為促進金融效率之提升及維持產業之競爭力，金融服務業之整合已成為全球性的風潮。具體言之，金融整合可藉由彼此業務間之替代性與關聯性、相同之配銷系統甚至資金之流通運用等有利因素，進而滿足消費者多樣化之需求。在歐美國家，金融業整合之模式主要為銀行保險(Bancassurance)及綜合銀行(Universal Bank)，我國則以金融集團之形式同時經營銀行、保險、証券等非銀行業務。本文即以財務之觀點探討銀行與壽險或產險、壽險與產險業之結合是否可得風險分散或獲利提高之效果。

本研究引用Boyd(1993、1988)之方法建立金融整合之風險、獲利評估模型。其模型是以股東權益報酬率(ROE)為獲利指標，報酬之變異性(COV、S)及破產風險(Z值)為風險指標來衡量之。以本國銀行、壽險、產險公司之會計資料及市場資料(股票價格)，分別進行配對模擬分析，其中會計資料分為年報(民67~86)及季報(民83~87)，以咨對照比較不同資料組間獲致之結果是否發生差異。

由配對模擬之結果得到下述之幾項結論:1資料類別影響模擬結果2銀行與產、壽險之整合有明顯之獲利提高、風險降低效果3壽險是獲利最高、風險最大之產業，而產險則是獲利最低、風險最小之產業4銀行與產、壽險業之整合，壽險資產所佔比例愈大獲利愈高，產險資產所佔比例愈高獲利愈小5銀行與產、壽險業之整合，壽險資產所佔比例愈高風險愈高，產險資產所佔比例則與風險有不同影響6壽險與產險是變異風險高、破產風險低之組合。

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