隨著全球進入低利率環境，壽險公司營運挑戰也快速上升，而會計準則變革及監理框架限制等外在變化，更加劇壽險業資金運用之難度。
本文以2018~2020年間T壽險所處之金融環境及監理環境為例，受到美國聯準會持續升息，而台灣利率保持不動，拉大台美利差，造成外匯避險成本飆升，加上中美貿易戰反覆持續，國際與國內經濟環境不確定氛圍明顯，寬鬆的貨幣政策及監理措施將壽險資金導向國內投資，使得利率持續往下，在整體投資環境險峻的情況下，T壽險透過參與離岸風電專案融資聯貸案成功擴展資金運用廣度，也成為未來進入綠色基礎建設融資之敲門磚。
本個案以哈佛個案研究之方式進行，藉由個案內容可用於討論PEST理論、投資決策因素、交易成本理論、組織敏捷性等議題，了解公司如何以PEST理論分析目前所處的營運環境，並結合交易成本理論訂定投資決策，進而以組織敏捷性之思維達成目標。期待以此個案的學習作為企業面臨危機及市場挑戰時之參考與借鏡。

Life insurance companies faced critical operating challenges during the advent of low interest rates, coupled with changes in accounting standards and stringent regulatory frameworks which made them more difficult to deploy capital effectively into the market. We used a life insurance company in Taiwan (T Life Insurance Company) as a case study, for which it had encountered various financial and regulatory challenges during the period from 2018 to 2020. Whilst the US Federal Reserve continued to raise interest rates, the interest rate in Taiwan has remained unchanged. The interest rate gap between Taiwan and the United States resulted in a price hike of hedging the two currencies. In addition, the trade war between China and the United States is still ongoing, creating more uncertainties in international and domestic economy. Loose monetary policies and regulatory forced the life insurance companies to deploy more capital domestically, which led to a lower interest rate. Under such precarious macro environment of investment, T Life Insurance Company participated in the offshore wind power project of syndicated loans. T Life Insurance Company successfully expanded the scope of its investments and bestowed a stepping stone to take part in the financing of renewable energy projects.
The study is carried out in term of Harvard case study. The PEST theory, transaction cost theory, factors of investment decision, and organizational agility, etc. were discussed through the content of the case study. The PEST theory is used to analyze the operating environment of a company. The investment policy was made by further combining both the theories of PEST and transaction cost. The operating goals of an enterprise can thereafter be achieved by even uniting those theories with thinking of organizational agility. The results of this case study can be used as reference and experience when an enterprise faces operating crises and market challenges.

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