关键词: 寿险证券化,内含价值证券化,保单获得成本,有效业务价值

Abstract: The securitization of the embedded value of insurance policy refers to the process of issuing bonds in the capital markets by life insurance companies with their acquisition cost from life insurance, the future business operation profits and the surplus assets from closed block of business as the guarantee, so as to meet the various financing needs of the life insurance companies by means of one-time realization in advance of the embedded value of insurance policy. This paper summarizes the market development and classification for the embedded value securitization, elaborates on the operational mechanisms of the AC, VIFB and CBB securitization, and finally offers the pricing method to calculate the embedded value of life insurance policy with examples.

Key words: life insurance securitization; embedded value securitization; policy acquisition cost; value of in force business