人壽保險(xiǎn)外文翻譯文獻(xiàn)

人壽保險(xiǎn)外文翻譯文獻(xiàn)人壽保險(xiǎn)外文翻譯文獻(xiàn)(文檔含英文原文和中文翻譯)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.人壽保險(xiǎn)是否有利于退休金計(jì)劃乍看之下，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。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。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)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。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)CLU和CHFC的雜志。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)富份額越來越重要。此外，年金一直保持穩(wěn)定的退休資產(chǎn)比例。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。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％。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1984年的約7％上升至16.6％，，根據(jù)美國勞工部。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％到3