We examine the roles of actuaries in UK life offices, along with trends, challenges to and opportunities for actuaries. We carry out an analysis of senior roles in life offices, a questionnaire survey and interviews with relevant senior personnel. We find that actuaries occupy many important roles in life offices and are regarded as having good industry knowledge and technical skills, especially in financial modelling. There are fewer executive directors and more non-executive directors of life offices who are actuaries compared with the position in 1990. A higher proportion of reserved roles is outsourced to consultants than was the case in 1990. Only a small number of Actuarial Function Holders are directors. Actuaries are more siloed than was the case in the past, although actuaries are well represented in the finance and risk functions of many offices. Although actuarial work in connection with the preparation for Solvency II will decline, there will be important ongoing requirements for actuaries following Solvency II implementation. We also see opportunities for actuaries in four areas: in risk management, in financial analysis and management based on Solvency II and international financial reporting standards, in connection with “big data”, and in product development and the customer proposition. There are implications for the examination syllabus, continuing professional development and research.

The Consumer Information Working Party has published this paper which explores how we can better engage consumers with long-term savings and investments. The working party considered the current state of consumer information, which is a long way from ideal, including: consumer insights and touch points, the current consumer information model, relevant considerations from behavioural economics, examples of information failures and some successes from other fields. They then propose a way to deliver more effective information, including a possible framework and some ideas for its application. They finish with proposals for immediate next steps and urge the Actuarial Profession to take a lead in this area.

The Presidential Address argues that, by acting in the public interest, the power of actuaries to benefit individuals financially can become a competitive advantage for the profession. This theme is explored by reference to professionalism being under threat, the negative impact of professional negligence claims, the need for unity in the profession, nationally and internationally, and the consequences for our education. The future of the profession will be brighter, and can be expansionist, if actuaries are recognised and valued for serving the public interest in the wider fields, but this will require effective public relations.

The Presidential Address covers various aspects of the actuarial profession; past, present and into the future. It considers mutual life companies and their current situation. There needs to be improved education in investment and more actuaries should be involved in this area. The codes of conduct and disciplinary procedures of the profession have to be kept under constant review. The international actuarial scene is of great importance, with mutual recognition of qualifications, the various groupings of actuaries and of actuarial associations world wide and the expansion of the profession into further countries all part of current activities. Various alternative options for the future of the profession in the U.K. are suggested.

The Presidential Address gives a broad overview of the development of the actuarial profession's role in its principle areas of activity. Actuaries play important roles in life insurance and pensions, but there are some major new challenges facing the profession in these areas. General insurance has been slow to develop, but is now likely to be the fastest growing part of the profession with a steadily expanding role. Finance and investment also offer major fields where actuaries could be more influential. With continuing growth expected in the number of qualified actuaries, it will also be important to move into wider fields. The new President challenges the profession to give proper priority to the public interest and to ensure that actuaries are worthy of the trust which is placed in them.

This document, consisting of several papers, sets out to provide a basis for discussion among actuaries of the Vision and Values of the United Kingdom actuarial profession. The profession realises that a clear vision and a strong sense of shared values are important attributes of a successful organisation. Following on from the work that has been done already in recent years on the mission and strategic aims of the Faculty and the Institute, several issues have been highlighted and need to be resolved so that the profession can move forward into the future.

In this document the Councils have stated what they consider to be the key elements of their vision for the profession in 2020 and of the values that they think the profession should have. These and the issues that arise from them are expanded in this document to give a focus for discussion.

This is a study into the future of the actuarial profession. Its main purpose is to assist the United Kingdom profession to respond effectively to the changes and opportunities of the next ten plus years. Scenarios are developed to show where the profession could progress to in that period; the major changes and developments implied by these forward views are identified and actions to take the profession in the desired directions are proposed.

The study covers the key issues relating to most of the various business areas in which actuaries practise, and considers, in particular: the future supply of, and demand for, actuaries; actuarial education and training and relations with other professions.

The paper identifies two major trends in the economic and social history of the last 150 years, and discusses their effect on the actuarial profession. The major economic trend is globalisation, with which is associated specialisation of function. The major social trend is the gradual collectivisation of society. Neither of these trends has developed monotonically. Both have developed in a ratchet-like movement over time. Globalisation is reflected in the overseas expansion of British life assurance companies up to 1914, followed by an extended period of retrenchment before expansion was resumed in the last quarter of the 20th century. The effect of the collectivisation of society on the actuarial profession has been felt most acutely in an intensification of the regulation of financial services.

Actuaries should seek to understand the phenomenon of ‘professions’ because much of our working life is influenced by the belief that we are a ‘profession’. This paper considers various theories as to why professions exist — do they arise naturally to fulfil functions in society, or are they created by the efforts of the occupational groups which aspire to become professions? Professions are shaped by the society of which they are a part. Ongoing changes in society are affecting professions in general, and the actuarial profession in particular. The difficulties which the actuarial profession will face as it seeks to expand beyond its traditional territory are discussed. Finally the author speculates on what institutional forms might replace professions in the twenty-first century.

From 1870, in the United Kingdom, a generally liberal legal framework for life insurance existed which commanded wide support, particularly from the actuarial profession. Despite its apparent liberalism, however, it is likely that the regulatory framework impeded market entry, particularly of mutual companies. The liberal framework broke down in a number of incremental steps from 1946. This paper traces the development of U.K. life assurance regulation for 101 years from the mid-Victorian period, analyses contemporary reflections on the legal framework within the actuarial profession, and examines the appropriateness of the legal framework for achieving specific economic objectives for long-term insurance regulation.

This paper presents the results of research into the marketing of the actuarial profession including a SWOT analysis, public awareness and image of the profession amongst target groups (general public, undergraduates, journalists, company directors, pension scheme trustees and insurance intermediaries), and the desire to allocate more resources to the profession's public awareness and image. The paper also contains an analysis of the national press coverage achieved by the profession and reports on developments in North America where a task force on strengthening the actuarial profession has been set up.