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有效的资产负债管理以寿险公司资产和负债价值的正确计量为基础。寿险负债的长期性和多种嵌入期权的特性使寿险公司资产负债管理更具复杂性。寿险负债价值计量的精算方法注重于它的死亡率风险测定的技术秘诀和期限的长期性,但该方法使期权的效应无从体现,也使在利率和被保险人行为的静态假设不成立的前提下,负债价值被低估的情况发生。因此,必须辅之于财务方法来测量期权在寿险合约中的价值。本文对寿险合约中期权价值的测量及其对ALM的作用也做了探讨。
Effective asset and liability management is based on the correct measurement of the value of life and property assets and liabilities. The long-term life insurance liabilities and the characteristics of a variety of embedded options make asset-liability management of life insurance companies more complicated. The actuarial method of measuring the value of a life liability focuses on the technical know-how and the long term of its risk measurement but does not allow for the option’s effect. It also allows the static assumption of interest rates and insured behavior not to be fulfilled , The value of the debt has been underestimated. Therefore, it must be supplemented by the financial method to measure the value of the option in the life insurance contract. This article also discusses the measurement of options value in life insurance contracts and its role in ALM.