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寿险公司分红保险具有最低保障利率,并能使投保人分享保险公司的经营成果,但很多购买分红保险的投保人对其收益分布并不了解。本文利用随机模拟方法给出我国分红险的收益分布。结果表明分红合约在风险与收益的平衡方面有较好性质。如果保险人的投资组合的波动率较高,分红合约的收益相对资产组合有显著的下方保护作用。由于实际中寿险投资组合波动率并不很高,如果市场风险溢价较高,选择直接投资到资产组合会以较大概率获得比分红合约更高的收益。
The life insurance company’s bonus insurance has the lowest guaranteed interest rate and enables the policy holder to share the operating results of the insurance company. However, many policyholders who purchase bonus insurance do not understand the distribution of their income. In this paper, we use the stochastic simulation method to give the return distribution of the dividend insurance in our country. The result shows that the dividend payout contract has a better nature in the balance between risk and return. If the insurer’s portfolio has a high volatility, the dividend payout has a significant bottom-line protection against the portfolio. Due to the fact that the volatility of the life insurance portfolio is not very high, if the market risk premium is high, choosing to invest directly in the asset portfolio will yield a higher return on the dividend payout with a higher probability.