本研究應用資料包絡分析法及Malmquist生產力指數，輔以Tobit迴歸模型與Mann-Whitney檢定，評估台灣壽險公司之經營效率。研究期間為2005年至2007年，以27家壽險公司為研究對象，選取業務管理費用、業務員津貼及投入資本為投入變數；以第一年度保費收入、續年度保費收入及財務收入為產出變數，進行效率值分析、差額變數分析、敏感度分析及生產力分析。實證結果顯示：
一、整體壽險業平均技術效率值約介於0.6至0.7之間，存在改善空間臻至最適效率；台灣壽險市場自1994年全面開放設立後十餘年，未達整體技術有效率之壽險公司占七成五且其中超過七成處於遞增規模報酬型態，顯示壽險市場趨於成熟，可思考整併取代個別擴大營運規模。壽險業整體平均Malmquist生產力指數大於1，顯示整體平均生產力逐年呈現穩定進步，主要成長來自技術成長。
二、本國壽險公司之技術效率顯著高於外商壽險公司，但生產力變動上無顯著影響。
三、行銷通路差異對技術效率無顯著影響，但對生產力變動存在顯著影響。
四、資本大小對規模效率存在顯著影響，但對生產力變動無顯著影響。
五、銀行保險銷售比重、保費繼續率、公司品牌形象、分支機構家數對技術效率呈現正向顯著關係，但資本適足率則呈現負向顯著關係。

This study is applying a nonparametric frontier method─data envelopment analysis(DEA), Malmquist productivity index approach, together with Tobit regression model and Mann-Whitney U test, to evaluate operating efficiency of 27 life insurance companies in Taiwan. The study period is from 2005 to 2007 and operating efficiency is assessed based on three inputs(business & administrative expenses, agency compensation, and capital) and three outputs(first year premiums, renewal premiums, and financial revenues). Also using the slack variable analysis to find excess/shortage of inputs/outputs for inefficient life insurance company and then take action plans to be more than efficiency. To combine with results of sensitivity test and Tobit regression analysis, life insurance company can re-allocate resource to key driver of efficiency to benefit company’s top line and bottom line for short-term or long-term goal. The empirical result shows that (1)average technical efficiency value of life insurance industry ranged from 0.6 to 0.7 exists a room to improve or to enhance. Also average Malmquist productivity index of life insurance is greater than 1. It shows stable growth in efficiency, which is mainly due to the favorable growth in production technique. (2)local insurance companies averagely perform better technical efficiency than foreign ones. (3)no significant difference in efficiency between captive-agency-based life companies and non-captive-agent-based ones. (4)higher scale efficiency of big-sized life insurance companies are than that of small-sized ones. (5)five important factors include new business contribution from Bancassuarnce, premium persistency, company branding, number of branch & agency office with positive impact on technical efficiency but negative impact from solvency ratio.

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