In the past few years, the advent of liberalization on the life insurance market of Taiwan has result transformation of the market structure from its former oligopolistic nature to free market competition. Under the circumstance of economic liberalization, life insurance companies all participate in competition, it indicates an important issue whether a company has capability to cope with and how the operating situation will be. Therefore, any company must first evaluate the competitive managerial performances of the entire industry, and understand it's strengths and weakness, so as to create a more competitive strategies. This paper attempt to measure the managerial performance and the performance changes noted in the life insurance industry, and delve deeper into the relationship between company performance and company image. This paper shall measure managerial performance by Data Envelopment Analysis (EDA) method and measure the performance change by the Malmquist productivity index. At the same time, this paper shall analyze the relationship between company performance and corporate image using the survey of Modern Insurance Magazine. The findings of this paper shall provide a certain degree of benefit to the competitive strategy formulation procedures of the domestic life insurance companies, as well as serve as a reference for future policy making and administrate supervision work of the Insurance Commission of the Ministry of Finance.