustry,thestakesareclear.Whileitsdeclineincompetitivenessisnotasseriousaswidelyproclaimed,itsshareoftheretirementmarkethasbeenfallingbymorethan1%ayearinrecentyears.Becauseitsincomefromannuitieshassurpasseditsincomefromlifeinsurancesince1985,clearlyitmustcontinuetopursuetheretirementsegment.Now,however,italsoneedstolooktowaysofsolidifyingandperhapsexpandingitsshareofthe401(k)andIRAniches.Insurers'strengthisthattheycanleverageawidespectrumofproductstohelpthemtoprotecttheirpresenceintheretirementmarketplace.Forexample,theycanofferone-stopshoppingforacombinationofretirementincome,long-termcarecoverageandestateprotection.Byofferingconsumersproductsthatblendtraditionalriskprotectionwithassetmanagement,insurersmaybeabletoprotecttheirownfuture.人壽保險是否有利于退休金計劃乍看之下，壽險業出現了已面臨了千年的麻煩。隨著嬰兒潮時代的到來，這些消費者已經將財務重點遠離壽險而轉向為保障未來生活的舒適。雖然業界早已認識到，它的未來在于金融產品超過壽險，它近期已逐漸失去其退休市場份額。僅在1992年到1994年間，保險公司的份額401（K）計劃從34%下滑到30%，而共同基金的份額從26%躍升至37%。保險公司的銷售稅遞延年金占美國人退休資產總額的比例從在1990年峰值的22.56%下跌到16.61%。在個人退休賬戶中，銀行在1996年的市場份額從1985年的61%急劇下降到18.4%，保險公司看到共同基金和券商獲得了銀行損失中最大的那部分。然而，這種發展是誤導。兩位專家認為，壽險業的圖品遠遠閃亮于它們首次出現是保羅·霍夫曼和安東尼M.桑托默羅沃頓商學院的金融中心。它們的論文，“在退休金市場的保險業：完全是壞消息？”回答它們自己定義的問題的結論是“否”Hoffman和圣多馬羅指出了很多事實，并不是所有好的行業都一定會表現出一定的盈利機會。本文的修訂版中出現的美國社會CLU和CHFC的雜志。首先，退休金計劃是一個巨大的不斷增長的市場。然而恰恰相反，報告顯示嬰兒潮一代的儲蓄比它們的父母更多。面對這種情況，它們不得不下降界定福利計劃，鑒于美國人曾經嚴重負擔于他們的黃金時期，現在要求它們尋求其他的金融工具，以保護它們的未來。這開辟了金融公司，包括保險公司銷售團體和個人退休計劃的新的銷售機會。還有年金是保險公司最大的以退休為導向的產品，作為美國人的財富份額越來越重要。此外，年金一直保持穩定的退休資產比例。第二，而互惠基金及經紀行已擴大自己的市場份額，其進軍已大多在存款機構，非壽險公司的費用。第三，即使保險公司爭奪賞金的份額有點困難，退休市場仍然是一個不斷增長的金融盛宴。到1996年底，在美國的私人退休總資產為幾乎達到5.1萬億美元后，作為國家總財富的份額從1983年的10.6％增加至13.6％。同時也出現了國家的退休資產的性質的決定性轉變。在1980年，美國的利益總資產被定義為界定公款資產的2.5倍（主要是401（k）計劃）。這兩種類型的計劃資金總額從1993年的最新數字開始就幾乎相等。從1984年到1993年，占美國401（K）資產僅增長約為920億美元至616億美元，美國人的財富總額從0.74％提高到2.18％。在1993年，作為總退休資產的一部分，401（k）退休資本總額的比重，從1984年的約7％上升至16.6％，，根據美國勞工部。個人退休賬戶，雖然不再有像1986年那樣節省車輛開支來降低大量的稅收優惠的吸引力。仍然捕捉到數額巨大的退休資產總額。到1996年底，退休帳戶儲蓄已經腫升至1.35萬億美元，占約3％的美國財富。大部分的增長是在股市的收益，而不是在新的貢獻。同時，共同基金和券商拿起超過43％的存款使機構在愛爾蘭共和軍的市場份額下降，并增加自己的份額從15.8％到3