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The investment targets linked to the investment-linked insurance policies sold by life insurance companies play a pivotal role in the mutual funds market. In this study, we investigated the relationship between fund flows and returns for various investment targets with varying degrees of risk and for various purchase and redemption methods and examined whether trade asymmetry existed in the relationship between fund returns in the domestic funds market and investment behavior. This study used the investment-linked insurance policyholders of Life Insurance Company K as observation samples. The results indicated that in the Taiwanese domestic funds market, the investment behavior of investors who purchased funds through investment-linked products differed from that of investors who purchased funds through general methods; however, the behavior of the first type of investor was similar to overall investor behavior. The portfolio-conversion purchases of the policyholders of Life Insurance Company K was positively affected by fund returns. When mutual fund performance was excellent, the policyholders tended to increase their investments through single additional purchases. This study investigated whether a difference existed between policyholders and other investors in the overall fund market regarding the influence of purchase and redemption decisions on mutual fund performance.

Analyzing the Mutual Fund Investment Behavior of Investment-Linked Insurance Policyholders: A Case Study of Life Insurance Company K