Before revision:  The results present the best equilibrium point between maximization of dividend pay-outs and minimization of risks  .
After revision:  The results present the best equilibrium point between maximization of dividend pay-outs and minimization of risks . Moreover, the paper also gets a risk-based capital standard to ensure the capital requirement of can cover the total given risk and discusses how the model parameters, such as, volatility, premium rate, and risk level, impact on risk-based capital standard, optimal retention ratio, optimal dividend payout level and the company's profit by numerical results .