7 July 2023
The Institute and Faculty of Actuaries (IFoA) is delighted to be celebrating its 175th anniversary. The Institute of Actuaries was founded by a group of actuaries from across Britain at a meeting on 8 July 1848 when the original constitution was accepted. John Finlaison, an actuary serving the UK government, was elected to be its first President. The Institute was founded with members from Scotland who later formed the Faculty of Actuaries (FoA) in Scotland in 1856.
The IFoA has grown considerably since then and now has over 32,000 members with over half of those based outside the UK. Our members remain united by a desire to amplify the voice of actuaries and ensure that their skills and expertise contribute to some of the biggest financial and economic challenges our society faces today. Their work spans a broad range of areas including pensions, insurance, health and care, mortality and climate change.
The IFoA is proud of its Royal Charter which was achieved by the Faculty of Actuaries in 1868 and by the Institute in 1884. Many years later, in 2010, the Institute and Faculty merged and the Queen’s Privy Council approved a new Royal Charter for the joint body. It confers a duty to regulate the actuarial profession in the public interest, ensuring that the public has confidence in the work of actuaries.
In the early years after its inception, the IoA shared offices with the Statistical Society in London but in 1887, it moved to Staple Inn on High Holborn. This was formerly a site for the wool trade, then an Inn of Chancery. The IFoA still owns this historic building in the City of London where it holds regular meetings and events.
Matt Saker, IFoA President, said: “It’s an honour to serve as President for a membership organisation with such a rich heritage. The direction of the profession and the vital contribution by actuaries to the understanding and good management of risks across society has evolved over time. But one crucial ingredient has remained the same since that first agreement of the constitution for the Institute all those years ago; our members continue to be committed to supporting and developing the long-term vision of the profession.
“This anniversary gives us an opportunity to reflect on how far we have come, how much we’ve grown and how our strong foundations allow us to push forward with our ambition of being a leading global professional body.”
This year, the IFoA also celebrates another key milestone. After the First World War, in 1919, the IoA and FoA allowed women to enrol to take examinations. 100 years ago, the first two women passed all exams and in October 1923 qualified as Fellows of the IoA.
Kalpana Shah, IFoA President-elect, said: “It is exciting to be heading into the IFoA Presidency just as we celebrate 100 years since those two women, Gladys Gregory and Dorothy Davis, qualified as Fellows. They blazed a trail for all the female actuaries that have qualified since then and took the first step on a journey that has seen Jane Curtis, Fiona Morrison, Marjorie Ngwenya and Louise Pryor all serving as Presidents at the IFoA. I will be taking on the role in September and will then pass the mantle to Kartina Tahir Thomson.
“I believe those early women qualifiers would be proud of where we’re heading now. The IFoA has a clearly stated purpose to champion and embody the benefits of a globally diverse and inclusive profession. Our DEI strategy is overseen by the Diversity Advisory Group, led by senior volunteer and IFoA Fellow Chika Aghadiuno. The IFoA also supports the Actuarial Mentoring Programme (AMP), a cross-company mentoring programme designed to improve diversity within the actuarial profession. These are just part of the wider aim to improve diversity, equity and inclusion for our members, the profession, and our partners, wherever their location.”
It is interesting to note the change in longevity over the course of the IFoA’s history. The CMI’s Mortality Projections Committee collated the numbers and average life expectancy in 1848 was age 40 for females and age 38 for males. That compares to age 83 for females and age 79 for males today. In 1848, there were just 120 centenarians which is 1 per 140,000 of the population while today there are 14,000 centenarians which is 1 per 4,000 of the population.
For a more detailed timeline of the history of the IFoA, please see the article ‘We’ve come a long way’ in the IFoA’s membership magazine, The Actuary.