Employing VAIC™, we develop three hypotheses based on the individual components of IC and the total IC. Based on the resource-based view of firms, a firm's resources are the driver of superior performance[65], [66] and [67]. From the knowledge-based view of a firm, Yang and Chen [68] further note that knowledge is the most productive resource. To illustrate, human capital is regarded as the main invisible IC asset because it is the central source of IC-created synergies (1+1=11) [28], [30], [69] and [70]. Meanwhile, Bontis [70] labels human capital as individual tacit knowledge of employees. Taken together, human capital embraces the collective knowledge and skills, the ability to be innovative, and the competency to serve customers [28], all of which are important assets for growth and future development of a life insurer[71] or a service industry