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IUL的底层逻辑——怎么做到跟涨不跟跌？

我们谈到IUL产品的时候，必然提及的特点之一，是它可以追踪指数的表现，并且跟涨不跟跌。新加坡市场上的IUL产品都会设定一个保底0%的利率，其中大部分同时会有一个封顶利率。

比如一款追踪标普500指数的IUL产品，如果设定的封顶利率是10%，那么如果某个周期内标普500的收益超过了10%，客户的IUL保单就会获得封顶10%的派息。如果标普500收益在0到10%之间，保单派息就跟实际收益率相同。而如果某个周期内标普500是亏损的，不管亏了1%还是50%，保单都只是不派息，保单价值不会等比例亏损。

那么为什么IUL保单可以做到跟涨不跟跌，它的底层逻辑是什么？

首先，很多人都存在一个误区，认为IUL保单里的钱是买入了指数的ETF。其实，IUL真正投资的是一个固收资产加金融衍生品的组合。

我们还是以追踪标普500，保底0%、封顶10%的IUL产品来进行说明。

假设保险公司收到1000美元的保费，会拿其中绝大部分的钱去进行稳健的投资，一般就是买入债券。比如用970美元来买债券，只要保证这部分的年收益率不低于3.09%，这970美元一年后就会增长到至少1000美元，这就是IUL能提供保底的真正原因。

而剩下的30美元，保险公司可以拿去买卖标普500指数的看涨期权。假设当前标普500 ETF的价格是每股500美元，每份行使价为500美元的一年期看涨期权的价格是20美元，每份行使价为550美元的一年期看涨期权价格是5美元。保险公司可以买入2份行使价为500美元的看涨期权，同时卖出2份行使价为550美元的看涨期权。这是一种典型的牛市价差策略（Bull Call Spread）。

假设一年后，标普500 ETF涨到了580美元，那么保险公司会行使期权，以500美元的价格得到当前价值580美元的ETF，每股赚80美元。而保险公司卖出的期权也会被行使，对方可以用550美元的价格从保险公司这里购买当前价值580美元的ETF，因此保险公司每股又亏损了30美元。那么算下来保险公司每股净赚就是50美元，两股就是100美元。整体算下来，虽然ETF涨了16%，但是保单最高只是赚10%。

如果一年后标普500 ETF涨到525美元，只有保险公司会行使期权，以500美元的价格得到当前价值525美元的ETF，保单净赚5%。

而如果一年后标普500 ETF跌到了470美元，两种看涨期权都不会被行使，我们只是亏掉了用来买卖期权的30美元成本，但是这个亏损已经由债券赚回来了，所以整份保单就是不亏也不赚。

通过这种债券加看涨期权的投资组合，我们就可以设计出一款下有0%保底，上有10%封顶的IUL产品。需要注意，上面的数字只是用来做简单的说明，并不代表市场上ETF或者期权的实际价格。我所介绍的这种投资策略也只是一个很简单的模型，实际上保险公司的投资策略可能复杂得多，不过基本的原理都是差不多的。

当然，目前市场上还有一些IUL产品，追踪的指数可以在有0%保底的同时，上不封顶。这种产品的投资策略和设计理念就与这篇文章讲的略有不同，我会在下一篇文章里详细讲解。

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Li Yu 李雨

2008年获SM1奖学金来新加坡留学
毕业于新加坡国立大学，此后进入保险行业，至今已逾7年
至今已为上百个新加坡、中国大陆和台湾家庭提供私人定制的保险与财富管理方案

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  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策