IAI SA2 study plan

Build a one-page map of life product types (term, whole life, endowment, annuities, unit-linked) linking each to its main pricing risks

Derive gross premium from first principles for a simple term assurance and a level-premium whole life contract, showing mortality, interest, expense and lapse assumptions

Construct a profit-testing model outline (cashflow projection, reserves, release of margins) and explain how assumption changes move emergence of profit

Distinguish net premium reserves, gross premium reserves and realistic reserves, and state when each is used

Apply the three Pillar 1 approaches (factor-based, scenario-based, internal model) to a sample life portfolio and compare the resulting capital figures

Explain how with-profits and unit-linked liabilities respond differently to a fall in asset values, and quantify the effect on solvency coverage

Identify the principal asset-liability mismatches (duration, currency, inflation, liquidity) for annuity and endowment books

Describe how hedging instruments (swaps, swaptions, longevity swaps) could reduce a stated mismatch

Build a risk register for a life insurer covering insurance, market, credit, liquidity, operational and conduct risk, with a named owner and mitigation per entry

Explain the ORSA cycle and draft the sections you would expect in an ORSA report

Quantify the effect of a 1-in-200 mortality shock and a 1-in-200 longevity shock on the week 2 solvency position

Describe how reinsurance (quota share, surplus, stop-loss, financial reinsurance) transfers risk and where it does not

Compare available capital, required capital and own funds under a regulatory and an economic lens, and explain the role of subordinated debt and contingent capital

Explain the treatment of with-profits and unit-linked business in published financial statements, including the role of the liabilities and related assets

Reconstruct the key lines of a life insurer's income statement, balance sheet and embedded value report from a described scenario

Produce a capital plan for a fictional insurer showing how a dividend, a new business strain and a shock are each absorbed

Explain the accounting and reporting consequences of an acquisition, including fair value adjustments to reserves and the treatment of acquired value of in-force business

Value a target life insurer using embedded value, appraisal value and a simple discounted dividend model, and reconcile the differences

Describe restructuring options (scheme of transfer, portfolio transfer, run-off, demutualisation) and their policyholder and regulatory implications

Identify the due diligence questions you would raise on reserves, asset quality and conduct exposure before bidding

Compare the strategic options open to a mid-sized life insurer (protection focus, retirement income, distribution partnership, niche underwriting) with pros and cons for each

Explain how product design is constrained by regulation and conduct expectations, including disclosure, cancellation rights and fair treatment of customers

Draft a product approval paper for a new product covering target market, risks, pricing basis and conduct safeguards

Assess how a change in distribution mix (tied advisers to independent intermediaries) affects new business volumes, expenses and persistency

Apply the actuarial profession's code and standards to three short scenarios: a reserve disagreement with the chief executive, a data quality issue, and pressure to smooth a reported result

Explain the role of the appointed actuary or chief actuary and the boundaries of that role

Identify conflicts of interest in a merger, a reinsurance negotiation and a remuneration structure, and state the required disclosure or action

Describe how a firm's risk culture and whistleblowing channels support ethical outcomes

Sit a full timed mock under exam conditions and mark it against the mark allocation

Revisit the two weakest domains identified by the mock and rewrite the relevant week's deliverable from memory

Build a one-page summary sheet of formulas, ratios and regulatory terms you must recall

Practise structuring answers to longer questions: define, apply to the scenario, conclude with a recommendation