This English translation of “2017 Annual Report” of the Institute of Actuaries of Japan is
an unofficial translation. Only its original Japanese texts have effect, and the translation is
to be used solely as reference material to aid in the understanding of the original one.
この「2017 年度事業報告」の翻訳は公定訳ではありません。効力を有するのは日本語の資料であり、翻訳はあくまでその理解を助けるための参考資料です。

2017 Annual Report
From April 1, 2017 to March 31, 2018

1. Matters concerning Annual General Meeting of Members
The General Meeting of Members was held on June 20, 2017 at the main conference room of theInstitute of Actuaries of Japan, and“Report on a summary of business activities in 2016”
was presented, and the following two proposals were put before the meeting and approved as
proposed:
Item 1: 2016 Approval of a Balance Sheet and Net Assets Variation Statement as well as
Inventory of Properties
Item 2: Election of the Directors and Auditors
2. Movement of members
Movements of members during the current year were as follows: for corporate members, 2 member
withdrew from the IAJ; for individual members, 322 members were newly admitted and 214 members
withdrew from the IAJ. The number of members as of the end of March 2018 is as shown in the tablebelow.
Fellows
Associates
Students
Semi-total
Corporate members
Total

1,697
1,295
2,125
5,117
107
5,224

persons
persons
persons
persons
corporations
persons/corporations

3. Business report[A. Related to examination](A1) Implementation of qualification examination
A 3-day qualification examination was held from December 11 to 13, 2017 in Tokyo (at TOC
Gotanda) and Osaka (at Temma Training Center) and the successful examinees were announced on
February 14, 2018.
The total number of examination subjects for the primary examination was 3,859 subjects and thetotal number of subjects passed was 649 subjects. There were 88 examinees who passed all basic
subjects.
Primary examination（Basic subjects）

Mathematics

Life Insurance
Mathematics

Non-life
Insurance
Mathematics

PensionMathematics

Number of examinees

1,069

827

688

542

1

Accounting ,Economics andInvestment Theory733

Number of successful examinees

110

217

94

89

139

Passing Rates

10.3％

26.2％

13.7％

16.4％

19.0％

The total number of examination subjects for the secondary examination was 1,259 subjects andthe total number of subjects passed was 149 subjects. There were 67 examinees who passed all thesubjects.
Secondary examination（Advanced subject）

Life Insurance
１

Life Insurance２

Number of examinees

367

355

160

128

106

143

Number of successful
examinees

41

44

17

16

12

19

11.2％

12.4％

10.6％

12.5％

11.3％

13.3％

Passing Rates

Non-life
Insurance１

Non-life
Insurance２

Pension１

Pension２(A2) Implementation of CERA examination
The CERA examination was held on October 3, 2017 in Tokyo (at TKP Otemachi ConferenceCenter) and the successful examinees were announced on January 15, 2018. There were 41
examinees and 4 examinees passed the examination (Passing Rates 9.8%).
(A3)Revision of textbooks
In February 2018, “New Products”, Chapter 4 of “Life Insurance 1”, was discontinued and“Product Development of Life Insurance” was newly published. At the same time, “RiskManagement”, Chapter 10 of “Non-life Insurance” and the Appendix were revised and updated on
the fields on risk management such as ERM and solvency regulations.
[B. Related to education, training and research presentation](B1) Implementation of actuary courses
The actuary courses were offered for a period from May 9, 2017 to October 3, 2017. Details are as
follows.
Subject
Number of
students
Basic courses
・Probability
・Statistics
・Modeling
148 people（12 Subjects）
・Probability Exercise ・Statistics Exercise
・Life Insurance Mathematics
・Non-life Insurance Mathematics
・Pension Mathematics
・Accounting
・Economics
・Investment Theory
・Life table
Intermediate courses ・Risk Selection Theory
・Social Insurance Theory
34 people（7 Subjects）
・Population Theory
・Insurance Supervision Law
・Pension Practice Regulations
・Finance Mathematics
・Risk Management Theory
The additional actuary exercise courses were offered for a period from September 27, 2017 toNovember 30, 2017. Details are as follows.
Subject (Number of students)
Additional actuary

・Life Insurance Mathematics Exercise（34 people）

exercise courses

・Non-life Insurance Mathematics Exercise（41 people）
2

・Pension Mathematics Exercise（25 people）
・Modeling Exercise（23 people）
Kansai Committee actuary courses were offered for a period from August to October 2017.
1person took the life insurance mathematics course and 2 people took the pension mathematics
course.
(B2) Holding of Annual Meeting
A 2-day Annual Meeting was held on November 9 and 10, 2017 at Keidanren Kaikan and Station
Conference Tokyo. The following special lectures were held in this meeting.
”The fourth Science: Data Science and Data Scientists” By Mr. Genshiro Kitagawa(Appointed Professor, Mathematics and Informatics Center, Tokyo University
Past-President (2011-2016), Research Organization of Information and systems (ROIS)
Past-Director General (2002-2011), The Institute of Statistical Mathematics)“What makes the Actuarial Profession a Profession? A Global Perspective”
By Mr. Thomas S. Terry (President, International Actuarial Association)“Turbulent global economy – Challenges and countermeasures of Japanese companies”
By Mr. Yuji Shindo (Representative, Shindo Industrial Research Institute)Also, 17 papers were presented, 15 presentations and 1 panel discussion were held.
(B3) Holding of IT Annual Meeting
A 2-day IT Annual Meeting was held on January 25 and 26, 2018 at Mitsui Life Insurance Co.,
Ltd. (Otemachi Nomura Building). The following special lecture was held in this meeting.
”Digital transformation leading the IOT/AI era～ Structural Reform of the values by real time process “
By Mr. Yosuke Miyahara (Operating Officer, Future Architect)
And IT Study Groups (1st to 6th) conducted activity reports.
(B4) Holding of regular meetings
We held a total of 10 regular meetings in FY2017. Details are as follows.
1stJun. 21, 2017
[Accounting Standard]

IFRS 17 – Introduction & Challenges

2ndJul. 5, 2017
[Medical Insurance]

A trend of specific disease incidence
rate in global and Japan ～What can
we learn from the past trend andforeign markets in formulating anassumption of the Japanese market?
A picture of actuarial education witha view to the future ～Discussion onrevision of IAA syllabus～
Practical Standards model at IAA
Update of the discussion on ISAPs
The Malaysian Insurance Industry

3rdJul. 26, 2017
[Members’ Report]

4th
Sep. 11, 2017
[Asia]
5thLongevity and attached risks
3

Mr. Henny Verheugen(Milliman)
Mr. William Hines(Milliman)
Mr. Andrew Gaskell(RGA International Corporation)

Mr. Tomio Murata(IAA Executive Committee)
Mr. Toshihiro Kawano (IAA
Actuarial Standards Committee)
Mr. Zainal Abidin Mohd.Kassim(Actuarial Partners Consulting /Past-President of Malaysian
Actuarial Association）
Mr. Cord-Roland Rinke

Sep. 26, 2017
[Risk Management]
6thOct. 23, 2017
[Professionalism]
7th
Dec. 6, 2017[Social Security]

8th
Feb. 9, 2018
[Data Science]

9th
Feb. 27, 2018
[Risk Management]
10th
Mar. 5, 2018
[Accounting Standard](Hannover Re)※Joint seminar with Professionalism Training(Continuing Professional Development) (Reference to (B10) ①)
Future population estimation and its
application

Overview of Predictive Modeling andthe latest trend
On the difference between“Statistical Science” and “Machine
Learning”
Insurance Regulation in the UK andEU
Commentary on IFRS 17- Focusing on the transition of
discussion of major concepts -Mr. Futoshi Ishii(Manager, Population Dynamics
Research, National Institute ofPopulation and Social Security
Research)
Mr.Hirokazu Iwasawa
Hironori Fujisawa, Ph.D.
(Professor, The Institute of
Statistical Mathematics)
Mr. Andrew Bulley(Deloitte UK)
Mr. Tatsumi Yamada(KPMG AZSA)(B5) Holding of Kansai Committee regular meetings
We held a total of 4 Kansai Committee regular meetings in FY2017. Details are as follows.
1st
Oct. 5, 2017
[Economics]

Stagnant monetary policy- Negative interest, FTPL, Helicopter
money and Exit Strategy

2ndJan. 12, 2018
[Risk Management]
3rd
Mar. 15, 2018
[Others]
4th
Mar.22, 2018
[Insurance Management,
Pension,Risk Management]

Financial Risk Management- review from the 10 biggest cases
Psychology of Risk Behavior- Is automatic driving the trump cardfor traffic safety?
2017 Report on Activities of KansaiCommittee’s Sub-committees

Mr. Mitsuru Iwamura(Professor, Waseda Business
School (Graduate School ofBusiness and Finance))
Mr.Kenji Fujii(Mizuho Securities)
Mr. Shigeru Haga
(Professor, Rikkyo University)each sub-committee(B6) Holding of moonlight seminars
Moon light seminars under the following 5 themes were held from December 2017 to February
2018.
Introduction to biostatistics for actuaries
Practice of state space models

Mr. Kousuke Iwasaki (Milliman)
Mr. Shunichi Nomura (Research Organization ofInformation and Systems, The Institute of
Statistical Mathematics/Data Science Shared
Utilization Infrastructure Data Integration
Calculation Support Project)4

Utilization and practice of AI in the insurance
industry
Outline of IFRS 17(Insurance Contract) and its
application to business
Think again about the significance of economic
value-based ERM

Mr. Norio Fujii (Soft Bank)
Mr. Shunsuke Takahashi (Soft Bank)
Mr. Junki Matsuo (Soft Bank)
Mr. Kazuyuki Doi (Towers Watson)
Mr. Tomonori Asada (Towers Watson)
Mr. Yuji Morimoto (Capitas Consulting)
Mr. Naoyuki Matsudaira (Capitas Consulting)(B7) Holding of Kansai Committee seminars
We held Kansai Committee regular meetings on February 15, 2018 with following themes.
 Pricing of Credit Default Swap using Gerber-Shiu function
 A study on corporate value disclosure in European life Insurancecompany Method comparison and study of machine learning – stock pricedata prediction by R

Graduate School of Science,
Kyoto University,
Insurance Mathematics
Seminar students(B8) Enhancement of e-learning
E-learning contents under the following were released.
Standard of Actuarial Practice Concerning Retirement Benefits Accounting
IAA Risk book Chapter 1 (Introduction to IAA Risk Book )
IAA Risk book Chapter 2 (Actuarial Function)
IAA Risk book Chapter 3 (Professional Standards)

IAA Risk book Chapter 4 (Operational Risk)
IAA Risk book Chapter 5 (Catastrophe Risk)
IAA Risk book Chapter 6 (Non-proportional Reinsurance)Communication training
Logical communication training
Assertive communication training
Negotiation training
Facilitation training「Can you utilize Regression Analysis?」～Report of 2016 Annual MeetingMathematical practice standard related to IAS 19
Practice standard of general insurance2015 Open Discussion ForumRetirement income and private pension～Report of 2016 Annual Meeting
Revision of the Insurance Business Act in 1995 and the remaining issues －Focusing on
regulations related to actuarial matters of life insurance companies ～Report of 2016 Annual
MeetingLatest ways to deal with reinsurance, and its perspective for effective strategic decisionmaking
Volatility estimate modelOverview of the Interest rate model (short rate model)Monte Carlo MethodTheory of the optional price
The Yield Curve formulation methodThe mathematical aspects of enterprise risk management in insurance companiesThe practice of enterprise risk management in insurance companies

The calculation method of catastrophic risks’ risk amount in EU solvency IIProfessionalism training (Continuing Professional Development) 20175


Economic value-based solvency regime starting from today 2017 ～ Mainly the situation offoreign countries ～IFRS 17 (Insurance Contract)(B9) Implementation of actuary overseas training
The 7th Actuary Overseas Training was implemented in 3 groups, life insurance, pension and nonlife insurance. The life insurance and pension groups conducted training during the period of
Oct.14-26, including presentations at the annual meeting of Society of Actuary (SOA) in USA.
The non-life insurance group conducted training during the period of Nov.4-18, including
presentations at the annual meeting of Casualty Actuarial Society (CAS) in USA. There were 25
participants in life insurance group, 6 participants in non-life insurance group and 5 participants inpension group.
(B10) Implementation of professionalism training① On October 23, 2017, professionalism training (Continuing Professional Development)
covering the following training was offered.
Actuaries and their Professionalism
Mr. Ikuo Katayose (Resona Bank)
Independence and autonomy of professionals Mr. Shunsuke Sugimoto(Osaka University of Economics)
Case Study on Conflict with organization
Mr. Yosuke Fujisawa (RGA)② On February 26, 2018, professionalism training covering the following training was offered.
The completion of this training is required to be approved as a Fellow.
About Professionalism
Mr. Ikuo Katayose (Resona Bank)
IAA Syllabus and Professionalism
Mr. Tomio Murata (Mitsui Life Insurance)
Actuaries and Code of Conduct
Mr. Shinichi Nara (Meiji Yasuda Life Insurance)
Professionalism in Life Insurance
Mr. Hitoshi Watanabe (Nippon Life Insurance)
Professionalism in Non-life Insurance
Mr. Hiromi Kaneko (Sompo Japan Nipponkoa Insurance)
Professionalism in Pension
Mr. Ikuo Katayose (Resona Bank)③ On January 24, 2018, training for actuaries of small amount & short term insurance wasoffered by FSA and IAJ at the Small Amount & Short Term Insurance Association of Japan(SSI). IAJ dispatched Mr. Ikuo Katayose, Chair Person of Professionalism Education
Committee in IAJ, as a lecturer of the training as a part of professionalism education.
(B11) Implementation of CERA training① On November 17 and 18, 2017, a 2-day group workshop was held for examinees for CERA
examination. The workshop contained lectures on ERM, such as the specific situation in
Japan and the case studies. The completion of this training is required to be approved as
CERA qualification and 23 participants completed the training.
② On February 16, 2018, a workshop titled “Discussion about ERM” was held to discuss
papers related to ERM and CERA as the subjects.
(B12) Implementation of Research meeting
On January 13, 2018, in order to foster the academic aspect of young members, a researchmeeting was held in cooperation with the JARIP Forum as a place to learn about discussions with
university researchers, etc. and how to approach academic papers. The papers written by IAJ
members were used as the subject materials.

[C. Related to investigation and research activities]

6

(C1) Revision of Life Insurance Standard Life Table
In May 2017, after widely collected the public comments, the revision drafts for “Life InsuranceStandard Life Table 2018 (for death)” and “Third Sector Standard Life Table 2018”, which will beplanned to apply in 2018 fiscal year, were submitted to the Financial Services Agency (FSA). On
August 17, 2018, FSA announced the result of the public comments about the notification reformbill of the standard life table revision, and the standard life table will be revised from April 2018.
(C2) Review of practice standards
The necessity for revision of practice standards were reviewed, and decided not to be changed thisfiscal year.
(C3) Review of actuarial science for Life Insurance Product
In February and March 2018, Life Insurance Product Special Review WG members cooperated
with the Financial Services Agency to hold an exchange of opinions about actuarial science for life
insurance products.
(C4) Response to international accounting standards and international insurance regulation
The International Accounting Standards Board (IASB) and the International Association of
Insurance Supervisors (IAIS) have been energetically reviewing international accounting standards
and international insurance regulation. The International Actuarial Association (IAA) is carryingout contracted research and other activities as an actuarial professional group. The IAJ is actively
participating in the activities of IAA committees.
Insurance Regulation Division of International Standards Committee translated IAA Risk Book up
to Chapter 11 (excluding 7) in addition to Chapter 1-6 into Japanese and posted it on IAJ HP.
(C5) Work for the revision of IAA educational syllabus
Corresponding to the amendment of IAA educational Syllabus and its application in 2021, IAJ
have decided to consider the future qualification examination and education systems in Japan byPlanning Committee, Examination and Education Planning Committee and the relative committees
respectively. Specifically, after comparing the revised syllabus with the existing system, policy andpractical aspects will be discussed.
(C6) Implementation of Data Science Intensive Seminar
In September 2017, we held 4 times of Data Science Intensive Seminar in total, and the details are
as follows:
Current circumstances of Data Mr. Ikuo Kudoh (General Secretary of IAJ)
1st
Science
Mr. Ryutaro Yamada (IAA Big Data WG /Sep. 14, 2017
Mitsui Sumitomo Insurance)
The history of the Institute of
Mr.Shunichi Nomura
2nd
Statistical
Mathematics(ISM)(ASTIN-related study group / assistant
Sep. 19, 2017
and the future
professor at ISM, Data Science Shared
Utilization Infrastructure Data Integration
Calculation Support Project)
rd
What
is
Predictive
Modeling?
Mr. Hirokazu Iwasawa
3(ASTIN-related
study group)
Sep. 21, 2017
Actuaries of the 5th kind
Mr. Tsuneto Yamauchi
4th(Joint Industry-academic Committee /Sep. 28, 2017
appointed professor at Keio Unv.)
Mr. Yousuke Fujisawa(Joint Industry-academic Committee・
7

ASTIN-related study group / RGA)In addition, from October to November 2017, we conducted questionnaires for members
concerning data science, and provided the feedback at the 8th general meeting (B4).
(C7) In September 2017, ASTIN-related study group published the translation of the text 「Predictive
Modeling Applications in Actuarial Science Vol.Ⅰ」by Casualty Actuarial Society (CAS) andprovide them to members for free of charge.
(C8) In November 8, 2017, ASTIN-related study group held a seminar on integration of insurance anddata science with cooperation of Data Robot.
Intelligible & Accurate Models: Application of Machine Learning to Insurance
Mr. Xavier Conort (Data Robot)
Machine Learning, Statistics and actuaries
Mr. Hirokazu Iwasawa (ASTIN-related study group)(C9) Activities of Committees
Each committee, division, study group, working group and project team carried out investigations,research and other activities based on the purpose and mission set at the beginning of the fiscal
year. The status of their activities was posted on IAJ web sites. The activities that were put
together into investigation and research results were published on the IAJ’s member-only web
page and/or in supplementary volumes of bulletins, etc.

[D. Expression of Opinions](D1) Voting at IAA Council (including electronic voting)①

In April 2017, voted for the approval of correction etc. of the consistency of ISAPs 1, 2 and3 at the IAA council meeting in Budapest.

②

In August 2017, voted for the approval of IAA memberships.

③

In October 2017, voted for the approval of the revision of IAA educational Syllabus andguidelines at the IAA council meeting in Chicago.

(D2) In October 2017, the IAJ submitted its opinions to IAA on the exposure draft of revision of
consistency of ISAP1 and ISAP1A after studies by the relative committees.
(D3) In February 2018, the IAJ submitted its opinions to IAA on the exposure draft of ISAP6 afterstudies by ERM committee and the relative committees.
(D4) In February 2018, the IAJ, jointly with the Japanese Society of Certified Pension Actuaries,
submitted opinions on the Exposure Draft of PITF No. 54 entitled “The Exposure Draft on the
Tentative Practical Solution Regarding the Effective Periods of PITF No.34” to the AccountingStandards Board of Japan (ASBJ).

[E. Related to International Activities](E1) IAA activities
The IAJ actively participated in the activities of IAA committees as well as in transmitting
opinions from IAA to IASB, IAIS, etc. And the topics are as follows:
8

①

②

③

Promotion of ICA2018 Berlin The IAJ invited Mr. Roland Weber, President of the German Association of Actuaries(DAV) to IAJ annual meeting and he made a presentation about ICA2018. This
opportunity provided IAJ members with the further information about ICA2018.
 The IAJ decided to participate in Virtual ICA2018 as a national partner and that enables
IAJ members to watch the video contents, etc. of ICA2018. That is also considered of theutilization at the future event of ICA2026 in Tokyo.
ICA2026 Cost Fund
 In order to explicitly secure a part of ICA2026 holding funds in advance, “ICA2026 Cost
Fund Handling Rules” is stipulated, and 20 million yen is accumulated in the 2017 fiscal
year settlement.
IAA2019
 The IAJ have decided that IAA meeting and annual meeting in 2019 in Tokyo to be held
jointly and their planning to be done by 120th Anniversary Project Special Committee.

(E2) Implementation of 45th Actuarial Seminar of East Asia (ASEA)
From September 12 to 15, 2017, the IAJ held a 4-day seminar on the status of Japan’s various
systems to which actuaries are related, with 36 participants from 11 different areas mainly in East
Asia.
(E3) Dispatch of members to international conferences, etc.
The IAJ sent its members to the following international conferences, etc.
① From April 18 to 23, 2017
IAA Conference(In Hungary, Budapest)
Mr. Hideyuki Sumi, Mr. Tomio Murata, Mr. Masaaki Yoshimura, Mr. Toshihiro Kawano,
Mr. Masaaki Shigehara, Mr. Yoshio Nakamura, Mr. Shinji Ikeda, Mr.Ryutaro Yamada,
Mr. Nobuhiro Shimizu, Mr. Kenji Sekine, Mr. Ikuo Kudoh② From June 4 to 7, 2017
PBSS colloquium(In Cancun, Mexico)
Mr. Nobuhiro Shimizu, Mr. Takeshi Enta
③ From July 12 to 13, 2017
IAA Insurance Accounting Committee(IAC) (In London, UK)
Mr. Yoshio Nakamura④ From August 20 to 24, 2017 ASTIN&AFIR/ERM colloquium(for presentation of a paper at ASTIN Data Analytics Working Party)(In Panama City, Panama)
Mr. Miwaka Yamashita, Mr. Kenji Shirai, Mr. Kazuya Hata, Mr. Fumihiro Endo,
Mr. Hidemasa Oda⑤ From September 12 to 13, 2017
Data Science Summit (IFoA)(In London, UK)
Mr. Yousuke Fujisawa, Mr. Tomoshiro Hamura⑥ From October 3 to 8, 2017
IAA Conference(In Chicago, USA)Mr. Hideyuki Sumi, Mr. Tomio Murata, Mr. Masaaki Yoshimura, Mr. Toshihiro Kawano,
Mr. Masaaki Shigehara, Mr. Yoshio Nakamura, Mr. Takashi Yamamoto, Mr. Yoshihiko Tsuji,
Mr. Hiroshi Yamazaki, Mr. Ryutaro Yamada, Mr. Nobuhiro Shimizu, Mr. Kenji Sekine,
Mr. Ikuo Kudoh(E4) A meeting with IAA President
In May 2017, IAA President Mr. Thomas S. Terry visited Japan and exchanged opinions onrevision of the IAA Education Syllabus with chairpersons of related committees in the IAJ.
Also in November 2017 at the time of his visit to the IAJ annual meeting, members of Planning
Committee exchanged opinions with him on the current situation of professionalism in USA.
(E5) A meeting with CAS President
In December 2017, CAS President Mr. Brian Brown and past-president Mr. Bob Conger visited
Japan, and exchanged opinions on a new qualification CSPA (Certified Specialist in Predictive
9

Analytics) by CAS with the related members in the IAJ.
[F. Advisory Committee]
2017 Advisory Committee meeting was held on February 27, 2018, where summary of businessactivities in 2017, 2018 business plan (draft) were discussed and also about the “actuaries’
model”.

[G. Joint Industry-Academic Project](G1) Upon request of Kyoto University to send lecturers for insurance mathematics and pension
mathematics lectures, Mr. Jun Asano (Sumitomo Life Insurance), Mr. Hisashi Uehara (Sumitomo
Life Insurance), Mr. Kozo Oshima (Sumitomo Life Insurance), Mr. Ikuo Katayose (Resona
Bank), Mr. Toshinori Sanai (Daido Life Insurance), Mr. Takeshi Toyodome (Nippon Life
Insurance), Mr. Motoo Nakayama (Nippon Life Insurance) and Mr. Yoshihiro Minami (Nippon
Life Insurance) were sent to the University.
(G2) Upon request of Osaka University to send lecturers for insurance mathematics lectures,
Mr. Akihiko Sasada (Sumitomo Life Insurance), Mr. Masaki Takemura (Daido Life Insurance)and Mr. Hiroyuki Tsunekawa (Nippon Life Insurance) were sent to the University.
(G3) Upon request of Kobe University to send lecturers for insurance mathematics lectures, Mr. Koji
Matsumoto (Sumitomo Life Insurance) was sent to the University.
(G4) Upon request of Tokyo University to send lecturers for social mathematics special lectures,
Mr. Ryoichi Nakamura (NLI Research Institute) was sent to the University.
(G5) Upon request of Japanese Inter-organizational Network for Statistics Education (JINSE), the IAJ
decided to participate in the “Extended Version” JINSE as a collaboration organization.
(G6) In April 2017, the 3 members of ASTIN-related study group and Joint Industry Academic Projectgave lectures at “Waseda Statistics Seminar” of Faculty of Science and Engineering, Waseda
University.
(G7) In May 2017, as one of the activities of Joint Industry-Academic Project, the IAJ encouraged
members to participate in a special lecture, “Frontier of Statistical Science” which was co-hosted
by School of Interdisciplinary Mathematical Sciences, Meiji University and Meiji Advanced
Study of Mathematical Sciences for the invitation. (Lecturers: Mr. Genshiro Kitagawa, PastPresident of Research Organization of Information and systems / Mr. Dan Nicolae, the dean of
department of statistics, Chicago University.)(G8) In June 2017, as one of the activities of ERM Committee and ALM Study Group, the IAJ invitedmembers to participate in a special lecture, “Quantification of Financial Risk” hosted by Schoolof Interdisciplinary Mathematical Sciences, Meiji University.
(G9) In September 2017, at the department of mathematics of Kyoto University, consecutive lectures
were held and the IAJ held them in common by dispatching lecturers.

10

(G10) In September and November 2017, as one of the activities of Joint Industry-Academic Project,
a career support seminar for undergraduate and graduate students who have interest in actuaries
was held by Waseda Graduate School of Accountancy, and the IAJ dispatched Mr. Ikuo Kudoh(General secretary at the IAJ) and Mr. Yousuke Fujisawa (ERM committee chairman) to theseminar as the lecturers.
(G11) Upon request of Waseda University to send lecturers for life insurance mathematics andpension mathematics, the IAJ newly decided to dispatch the lecturers starting from fiscal year
2018.

[H. Related to Presentation of Awards](H1) Awards presented to a person with outstanding results in the 2017 qualification examination①

Presentation of President Award
The IAJ presented the President Award to Mr. Yuki Teramoto (Nippon Life Insurance) andMr. Yumi Hamaya (Mitsui Life Insurance).

②

Presentation of award for outstanding results for each subject
The IAJ presented an award to 1 person for Mathematics, 1 person for Life insurance
mathematics, 1 person for Non- life insurance mathematics, 2 people for Pension
mathematics, 1 person for Accounting, economics and investment theory, 1 person for Life
insurance1, 1 person for Pension 1.

(H2) Presentation of awards for outstanding research paper①

On November 9, 2017, an award was presented for the following paper at the Annual
Meeting:“Application of State Space Models to General Insurance : Examples of Analysis Using R
package “KFAS” “
Mr. Shunichi Nomura (The Institute of Statistical Mathematics)②

On January 25, 2018, awards were presented for the following outstanding IT-related papers
at the IT Annual Meeting:“Creation of a new business by the latest IT and different industries’ collaboration”(IT Study Group Ⅳ)“Utilization of AI in insurance industry －the future of insurance created by AI ”
(IT Study Group Ⅵ)[I. PR and Publication Activities](I1) PR activities
The 26th Actuary Seminar primarily for students was held on January 20, 2018 in Tokyo and in
Osaka. There were 43 participated in Tokyo and 30 participated in Osaka.
(I2) Enhancement of information provision function①

One of the contents in our HP, “Voices of successful applicants”, was renewed. (Themembers were replaced.)②

The IAJ reviewed the top and CERA related information pages in our HP to improve andenhance the value.
11③Upon the revision of Standard Life Table, the IAJ published its creation process, numeric
data and the English Version in our HP in addition to Standard Life Table and the creation
summary.

(I3) Cooperative activities of related associations / institutes
The IAJ sponsored the public interest purpose project, “Suugaku Koshien 2017 (The 10th National
Math Championship)” organized by the mathematics Certification Institute of Japan (SUKEN).
(I4) Publication of bulletins, etc.
The following bulletins and other publications were published.
①②

BulletinNo.70

 Capital Allocation of ERM Process in Life Insurance Companies
 A study of investment income of Embedded Value when policyholder
dividends are based on statutory accounting profits.
 A study on calculation of insurance cash flows by stochastic approach A study of pricing method consistent to the economic value-based
approach of insurance liability A study on the estimation of the profit of life insurance companies
based on the population projection
 Prediction of mortality rate using multi-cohort model A study of shared risk pension plans - based on examples of foreigncountries  Application of State Space Models to General Insurance :Examples of Analysis Using R package “KFAS”
 On the smoothing methodologies and matrices with k-th degree &n-terms on the discrete 1-dimensional space

Supplementary volumes of bulletin
No.281<The 7th Actuary Overseas Training> Life insurance & pension groups report General insurance group report
 SOA presentation documents (Life insurance group) SOA presentation documents (Pension group) CAS presentation documents (General insurance group) Questionnaire after training
No.282<The 57th IT Annual Meeting Report> (IT Committee)
 Special lecture”Digital transformation leading the IOT/AI era～ Structural Reform of the values by real time process “
By Mr. Yosuke Miyahara (Operating Officer, Future Architect) Utilization of Fintech in insurance industries
 To realize “hyper shortening” of service-release cycle by making a
new relationships and reviewing roles between Develop Dept. &Operation Dept.
 Correspondence of the insurance companies to the revolutionizedworld by VR (virtual reality) The usefulness of Open API and the innovation caused by insurance
industry Prevention of system failure by focusing on the human errors
 On the role and training of data scientists for the purpose of utilizing
big data in insurance industry
No.283<CRO FORUM : Leading practices in model management /North American CRO Council: Model Risk Management – Practice andPrinciples > (International Relations Committee)
12 CRO Forum: Leading practices in model management
 North American CRO Council: Model Risk Management – Practiceand Principles③

Actuary Journal
No.99

No.100<The 100th
Special Issue>

No.101<Special Issueof Data Science>

No.102

Special Edition<Risks and The 7th regular meeting report in 2016
 ASTIN Bulletin Abstracts (Translated by AFIR related Study Group) Report of AFIR/ERM Colloquia in 2015 Sydney (AFIR related study
group)
 2016 Report on Activities of Kansai Committee’s Sub-committees
 2016 Report on Moonlight Seminar Report on Waseda Statistics Science seminar 2016 CERA qualified person(s) 2016 applicants who passed the qualified examination
 2016 accomplished members for CPD objectives
 Book introduction (from books read by members in 2016)
 For the 100th Actuary Journal －The President’s message
 Special story：① Special talks by former president and president-elect of IAA② Messages from past chairpersons of Actuary Journal Committees③ History to the 100th issue of Actuary Journal (chronological tables)④ Looking back on No.1 to 99 Actuary Journals
 The 8th regular meeting report in 2016 The 9th regular meeting report in 2016
 2016 Continuing Professional Development / CPD units achievement
report Actuaries’ relay talks (Series Part.1)
 2017 Name lists of committees, study groups, working groups, project
teams
Data Science Intensive Seminars
1st : Current circumstances of Data Science
2nd : The history of the Institute of Statistical Mathematics (ISM) andthe future viewrd
3 : What is Predictive Modeling?
4th : Actuaries of the 5th kind
 Seminar on integration of insurance and data science(ASTIN-related
study group) The 3rd regular meeting report in 2017 The 45th ASEA Seminar report (ASEA Committee, IAJ Secretariat)
 Report of “Suugaku Koshien (The National Math Championship)”(PR Committee)
 Invitation letter to the 31st ICA2018 Berlin (Annual Meeting
Committee, IAJ Secretariat)
 Actuaries’ relay talks (Series Part.2)
 The 2nd regular meeting report in 2017 The 4th regular meeting report in 2017 The 5th regular meeting report in 2017
 Think of the significance of risk management &ERM from the originof the words - What I learned from CRO job experience in USA(ERM Committee)
 Translation of “2015 Emerging Risks Survey” (ERM Committee)
 2017 Actuary Seminar report (Actuary Seminar Division/PR
Committee, Kansai Committee)
 Actuaries’ relay talks (Series Part.3)<Lectures from CERA training > Movement to review financial regulatory reform in the world13

Insurance
No.14>④－Based on measures against Procyclicality － Financial risk management, now and the future direction
 Expansion of Modern Risk Theory – focusing on Bankruptcy Theory<Contribution>
 Overview and issues of ISAP6 exposure draft<Paper> A Sustainable Capital Allocation Framework under Economic
Valuation2017 Qualification Examination Question Collection

14