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Actuaries in China

Actuaries in China. 2 nd December 2011. Grow with the industry. Premium income of insurance industry Unit: RMB Billion. First life FCAA. First FIA First FCAS First non-life FCAA. First FSA. Data source: China Insurance Regulatory Commission. Where are the actuaries?.

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Actuaries in China

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  1. Actuaries in China 2nd December 2011

  2. Grow with the industry Premium income of insurance industry Unit: RMB Billion First life FCAA First FIA First FCAS First non-life FCAA First FSA Data source: China Insurance Regulatory Commission

  3. Where are the actuaries? • 55 life insurance companies, 25 of them are joint-ventures • 5 pension companies • 57 P&C insurance companies, 20 of them are joint-ventures • Reinsurance companies • Big Fours, TW and Milliman

  4. Typical actuarial hierarchy in a life insurance company Chief Actuary Sign off reports and product filing 3 years post-qualified experience + 8 years actuarial experience Need to pass a regulatory exam if not qualified under CAA system Actuarial reporting (5-20) Statutory reporting – solvency I framework Financial reporting – IFRS II framework Traditional embedded value reporting Others, e.g. par fund reporting Product development (5-20) Pricing Marketing Product management

  5. Typical actuarial hierarchy in a P&C insurance company Signing Actuary Sign off financial reports and product filing Qualified 3-5 years actuarial experience Actuarial (<10) Statutory reporting – solvency I framework Financial reporting – IFRS II framework Product pricing and filing Other reporting

  6. Typical career path – life actuary Chief actuary >10 years experience >£90K Department head 5-15 years experience £30K - £70K Team leader 2-7 years experience £10K - £30K Actuarial student 0-5 years experience £5K - £10K

  7. Typical career path – non-life actuary Signing actuary Top 3 only >12 years experience >£200K Department head 5-15 years experience £30K - £100K Team leader 3-8 years experience £10K - £30K Actuarial student 0-3 years experience £5K - £10K

  8. Fulin Liang KPMG LLP (UK) fulin.liang@kpmg.co.uk www.kpmg.co.uk Please include below disclaimer on all external material in which the member firm provides information that may otherwise be relied on by the reader without further consultation: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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