The roots of the actuarial profession trace back to life insurance, and despite branching out into various fields, more than a quarter of Australian actuaries are presently engaged in this industry. Beyond their conventional responsibilities of establishing premium structures, product design, evaluating risks, conducting profitability assessments, and distributing surplus, actuaries are involved in numerous other facets of life insurance. These include roles in overall management, strategic market planning, corporate operations, computer system development, personnel training and oversight, as well as various financial control functions.
The landscape of the life insurance sector undergoes continual transformation due to shifts in laws, regulations, financial reporting, and the dynamics of mergers and acquisitions. Within this dynamic environment, life actuaries hold a pivotal position, contributing significantly to the creation of enduring products aligned with customer requirements and to the effective management of business operations.
It's a statutory obligation for an Appointed Actuary to provide reports on the financial robustness of a Life Insurance Company.