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21 & 22 September 2004 Jeddah, Saudi Arabia

THE ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRIES Ibrahim Muhanna FCAA, MSAA, FLAA Managing Director & Actuary. 21 & 22 September 2004 Jeddah, Saudi Arabia. Actuaries make financial sense of the future. WHAT IS AN ACTUARY?. An actuary applies mathematical skills to

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21 & 22 September 2004 Jeddah, Saudi Arabia

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  1. THE ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRIESIbrahim Muhanna FCAA, MSAA, FLAAManaging Director & Actuary 21 & 22 September 2004 Jeddah, Saudi Arabia

  2. Actuaries make financial sense of the future

  3. WHAT IS AN ACTUARY? An actuary applies mathematical skills to financial and business problems, especially those which involve uncertain future events, such as in Takaful - life insurance, general insurance, risk management, health care financing, investment, corporate finance, banking, pensions and social security

  4. ACTUARIAL TRAINING • mathematics • statistics • modelling • investment • finance • financial management

  5. life insurance general insurance pensions social security investment health care financing corporate finance government service personal financial advice education MAJOR FIELDS OF ACTUARIAL WORK

  6. ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 1/5 • product design • pricing • reserving • investment strategy • reinsurance/securitisation

  7. ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 2/5 • profitability measurement • control of bonus systems • assessing shareholder value • disclosure to policyholders • dynamic financial analysis

  8. ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 3/5 DYNAMIC FINANCIAL ANALYSIS (STRESS-TESTING) • realistic future cash-flows • impact of regulatory requirements • alternative scenarios • use of stochastic modelling • identification of risks • risk management strategies

  9. ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 4/5 ACTUARIES IN INVESTMENT • portfolio management • research and analysis • portfolio performance measurement • asset/liability management • strategic asset allocation • investment indices • complex financial instruments

  10. ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 5/5 PERSONAL FINANCIAL PLANNING • assessment of needs • insurance solutions • pension products • cost of care

  11. ROLE OF APPOINTED ACTUARY • adviser to Board and senior management • responsible for assets as well as liabilities • continuous financial monitoring • annual valuation of assets and liabilities • hot line to supervisor in case of difficulties • operating under professional standards

  12. WHISTLE-BLOWING • professional responsibility • underpinned by legislation • interests of policyholders • responsibility to company • responsibility to regulator

  13. PUBLIC INTEREST • quasi regulatory functions • protection of policyholders • protection of pension scheme members • serving the public • pursuit of excellence

  14. Overview on:i.e. Muhanna Group & its Founder The 1st & Largest Actuarial Consulting Firm in the Arab World The 2nd Actuarial Foundation in the World The 4th Largest Actuarial Firm in Social Insurance Consulting in the World The 1st & only Regional Insurance Rating Agency

  15. Concluding Remarks • Transparency • Fairness • Development of Human Resources

  16. Actuarial consultancy - established in 1986 Life, P&C & Health Insurance Pensions & Social Insurance Insurance supervision Management Consulting ( Risk Management - Mergers & Acquisitions) Software solutions - established in 1990 Actuarial Education - established in 1994 Rating services - established in 2000 As of end 2003 Services were rendered in 32 countries Provided services to 41 government & semi-government organizations Advised 52 life & general Insurance companies Provide services to 94 other private institutions Financed & sponsored 23 actuarial students Delivered & published 67 actuarial and insurance papers & studies Overview of The Muhanna Group

  17. Observer member of IAIS since 2001 Active member of IAA insurance regulation committee since 1999 Advisor to SAMA between 2000 – 2003 Large team of professionals including life actuaries Appointed actuaries to major Takaful Companies Unique perspectives and insights Corporate Governance Strategy Formulation Structuring of Groups – Optimization of Value Largest Data Base on Saudi Arabia Points of Strength

  18. i.e Muhanna & co. www.muhanna.com The Muhanna Foundation www.muhanna.org Address 1501-B Gefinor Center Beirut – Lebanon Tel +9611 752 999 Fax +9611 751 292 E-mail actuarial@muhanna.com Sites to note:

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