We provide the actuarial function or appropriate actuary role for the life office or friendly society.

Key Benefits

• Actuarial advice tailored to your reporting requirements;
• Support on all of the key financial reporting standards;
• Cost effective service;
• Quality service overseen by partner / associate level.

Capabilities

We manage the actuarial function for proprietary companies, mutual companies and friendly societies.  Our clients are established in the UK and in offshore territories.  We have experience with unit linked, non-profit, traditional with profit and unitised with profit business.  We follow all of the developments of the FSA's continuing changes in statutory reporting as well as the development of Solvency 2 at EU level.

Statutory Reporting.

Statutory FSA reporting including realistic balance sheets.  This is "bread and butter" work for us.  We work well with other professionals generating the right team spirit to achieve the tight deadlines required by the FSA.  We ensure that our reports fit into your  returns and not the other way around.  We understand the reporting requirements of other "offshore territories" and can provide all of the support necessary.

Report and Accounts.

We understand the requirements of accounting standards on the actuarial liabilities and can easily operate with the finance department to generate compliant accounts.

Advice on Bonus Levels.

We give timely advice of the right quality to all of our clients who need to take bonus decisions.  We achieve this by walking our clients through likely results prior to the year end (we never surprise clients), have an early indicative result as soon as possible and then move to full reporting within 6 weeks of the year end if required.  Our full reports are always praised for their clarity and technical detail.  We also always provide a choice to boards.  We try to ascertain boards' preferences for bonus changes well in advance.

Individual Capital Assessments.

For directive friendly societies and insurers.  The new method of monitoring capital sufficiency by the FSA and referred to as Pillar Two.  We can provide good quality support in determining suitable and acceptable allowances for market risk, credit risk, liquidity risk and insurance risk.  We can help the board structure an allowance for operational risk.  We can also help design mitigating strategies to reduce the amount of capital required and will help the Board discuss the ICA with the FSA.  If the firm is carrying out an ICA, we see no real reason to also provide an FCR especially if the ICA included some run off work.

Financial Condition Reports and Planning.

We see the FCR as an essential tool of the board in monitoring and controlling its levels of risk if it is not required to carry out Individual Capital Assessments.  It will also become the key tool in generating the individual capital assessments from end of year 2004 on.  Our FCR is intended to be an inclusive document rather than just a technical actuarial document to ensure compliance.  We focus on the key risks and prioritise our work (and your discussions) on the key points.  We take fully into account your risk mitigation programme.  We also never forget that the FCR is just the "what if" part of your business plan.

Product Development.

We provide all of the actuarial support necessary to ensure new policies meet their profitability or bonus earning targets.  We always report on new policies in a full understandable document which allows the board to make all of the decisions on whether to proceed with the new policy type and how to monitor and mitigate risks.  Likely new business strains and impact assessments are standard to the final report.  We can provide all of the support on FSA disclosure.

Reference Accounts

The following are clients where we carry out the actuarial function or appointed actuary role:

IntegraLife (UK) Limited.

Part of the Transact platform and a wrap provider.  Full actuarial service provided

IntegraLife (International) Limited

The offshore part of Transact.

Healthy Investment

With profits friendly society.  Full actuarial service provided.

Transatlantic Life.

Proprietary office.  Non-profit and unit linked business.  Full actuarial service provided.

Kensington Friendly Collecting Society Limited

A with profits friendly society that still collects contributions weekly or fortnightly.  Full actuarial service provided.