IFoA Foundation Impact Report 2022

IMPACT REPORT 2022

Actuaries Supporting Others

THE IFOA FOUNDATION IS THE CHARITY OF THE INSTITUTE AND FACULTY OF ACTUARIES.

Our vision is to open every door for the next generation of actuaries and empower the profession to be transformative in addressing the greatest challenges of our time. Our mission is ‘Actuaries Supporting Others’.

We have three objectives:

REWARDING EXCELLENCE /

Providing recognition, prizes and awards for excellence in actuarial examinations and academic research.

SUPPORTING OUR COMMUNITY /

Giving financial support to students, those studying the actuarial examinations and others in financial hardship, from all backgrounds and across the globe.

ADDRESSING FUTURE CHALLENGES /

Working with the IFoA and our partners and stakeholders to unlock solutions to the most critical global priorities, from pandemics and climate change to financial education.

INTRODUCTION FROM THE CHAIR

Highlights include:

 Awarding prestigious scholarships to support the brightest actuarial students at universities in China and South-East Asia, South Asia and the Caribbean on their IFoA career paths

 Expanding our International Education Hardship Fund grant giving to support student actuaries from all backgrounds and welcome them into the IFoA’s vibrant global community

 Creating much-needed mentoring opportunities to kickstart the careers of recent graduates as they seek to enter the workforce

 Reaching out to a future generation of actuaries through grassroots education projects that encourage the study of maths and showcase the careers it can lead to

 Prioritising the promotion of diversity and inclusion in the actuarial profession and ensuring it underpins all our charitable activities.

As the number of aspiring actuaries benefitting from our programmes increases, we are thrilled to share some of their inspirational stories and to demonstrate how relatively small interventions at critical points in a student actuary’s journey can make a huge difference to careers, lives and communities.

None of this would be possible without the commitment, energy and wisdom of my fellow trustees, our patrons and ambassadors. Thank you.

The trustees are grateful for the support of the IFoA Council, Management Board, the Executive team and numerous colleagues in the IFoA departments and global markets who kindly assist our charitable work in the interest of pursuing the shared priority to promote greater inclusion in the profession.

We are also indebted to our forward-thinking patrons, partners, philanthropists and donors who have embraced ‘giving back’ to support tomorrow’s actuaries and who share our vision to increase the power of our profession to address critical issues. We are confident those we support will give back in turn.

The IFoA Foundation remains committed to broadening and deepening our impact, especially in the areas of diversity and inclusion, social mobility, financial literacy and rewarding excellence. We urge you to join us on this most rewarding journey.

Together, we can make an even greater impact for the good of the profession.

Kartina Tahir Thomson Chair, IFoA Foundation

I am delighted to present the IFoA Foundation’s first Impact Report. This summarises our progress and achievements since our launch in 2020. We have taken giant steps forward, introducing major fundraising campaigns and exciting new initiatives in pursuit of our mission, ‘Actuaries Supporting Others’.

ACHIEVING OUR OBJECTIVES / REWARDING EXCELLENCE

“I am honoured to win this scholarship and would like to thank the IFoA Foundation and every scholarship donor for your help. I have a strong interest in actuarial science after four years’ study. Now I am pursuing a master’s degree and, in the future, I hope to continuously enrich my actuarial knowledge, to enhance my actuarial skills, and to strive to enter the field of actuarial work as soon as possible. I hope I can make my own contributions to the actuarial industry.”

Jiaqi Ren / China and South East Asia Scholarship Winner 2021, Zhongnan University of Economics and Law, China

Rewarding excellence in education and research is our first objective. We fund awards for outstanding performance in actuarial exams and recognise achievements in research and professional papers, working with the IFoA to continue a long tradition of prize giving. Our prestigious Regional Scholarship Funds reward the highest achieving students studying actuarial subjects at IFoA partner universities, supporting them with funding and welcoming them into our global community.

“Receiving the Scholarship has made me proud of my association with the actuarial profession and the IFoA. This award has helped increase my morale and spirits and instilled in me the confidence that I can pursue further IFoA examinations and pursue my career aspiration.”

Clement

“Thank you for your generosity that will provide me with the financial freedom to meet my tuition, books, accommodation costs and my first professional exam fees. It has given me an extra portion of motivation and drive to pursue my goals. Thank you again for your thoughtful, generous and life-changing gift.”

Tyrese

/ Fullerton-Long Caribbean Scholarship 2021, University of West Indies, Trinidad and Tobago

Juilee Jayade / Mahidhara Davangere South Asia Scholarship 2022, Patkar Varde College, Mumbai, India

ACHIEVING OUR OBJECTIVES / SCHOLARSHIPS

China and South-East Asia

Scholarships

This fund will reward and support up to 1,000 gifted actuarial students in Greater China and South-East Asia, as they transition from university to employment. This ten-year programme was generously contributed to, partly by Dr Patrick Poon, a major philanthropist and actuary who wishes to support the profession in the region.

Mahidhara Davangere South Asia Scholarships

This fund provides financial support to exceptional students to pursue an actuarial qualification with the IFoA. It also celebrates and honours the life of Mahidhara Davangere, who sadly passed away in 2021. Mahidhara was an IFoA Council member, an active member of the actuarial community and a passionate supporter of the IFoA Foundation.

Qiuyue

Liu / Zhongnan University of Economics and Law, China

Qiuyue Liu majored in insurance (Actuarial Science). Over four years, she passed six IFoA accredited courses with high marks. Now a postgraduate student at Central University of Finance and Economics, she continues her Actuarial Science studies.

“It is a great pleasure for me to win the China and South-East Asia (CSEA) Scholarship. I am deeply grateful to the philanthropists who founded the IFoA Foundation and donated money to students who are aspiring to engage in the actuarial industry. The waiver of the admission fees, subscription fees for the first year and exemption fees mean a lot to our students without income currently.”

Sia Wen Yee / Nanyang Technological University, Singapore

“The scholarship award has given me great motivation and encouragement to pursue my dream to be a qualified actuary and contribute meaningfully to the actuarial industry. The scholarship award has assisted me greatly as a fresh graduate by giving me support while transitioning into the professional workforce. Thank you so much once again and I hope this scholarship award can be sustained to help future generations of actuaries.”

Sripriya Peddina / Christ (Deemed to be University) Bengalaru, India

Sripriya studied for a bachelor’s in Finance specialisation and Masters in Actuarial Science and was awarded the Mahidhara Davangere South Asia Scholarship in June 2022.

She has since started working at Swiss Re Global Business Solutions in the actuarial valuation team. In the next few years, she hopes to specialise as a life actuary and explore sustainability in insurance.

“I feel blessed, happy and grateful on receiving this prestigious award. My father retired recently and my mother is a home maker so this scholarship helped me a lot financially. The award has motivated and encouraged me to work harder towards my actuarial goals. I also hope to volunteer and contribute in the same way.

Renuga K / University of Madras, India

“Education is the biggest asset that my parents have given me in spite of their own difficulties and they have never stopped supporting me. This scholarship has been a huge financial help to a student like me. I am really grateful and will make full use of it.”

Caribbean Scholarships

This fund pays tuition fees for outstanding students from the University of West Indies (UWI), supporting them to progress towards a career in the actuarial profession. It was created and part-funded by Andrew Long and Norbert Fullerton, both alumni of UWI and Ambassadors of the IFoA Foundation, who are passionate about supporting the next generation of Caribbean actuaries.

Michel Spence / University of West Indies, Mona Campus, Jamaica

Michel studied for a bachelor’s degree in actuarial science. She expressed her gratitude to the interview panel, thanking them for their patience and the ‘abundance of knowledge’ shared through the process.

“Thank you for your generous contribution that will help in the funding of my final year at the University of the West Indies. My dream has always been to play an instrumental role in advancing development in Jamaica through the analyzing of risks and with your help I am now one step closer to fulfilling this dream.”

Dana Reyes / University of West Indies, St Augustine Campus, Trinidad and Tobago

“This scholarship removes the financial barrier that comes with being a student, allowing me more time to focus on completing my final year at the University of the West Indies. It also allows me to begin writing the professional exams which will take me one step closer to my goal of becoming an actuary. Your generosity is inspiring, and I hope to one day impact another student’s life as you have done mine.”

PRIZES

This prize is awarded to the best-performing graduating students on actuarial programmes in South-East Asia.

Nicholas Cheong / 2022 Winner, Sunway University Malaysia

Nicholas graduated top of his class in Actuarial Science at Sunway University, Malaysia and is currently working with Nicholas Actuarial Solutions. He is a student member of the IFoA and aims to finish his exams as fast as possible while developing technical skills in the industry.

“I was elated to find out that I got the prize. It is an honour to be selected as the prize recipient among the many deserving individuals in my cohort. I would like to thank the Foundation for the opportunity and acknowledgment. It has given me the necessary boost to continue with the actuarial pathway to qualifying as an actuary.”

Other prizes awarded over the year include:

Actuarial Risk Management Prize for the best student in CP1 / Daniel Preston and Thomas Clarke

International Underwriting Prize for the best performing student in General Insurance (SA3) / Luca Farrer and Jack Blanc

Peter Clark Prize / Awarded to the best paper published for an actuarial audience / Stephen J. Richards, Stefan J. Ramonat, Gregory T. Vesper and Torsten Kleinow won the 2021 prize for their paper ‘Modelling seasonal mortality with individual data’. The £1,000 prize was donated to the charity Magic Breakfast, which provides healthy school breakfasts to children at risk of hunger in disadvantaged areas of the UK.

Fullerton-Long

Sir Edward Johnston Prize

ACHIEVING OUR OBJECTIVES / SUPPORTING OUR COMMUNITY

“Given the economic difficulty in Zimbabwe, l could not have supported my professional life, coming from a poor home with an unemployed single mother. I applied for an IFoA Foundation grant, which I received quickly. The Foundation addressed my financial issue by issuing me a grant to pay for my first actuarial exam. I am tremendously delighted to be one of the beneficiaries of the IFoA Foundation. The funding is giving a lot of students optimism, and we’re seeing things that we thought impossible happen.”

“I am grateful to the IFoA Foundation for providing me with the support needed to complete my final year and ensure I remain focused on my studies. Graduating with a First-Class degree gave me a strong sense of accomplishment, acting as a testament to the work I have put in. In addition to this, I have been offered an actuarial position in London upon completion of my studies. Without the support from the IFoA Foundation, I do not know if this would have been possible. I aim to continuously give back to the actuarial community, and to one day help someone in the position I was in.”

Moez Abeidi / Education Grant beneficiary, UK

Rutendo Mupani / Education Grant beneficiary, Zimbabwe

INTERNATIONAL EDUCATION HARDSHIP GRANTS AWARDED to aspiring actuaries in need of financial support, enabling determined young people to not give up on an actuarial career

Supporting our community is our second objective. We seek to give opportunities to determined young people from less-advantaged backgrounds around the globe. We offer education grants to make IFoA membership and actuarial qualifications accessible. We also offer mentoring opportunities to open up networks and help kick-start actuarial careers for recent graduates. We fund conferences and innovative education initiatives that have potential to increase and promote diversity and inclusion in the actuarial profession.

STUDENTS EMPOWERED TO STUDY WITH THE ACTUARIAL ACADEMY OF EAST AFRICA E-LEARNING PLATFORM, creating an accessible career path with mentoring and practical support

MENTEE PLACES FUNDED FOR RECENT GRADUATES IN THE ACTUARIAL MENTORING PROGRAMME, and 170 applicants engaged in the open, global selection process

University of Manchester Actuarial Society / Grant beneficiary

“We were honoured to have the IFoA Foundation supporting the conference, providing the First, Second and Third Best Overall Presentation. With the IFoA Foundation’s help, the conference was able to reward excellence and drive up interest in mathematics and actuarial careers.”

Nigerian Actuarial Society / Grant beneficiary

“We were able to provide an avenue for delegates and attendees to gain knowledge of relevant industry topics, an opportunity for attendees to network and collaborate, in addition to promoting the Society within and outside the industry. We deeply appreciate your support.”

ACHIEVING OUR OBJECTIVES / MENTORING MATTERS

My name is Connor Smith and I’m currently working for an alternative risk transfer MGA in central London. I started an internship here back in June and was able to stay on. This is my first professional role and I’m very excited to be working with such a fantastic team.

I applied to the Actuarial Mentoring Programme because I identify as a gay man and wanted to be a part of an inclusive mentorship scheme. It can be difficult to meet people similar to myself in the actuarial/insurance environment. My hope is to build lasting connections with my peers and to be a part of the diverse and welcoming environment you facilitate.

I would like to complete a PhD at some point, with actuarial focus, and of course, I also want to become an IFoA Fellow and continue on the actuarial career path.

My name is Susan Achieng. I graduated with a bachelor’s degree in Actuarial Science from Meru University of Science and Technology in 2021. I secured a six-month internship as an Actuarial Trainee at Kenindia Assurance Company Limited and then started working at Zamara Actuaries Kenya as an Assistant Consultant.

I am a corporate beginner and so delighted that mentorship at such a time is going to streamline my career. It will help me make informed decisions in my early career that will be of lifelong impact. I wish to pursue actuarial exams and specialize as a life actuary. My ultimate goal is to volunteer and impact other upcoming actuaries so that we can bridge the shortage of actuaries, especially in the East African region.

In 2022 we funded ten mentee places on the Actuarial Mentoring Programme (AMP), partnering with Moving Ahead as part of our commitment to increasing diversity in the profession.

Usually only accessible through participating employer organisations, we opened AMP up to any recent actuarial graduate, anywhere in the world, to support and kickstart early careers.

Following a very competitive selection process, our ten mentees were paired with professional actuary mentors and will work with them over nine months.

My name is Haiqing Ma I major in MSc Actuarial Science, and I will be graduating from Heriot-Watt University in December 2022 and am starting as an actuarial intern in one of the KPMG China offices.

I applied for a mentoring place to seek advice from experienced actuaries on the exam preparation and future career plan. I have already talked about my educational background and 3-5 year plan with my mentor. He has helped me build self-confidence and reconstruct my knowledge about the actuarial industry.

I hope to obtain working experience in insurance, reinsurance and actuarial consulting companies and see the variety of the actuarial profession while managing risks. Of course, I desire to get qualification as early as possible!

Rymon Takudzwa Gurure, Zimbabwe / Small interventions

making a big difference

“Coming from a low-income family, I couldn’t have managed to pay for my IFoA membership and actuarial exams given the economic hardship in Zimbabwe.

The Foundation addressed my financial problem and assisted me with a grant to pay for my membership and actuarial exam CB1, enabling me to start to write my exams before graduation.

I graduated with a BSc in Actuarial Science and was awarded the University of Zimbabwe Book Prize. Having completed an internship with Old Mutual Life Assurance Company, I went on to work with them as an Administrator before moving to Coronation Actuaries and Consultants, working as a Graduate Trainee Actuarial Analyst.

In September 2022 I won a place on the Actuarial Mentoring Programme funded by the IFoA Foundation.

My mentor is an actuary in the City of London in United Kingdom, and he is keen to understand the Zimbabwean market and also help me identify areas through which I can use my skills to improve our economy. He has already given me some reading materials and is assisting me with technical knowledge and advice on how to strike a balance between work and my professional exams as a recent graduate. I am looking forward to continuing to grow my actuarial knowledge and skills during this mentorship period.

I am immensely grateful to be a beneficiary of the IFoA Foundation. Their support has made a difference and helped me in creating a strong foundation in my actuarial career.”

The Foundation is looking at ways to offer mentoring to more graduates in future, having been made aware since launching this initiative of significant unmet need from actuarial graduates transitioning from study to employment.

ACHIEVING OUR OBJECTIVES / ADDRESSING FUTURE CHALLENGES

3,973

PRIMARY STATE SCHOOL PUPILS ENGAGED IN MATHEMATICAL CHALLENGES, growing confidence, encouraging team work and instilling the message that maths is fun

‘Count on Us’, Mayor’s Fund for London

Primary school teacher / Hillingdon

“The Mayor’s Fund for London ‘Count on Us’ primary maths challenge has raised the profile of maths in a way that doesn’t always involve numbers. I had a child at the start of the programme tell me that this wasn’t maths because it was fun! It has helped change attitudes towards maths and encourage more children to give things a go.”

Participant / Haringey “My favourite part was the codebreaking and having the confidence and privilege to compete today.”

Addressing future challenges is our third objective. This means supporting initiatives that will empower the actuarial professional to be transformative in addressing global challenges. We fund school engagement projects that promote maths and introduce young people to actuarial careers early in their educational journey, helping to drive increasing diversity in the profession.

4,223

GIRLS FROM DIVERSE BACKGROUNDS ALL OVER THE UK inspired by school encounters with professional role models who use maths in their careers

‘Maths4Girls’, Founders4Schools

Parent / Maths4Girls participant

“My daughter’s interaction with the Maths4Girls reps has completely changed her view on the value of maths – she is now considering doing maths A level.”

Jo Buckle / Principal, Milliman UK, volunteer role model

“It was fantastic to see so many girls enthusiastic about maths A-level and to be able to give them an idea of the careers that would open up for them if they continued their maths studies.”

56

SCOTTISH SECONDARY SCHOOLS CHALLENGING STUDENTS TO USE MATHS to improve the world and inspiring them towards maths careers with an exciting national competition.

Enterprising Maths in Scotland

The national live final saw over 200 students from across Scotland compete in teams over a day of fun and practical maths challenges at Glasgow Science Centre, preceded by an inspirational talk from a local young actuary.

Maths Week Scotland

An interactive, online quiz on climate change, created with the help of actuaries, challenged students to use maths to improve the world, demonstrating the relevance of actuarial science in tackling big societal issues.

WHAT’S NEXT?

WE WILL AWARD MORE INTERNATIONAL EDUCATION HARDSHIP GRANTS, reaching students in need in more countries, and increase support in the UK to create more sustainable careers.

NETWORKING ACTIVITIES WILL BRING BENEFICIARIES AND PROFESSIONAL ACTUARIES TOGETHER, building our community and raising awareness of the Foundation and its impact.

NEW PRIZES WILL BE LAUNCHED TO REWARD EXCELLENCE AND PROMOTE DIVERSITY at entry level to the profession, empowering and celebrating actuaries from all backgrounds.

A NEW PARTNERSHIP ON FINANCIAL EDUCATION WILL BE LAUNCHED, meeting our goal to promote financial literacy among adults and young people in the public interest.

WE WILL CONTINUE TO SUPPORT GRASSROOTS EDUCATION PROJECTS promoting maths and actuarial careers in schools with a focus on social mobility and raising aspirations.

OUR REGIONAL SCHOLARSHIP FUNDS WILL EVOLVE to offer more holistic and hardship support to gifted students as they complete their studies and transition to the workforce.

MENTORING OPPORTUNITIES WILL BE EXPANDED to meet demand from recent graduates all over the world, looking for support to get ahead in their careers.

OUR PRIORITY TO PROMOTE DIVERSITY AND INCLUSION IN THE PROFESSION will continue to underpin all our charitable activities.

ACTUARIES SUPPORTING OTHERS

Founding Patrons / Tan Suee Chieh Bhargaw D Buddhdev

Patron and Chief Philanthropist / Patrick Sun-Cheong Poon

Distinguished Philanthropist / Stuart Leckie Leading Philanthropist / Garth Jones

Principal Philanthropists / Bryce Johns Colin Pakshong Haijing Wang

Major Philanthropists / Jack Chye Lim Kean Hin Nishit Majmudar Sue Yin Mustier Wan Saifulrizal Wan Ismail Grahame Stott

Senior Philanthropists / Alistair Chamberlain Norbert Fullerton Andrew Long Frank McInerney Raymond Ong (Allen) Nhi Duc Thai Michael and Shiuan Ting van Vuuren

Participating Philanthropists / Heerak Basu, Robert Chen, Marian and Colum D’Auria, Sean Deehan, Chris Hancorn, Heng Zee Wang, Richard Holloway, Zainal Abidin Mohd-Kassim, Khoo Kay Hwee, Shireen Inniss, Khor Kee Eng, Koo Chung Chang, Abhishek Kumar, Wen Li, May Lin, Trevor Matthews, Richard Murphy, Ng Chun Nam, Ong Kheng Heng, Philip Reynolds, James Richardson-Hay, Hitesh Motichand Shah, Serena Thio, Kartina Tahir Thomson, Cynthia Yuan

Supporting Philanthropists / Azim Mithani, George Russell, Mei-Chee Shum, Mark Stamper, Stuart Thompson, Colin Wilson, Kelvin Yap

Thank you also to our donors who prefer to remain anonymous.

Partners and Corporate Supporters / Institute and Faculty of Actuaries Barnett Waddingham Gen Re Hymans Robertson LCP Milliman UK NMG Consulting