保險(xiǎn)類外文翻譯--人壽保險(xiǎn)是否有利于退休金計(jì)劃

1、<p>　　Is Life Insurance Good for Retirement Planning?</p><p>　　At first glance, the life insurance industry appears to be in trouble as it faces the millennium. As the large baby boomer market ages, the

2、se consumers have shifted their financial focus away from life insurance and towards assuring their future comfort.Although the industry has long recognized that its future lies in more in financial products than in life

3、 insurance, it has lately been losing its share of the retirement market.</p><p>　　Between 1992 and 1994 alone, insurers' share of 401(k) plans slipped from 34% to 30%,while mutual funds' share leape

4、d from 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 ba

5、nks' market share fell dramatically from 61% in 1985 to 18.4% in 1996, insurance companies saw mutual funds and brokerage houses gain the fattest slices of the banks' l</p><p>　　Such developments can

6、, however, be misleading. Two experts who believe that the life insurance industry's picture is far brighter than it first appears are Paul Hoffman and Anthony M. Santomero of the Wharton School's Financial Insti

7、tutions 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 fa

8、cts that, while not completely reassuring to the industry, definite</p><p>　　First of all, retirement planning is a huge and growing market. Contrary to reports that have appeared in the past, baby boomers a

9、re saving more rapidly than their parents. And, face it, they have 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 in

10、struments to protect their futures. That opens up new sales opportunities for group and individual retirement plans sold by financial companies, inclu</p><p>　　Second, while mutual funds and brokerage houses

11、 have been expanding their market share, their inroads have been mostly at the expense of depository institutions, not life insurance companies.</p><p>　　Third, the retirement market is a growing financial f

12、east, even if insurers do have to compete a little harder for their share of the bounty. By the end of 1996, total private retirement assets in the U.S. stood at almost $5.1 trillion, having increased as a share of total

13、 national wealth from 10.6% in 1983 to 13.6%.</p><p>　　There has also been a decided shift in the nature of the nation's retirement assets. In 1980, total defined benefit assets in the U.S. were 2.5 time

14、s defined contribution 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

15、 from about $92 billion to $616 billion, increasing from 0.74% of Americans' total wealth to 2.18%. As a share of total retirement c</p><p>　　1984 to 16.6% in 1993, according to the U.S. Department of La

16、bor.</p><p>　　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 of total retirement assets. By t

17、he 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 b

18、rokerage firms picked up more than 43% of the depository institutions' drop in IRA mark</p><p>　　The annuity market represent insurers' best hopes to retain a significant share of the retirement mark

19、et. 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 ab

20、out $734 billion was earmarked for retirement. (These figures only include tax-advantaged annuities).</p><p>　　Life insurance carriers, then, are likely to retain significant sales and profit growth in the r

21、etirement market. Still, the industry needs to find new ways to grow. Its recent binge of mergers and acquisitions has improved cost efficiency and diminished competition among carriers, but is scarcely enough to offset

22、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 com</p><p>　　of share of r

23、evenue, from 55% 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.</p><p&g

24、t;　　With these developments in mind, strategy for life insurance firms in the decade ahead need to aim at stopping their skid out of the retirement market, where they have fallen from a 22.7% market share in 1983 to 18%

25、in 1996. Elements of a successful strategy might include:</p><p>　　1. Retain dominance in annuities by increasing cost efficiency in delivery and holding down fees, to maintain competitiveness with other fin

26、ancial services.</p><p>　　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 ins

27、urance company pension assets as of 1996, from 3.3% in 1983.</p><p>　　3. Jump with both feet into the exploding 401(k) market, with particular emphasis on pursuing the fat market for rollover accounts.</p

28、><p>　　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 y

29、ear in recent</p><p>　　years. 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

30、 to look to ways of solidifying and perhaps expanding its share of the 401(k) and IRA niches.</p><p>　　Insurers' strength is that they can leverage a wide spectrum of products to help them to protect the

31、ir 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 tr

32、aditional risk protection with asset management, insurers may be able to protect their own future.</p><p>　　人壽保險(xiǎn)是否有利于退休金計(jì)劃</p><p>　　乍看之下，壽險(xiǎn)業(yè)出現(xiàn)了已面臨了千年的麻煩。隨著嬰兒潮時(shí)代的到來，這些消費(fèi)者已經(jīng)將財(cái)務(wù)重點(diǎn)遠(yuǎn)離壽險(xiǎn)而轉(zhuǎn)向?yàn)楸Ｕ衔磥砩畹氖孢m。

33、雖然業(yè)界早已認(rèn)識(shí)到，它的未來在于金融產(chǎn)品超過壽險(xiǎn)，它近期已逐漸失去其退休市場份額。</p><p>　　僅在1992年到1994年間，保險(xiǎn)公司的份額401（K）計(jì)劃從34%下滑到30%，而共同基金的份額從26%躍升至37%。保險(xiǎn)公司的銷售稅遞延年金占美國人退休資產(chǎn)總額的比例從在1990年峰值的22.56%下跌到16.61%。在個(gè)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(xiǎn)

34、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。</p><p>　　然而，這種發(fā)展是誤導(dǎo)。兩位專家認(rèn)為，壽險(xiǎn)業(yè)的圖品遠(yuǎn)遠(yuǎn)閃亮于它們首次出現(xiàn)是保羅·霍夫曼和安東尼M.桑托默羅沃頓商學(xué)院的金融中心。它們的論文，“在退休金市場的保險(xiǎn)業(yè)：完全是壞消息？”回答它們自己定義的問題的結(jié)論是“否”Hoffman 和圣多馬羅指出了很多事實(shí)，并不是所有好的行業(yè)都一定會(huì)表現(xiàn)出一定的盈利機(jī)會(huì)。本文的修訂版中出現(xiàn)的美國社會(huì)

35、CLU和CHFC的雜志。</p><p>　　首先，退休金計(jì)劃是一個(gè)巨大的不斷增長的市場。然而恰恰相反，報(bào)告顯示嬰兒潮一代的儲(chǔ)蓄比它們的父母更多。面對(duì)這種情況，它們不得不下降界定福利計(jì)劃，鑒于美國人曾經(jīng)嚴(yán)重負(fù)擔(dān)于他們的黃金時(shí)期，現(xiàn)在要求它們尋求其他的金融工具，以保護(hù)它們的未來。這開辟了金融公司，包括保險(xiǎn)公司銷售團(tuán)體和個(gè)人退休計(jì)劃的新的銷售機(jī)會(huì)。還有年金是保險(xiǎn)公司最大的以退休為導(dǎo)向的產(chǎn)品，作為美國人的財(cái)富份額越來越

36、重要。此外，年金一直保持穩(wěn)定的退休資產(chǎn)比例。</p><p>　　第二，而互惠基金及經(jīng)紀(jì)行已擴(kuò)大自己的市場份額，其進(jìn)軍已大多在存款機(jī)構(gòu)，非壽險(xiǎn)公司的費(fèi)用。</p><p>　　第三，即使保險(xiǎn)公司爭奪賞金的份額有點(diǎn)困難，退休市場仍然是一個(gè)不斷增長的金融盛宴。到1996年底，在美國的私人退休總資產(chǎn)為幾乎達(dá)到5.1萬億美元后，作為國家總財(cái)富的份額從1983年的10.6％增加至13.6％。<

37、/p><p>　　同時(shí)也出現(xiàn)了國家的退休資產(chǎn)的性質(zhì)的決定性轉(zhuǎn)變。在1980年，美國的利益總資產(chǎn)被定義為界定公款資產(chǎn)的2.5倍（主要是401（k）計(jì)劃）。這兩種類型的計(jì)劃資金總額從1993年的最新數(shù)字開始就幾乎相等。從1984年到1993年，占美國401（K）資產(chǎn)僅增長約為920億美元至616億美元，美國人的財(cái)富總額從0.74％提高到2.18％。在1993年，作為總退休資產(chǎn)的一部分，401（k）退休資本總額的比重，從1

38、984年的約7％上升至16.6％，，根據(jù)美國勞工部。</p><p>　　個(gè)人退休賬戶，雖然不再有像1986年那樣節(jié)省車輛開支來降低大量的稅收優(yōu)惠的吸引力。仍然捕捉到數(shù)額巨大的退休資產(chǎn)總額。到1996年底，退休帳戶儲(chǔ)蓄已經(jīng)腫升至1.35萬億美元，占約3％的美國財(cái)富。大部分的增長是在股市的收益，而不是在新的貢獻(xiàn)。同時(shí)，共同基金和券商拿起超過43％的存款使機(jī)構(gòu)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％

39、到37.9％的共同基金和14.7％到35.8％的券商。保險(xiǎn)在IRA市場的份額實(shí)際上從1990年的10.4%下降到1996年的7.8%</p><p>　　企業(yè)年金市場是保險(xiǎn)公司希望保留退休市場的重要份額的表現(xiàn)。在1993年，年金代表了將近20%的市場份額，個(gè)人退休賬戶的23.4%。保險(xiǎn)公司的這個(gè)龐大的金融藏匿的份額幾乎為76％，在1993年，等于超過1萬億美元，其中約734億美元，預(yù)留退休。 （這些數(shù)字只包括稅務(wù)

40、優(yōu)惠年金）。</p><p>　　人壽保險(xiǎn)擁有者隨后有可能在退休市場保留重要的銷售和利潤增長。盡管如此，業(yè)界需要找到新的方式來成長。其最近的并購熱潮提高成本效益并減弱運(yùn)營商之間的競爭，但幾乎足以抵消經(jīng)紀(jì)人的共同基金市場。即使銀行已宣布他們的意圖，市場競爭力也成為年金市場的新工具。保險(xiǎn)公司的一個(gè)令人不安的事態(tài)發(fā)展是他們的收入份額的損失，可變年金在1994年只有43％，明年的銷售費(fèi)用的55％。 ““華爾街日?qǐng)?bào)”曾預(yù)

41、測，2000年保險(xiǎn)公司，這些費(fèi)用中所占的份額可能會(huì)下降30％。</p><p>　　考慮到這些事態(tài)發(fā)展，未來壽險(xiǎn)公司在十年的戰(zhàn)略需要著眼于停止其下滑的退休市場，他們?cè)?983年的22.7％的市場份額已從1996年下降為18％。一個(gè)成功的戰(zhàn)略要素可能包括：</p><p>　　1通過增加交付成本效益和保證費(fèi)用降低來保留在年金的優(yōu)勢來保持同其他金融服務(wù)的競爭力</p><p

42、>　　2為IRA賬戶減緩市場份額的損失。雖然這個(gè)市場在新領(lǐng)域的貢獻(xiàn)較少，但對(duì)現(xiàn)有的愛爾蘭共和軍資產(chǎn)的財(cái)務(wù)回報(bào)已從1983年的3.3%的保險(xiǎn)公司養(yǎng)老金資產(chǎn)發(fā)展到12%的保險(xiǎn)公司養(yǎng)老金資產(chǎn)。</p><p>　　3將發(fā)展重點(diǎn)轉(zhuǎn)移到401（k）市場，并著重追求豐富市場的過渡賬戶</p><p>　　對(duì)于壽險(xiǎn)業(yè)，賭注是壽險(xiǎn)業(yè)。雖然它競爭力下降的嚴(yán)重性不如它宣傳的高，其退休市場在近幾年的份額已

43、超過1%。自1985年以來，因?yàn)樗麖哪杲鸬氖杖胍呀?jīng)超過其來自壽險(xiǎn)，顯然必須繼續(xù)追求退休段。然而，現(xiàn)在，它也需要尋找方法鞏固和可能擴(kuò)大其份額的401（k）和IRA龕。</p><p>　　保險(xiǎn)公司的實(shí)力，他們可以利用廣泛，以幫助他們保護(hù)他們的產(chǎn)品在退休市場的存在。例如，他們可以提供一站式購物的組合退休后的收入，長期護(hù)理保險(xiǎn)和財(cái)產(chǎn)的保護(hù)。通過為消費(fèi)者提供的產(chǎn)品融合傳統(tǒng)與資產(chǎn)管理的風(fēng)險(xiǎn)保障，保險(xiǎn)公司可能能夠保護(hù)自