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CONVERSATION WITH SAIYID SAEED AKHTAR
         
     

Did MSc. Mathematics in 1946 from University of Agra, India. Qualified as Fellow of the Institute of Actuaries, UK in1959. Actuary for Pakistan, American Life Insurance Company of USA from 1959 to 1965. Consulting Actuary for more than 30 Pakistani insurance companies and pension funds from 1965 to 1971. Trustee, Eastern Federal Union Insurance Company in 1971 on Nationalisation. Consulting Actuary of State Life Insurance Corporation of Pakistan from 1971 to 1985. Founding Partner of Akhtar, Hasan & Co, now Akhtar & Hasan (Pvt) Ltd. 1975 to date. Consulting Actuary of American Life Insurance Company of USA at Wilmington, Delaware, USA from 1975 to 1996 and at Karachi, Pakistan from 1996 to date. Actuarial valuations and advice to branches and subsidiaries in more than 40 countries of Middle East, South Asia, North Africa, Caribbean and Central America. Appointed Actuary of American Life & General Insurance Company (Trinidad) Ltd. from 1990 to 2004. Director, American Life Insurance Company (Pakistan) Ltd. from1998 to 2000. Appointed Actuary of American Life Insurance Company (Pakistan) Ltd. from 2000 to 2006. Appointed Actuary of State Life Insurance Corporation of Pakistan from 2002 to 2004.

How did you start your career and how did you come to know about actuarial profession?

I passed MSc. in Mathematics from Agra University, India and in 1948 came to Karachi. Soon, thereafter, I joined Islamia College, Karachi. A friend advised that I study Actuarial Science. I had never heard of Actuarial Science. On inquiry I found out that there was no Actuary in Pakistan. Few life insurance companies at that time uses Mr. Pandit from Bombay, India as their Consulting Actuary. I enrolled with the Institute of Actuaries, UK. On becoming Associate of the Institute of Actuaries I joined Karachi branch of American Life Insurance Company in 1955. In 1965 I became Consulting Actuary and soon became a consultant to a number of life insurance companies and a pension fund.

What is the major difference in the actuarial practice now and about forty years ago?

In the beginning consultation were confined to life insurance companies and an occasional pension funds. I am happy to note that now more people are going into other fields like Banking, Non-life Insurance, Investments, Mutual Funds, Stock Exchange etc.

What skills are required in actuarial training?

Often an actuary has to give advice on highly technical matters, to managers unfamiliar with technical jargons. This requires continuous effort and success comes only gradually.

What is a typical day for you?

Now I am retired and quite old. Most of my time is spent in voluntary community service. Just before retirement, I was consulted on many matters, traditional and untraditional. It appeared that I had my fingers in every pie! In my leisure time I prefer reading Urdu and Farsi poetry.

 

 
Often an actuary has to give advice on highly technical matters, to managers unfamiliar with technical jargons. This requires continuous effort and success comes only gradually.