| Summary: | 摘 要 金融海嘯對全球經濟造成巨大的影響，一場在2007年8月9日開始浮現的金融危機。自次級房屋信貸危機爆發開始，引起一連串的經濟風暴，投資者對貸款證券的價值失去信心，引發流動性危機。即使多國中央銀行多次向金融市場注入巨額資金，也無法阻止這場金融危機的爆發。直到2008年，這場金融危機開始失控，全球股市暴跌，並導致多家大型的金融機構倒閉或被政府接管。甚至造成冰島這個國家的破產，在這個事件發生以後造成許多家，國際性的投資銀行倒閉，保險公司出現經營上重大的困難，保險公司在經營模式與角色定位應該重新思考。 在這場金融海嘯中美國國際集團，遭受重創如非美國政府協助美國國際集團實質上已經倒閉，除美國國際集團，歐洲及美國，都有其他大型保險公司受到重創，但也有許多相同規模的保險公司，如保德信金融集團，並未受到嚴重的影響。本研究探討金融海嘯形成的原因，對整體保險業造成那些影響，作綜合性的探討，再借由保德信金融集團與美國國際集團，兩家歷史悠久，規模龐大的保險公司為例深入探討在這一場大海嘯中是那些原因使得兩家公司在結果上有那麼大的差異，本研究將兩家公司的經營理念、經營策略、與財務報表逐項比較其差異，並求證差異對經營績效的影響，進一步了解經營理念、經營策略對公司長期發展與經營模式、業務發展所造成的影響。 美國國際集團公司本身並沒有特別的經營理念的敘述，所以公司的發展軌跡一直追隨著發展機會而行。由於沒有經營理念公司發展的依據是以成長為主的經營策略：業務多元化能提高公司整體業績的穩定性。為此，美國國際集團一方面加強壽險業務，另一方面加快了進軍外國保險市場的步伐並成功打入130個國家。美國國際集團逐漸形成了一個明晰的擴張思路：向那些能利用公司的AAA評級、雄厚資本、風險管理技能和智力資本的領域擴展。正是在這個擴張策略指引下，美國國際集團決定成立美國國際集團金融產品公司(AIGFP)，進軍新興的衍生性金融商品市場。種下失敗的種子。 保德信金融集團認為企業經營是一場馬拉松，不是一個短跑。在馬拉松賽中，人格與品格，比技術更重要，尤其在非常時刻，品格更顯得重要，它會是讓企業得以長久經營的關鍵。對於保德信來說，「人才」是具備「從事心靈服務」能力的人才，對客戶要有同理心，了解他們的需求，並把客戶的利益置於優先，並做出正確決定的正直人格。這樣的人格，在非常時期，不會因為環境的變化而走捷徑，再加上專業的技術，才會有具「品質」的服務。。保德信金融集團的經營策略使他的發展方式不是向外擴充，而是增加深度，從員工的道德專業、品質的提升開始，提供客戶更貼心，更符合需求的產品與服務，希望跟客戶維持更長遠的關係。不同的理念與策略造成公司文化、組織結構、發展方向炯然不同。營運成果有極大的差異，所以公司應該有明確的經營理念確立主軸建立共識才能長期穩定發展。 ABSTRACT The global economic had been strongly influenced by the financial Tsunami, which starts the financial crisis in August 9, 2007. Since the subprime mortgage erupts and causes a succession of economic storm, the investors lose the confidence to the mortgage backed security. This event becomes the liquidity crisis, even if the central bank of many countries infuses the large amount fund to the financial market many times, the financial crisis still happened. Until 2008, the financial crisis starts out of control: the global stock market falls suddenly; many large-scale financial organs go out of business or are taken over control by the government. The Iceland even therefore goes bankrupt. After these events, many international investment banks goes out of business, the insurance company appears significant difficulty on management. The business model and the role localization should be pondered by the insurance company. In this financial Tsunami, American International Group (AIG) suffered the heavy losses. The AIG will go out of business if the government didn't offer support. Except AIG, there are some large-scale insurance companies suffered the heavy losses in Europe and England. But there still some insurance companies with the same scale hadn't come under the serious influence, for instance, the Prudential Financial (PRU). In this study, the reason forms the finance Tsunami will be discussed. The influences to the overall insurance business will also be made a comprehensive discussion in this study. This study is using the AIG and PRU as examples to discuss the reasons which enable two companies having such difference in this big Tsunami. The management idea, the management strategy and the financial report will be compared with AIG and PRU item by item. And try to finding the connection between the difference and management achievements, and also understanding the influences in company long-term development, management model and trade development by management idea and management strategy. AIG Corporation doesn't narrate their management idea especially, so the company development has been following the opportunity. Because of no management idea, the management development is depended on the management strategy which is growing primarily, that is the service multiplication can enhance the overall company achievement stability. Therefore, AIG strengthens the life insurance service on the one hand; on the other hand, AIG speeds up entering the foreign insurance market and infiltrates 130 countries successfully. AIG Corporation has formed a defined expansion mentality gradually, which expanses to the domain of using the AAA rating, the abundant capital, the risk management skill and the intelligence capital. Under this expansion management strategy, the AIG Corporation decides to establish the American International Group Financial Products (AIGFP), enters the emerging derivative finance commodity market. Plants defeat's seed. PRU thought that the enterprise management is a marathon, not a dash. In a marathon match, the personality and the moral character are more important than the technology. The moral character is more important especially in the unusual time; it is the key that makes the enterprise managing for a long time. Regarding PRU, “the talented person” who has the “engaged in the mind service” ability, who must have likewise the heart to the customer, who understands the customer's demands, who always put the customer benefit first, and who makes the correct decision. Such personality, will not walk the shortcut because of the environment change in the unusual period, in addition the specialized technology, that's why the service having “the quality.” The PRU management strategy makes its development way not expands outward, but increases the depth, starting from the staff's moral specialty and the quality promotion. Which provides the customer to be more intimate, conforms to the demand product and the service, hoped that maintains longer-term relations with the customer. The different idea and the strategy make the corporate culture, the organizational structure, the development direction different. Business achievement has the enormous difference, so the company should have the explicit management idea establishment the main axle consensus building to be able the long-term stability development. 第一章 緒論 --- 1 第二章 金融海嘯的原因與對保險業的影響 --- 3 第一節、 金融海嘯的原因及過程 --- 3 第二節、 金融海嘯對保險業的影響 --- 6 第三節、 金融海嘯後保險業所面臨的困難 --- 10 第三章 保德信金融集團(PRU)介紹 --- 12 第一節、 公司概況 --- 12 第二節、 經營理念 --- 16 第三節、 經營策略 --- 17 第四節、 財務分析 --- 17 第四章 美國國際集團(AIG)介紹 --- 20 第一節、 公司概況 --- 20 第二節、 經營理念 --- 26 第三節、 經營策略 --- 27 第四節、 財務狀況 --- 27 第五章 AIG&PRU的經營理念、經營策略與財務報表分析比較 --- 31 第一節、 經營理念的差異 --- 31 第二節、 經營策略的差異 --- 34 第三節、 財務報表分析 --- 35 第六章 結論與建議 --- 42 文獻回顧 --- 45
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