Abstract: Abstract: Life insurance securitization refers to the financing or risk transferring process in which a life insurance company issues asset-backed securities based on its operating cash flows. Like asset securitization, life insurance securitization has three basic principles of risk restructuring, risk isolation and credit enhancement with the characteristics of life insurance business. According to the items on the balance sheet of a life insurance company, life insurance securitization can be categorized into the followings three types: (1) embedded value securitization converts intangible assets such as acquisition costs and cash values embedded in insurance policies into cash to reduces the financial pressure and increases underwriting capacity; (2) reserve securitization releases excess reserves, reduces the reserve pressure, and fulfills the regulatory reserve requirements; (3) different from the financing purpose of embedded value securitization and reserve securitization, risk transfer securitization aims to transfer extreme mortality risk and longevity risk into the capital market.

摘要： 寿险证券化是指寿险公司通过发行以标的业务现金流为支撑的资产支持证券的融资或转移寿险风险的过程。与一般资产证券化相似，寿险证券化的基本原理包含风险重组、风险隔离和信用增级三个基本原理，但融合了寿险业务的特殊性。根据资产负债表上可作为证券化标的项目来划分，寿险证券化可分为内含价值证券化、责任准备金证券化、风险转移证券化三类，且每类均包含特有的经济学与保险学原理。前两类证券化的目的主要是为了融资套现，而后一类则是为了转移极端死亡率风险和长寿风险。