Abstract: In this paper , We divide the 32 life insurance companies into four groups ,old domestic、newly-founded domestic、old foreign and newly-founded foreign ones，and employ a two-stage DEA model dealing with negative outputs to measure the 32 life insurers’ operating efficiency for 2003 to 2010. Throughout the study, the domestic companies established for a long time and owned old brands still have a good comparative advantage especially in the first stage, although their efficiency have showed some decline faced with the serious challenge after the entry into WTO. The old foreign ones can not reach the level of former ones in the first、second and overall stage, while there is little difference among newly-founded ones. In addition, special emphasis should be placed on the investment capacity so as to improve the insurers’ overall efficiency.

摘要： 本文将2003-2010年32家中外资寿险公司划分为中资老公司、中资新公司、外资老公司和外资新公司４类，运用可处理负产出的两阶段DEA模型对其效率进行了测算。研究结果表明，成立时间久、老牌的中资寿险公司在中外保险业竞争的格局下，其经营效率呈现一定的下降，但仍具备明显的比较优势，尤其体现在一阶段DEA效率。外资老公司在DEA模型一、二阶段及整体效率分析中都不及中资老公司，但新成立的中外资寿险公司间效率差距并不明显。此外，无论中资公司还是外资公司DEA二阶段效率都普遍偏低，因此提高保险资金的运用和管理水平是改善我国寿险公司效率的关键。