However, students are not expected to have read all of the items on the list or to have gained a detailed knowledge of any particular topic additional to that contained in the Core Reading. Equally, students may use other sources of information to enhance their wider understanding, such as:
- the financial and trade press, including The Actuary magazine
- bulletins and other publications from reinsurers and consultancies
- other papers from the Institute and Faculty of Actuaries and the Staple Inn Actuarial Society (SIAS)
- Continuous Mortality Investigation bulletins
- presentations made at recent Life conferences or other life insurance seminars
- other recommended references on the Life Practice Area of the site.
Actuarial Standards
The Institute and Faculty of Actuaries is responsible for the setting of ethical actuarial standards. The Financial Reporting Council (FRC) is responsible for the setting of technical actuarial standards.
- Technical actuarial standards can be found on the FRC's website
- Other professional guidance material can be found on the Regulation pages of the Institute and Faculty of Actuaries website
Articles and papers
These article and paper references from Unit 16 of SA2 Core Reading 2019 are listed by year for each unit within SA2 to which they are most applicable. However, some reading material may be relevant to more than one Unit while one paper listed at the end under 'Wider reading' is not obviously applicable to any specific Unit.
Title links are to papers first presented to IFoA sessional research meetings or to Staple Inn Actuarial Society (SIAS) papers. Papers subsequently published in British Actuarial Journal (BAJ) have their permanent 'DOI' links to the BAJ, published by Cambridge Core. Members can access these articles without charge following login to the IFoA website or to the Athens portal for online resources - please contact libraries@actuaries.org.uk for an Athens account.
Units 2 and 3 – specific products and general business environment
- Lessons from closure: an analysis and comparison of the issues facing closed life funds and closed pension schemes. Campbell, A.C.; Grimley, D.C.; Pallister, J.K. et al. BAJ (2006) 12(3): 639-727.
(DOI: https://doi.org/10.1017/S1357321700004645) - Variable Annuities: past, present and perfect. Shallis, P; Jones, G; Buckle, I; Hills, M., SIAS, 2009.
- A holistic lifecycle financial planning framework. Corrigan, J; Matterson, W., SIAS, 2010.
- Retail Distribution Review - an introduction - part 1, part 2. Kissoon, A.; Ealham, G. SIAS, 2013.
Units 4 and 6 – UK legislation and regulatory environment
- The Penrose Report. A discussion meeting held by the Institute of Actuaries. Abstract of the discussion. [Report of the Equitable Life Inquiry]. BAJ (2004) 10(5): 1047-1070.
(DOI: https://doi.org/10.1017/S1357321700002944) - The ECJ Gender Directive ruling - one year on [slide presentation]. Texier, L.; Bhudia, R. SIAS, 2014.
Units 7 to 11 – regulation, valuation and capital management
- Market consistent valuation of life assurance business. Sheldon, T. J.; Smith, A. D. BAJ (2004) 10(3): 543-626.
(DOI: https://doi.org/10.1017/S1357321700002701) - Current developments in embedded value reporting. O'Keeffe, P. J. L. et al. BAJ (2005) 11(3): 407-496.
(DOI: https://doi.org/10.1017/S1357321700003226) - Notes on options, hedging, prudential reserves and fair values. Wilkie, A. D.; Owen, M. P.; Waters, H. R. BAJ (2005) 11(2): 199-312.
(DOI: https://doi.org/10.1017/S1357321700003068) - The cost of capital for financial firms. Exley, J.; Smith, A. D. BAJ (2006) 12(1): 229-301.
(DOI: https://doi.org/10.1017/S1357321700004761) - Practical implementation challenges of internal models under Solvency II. Austin, R et al., SIAS, 2009.
- Market-consistent valuations and the implications of the recent financial crisis. Foroughi, K. Proceedings of the International Congress of Actuaries, Cape Town, 2010.
- Developing a framework for the use of discount rates in actuarial work. Cowling, C.A. (2011) Discount Rate Steering Committee (Chair: C A Cowling) BAJ (2012) 17(1): 153-211.
(DOI: https://doi.org/10.1017/S1357321712000098) - Insurance accounting - a new era? Foroughi, K. et al. BAJ (2012) 17(3): 562-615.
(DOI: https://doi.org/10.1017/S1357321712000098) - Demystifying the risk margin: theory, practice and regulation. Brown, A. SIAS, 2012.
- Dynamic management actions. Clark, D.; Kent, J.; Morgan, E. SIAS, 2012.
- Stress testing and scenario analysis in life insurance and beyond. [slide presentation] Leach, D. et al.;The Stress and Scenario Testing Working Party. SIAS, 2014.
- Heavy models, light models and proxy models. Hursey, C. et al.; The Proxy model Working Party. 2014. (Sessional research paper, 2014) BAJ (2015) 20(1): 147-166.
(DOI: https://doi.org/10.1017/S1357321714000221) (Abstract of discussion of paper)
Unit 11 - Professional guidance [Unit 11 in SA2 Core Reading 2019]
- Technical Actuarial Standards: TAS D, TAS R, TAS M, Insurance TAS, Transformations TAS.
- Other Actuarial Profession Standards, IANs and non-mandatory resource material as listed in the Core Reading. See Actuarial Profession Professional Standards Directory
Unit 12 – Treating customers fairly
- Treating life customers fairly [Report from the Life: Treating Customers Fairly Working Party]. Staffurth, J. et al. SIAS, 2007.
Unit 13 – Risk management and controls
- Financial aspects of longevity risk. (2004) Richards, S. J.; Jones, G. L. SIAS, 2004.
- Longevity in the 21st century. Willets, R. C.; Gallop, A. P.; Leandro, T. et al. BAJ (2004) 10(4): 685-832.
(DOI: https://doi.org/10.1017/S1357321700002750) - Governance and risk management in United Kingdom insurance companies. Deighton, S. P. et al. BAJ (2009) 15(3): 503-566.
(DOI: https://doi.org/10.1017/S1357321700005729) - Living with mortality: longevity bonds and other mortality-linked securities. Blake, D.; Cairns, A. J. G.; Dowd, K. BAJ (2006) 12(1): 153-228.
(DOI: https://doi.org/10.1017/S1357321700004736) - Report from the actuarial processes and controls best practice working party – life insurance. Care, R et al. Paper presented to Institute and Faculty of Actuaries, 2009.
- Model risk : daring to open up the black box. (sessional research paper, 2015) - Morjaria, N. et al.; Model Risk Working Party. BAJ (2015) 21(2): 229-296.
(DOI: https://doi.org/10.1017/S1357321715000276) - The nature of longevity risk. Dhamani, S. SIAS, 2015.
Unit 14 – Management of with profits business
- Asset shares and their use in the financial management of a with-profits fund. Needleman, P. D.; Roff, T. A. BAJ (1995) 1(4): 603-688.
(DOI: https://doi.org/10.1017/S1357321700001276) - Measuring and managing the economic risks and costs of with-profits business. Hibbert, A. J.; Turnbull, C. J. BAJ (2003) 9(4): 725-786.
(DOI: https://doi.org/10.1017/S1357321700004347) - Equity between with-profits policyholders and shareholders. O'Brien, C.D. BAJ (2012) 17(2): 435-474.
(DOI: https://doi.org/10.1017/S1357321712000074) - The management of with-profits funds in run-off: Working Party report. 2014.
Unit 15 – Contract design and pricing
- A market-based approach to pricing with-profits guarantees. Hare, D. J. P. et al. BAJ (2000) 6(1): 143-213.
(DOI: https://doi.org/10.1017/S1357321700000842) - Reinventing annuities. Wadsworth, M. J.; Findlater, A. J. M.; Boardman, T. V. SIAS, 2001.
Wider reading
- Effective decision making in a life company. Iqbal, I. BAJ (2005) 11(1): 133-182.
(DOI: https://doi.org/10.1017/S1357321700003172).
Contact Details
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Events calendar
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Behavioural Science Series with Keith Grint - Wicked Problems, Clumsy Solutions and Leading Change
19 April 2021
Wicked Problems, Clumsy Solutions and Leading Change -
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'. -
Professional Skills Training Webinar - 21 April 2021
21 April 2021
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the JFAR Risk Perspective bringing the Risk Perspective to life with practical illustrations and insights from subject experts from the IFoA and other Regulators -
Recent decades have seen institutions, such as employers and financial services, give people more choice and flexibility, but these freedoms have come with more responsibilities. Individuals are now responsible for managing more of their own financial risks, from ensuring they put enough money into their pension to securing affordable protection to be financially resilient.
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Actuarial Innovation in the COVID-19 era
This event is online.26 April 2021 - 7 May 2021
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning. -
This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place.
Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.
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Western Europe Town Hall
28 April 2021
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Western Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.
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Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work -
Finance & Investment Virtual Conference 2021
Available to watch globally in May.10-12 May 2021
This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern -
Central and Eastern Europe Town Hall
14 May 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Central and Eastern Europe Town Hall, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.
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Wearables in insurance: a win-win opportunity
14 May 2021
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity. -
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list. -
CILA 2021
Available to watch globally in May.19-21 May 2021
We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.
Wicked Problems, Clumsy Solutions and Leading Change
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called '
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the 
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a 
Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.