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The Performance Analysis of Individual Pension Products: Focusing on Investment Returns and Fees

  • Journal of Insurance and Finance
  • 2019, 30(3), pp.33-69
  • DOI : 10.23842/jif.2019.30.3.002
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management
  • Received : March 21, 2019
  • Accepted : August 19, 2019
  • Published : August 31, 2019

Lee Kyonghee 1 sejoong kim 2

1상명대학교
2보험연구원

Accredited

ABSTRACT

This paper analyzes the performance of pension savings products by using the information provided by the Financial Supervisory Service. As a result of analyzing the long-term returns of the products (n=221) that have passed 12 ~ 17 years after the sales in the first half of 2018, the average nominal rate of return is 3.63%, which is 0.30%p and 1.35%p higher than 1 year deposit rate and inflation rate, respectively. Regression analysis between commissions and returns for a similar pension savings insurance product (n=137) showed a statistically significant negative relationship. This means that information on commission rate is a very important factor to consumer’s investment decision. In order to improve the performance of pension savings products, regulators should work to increase the accuracy of data and provide informative information to decision makers, such as changing disclosure information based on actual performance. It is also necessary to consider the measures such as the case of Germany and Sweden to convey understandable information and guidance to change the product for customers.

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