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1、Is Life Insurance Good for Retirement Planning?At first glance, the life insurance industry appears to be in trouble as it faces the millennium. As the large baby boomer market ages, these consumers have shifted their financial focus away from life insurance and towards assuring their future comfort
2、.Although the industry has long recognized that its future lies in more in financial products than in life insurance, it has lately been losing its share of the retirement market.Between 1992 and 1994 alone, insurers share of 401(k) plans slipped from 34% to 30%,while mutual funds share leaped from
3、26% to 37%. Tax-deferred annuities sold by insurance companies fell in share of Americans total retirement assets to 16.61% in 1996 from its peak in 1990 of 22.56%. In individual retirement accounts, while banks market share fell dramatically from 61% in 1985 to 18.4% in 1996, insurance companies sa
4、w mutual funds and brokerage houses gain the fattest slices of the banks loss.Such developments can, however, be misleading. Two experts who believe that the life insurance industrys picture is far brighter than it first appears are Paul Hoffman and Anthony M. Santomero of the Wharton Schools Financ
5、ial Institutions Center. Their paper, Life Insurance Firms in the Retirement Market: Is the News All Bad? answers their own titular question with a decided no. Hoffman and Santomero point to a number of facts that, while not completely reassuring to the industry, definitely show some profitable oppo
6、rtunities. A revised version of this paper appeared in the Journal of the American Society of CLU and ChFC.First of all, retirement planning is a huge and growing market. Contrary to reports that have appeared in the past, baby boomers are saving more rapidly than their parents. And, face it, they h
7、ave to: The decline of defined benefit plans, which Americans once counted on so heavily for their golden years, demands that they look to other financial instruments to protect their futures. That opens up new sales opportunities for group and individual retirement plans sold by financial companies
8、, including insurers. And annuities, which are insurers biggest retirement-oriented product, are growing in importance as a share of Americans wealth. Moreover, annuities have remained stable as a percentage of retirement assets.Second, while mutual funds and brokerage houses have been expanding the
9、ir market share, their inroads have been mostly at the expense of depository institutions, not life insurance companies.Third, the retirement market is a growing financial feast, even if insurers do have to compete a little harder for their share of the bounty. By the end of 1996, total private reti
10、rement assets in the U.S. stood at almost $5.1 trillion, having increased as a share of total national wealth from 10.6% in 1983 to 13.6%.There has also been a decided shift in the nature of the nations retirement assets. In 1980, total defined benefit assets in the U.S. were 2.5 times defined contr
11、ibution assets (mostly, 401(k) plans). By 1993, the latest date for which figures are available, total funds of both types of plans were almost equal. From 1984 to 1993, total U.S. 401(k) assets alone grew from about $92 billion to $616 billion, increasing from 0.74% of Americans total wealth to 2.1
12、8%. As a share of total retirement capital, 401(k)s rose from about 7% in1984 to 16.6% in 1993, according to the U.S. Department of Labor.Individual retirement accounts, although no longer as attractive as a saving vehicle due to the loss of most tax advantages in 1986, still capture a huge amount o
13、f total retirement assets. By the end of 1996, savings in IRAs had swollen to $1.35 trillion, representing around 3% of U.S. wealth. Most of the growth was from gains in the equity market rather than in new contributions. Meanwhile, mutual funds and brokerage firms picked up more than 43% of the dep
14、ository institutions drop in IRA market share, increasing their own share from 15.8% to 37.9% for mutual funds and 14.7% to 35.8% in the case of brokerages. Insurers share of the IRA market actually fell from 10.4% in 1990 to 7.8% in 1996.The annuity market represent insurers best hopes to retain a
15、significant share of the retirement market. In 1993, annuities represented almost 20% of the market, following IRAs 23.4%. Insurance companies share of this huge financial stash stood at almost 76% in 1993, equal to more than $1 trillion, of which about $734 billion was earmarked for retirement. (Th
16、ese figures only include tax-advantaged annuities).Life insurance carriers, then, are likely to retain significant sales and profit growth in the retirement market. Still, the industry needs to find new ways to grow. Its recent binge of mergers and acquisitions has improved cost efficiency and dimin
17、ished competition among carriers, but is scarcely enough to offset inroads by brokers and mutual funds. Even banks have declared their intentions to market competitive new instruments in the annuities market. A disturbing development for insurance companies is their lossof share of revenue, from 55%
18、 of sales fees for variable annuities in 1994 to only 43% the next year. The Wall Street Journal has predicted that insurers share of these fees could fall to 30% by the year 2000.With these developments in mind, strategy for life insurance firms in the decade ahead need to aim at stopping their ski
19、d out of the retirement market, where they have fallen from a 22.7% market share in 1983 to 18% in 1996. Elements of a successful strategy might include:1. Retain dominance in annuities by increasing cost efficiency in delivery and holding down fees, to maintain competitiveness with other financial
20、services.2. Slow down loss of market share for IRA accounts. While this market has diminished in terms of new contributions, financial returns on existing IRA assets have grown to 12% of insurance company pension assets as of 1996, from 3.3% in 1983.3. Jump with both feet into the exploding 401(k) m
21、arket, with particular emphasis on pursuing the fat market for rollover accounts.For the life insurance industry, the stakes are clear. While its decline in competitiveness is not as serious as widely proclaimed, its share of the retirement market has been falling by more than 1% a year in recentyea
22、rs. Because its income from annuities has surpassed its income from life insurance since 1985, clearly it must continue to pursue the retirement segment. Now, however, it also needs to look to ways of solidifying and perhaps expanding its share of the 401(k) and IRA niches. Insurers strength is that
23、 they can leverage a wide spectrum of products to help them to protect their presence in the retirement marketplace. For example, they can offer one-stop shopping for a combination of retirement income, long-term care coverage and estate protection. By offering consumers products that blend traditio
24、nal risk protection with asset management, insurers may be able to protect their own future.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
25、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
26、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
27、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
28、。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37.9的共同基金和14.7到35.8的券商。保险在IRA市场的份额实际上从1990年的10.4%下降到1996年的7.8%企业年金市场是保险公司希望保留退休市场的重要份额的表现。在1993年，年金代表了将近20%的市场份额，个人退休账户的23.4%。保险公司的这个庞大的金融藏匿的份额几乎为76，在1993年，等于超过1万亿美元，其中约734亿美元，预留退休。 （这些数字只
29、包括税务优惠年金）。待添加的隐藏文字内容2人寿保险拥有者随后有可能在退休市场保留重要的销售和利润增长。尽管如此，业界需要找到新的方式来成长。其最近的并购热潮提高成本效益并减弱运营商之间的竞争，但几乎足以抵消经纪人的共同基金市场。即使银行已宣布他们的意图，市场竞争力也成为年金市场的新工具。保险公司的一个令人不安的事态发展是他们的收入份额的损失，可变年金在1994年只有43，明年的销售费用的55。 “华尔街日报”曾预测，2000年保险公司，这些费用中所占的份额可能会下降30。考虑到这些事态发展，未来寿险公司在十年的战略需要着眼于停止其下滑的退休市场，他们在1983年的22.7的市场份额已从1996
30、年下降为18。一个成功的战略要素可能包括：1通过增加交付成本效益和保证费用降低来保留在年金的优势来保持同其他金融服务的竞争力2为IRA账户减缓市场份额的损失。虽然这个市场在新领域的贡献较少，但对现有的爱尔兰共和军资产的财务回报已从1983年的3.3%的保险公司养老金资产发展到12%的保险公司养老金资产。3将发展重点转移到401（k）市场，并着重追求丰富市场的过渡账户对于寿险业，赌注是寿险业。虽然它竞争力下降的严重性不如它宣传的高，其退休市场在近几年的份额已超过1%。自1985年以来，因为他从年金的收入已经超过其来自寿险，显然必须继续追求退休段。然而，现在，它也需要寻找方法巩固和可能扩大其份额的401（k）和IRA龛。保险公司的实力，他们可以利用广泛，以帮助他们保护他们的产品在退休市场的存在。例如，他们可以提供一站式购物的组合退休后的收入，长期护理保险和财产的保护。通过为消费者提供的产品融合传统与资产管理的风险保障，保险公司可能能够保护自己的未来。
