Faculty of

Business Administration

Bachelor of Business Administration in

Insurance,
Financial and
Actuarial Analysis
工商管理學士
保險 財務 與 精算學課程

http://ifaa.baf.cuhk.edu.hk
 Bachelor of Business Administration in
 Insurance, Financial and Actuarial Analysis

Introduction
The BBA Programme in Insurance, Financial and Actuarial Analysis (IFAA),
which is run by the Department of Finance of the Faculty of Business
Administration, was started in September 2002. The programme provides
an in-depth education in insurance, finance, and actuarial science to
individuals who wish to build careers as actuaries, financial analysts,
risk managers, and other financial service providers. Since its inception,
IFAA has attracted among the most outstanding and academically
accomplished students in Hong Kong.

Initial courses in the IFAA programme focus on fundamental business and economics issues and provide students
with the necessary grounding for the more specialized courses that follow. Subsequent courses in risk management,
insurance, and finance further enhance the knowledge necessary for those who wish to become insurance professionals
and financial analysts. In addition to the comprehensive training that they receive in the actuarial courses, students are
also prepared for the actuarial exams that are offered by the Society of Actuaries (SOA) and the Casualty Actuarial Society
(CAS). In sum, students who complete the IFAA programme will be in a strong position to begin exciting and rewarding
careers in the insurance industry and related fields.

Learning Outcomes
The learning outcomes of the IFAA programme are as follows.

1 To understand the social, ethical and legal responsibilities of insurance companies.

2 To learn effective written and oral communication skills in a business context.

3 To learn the essential business skills and functions.

4 To understand the purpose and design of different insurance products, and how these products are distributed.

5 To gain basic knowledge in finance and its applications in insurance.

6 To acquire actuarial knowledge for the pricing and financial management of insurance products.

7 To learn the basic quantitative skills that are essential in actuarial analysis.

8 To learn how to manage an insurance company in a local, global and multi-cultural environment.
 Bachelor of Business Administration in
Insurance, Financial and Actuarial Analysis 

Career
Students who wish to be Actuaries serve the broader financial community by bringing their expertise in
mathematics, statistics, and financial theory to the quantification and evaluation
Actuaries of risks that are related to uncertain future events. This expertise is particularly
valuable in relation to insurance and pension programmes. Actuaries may work
for insurance companies, consulting firms, government bodies/agencies or in
the employee benefits departments of large corporations, banks, and investment
firms. In fact, any business that has substantial financial risk to manage will
benefit from the services of an actuary.

The first step toward a career as an actuary is to study in an actuarial (or

actuarial-based) programme such as the Chinese University’s IFAA programme,
which offers students the opportunity to pass two or more of the actuarial
exams that are held by the Society of Actuaries (SOA) or the Casualty Actuarial
Society (CAS). Most employers in Hong Kong require university graduates to
pass one or two of these exams. Students who have passed three or more
are very marketable upon graduation. Employers generally prefer their junior
actuaries to gain knowledge and experience while working and are, therefore,
likely to be supportive of exam-related study.

Students who wish to be IFAA graduates are equipped with the necessary training to pursue a variety of
professional insurance careers; this can include work as underwriters, insurance
Insurance Professionals adjusters/examiners, or risk managers.

Underwriters evaluate insurance applications to determine the risks entailed in

issuing a policy. They scrutinize applications and decide whether to accept them
and, if so, determine the terms that would be acceptable and set a premium
to accurately capture the risks therein. Insurance adjusters or examiners
determine whether particular claims are covered by a customer’s policy, confirm
payments and, in certain circumstances, investigate the background issues
surrounding a claim. Risk managers assess risks, such as the physical, liability,
and financial losses that are faced by both insurance and non-insurance
companies. In so doing, they are able to advise top management on risk-
financing measures (including insurance purchases). Both buyers and sellers
gain from the services of risk managers.

Students who wish to be Holders of the Chartered Financial Analyst (CFA) qualification are likely to
have an advantage in a number of finance-related areas. Securities analysts,
Financial Analysts treasury (or money-market) managers, corporate investment advisors (who focus
principally on securities and investment issues), and other investment advisors
are likely to reap significant benefits from a CFA qualification in relation to their
subsequent career development. The CFA qualification is awarded by the CFA
Institute (originally AIMR), which administers examinations and sets standards
in experience, education, and ethics. Graduates of the IFAA programme will be
well-positioned to pursue careers as financial analysts in investment firms.

You can find out more about the CFA qualification from the CFA Institute Web
site: www.cfainstitute.org.
 Bachelor of Business Administration in
 Insurance, Financial and Actuarial Analysis

Student Career As of August 2009, most of the IFAA students graduating in 2008 and 2009
had secured jobs upon graduation. Most of them are now working in insurance
Placement firms, such as AIA, AXA, BOC Life, HSBC Insurance, ING, Manulife, New York
Life, and Prudential. A few graduates have also decided to pursue careers in
other areas, such as investment banking. The salary for a fresh IFAA graduate
clearly depends upon the position attained, the individual qualities of the
applicant, and the overall state of the market. However, we believe that the
IFAA programme offers good opportunities for advancement in a number of key
fields in the financial-services industry.

Distribution of Employed Graduates

(2005-2009) of IFAA Programme
12.2%

1.4% 7.9%

3.6%
1.4%
57.6%
13.7%

Actuarial Accounting / Auditing

Insurance Management / Regulatory Education
2.2% Investment / Commercial Banking Further Study
Business Consultancy Others
 Bachelor of Business Administration in
Insurance, Financial and Actuarial Analysis 

Some of the opinions

rendered by recent
IFAA graduates are
offered here. “Everything seems to be just minutes ago.

It was one of the afternoons during the post-exam period. A group of students
sat quietly in an air conditioned room, waiting for the briefing session to be
conducted by professors. It might seem like any other normal day for others,
but for us, the incoming IFAA students, it marked the commencement of our
odyssey through student life, IFAA, CUHK and entry into the actuarial industry.
The next three years, participating in student exchanges, internships, actuarial
exams and student organizations provided an eye-opening experience. The
tough challenges provided me with invaluable opportunities to explore my
potentials to the full. Harsh though it was, I was never alone for I had you, my
beloved IFAA-mates, to rely on and seek help from whenever I was in need.
▪ Pinky Chau , 2009 Graduate
Now, with eyes closed, hearts open; we flash back through memories - all the
laughter and tears that brought unity and inspiration. Special thanks go to
our professors and the lovely ladies who run the programme for their help,
without which I couldn’t have survived!”

“I am working in AIA, a major insurer in Asia Pacific. During the three years
here, I have chance to engage in various actuarial functions like product
development, liability valuation, planning and budgeting, etc.

Like any occupation, you may have tedious tasks to do when you start. Yet, I
always remind myself of the value of insurance.

The value is simple - it is a promise of financial security and the peace of mind
that it brings (with a cost). As a junior actuary, you will do financial projections
and risk assessments before product launch. This is to evaluate if you are,
▪ William Yeung , 2005 Graduate
financially, capable of making the promise. Similarly, when you do liability
valuation to comply with regulations, you are demonstrating, financially, that
you are keeping your promise.

Along with the promises, you will be performing different actuarial functions
and taking the actuarial exams simultaneously. This is challenging, but
certainly meaningful.”

“Hi all! My name is Sheryl and I graduated from IFAA in the class of 2008. The
reason I chose this CUHK Actuarial Science program rather than other schools’
was mainly because this program is offered under the Business Faculty. The
benefit of this is, on one hand, you can acquire a strong quantitative foundation,
on the other, you will be given many invaluable opportunities to get yourself
closer to the commercial markets. The curriculum of IFAA supports its students
to pursue the career of actuary; most of my fellow classmates completed 3
to 4 professional exams before graduation. At the same time, the business
school provides other out-of-classroom training such as overseas study tours,

▪ Sheryl Wong , 2008 Graduate case competitions, business seminars etc. to broaden our business horizon.
The faculty and IFAA professors have good connections with the industry and
they enabled me to spend internships with AXA, HSBC, Merrill Lynch and ABN
AMRO. I am currently an equity derivatives structurer at RBS (ABN AMRO).”
 Bachelor of Business Administration in
 Insurance, Financial and Actuarial Analysis

Study Scheme of
the IFAA Programme
Required Courses

ACY 1111 Introductory Financial Accounting
ACY 1112 Management Accounting for Decision Making
DSE 1030 Economics for Business Studies I
DSE 1040 Economics for Business Studies II
DSE 2050 Information Systems and E-Commerce
FIN 2010 Financial Management
FIN 2210 Interest Theory and Finance
FIN 2220 Foundations of Actuarial Analysis
FIN 3210 Risk Management and Insurance
FIN 3220 Actuarial Models I
FIN 3230 Life and Health Insurance
FIN 3240 Corporate Property & Liability Insurance
FIN 4210 Actuarial Models II
MGT 1020 Principles of Management
MKT 2010 Marketing Management
STA 2006 Basic Concepts in Statistics and Probability II

Recommended Elective Courses

For Future Actuaries Other Elective Courses

CSC 1580 Visual Programming FIN 3260 Internship Experience
FIN 3080 Investment Analysis and Portfolio FIN 3270 Actuarial Internship
Management FIN 4030 Selected Topics in Finance
FIN 3250 Derivatives for Actuaries I FIN 4130 Empirical Finance
FIN 4220 Construction and Evaluation of FIN 4140 Computational Finance
Actuarial Models I
FIN 4150 Quantitative Methods for
FIN 4230 Reinsurance and Alternative Risk Transfer Financial Derivatives
FIN 4250 Applications of Risk Models FIN 4160 Intermediate Financial Theory
FIN 4260 Construction and Evaluation of FIN 4270 Research Project in Insurance,
Actuarial Models II Financial and Actuarial Analysis
FIN 4280 Derivatives for Actuaries II MAT 2010 Advanced Calculus I
STA 3007 Applied Probability MAT 2080 Essential Mathematical Methods I
STA 3008 Applied Regression Analysis MAT 2310 Linear Algebra and Applications
STA 4005 Time Series RMS 4001 Simulation Methods for Risk
Management Science and Finance
For Future Insurance Managers STA 4008 Survival Modeling
ACY 3050 Business Law
ACY 3161 Taxation
FIN 3010 Financial Markets
FIN 3030 Management of Financial Institutions
FIN 3080 Investment Analysis and
Portfolio Management
FIN 3088 Corporate Finance: Theory and Practice
FIN 4120 Fixed Income Securities Analysis
FIN 4230 Reinsurance and Alternative Risk Transfer
FIN 4240 Employee Benefits, Retirement and
Estate Planning
MGT 2510 Introduction to International Business
MGT 4010 Business Policy and Strategy
 Bachelor of Business Administration in
Insurance, Financial and Actuarial Analysis 

SOA Examinations
To become an actuary, students should pass the actuarial
examinations that are held by the Society of Actuaries
(SOA). These exams are divided into two parts: public Exam Relevant IFAA Courses
examinations and Validation by Educational Experience
Exam P FIN 2220
(VEE). The courses below are relevant to the SOA
professional examinations, which are held at least twice Exam FM FIN 2210, FIN 3250
a year. Graduates of the IFAA programme will normally Exam MFE FIN3250, FIN4280
pass three or four examinations in SOA preliminary Exam MLC FIN 3220, FIN 4210, FIN 4250
education components. From 2005 onwards, knowledge Exam C FIN 4220, FIN 4250, FIN 4260
of Economics, Corporate Finance, and Applied Statistics is
no longer tested by formal exams, but students will receive
VEE validations for these subjects as long as they obtain a Internally Validated Area Courses offered for Validation
B- or above in qualified university courses. Economics DSE 1030, DSE 1040

Actuarial-based programmes such as IFAA require Corporate Finance FIN 2010

these courses, so a student who has completed such a Applied Statistics STA 3008, STA 4005
programme will have fulfilled the requirements of SOA in
these areas. Our graduates, therefore, have an advantage You will find more details about the actuarial profession on the SOA Web site

over graduates of other programmes. at www.soa.org or on the CAS Web site at www.casact.org.

Internship Programme
IFAA offers two internship programmes to our students, the “Actuarial Training
Programme” and the summer internship programme. IFAA is a pioneer of the
“Actuarial Training Programme,” in which participants work in the actuarial
departments of insurance and related companies (such as actuarial consulting
firms and reinsurers) for at least six months. Since the establishment of IFAA,
we have had a good relationship with well-known insurance companies. They
offer a large number of internships to IFAA students every year and provide
actuarial training to students through their normal activities. Students use
these golden opportunities to get involved in the real business world, to
gain practical work experience, and to enhance their interpersonal and
communication skills. In 2008-2009, 50 of our students worked as trainees in
AIA, AXA, HSBC Insurance, ING, Manulife and New York Life Insurance.

In addition to the “Actuarial Training Programme”, we also offer our students

summer internship programmes, as organized by the Faculty of Business
Administration (BAF). Jobs relate to various fields, such as investment banking,
insurance management, marketing, and accounting. In addition to the BAF’s
summer internship programme, quite a few internship places are offered
exclusively to IFAA students. Many IFAA students were offered insurance-related
jobs in the summer of 2009. Work in a variety of departments, such as the
actuarial, accounts, financial and underwriting departments, afforded them
the opportunity to experience different aspects of an insurance company’s
operations. This has helped enrich their learning experience and serves
as a useful launch-pad for their future career development. In the summer
of 2009, some of IFAA students received internship offers from insurance
companies and reinsurance companies, including multinational companies
such as AIA, AIG, HSBC Insurance, Manulife and Prudential.
 Bachelor of Business Administration in
 Insurance, Financial and Actuarial Analysis

“The three-month internship at Prudential Corporation Asia (PCA) and eight-month

internship at AXA Regional Actuarial Services served as valuable opportunities to
practise what I have learnt in lessons.

From the Economic Scenario Generator Calibration and Equity Market Research
conducted in PCA as well as the Valuation work and Projects done in AXA, my
view of financial market and actuarial concepts was greatly broadened. The
Excel, Bloomberg and modeling skills gained from different tasks also enhanced
my analytical skills and logical thinking.
Candy Chan,
Actuarial Department,
Prudential Corporation
Though sometimes I needed to work overtime and faced some challenging
Asia and IFRS Team, problems, it was enjoyable and rewarding to work with a team of actuarial
Regional Actuarial
Services of AXA China professionals. I was delighted to meet different people in PCA and AXA that
Region Insurance
Company Limited
helped me develop my interpersonal and communication skills.

I want to thank IFAA and my internship colleagues for giving me such fruitful
and memorable experiences. It has confirmed my determination to build a
long-term career as an actuary.”

“In the Marketing Actuarial Department of Manulife Financial, I experienced

the life of a full-time actuary for five months. My job duties included preparing
quotations and running user acceptance tests. The programming skills, and
the financial and insurance knowledge learnt in the IFAA programme helped
equip me for the job. I was exposed to a large variety of insurance products
with ever changing features. I improved my programming skill and learnt new
actuarial concepts. New problems arose everyday. Confronted by challenging
problems I investigated them on my own, discussed them with colleagues, and
obtained guidance from supervisors, changing hectic tasks into useful learning
Mandy Chan, Marketing Actuarial, Manulife Financial experiences. I took the initiative to learn and ask, and came to understand that
communication skills are crucial. One must know the actuarial concepts, as
well as how to explain them to others. You can cooperate with colleagues from
different departments to greatly enhance the efficiency and accuracy of team
work. Thank you Manulife for giving me this memorable experience!”

“After studying in IFAA for 2 years, it was time to put my knowledge to practical
use. I worked as an actuarial intern under the Group and Credit Life Insurance
Department of AIA (Home Office). The actuarial team is not a very large one,
but the bonds between team members are very strong. I was assigned a wide
range of tasks, which included, but were not limited to, doing research for new
products, reviewing pricing models by carrying out different kinds of actuarial
studies and preparing monthly / quarterly valuation statements.

I am truly thankful for this invaluable half-year internship opportunity as it gave

me a taste of the real actuarial world, and an understanding that language
skills do come in handy at work from preparing reports for documentations
Lucy Cheung, Group and Credit Life Insurance Department,
AIA (Home Office) to communicating with colleagues from local offices in Mainland China.
I definitely gained a clearer picture of my future career path from this
experience.”
 Bachelor of Business Administration in
Insurance, Financial and Actuarial Analysis 

“In the past two years, I joined two internship programs in HSBC (Asia) Insurance
Limited and AIA. Both were eye-opening and definitely colored my university life in
several aspects, though duties of the two jobs are totally different.

As a summer intern in HSBC, I dealt with some management projects as well as

excel work, while during my half-year actuarial intern in AIA, my duties included
actuarial work such as data analysis and preparation of monthly valuation reports.
Although duties of both jobs are far from similiar, I got a vital message out of these
two internships: the knowledge and attitudes I got in my university study equipped
Mikey Ho, HSBC (Asia) Insurance Ltd – me not only for actuarial work but also for other business management duties.
MPF Administration Department and AIA – The all-round nature of courses provided by IFAA really helped. On the other hand,
Corporate Actuarial Department (Home Office)
the tremendous learning opportunities and abundant resources in the workplace
offered me great chance to get a thorough understanding of actuaries. As a result,
I gained a deeper insight into my career path helping me make prudent decisions
for my career.”

Exchange Programme

The exchange programme is one of the most popular programmes

available to BA students. It aims to provide students with international
insights developed via connections with well-known overseas
universities. Through such exchange, students learn about different
cultures, the communication skills necessary for the global market and,
importantly, a variety of unique business practices.

As undergraduates of the Faculty of Business Administration (BAF),

IFAA students enjoy many opportunities for exchange. For 2009-2010,
more than 500 exchange places will be offered by the BA Faculty, the
University, and its four colleges. Students can go on exchange for one
term or, in some cases, for one year. They can enrol in courses at their
host universities and transfer the credits gained to CUHK. Students
usually do not need to extend their exchange study period beyond one
term. The University and the BA Faculty provide scholarships to help
students with their financial needs during the exchange period.

IFAA students have shown great enthusiasm for

the international exposure offered during the
summer breaks. In the past, students have been
sent on summer exchange to a number of renowned
universities including Harvard, the University of
California at Berkeley, the University of Toronto, and
Queen’s University. In 2008, around 60% of the
students in the IFAA programme received offers to
study abroad at universities such as the University
of Toronto, the University of Alberta, the University
of Copenhagen, the University of Waterloo, the
University of California and Tilburg University.
 Bachelor of Business Administration in
10 Insurance, Financial and Actuarial Analysis

Frequently Asked Questions

1 What is the difference between the IFAA programme, the 4 The IFAA programme is in the Faculty of Business
Quantitative Finance programme (QFN), and the Risk Administration, but shouldn’t actuarial training be offered
Management Science programme (RMS) at CUHK? by the Faculty of Science?

There are two major differences. First, IFAA and QFN both
belong to the BA Faculty (BAF), whereas RMS operates
under the Faculty of Science. The extra-curricular activities
that are organized by the BAF, such as the mentorship,
internship, and exchange programmes, therefore apply to
students enrolled in both the IFAA and the QFN programmes.
Second, the focus of the three programmes is different.
The IFAA programme aims to provide in-depth knowledge
to persons who wish to pursue careers in the insurance
and actuarial professions, whereas the QFN programme
aims to provide in-depth knowledge to those who seek
careers in investment and finance. The RMS programme
focuses more on a statistical and mathematical analysis of
various risks, whereas the IFAA programme concentrates
on the practical and financial analysis of risk as faced by
insurance companies.
2 What are the advantages of the IFAA programme over other
similar programmes offered in Hong Kong?
The IFAA programme provides comprehensive training in
the four interrelated components of the insurance industry
(business, insurance, actuarial science, and finance), while
allowing students to tailor their studies to suit their career
goals. Moreover, the BAF of CUHK provides its students
with various activities to prepare them for the ever-changing
business world.
3. Does the IFAA programme provide courses and training to
cope with the broad needs of the insurance industry or the
financial services industry?
The programme has been designed with four key learning
areas in mind.
One can see that the actuarial profession has moved
somewhat in the past decade or so from a very quantitative
discipline towards a more business-orientated approach.
This is reflected in recent changes (in 2005) in the
examination system offered by the Society of Actuaries and
Casualty Actuarial Society. The IFAA programme not only
provides students with basic quantitative actuarial training,
but also gives them the business exposure that is essential
for actuaries to advance to senior management positions.
5 What does an actuary do?
Typical actuarial projects include the following.
i. The development and implementation of financial and
risk management programmes formulated to ensure
that an insurance company is able to meet obligations
to policyholders
ii. The design and pricing of financial/risk products
iii. The signing and certification of the Actuary’s Report
on the financial status of an insurance company
(which means that the appointed actuary must act
independently and prudently in the sole interest of
policyholders)
iv. Estimation of premium reserves, company pension
liabilities, and fair premiums for new insurance
products
iv. Participation in corporate financial planning and
restructuring activities, such as merger s and
acquisitions

i. Basic business knowledge – accounting, economics,

marketing, and management

ii. Knowledge of the purposes, designs, and applications

of various insurance products – life and health
insurance, property and liability insurance, pensions,
and reinsurance

iii. Knowledge of mathematical, statistical, and actuarial

techniques – calculus, linear algebra, statistics, interest
theory, actuarial modelling, risk theory, and survival
study

iv. Knowledge of financial and investment tools –

corporate finance, investment tools, and analysis
 Bachelor of Business Administration in
Insurance, Financial and Actuarial Analysis 11

Introduction to SIFA
The Society of Insurance, Financial, and Actuarial Analysis (SIFA) was
established in March 2003 and is the official organization that represents all
students in the IFAA programme. It aims to unite IFAA students and promote
their welfare. It helps to build up the professional image of our students and
to foster stronger relations among them. SIFA is also keen to increase publicity
of the IFAA programme both internally and externally. In order to develop well-
rounded graduates, various activities including departmental gatherings,
graduation dinners, career talks, sports competitions, firm visits, and study
tours are organized, all with the aim of inculcating students with a broader
array of business and communication skills. Another function of SIFA is to
act as a bridge between the department and students, so that opinions and
comments can flow freely between them.

Other Information
Outstanding Business Students Academy (OBSA)
In the current dynamic environment, the qualifications and attributes required of
business graduates are constantly on the rise. Employers look for graduates not
only with academic excellence but also a range of soft and business related skills,
including but not limited to global business sense, strong interpersonal skills,
presentation skills, language skills, analytical skills, teamwork spirit and professional
image.

The Outstanding Business Students Academy (OBSA) was established to meet this
market demand, equipping outstanding students with the tools to become versatile
future business leaders.

Mentorship Programme
Students in the Faculty of Business Administration have the opportunity to learn about
the business world before graduation by working with mentors. Mentors share their
educational and work experience with assigned students and give advice about how
students may extend their skill-set through classroom and extracurricular activities.

Financial Laboratory
The Faculty of Business Administration has a financial laboratory that is equipped with
more than 30 computers for finance students. Reuters and Bloomberg provide the
financial laboratory with comprehensive and up to the minute financial information
from around the world.
 Bachelor of Business Administration in
12 Insurance, Financial and Actuarial Analysis

Advisory Committee
An Advisory Committee for the IFAA was first established in August 2003. It was formulated to help guide the
IFAA programme’s directors and students. Prominent leaders in the insurance industry serve as members.
The Advisory Committee helps ensure that the IFAA programme provides students with good all-round
education and training and equips them to meet the day-to-day challenges facing the insurance industry. The
membership of the Advisory Committee (as of August 2009) is as follows.

Membership

Chairman Mr. Nigel Ke Dr. Sim-Kheng Ng

Vice President & Deputy CFO, Asia Regional General Manager – Finance, Risk &
Mr. Stuart Leckie, OBE, JP Financial Management, Asia Compliance
Chairman Manulife Financial Commonwealth Bank Group – IFS North Asia
Stirling Finance Ltd.
Mr. Lawrence Lai Mr Alan Tan
Regional Director, Actuarial
Members Mr. Peter Lau Prudential Corporation Asia
General Manager and Chief Insurance Risk
Mr. Roddy Anderson Officer
Mr. Billy Wong
Vice Chairman Vice President
Actuarial
Dah Sing Life Assurance Company Limited Institutional Business Development
ING Life Insurance Co., (Bermuda) Ltd.
Pensions & Group Business
Sun Life Hong Kong Limited
Mr. Tony Cheng Mr. Kevin Lee
Chief Executive Officer, Hong Kong and Senior Head of Life Operations Mr. Jonathan Zhao
Southeast Asia Zurich Life Insurance Company Ltd. Partner, Actuarial Services Practice Leader
Executive Advisor, China, India & Taiwan Fast East Area
RGA Reinsurance Company Mr. Tak Lee Ernst & Young
Hong Kong & Southeast Asia General Manager, Life Reinsurance
Munich Re Hong Kong Branch
Ms. Estella Chiu ex officio Member
Regional Chief Actuary and Head of Mr. Thomas Lee
Investment & Insurance Risks Vice President and Assistant General Prof. Joseph Fan
HSBC Insurance (Asia-Pacific) Holdings Ltd. Manager Chairman
American International Assurance Company Department of Finance

(Bermuda) Limited The Chinese University of Hong Kong
Ms. May Chun
Senior Vice President and Chief Actuary
Mr. Raymond Li
New York Life International LLC
Head of Insurance, Asia Pacific Secretary
Global Banking Prof. Chan Wai Sum
Dr. Wolfgang Droste
HSBC Professor
Chief Executive – Life/Health Asia Pacific
Gen Re Life Health Department of Finance
Mr. Peter Luk The Chinese University of Hong Kong
Chief Executive Officer
Mr. J Peter Duran
Plan B Consulting Limited
Director
Deloitte Actuarial and Insurance Solutions
(Hong Kong) Limited

Mr. Foong Sai-Cheong

Vice President & Chief Financial
Actuary
Group Corporate Actuarial
American International Assurance
Company, Limited

Contact information
Department of Finance,
The Chinese University of Hong Kong, Shatin, New Territories
E-mail: IFAA@baf.msmail.cuhk.edu.hk
Tel: 2609 7849/2696 1853/2609 7805
Fax: 2603 6586
Cert no. SGS-COC-004298
Website: http://ifaa.baf.cuhk.edu.hk