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Kazumasa Kobayashi, FIAJ

Principal, Senior Consultant
Tokyo, JP

Tel: +81 3 52117031

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Professional Designations

  • Fellow, Institute of Actuaries of Japan


  • BS, Mathematics, University of Tokyo

Current Responsibility

Since joining Milliman's Tokyo office in April 1999, Kazumasa Kobayashi has been responsible for providing actuarial contribution calculations pertaining to demutualization, actuarial appraisal for mergers and acquisitions (M&As), embedded value projections, and development of various experience assumptions as well as various associated experience studies. Kobayashi, one of the core members of the Japan actuarial software consulting practice at the Tokyo office, has simultaneously been dedicated to development of various actuarial projection systems.


Kobayashi has contributed to Milliman's many assignments in liability modeling for life insurers. He has been actively involved in projection work, including the actuarial contribution calculation for demutualization, liability projections under both statutory basis and the U.S. GAAP basis, and corporate modeling for actuarial appraisal. He also has significant due diligence support experience for M&As.

His professional expertise also includes a variety of the experience studies on mortality, morbidity, lapse and surrender. His experience studies have been incorporated in Milliman's appraisals and embedded value reports for many life insurers.


  • Member, Insurance Accounting Subcommittee (Life Insurance) of the Institute of Actuaries of Japan (2007-2012)
  • Work at Milliman

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