Andrew Kay
FSAI
Principal, Consulting Actuary
Dublin, IE
Andrew Kay is a principal and consulting actuary in Milliman's Dublin office. Andrew joined the Dublin practice in 2003.
Experience
Andrew has more than 20 years’ experience in the financial services industry, having worked for companies in Ireland, Australia, and the UK.
Andrew advises his clients on a wide range of topics, including:
- Solvency II advice across all three pillars, including conducting independent review of Solvency II balance sheets, technical provisions, and capital; advising on risk management and ORSA; developing QRTs, SFCR, and RSR; and leading Solvency II implementation and internal model applications
- Financial, risk management and regulatory training (up to board and senior management level)
- Actuarial advice on M&A projects and portfolio transfers, including embedded values
- Advice on development of risk management systems and reporting
- Financial reporting and product development on a wide range of product types, including variable annuities
- Regulatory licence applications for new market entrants, branches, etc.
Andrew has also authored various briefing notes on insurance topics and has delivered presentations to industry audiences.
Prior to joining Milliman, Andrew worked for AMP Financial Services in both Australia and the UK, where he held positions in product development, financial reporting, and management.
Professional Designations
- Fellow, Society of Actuaries, Ireland
- Member, Cross-Border Life Sub-Committee, Society of Actuaries in Ireland
Education
- BEc, Actuarial and Finance, Macquarie University
Publications
Read their latest work
Article
Model validation and governance: Meeting the new BMA requirements
10 October 2023 - by Andrew Kay, Su Meng Lee
Bermuda’s new requirements for model governance and validation are substantial, so (re)insurers should assess them closely and plan for a smooth implementation.
Article
Milliman IFRS 17 Webinar: 26 November 2020
24 November 2020 - by Andrew Kay, Freek Zandbergen, Cormac Gleeson
Andrew Kay provides an update on recent IFRS 17 developments, Freek Zandbergen presents on setting IFRS 17 discount rates, and Cormac Gleeson discusses the challenges faced by insurers in determining the confidence level of the Risk Adjustment under IFRS 17.
Article
IFRS 17: Deriving the confidence level for the Risk Adjustment: A case study for life (re)insurers
11 November 2020 - by Alexandre Boumezoued, Amal Elfassihi, Cormac Gleeson, Andrew Kay, Orlaith Lehane, Bertrand Lespinasse, Damien Louvet
This paper presents a solution to address (re)insurers’ challenges, including how to determine the confidence level needed for disclosure purposes and how to restate a given confidence level over different time horizons.
Article
Milliman Virtual Lunchtime Briefing: 22 July 2020
20 July 2020 - by Sinéad Clarke, Andrew Kay, Fred Vosvenieks
Sinead Clarke provides a regulatory and market update, Andrew Kay gives an overview of the latest IFRS 17 developments, and Fred Vosvenieks discusses operational resilience for insurers.
Article
IFRS 17: Fair Value Approach to Transition
09 December 2019 - by Joseph Sloan, Rik van Beers, Andrew Kay
This briefing note discusses considerations when determining the Fair Value of insurance liabilities.
Article
Industry responses to the 2019 IFRS 17 Exposure Draft
22 October 2019 - by Thomas Bulpitt, Andrew Kay, Henny Verheugen
This note summarises some of the key points and remaining issues raised during the consultation period for the Exposure Draft, particularly those raised by the European Financial Reporting Advisory Group and the European Insurance CFO Forum.
Article
IFRS 17: Where to from here?
29 May 2019 - by Eamon Comerford, Andrew Kay
This presentation, given at the Society of Actuaries in Ireland’s annual convention (24th May 2019), includes updates on the latest developments including recent amendments to the IFRS 17 Standard and timeline.
Article
Amendments to IFRS 17 from March 2019 IASB Meeting
25 March 2019 - by Thomas Bulpitt, Andrew Gilchrist, Laura Hobern, Andrew Kay
Milliman consultants have produced a summary of the March IASB meeting and the tentative amendments approved by the Board.
Article
IFRS 17: Latest developments
14 November 2018 - by Eamon Comerford, William Hines, Andrew Kay, Amritpal Khangura
Andrew Kay, William Hines, Eamon Comerford and Amritpal Khangura discuss the latest developments regarding IFRS 17.
Article
IFRS 17: Implementation challenges
22 May 2018 - by Andrew Kay
At the Society of Actuaries in Ireland’s Annual Convention, Andrew Kay discusses IFRS 17, sharing some insights about practical issues and implementation challenges, including possible synergies with Solvency II.