Faculty of Actuaries Institute of Actuaries
EXAMINATIONS
April 1998
Fellowship Paper
Paper One
Time allowed: Three hours
INSTRUCTIONS TO THE CANDIDATE
1. You have 15 minutes at the start of the examination in which to read the
questions. You are strongly encouraged to use this time for reading only but
notes may be made. You then have three hours to complete the paper.
2. You must not start writing your answers in the booklet until instructed to
do so by the supervisor.
3. Write your surname in full, the initials of your other names and your
Candidate’s Number on the front of the answer booklet.
4. Choose one of the subject specific sections and answer all questions in that
section.
5. Begin your answer to each question on a separate sheet.
6. Mark allocations are shown in brackets.
7. This paper carries 70 marks.
8. Unless it is clear that a drafting style is not required, up to 1/5th of the
marks available for that question, or part of question, can be earned for
drafting quality.
AT THE END OF THE EXAMINATION
Hand in BOTH your answer booklet and this question paper.
In addition to this paper you should have available
Actuarial Tables and an electronic calculator.
ã Faculty of Actuaries
Q1—A98 ã Institute of Actuaries
Q1(A)—2
FELLOWSHIP PAPER — INVESTMENT AND
ASSET MANAGEMENT
E1 You have recently joined a mutual life assurance company as its Investment
Director, with responsibility for around 20 investment managers and analysts
and the management of £5bn of funds. The company, which has substantial free
assets, transacts both with profit and unit linked business. While it maintains
slightly better than average positioning in with profit surveys, its unit linked
performance record over the past one, three and five years has been in the
bottom quartile over its main fund range.
Explain in detail the investigations you would conduct to assess the reasons
for these results. [21]
Describe the measures you would undertake to improve the performance of
the unit linked fund management activity, and how these measures might be
implemented. [14]
[Total 35]
E2 You are an actuary specialising in giving investment advice in the United
Kingdom. You have been approached by the government of an overseas
country to write a report on the factors which the government of that country
might wish to consider when int

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