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Oliver Gillespie, MSc, MA, FIA

Principal & Consulting Actuary
London, UK

Tel: +44 20 78471500

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Professional Designations

  • Fellow of the Institute and Faculty of Actuaries (1999)
  • Actuarial Function Holder Practising Certificate (since 2005)
  • With-profits Actuary Practising Certificate (since 2005)


  • MA and MSc, Mathematics, Exeter College, Oxford University

Current Responsibility

Oliver is a senior principal in Milliman's London life and financial services practice and has been with Milliman since 2004. He previously worked as a principal consultant in the actuarial and insurance management services department of PwC.

Oliver was elected as a principal of Milliman in 2006. He is a Fellow of the Institute and Faculty of Actuaries, having qualified in 1999.


For 20 years, Oliver has focused on consulting to life assurance companies in the United Kingdom, Europe, and Asia. Oliver has led a wide variety of projects regarding the restructuring of with-profits, non-profit, and unit-linked blocks of business and in the merging and acquisition of all types of financial services companies.

Recently, Oliver has led a large Milliman team working with a UK mutual insurer on its future strategy and examining ways in which the significant value built up from non with-profits business and acquisitions can be distributed to the with-profits policyholders. This is unique in the UK insurance industry and has been approved by the FSA and the UK courts.

Recently, Oliver has led a number of projects in the UK helping his clients to optimise their use of capital and, where appropriate, to facilitate the transfer of that capital for strategic purposes.

Oliver has been engaged to provide guidance and assistance to clients in the UK and Europe on the upcoming changes due to the introduction of Solvency II. He has also worked with a wide range of companies on the production of their individual capital assessments for submission to the UK regulator. Oliver has worked on secondment at the UK regulator, producing high-level capital guidance for insurance schemes.

Oliver has fulfilled a number of roles as lead advisor, independent expert, skilled person in respect of Section 166 assignments for the PRA, expert witness, reviewing actuary and external peer review on a variety of companies. He has worked on many of the major UK transactions of recent years.

In particular, Oliver has built up a range of experience in transactions and restructurings involving protection writers, annuity companies and large blocks of annuity business, both bulk and individual.

He has worked on a number of such transactions in recent years from an M&A perspective and from a Part VII transfer perspective both with and without the involvement of with-profits policyholders.

Oliver is currently the actuarial function holder for Invesco Perpetual Life, ACE Europe Life and Hodge Life Assurance Company, and has in the past held a number of other such positions.

  • Work at Milliman

    • “I was offered a chance to come in, shake things up, create something."
    Work at Milliman