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Resources for SA2

These resources are optional or suggested additional reading for IFoA exam subject SA2 that may complement IFoA Core Reading and tuition provider material for this exam subject.

Suggested additional reading for Subject SA2 Life Insurance

Students may find it useful to consult some of the suggested reading listed within the 'Solving Problems' section 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 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 press and weekend supplements
  • bulletins and other publications from reinsurers and consultancies
  • Publications and websites of reinsurers and actuarial consultancies
  • Papers from the ÐßÐßÊÓƵ and the 
  • bulletins
  • Future IFoA events and webinars found on the IFoA event calendar
  • Past health and care-related presentations made at IFoA events, including session and webinar recordings, which can be found on the
  • Life-related presentations made at conferences that sit within other practice areas (e.g. Sustainability, Health and Care).

Actuarial Standards

The ÐßÐßÊÓƵ is responsible for the setting of ethical actuarial standards. The Financial Reporting Council (FRC) is responsible for the setting of technical actuarial standards.

Articles and papers

These article and paper references from within 'Solving Problems' of the SA2 Core Reading 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.

Members can access the following BAJ papers from the links below once they have logged into their .

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. DOI
  • . Shallis, P; Jones, G; Buckle, I; Hills, M.,ÌýSIAS, 2009.
  • . Corrigan, J; Matterson, W., SIAS, 2010.
  • Ìý-Ìý,Ìý. Kissoon, A.; Ealham, G. SIAS, 2013.

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. DOI
  •  [slide presentation]. Texier, L.; Bhudia, R. SIAS, 2014.

Regulation, valuation and capital management

  • Market consistent valuation of life assurance business. Sheldon, T. J.; Smith, A. D. 
    BAJ (2004) 10(3): 543-626. DOI
  • Current developments in embedded value reporting. O'Keeffe, P. J. L. et al. 
    BAJ (2005) 11(3): 407-496. DOI
  • Notes on options, hedging, prudential reserves and fair values. Wilkie, A. D.; Owen, M. P.; Waters, H. R. 
    BAJ (2005) 11(2): 199-312. DOI
  • The cost of capital for financial firms. Exley, J.; Smith, A. D. 
    BAJ (2006) 12(1): 229-301. DOI
  • . 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. DOI
  • Insurance accounting - a new era? Foroughi, K. et al. 
    BAJ (2012) 17(3): 562-615. DOI
  • . Brown, A. SIAS, 2012.
  • . Clark, D.; Kent, J.; Morgan, E. SIAS, 2012.
  • .Ìý°Ú] 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 (abstract of discussion of the paper)

Professional guidance

Treating customers fairly

  •  [Report from the Life: Treating Customers Fairly Working Party]. Staffurth, J. et al. SIAS, 2007.

Risk management and controls

  • . (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. DOI
  • Governance and risk management in United Kingdom insurance companies. Deighton, S. P. et al. 
    BAJ (2009) 15(3): 503-566. DOI
  • Living with mortality: longevity bonds and other mortality-linked securities. Blake, D.; Cairns, A. J. G.; Dowd, K. 
    BAJ (2006) 12(1): 153-228. DOI
  • 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. DOI
  • . Dhamani, S. SIAS, 2015.

Management of 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. DOI
  • Measuring and managing the economic risks and costs of with-profits business. Hibbert, A. J.; Turnbull, C. J. 
    BAJ (2003) 9(4): 725-786. DOI 
  • Equity between with-profits policyholders and shareholders. O'Brien, C.D. 
    BAJ (2012) 17(2): 435-474. DOI

Product design and pricing

  • A market-based approach to pricing with-profits guarantees. Hare, D. J. P. et al. 
    BAJ (2000) 6(1): 143-213. DOI
  • . Wadsworth, M. J.; Findlater, A. J. M.; Boardman, T. V. SIAS, 2001.

Wider reading

  • Effective decision making in a life company. Iqbal, I. 
    BAJ (2005) 11(1): 133-182. DOI .