Students may find it useful to consult some of the suggested reading listed in Unit 16 of the SA2 Core Reading to obtain a wider appreciation or different viewpoint when studying a particular topic
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.
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 2017 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 firstname.lastname@example.org for an Athens account.
Units 2 and 3 – UK 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.
- 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.
- The ECJ Gender Directive ruling - one year on [slide presentation]. Texier, L.; Bhudia, R. SIAS, 2014.
Units 7 to 11 – UK regulation, valuation and capital management
- Market consistent valuation of life assurance business. Sheldon, T. J.; Smith, A. D. BAJ (2004) 10(3): 543-626.
- Current developments in embedded value reporting. O'Keeffe, P. J. L. et al. BAJ (2005) 11(3): 407-496.
- Notes on options, hedging, prudential reserves and fair values. Wilkie, A. D.; Owen, M. P.; Waters, H. R. BAJ (2005) 11(2): 199-312.
- The cost of capital for financial firms. Exley, J.; Smith, A. D. BAJ (2006) 12(1): 229-301.
- 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.
- Insurance accounting - a new era? Foroughi, K. et al. BAJ (2012) 17(3): 562-615.
- 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 2016]
- 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.
- Governance and risk management in United Kingdom insurance companies. Deighton, S. P. et al. BAJ (2009) 15(3): 503-566.
- Living with mortality: longevity bonds and other mortality-linked securities. Blake, D.; Cairns, A. J. G.; Dowd, K. BAJ (2006) 12(1): 153-228.
- 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.
- The nature of longevity risk. Dhamani, S. SIAS, 2015. [Added for SA2 Core Reading 2017]
Unit 14 – Management of UK 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.
- Measuring and managing the economic risks and costs of with-profits business. Hibbert, A. J.; Turnbull, C. J. BAJ (2003) 9(4): 725-786.
- Equity between with-profits policyholders and shareholders. O'Brien, C.D. BAJ (2012) 17(2): 435-474.
- 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.
- Reinventing annuities. Wadsworth, M. J.; Findlater, A. J. M.; Boardman, T. V. SIAS, 2001.
For any library enquiries please contact:
We try to respond to email queries within one working day. Researcher access to historical resources may require notice in advance of visit in order to retrieve items from storage.
Filter or search events
The IFoA Beijing Office would like to invite our members in the region to join the New Year Member Event and Thank-you Party for Volunteers, to thank all our members and volunteers, to congratulate all the new qualifiers in the 2018 September exam session, and to celebrate the New Year and the Spring Festival! Food and drinks will be served. The IFoA CEO Mr Derek Cribb will also join the Beijing and Shanghai events.
This talk, which is based on interviews with 78 high-frequency traders (and other relevant people, such as those who supply them with information links), will ‘open the black box’ of HFT. The speaker will examine the main internal divide within HFT: between algorithms, trading groups and firms that specialise in ‘making’ (adding bids or offers to order books that cannot be executed immediately) and those that specialise in ‘taking’ (entering orders that can be executed immediately).
Presented By: Dean Buckner, The Eumaeus Project
Jointly organised by the IFoA and SOAT, this session held in Bangkok is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Actuarial Research Centre (ARC) is convening a research event on the subject of Periodical Payment Orders (PPOs) in late February 2019.
The Life Board and Life Lifelong Learning Sub-committee are running this half-day workshop on IFRS 17.
They will provide a detailed understanding of the key concepts of the standard, as well as discuss how implementation will impact people, process and systems. They will also share views on how the new standard will change the way insurers are viewed in the market, and share perspectives from within and outside of the profession.
This teleconference will be presented by Isaac Alfon
The IFoA Antibiotic Resistance Working Party has studied the rise of Antibiotic resistance (‘ABR’) and how it has become an increasing concern to the medical professions, health services and governments of the world’s major economies.
This event will cover the highlights from the Life Conference 2018 held in Liverpool. The Conference Committee are reviewing session feedback and will be putting together a high quality technical programme featuring the best sessions from the Life Conference 2018. Book now to ensure your place.
This is a cross practice life and F&I event offering high quality CPD in a series of presentations with time for Q&A after each, suitable for Life actuaries and those in finance and investments roles.
The term ‘investment risk’ is often used loosely, and frequently confused with the notion of short term price volatility, particularly for equity instruments. For the long term investor, however, what is most apposite is the ability to meet future real cash flows as they become due.
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
Presented by Stuart McDonald
This event will provide an overview of the main models used to calculate the inflation risk of LPI-linked liabilities, and their key properties.
Video case studies will be selected from the IFoA’s 20187/19 online content which covers a range of topics under an overarching theme of “Getting it right!”
Further details will become available in due course.
Presented by Yossi Sirote
SAVE THE DATE
The annual IFoA Asia conference is scheduled for 09 - 10 May 2019 in Chengdu, China.
CILA is one of the pre-eminent events in the annual Life calendar. This event is one of the most popular in the Life area, often drawing over 200 delegates.
How much does the average person need to save over a full working life to provide a decent retirement income? We call this the Lifetime Pension Contribution (LPC) and have attempted to quantify it. Discussing whether we have got it right is a valuable debate, touching on the anticipated level of retirement benefits, the required fund at retirement to achieve those benefits and how our conclusions fit with automatic enrolment. It is also closely related to the PLSA’s development of Retirement Income Targets.
Presented by Richard Schneider
CIGI will provide an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics. The programme will be broad in nature, so will be of most value to those with some experience in the industry.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.