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Farzana Ismail, FIA, FASM

Head of Life Insurance and Family Takaful
Kuala Lumpur, MY

Tel: +6 03 27227180

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Professional Designations

  • Fellow of the Institute of Actuaries
  • Fellow of Actuarial Society of Malaysia

Education

  • First class honours degree in Actuarial Science, The London School of Economics and Political Science, United Kingdom

Current Responsibility

Farzana heads the Life Insurance and Family Takaful Consulting practice in Kuala Lumpur, Malaysia. She re-joined the firm in 2016.

Experience

Farzana has more than ten years' experience in the life insurance and family takaful industry. She was previously a partner in Actuarial Partners Consulting in Malaysia. Prior to this, she was a senior consulting actuary in Milliman London for more than eight years.

Farzana has undertaken Appointed Actuary roles for several companies (conventional and takaful) in Malaysia, Labuan and Brunei. She has significant experience on participating life insurance business, takaful, carrying out appraisal valuations, annuities and longevity risk.

Particular assignments include:

  • Various par fund related work in Malaysia and the UK, including development and reviews on the management of participating life business (MPB) policy and determining the required compensation to the par fund.
  • Independent review of Appointed Actuaries roles and responsibilities, including reviews on valuation processes, methodologies, and assumptions.
  • Numerous mergers and acquisition related work, including the sell-side of MAA Takaful to Zurich, sell-side of MCIS Zurich to Sanlam and buy-side for Khazanah on the purchase of CIMB Aviva (now Sun Life).
  • Feasibility studies and strategic work for banks, takaful and insurance companies
  • Developed takaful regulations in Tanzania
  • Worked with industry bodies such as LIAM and MTA in various industry-wide studies (e.g. Protection Gap Study, review of tax incentive structure for insurance/takaful, developing annuities in Malaysia).

She is currently in the Takaful Working Party in the Institute of Actuaries. In London, she worked on various assignments with life insurance companies such as Solvency II work, Independent Expert Advice work (including those related to with-profits business), statutory valuations, Individual Capital Assessments, mergers and acquisitions and block annuities transactions. She also has ALM modelling experience for the purpose of managing with-profits business in the UK.

Farzana has worked on client assignments in Europe, the United States and Asia Pacific. She has written and regularly presents on several actuarial topics, including Takaful, longevity risk and Solvency II. She is the co-author of the multi-contributory book on longevity risk by RiskBooks and on microinsurance by Actex.

  • Work at Milliman

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