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Yujiro Otsuka, FIAJ, CPA

Tokyo, JP

Tel: +81 3 52117031

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Professional Designations

  • Fellow, Institute of Actuaries of Japan
  • Fellow, The Japanese Institute of Certified Public Accountants


  • Department of Mechanical Engineering, University of Tokyo
  • [Pursuing a course from Apr. 2012] Department of Applied Physics, Graduate School of Engineering, University of Tokyo

Current Responsibility

Yujiro Otsuka joined Milliman in October 2008. He consults with Japanese financial institutions on financial risk management and other key strategic issues. He has supported clients in variable and foreign currency annuity design, with a focus on risk management issues, especially the implementation of hedge programs and reinsurance. Otsuka's work has included the development of various software tools, including Milliman's Valuation of Variable Annuity (VoVA) and its economic scenario generator. In addition, he has helped clients with economic capital reporting, including internal model development and market consistent EV analyses. Recently, he has developed innovative techniques to support healthcare analytics, including multilayer neural networks, risk adjustment techniques in real world data analysis, and hierarchical Bayesian model in network meta-analysis.


Prior to joining Milliman, he worked for financial department, Ernst & Young Shin-Nihon LLC from December 2007, where he engaged in audit task support for securities firms.

Presentations and Publications

He presented papers at the IAJ annual meeting and other conferences, including "Implementation of the BGM model—comparison of volatility functions—", "Calibration method of the Vasicek/CIR Model and VaR99.5% of the Japanese interest rate," "A new variance reduction method," "An Empirical Study of Multi-objective optimization in the Multi-currency Hull-White Two-Factor model," and "A Phase Diagram and Critical Phenomena of the Statistical Market Competition Model with Variable Risk Appetite Groups."

  • Work at Milliman

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