Statistics, Finance and Actuarial sciences

Learning goals. The main objective of this course is to provide the knowledge a life actuary requires to operate accordingly to the Solvency II directive. It will teach students to understand valuation techniques for with profit, unit linked, and index linked policies; methods of life best-estimate, SCR, and cost-of-capital calculation according to the Solvency II directive. Knowledge and understanding At the end of the course, students will know and understand the principles of life market-consistent evaluation (best estimate). They will be able to comprehend the standard formula SCR calculation criteria. They will be familiar with the main validation tests. They will understand profit test reports. Applying knowledge and understanding At the end of the course, students will have acquired the ability to apply best estimate and SCR calculation methods to real cases. Additionally, they will be able to evaluate with profit policies, in an Asset Liabilities Management setting, using segregated fund accounting rules. They will know how to realize the accuracy, robustness, market consistency, and "martingale" tests required by regulation for the economic scenarios generator. Using these abilities, they will plan profit test reports. Making judgements Students will be able to critically interpret the outcomes of models, by varying the contractual parameters and/or the model parameters. Communication skills. The students acquire the knowledge of industry jargon and of the relevant linguistic correspondences (Italian-English). Learning skills. Students who pass the final exam will have acquired the methods and knowledge necessary to operate as life actuaries, with a special regard for life technical provition and SCR according to the Solvency II directive. These skills will allow them access to the State Examination to the Actuarial Profession.