Press release

9 July 2008

Twin brothers have followed in the footsteps of their father to pass the exams necessary to qualify as a Fellow of the Institute of Actuaries.

Charles and Nicholas Owen were among the students from the UK and overseas who learned the results of their final actuarial exams this month. A total of 3,005 papers were submitted in the final examinations, of which 1,654 were passes.

Charles said he was relieved to learn they had both passed the exams, held in April, to become Fellows. The results were published on Friday July 4.

"It is a good feeling to have passed the exams, and there is also a big element of relief that we both passed. We would have felt awkward if only one of us had passed."

Charles, who works as an actuary for MetLife, and Nicholas, who works as an actuary at XL Re, agreed that their father, Ian Owen's, experience in the profession had encouraged them to consider a career in the field, while sibling rivalry had helped them succeed in their goal. Ian became a Fellow in 1983 and is now chairman of Partnership Assurance.

Nicholas said: "Dad's experience as an actuary certainly made us aware of the opportunities available.

"I think the competition between us also helped spur us on as we are both quite competitive. It was also good to be able to bounce ideas off each other. We were lucky in that we could exchange ideas when we were studying."

Following the final examinations and the core technical examinations, also in April, 35 students have qualified to become Faculty Fellows and 237 students have qualified to become Institute Fellows.

Institute President, Nigel Masters, congratulated the students on passing the rigorous examinations.

He said: "I congratulate all those passing exams today and specially those qualifying. They should be very proud of their hard work and the intellectual achievement that the exam passes represent."

Enquiries: Tel. Fleur Morrison on 020 7632 1453 or email fleur.morrison@actuaries.org.uk

Notes to Editors

1. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
2. Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
3. The Profession is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.