人寿保险外文翻译文献

人寿保险外文翻译文献人寿保险外文翻译文献(文档含英文原文和中文翻译)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.人寿保险是否有利于退休金计划乍看之下，寿险业出现了已面临了千年的麻烦。随着婴儿潮时代的到来，这些消费者已经将财务重点远离寿险而转向为保障未来生活的舒适。虽然业界早已认识到，它的未来在于金融产品超过寿险，它近期已逐渐失去其退休市场份额。仅在1992年到1994年间，保险公司的份额401（K）计划从34%下滑到30%，而共同基金的份额从26%跃升至37%。保险公司的销售税递延年金占美国人退休资产总额的比例从在1990年峰值的22.56%下跌到16.61%。在个人退休账户中，银行在1996年的市场份额从1985年的61%急剧下降到18.4%，保险公司看到共同基金和券商获得了银行损失中最大的那部分。然而，这种发展是误导。两位专家认为，寿险业的图品远远闪亮于它们首次出现是保罗·霍夫曼和安东尼M.桑托默罗沃顿商学院的金融中心。它们的论文，“在退休金市场的保险业：完全是坏消息？”回答它们自己定义的问题的结论是“否”Hoffman和圣多马罗指出了很多事实，并不是所有好的行业都一定会表现出一定的盈利机会。本文的修订版中出现的美国社会CLU和CHFC的杂志。首先，退休金计划是一个巨大的不断增长的市场。然而恰恰相反，报告显示婴儿潮一代的储蓄比它们的父母更多。面对这种情况，它们不得不下降界定福利计划，鉴于美国人曾经严重负担于他们的黄金时期，现在要求它们寻求其他的金融工具，以保护它们的未来。这开辟了金融公司，包括保险公司销售团体和个人退休计划的新的销售机会。还有年金是保险公司最大的以退休为导向的产品，作为美国人的财富份额越来越重要。此外，年金一直保持稳定的退休资产比例。第二，而互惠基金及经纪行已扩大自己的市场份额，其进军已大多在存款机构，非寿险公司的费用。第三，即使保险公司争夺赏金的份额有点困难，退休市场仍然是一个不断增长的金融盛宴。到1996年底，在美国的私人退休总资产为几乎达到5.1万亿美元后，作为国家总财富的份额从1983年的10.6％增加至13.6％。同时也出现了国家的退休资产的性质的决定性转变。在1980年，美国的利益总资产被定义为界定公款资产的2.5倍（主要是401（k）计划）。这两种类型的计划资金总额从1993年的最新数字开始就几乎相等。从1984年到1993年，占美国401（K）资产仅增长约为920亿美元至616亿美元，美国人的财富总额从0.74％提高到2.18％。在1993年，作为总退休资产的一部分，401（k）退休资本总额的比重，从1984年的约7％上升至16.6％，，根据美国劳工部。个人退休账户，虽然不再有像1986年那样节省车辆开支来降低大量的税收优惠的吸引力。仍然捕捉到数额巨大的退休资产总额。到1996年底，退休帐户储蓄已经肿升至1.35万亿美元，占约3％的美国财富。大部分的增长是在股市的收益，而不是在新的贡献。同时，共同基金和券商拿起超过43％的存款使机构在爱尔兰共和军的市场份额下降，并增加自己的份额从15.8％到3