Full Text
Registry No. D.L.-33004/99 REGD. No. D. L.-33004/99
The Gazette of India
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 689] NEW DELHI, MONDAY, OCTOBER 27, 2025/ KARTIKA 5, 1947
CG-DL-E-10112025-267514
INSTITUTE OF ACTUARIES OF INDIA
(Statutory Body Established Under an Act of Parliament)
NOTIFICATION
New Delhi, the 4th September, 2025
Ref :IAI/2024-25 report no. 001 dated 4th September 2025.—
ANNUAL REPORT AND ACCOUNTS 2024-25
INDIAN ACTUARIAL PROFESSION
Serving the Cause of Public Interest
NOTICE FOR THE 19TH ANNUAL GENERAL MEETING
TO BE HELD ON UNDER SECTION 13 OF THE ACTUARIES ACT, 2006
To
All Members of the Institute
Annual General Meeting of the Institute in terms of section 13 of the Actuaries Act, 2006
will be held as under:
| Date | 26th July 2025 |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------|
| Time | 10.00 am 11.00 am |
| Venue | Institute of Actuaries of India, Board Room, Unit no, F-206, 2nd Floor, ―F‖ Wing in Tower 2, Seawoods Grand Central, Plot no. R-1, Seawoods, Near Seawoods Railway Station, Navi Mumbai – 400 706. 91-22-62433333; + 91- 22-62433322 |
AGENDA
Agenda 1: Two minutes silence to condole death of the following members, information in
respect of who came to notice of the Institute after last AGM on 30th September 2024.
No Members expired during this period.
Agenda 2:
To take on record the Minutes of the 18th Annual General Body Meeting held on 30th
September 2024.
Agenda 3:
To adopt the result of the Election to the Council - 2025.
Sd/-
Asha Murali
Honorary Secretary
MINUTES OF 18TH ANNUAL GENERAL MEETING
Annual General Meeting of the Institute in terms of section 13 of the Actuaries Act, 2006 was held as
under:
| Date | 30th September 2024 |
|:------|:--------------------------------------------------------------------------------------------------------------------------------------------|
| Time | 11.00 am to 12.00 pm |
| Venue | Institute of Actuaries of India, Board Room, Unit no, F-206, 2nd Floor, ―F‖ Wing in Tower 2, Seawoods Grand Central, Plot no. R-1, Seawoods, Near Seawoods Railway Station, Navi Mumbai – 400 706. |
The meeting was adjourned for half an hour due to the non-availability of the required quorum, as
stipulated by the Procedure of Conducting Annual General Meeting (AGM). The adjourned meeting
commenced at 11.30 am at the same venue, with the condition that no quorum was necessary.
The adjourned meeting was started by 11.30 am at the same place where no quorum was required.
The President of the Institute of Actuaries of India, Mr. R Arunachalam chaired the meeting
and extended a warm welcome to Ms. Asha Murali and staff of the Institute.
MEMBER (S) PRESENT:-
| Sr. No. | Member ID | Name | Category |
|:--------|:----------|:-----------------------------|:---------|
| 1. | 226 | Mr. R Arunachalam, Chairperson | Fellow |
| 2. | 810 | Ms. Asha Murali | Fellow |
IAI STAFF PRESENT:-
| Sr. No. | Name | Designation |
|:--------|:------------------|:-------------------|
| 1. | Mr. Tushar Giri | Executive Director |
| 2. | Mr. Vinod Kumar | Director |
| 3. | Mr. Yogesh Pandit | AGM - Compliance |
Agenda 1: Two minutes silence observed in condolence of death of following members.
| Sr. No. | Member ID | Name | Category | Date of Death |
|:--------|:----------|:-----------------------------|:---------|:-------------------|
| 1. | 4209 | Mr. Nandan Suresh Nadkarni | Fellow | 30th September 2023|
| 2. | 156 | Mr. Y P Sabharwal | Fellow | 5th January 2024 |
Agenda 2: To take on record the Minutes of the 17th Annual General Body Meeting held on 23rd
September 2023.
The minutes of 17th Annual General Body Meeting held on 23rd September 2023 were taken on record.
Agenda 3: To adopt the result of the Election to the council – 2024.
The Chairperson thanked outgoing council members Mr. Subhendu Kumar Bal, Mr. Anil Kumar Singh, Mr.
Mehul Shah and Mr. Suresh Narayan Sindhi for their significant contribution to the Profession during
their tenure.
The chairperson informed that the returning officer has duly submitted his report to the President, in
accordance with clause 4 to Schedule 5 of the Actuaries (Election to the Council) Rules, 2021 on process
of election completed on 1st August, 2024.
It was observed from the Returning Officer‘s report that:
a) the Rule 15(1) of the Actuaries (Elecetion of the Council) Rules, 2021 states that:
―Where on the date of issue of the final list of candidates, the number of
candidates is equal to or less then the numbers of members to be elected, the
Returning Officer shall declare such candidates as duly elected.‖
b) there were four members to be elected and there was only one candidate and
c) the candidate (Ms. Asha Murali)stands duly elected as per (a) above
The Returning Officer‘s report about Ms. Asha Murali‘s election as per (c) above was adopted.
The Meeting ended with vote of thanks to the Chair.
* * * * *
1. PRESIDENT‘S UPDATE ON THE ACTIVTIES OF THE INSTITUTE
Preeti Chandrashekhar
President
―Risk is not something to be feared, but something to be understood.‖‖
— Peter L. Bernstein
It is with great honour and a sense of collective pride that I present the Annual Report and
Accounts of the Institute of Actuaries of India (IAI) for the financial year 2024–25.
This year has been a defining chapter in India‘s journey, a year where the convergence of innovation,
collaboration, and value creation has not only propelled our economy forward but also redefined the role of the
actuarial profession in nation-building.
India has now emerged as the world’s fourth-largest economy, surpassing Japan with a nominal GDP of
over $ 4.19 trillion. This remarkable ascent—from tenth to fourth in under a decade. This underscores the
nation‘s dynamic growth, driven by robust domestic demand, digital innovation, and strategic investments.
With a projected GDP growth of 6.2%, India is not just growing; it is evolving, powered by digital
infrastructure, inclusive policies, and a renewed commitment to sustainable development.
In this dynamic landscape, the actuarial profession has found renewed purpose. As risk architects and data-
driven decision-makers, actuaries are uniquely positioned to support India‘s transformation—by quantifying
uncertainty, designing resilient systems, and enabling long-term value creation.
Innovation: Reimagining the Future of Risk
The world is changing rapidly, and so is our profession. Artificial intelligence, machine learning, and real-time
analytics are no longer peripheral, they are central to how we understand and manage risk. Over 90% of
global businesses now view AI as a cornerstone of their risk strategy. Actuaries are not just adapting to this
shift; we are leading it.
At IAI, we have embraced this momentum. Our members are working at the intersection of technology and
human insight developing predictive models, enhancing financial inclusion, and shaping digital ecosystems.
We are reimagining the future of risk, not as a constraint, but as a catalyst for innovation.
Collaboration: Building Bridges Across Disciplines
The challenges of our time like climate change, demographic transitions, healthcare financing, and economic
inequality are complex and interconnected. No single discipline can solve them in isolation. This is where
actuaries shine.
Our strength lies in our ability to collaborate across sectors, geographies, and domains. Whether it is
partnering with climate scientists to model environmental risk, working with public health experts to design
sustainable insurance schemes, or advising policymakers on pension reforms, actuaries are uniting diverse
knowledge streams to create holistic solutions.
This year, our outreach expanded significantly. From signing strategic MoUs with global academic
institutions to engaging with national bodies like IITs and IIMs, we are building a collaborative ecosystem
that nurtures excellence and inclusivity.
Accreditation
We are pleased to report significant progress in our accreditation initiatives this year.
Under Category A, four institutions have been accredited: R.A. Podar College, Mar Athanasius College, IIRM,
and Bishop Heber College, with IIRM and Bishop Heber College serving as pilot institutions to guide
implementation.
In Category B, we are establishing Memorandums of Understanding (MoUs) with institutes of national
importance such as IITs, IIMs, and others. These partnerships aim to recognise academic excellence and
offer subject-level exemptions, enabling a smoother transition into the actuarial profession.
For Category C, we have engaged with professional bodies including ICAI, ICMAI, ICSI, and III, allowing
their members to seek exemptions for relevant actuarial subjects. This marks a key step toward inclusivity and
recognition of aligned qualifications.
These efforts reflect our commitment to expanding access, fostering academic collaboration,
and strengthening the actuarial ecosystem.
Actuaries Day 2024: Celebrating Purpose and Progress
The 7th Actuaries Day, held on 21st August 2024 at GIFT City, Gandhinagar, was a celebration of our
profession‘s evolving identity. The theme, ―Striding Towards Inclusive and Incremental Excellence,‖ captured
our commitment to continuous growth and societal relevance.
The event featured a keynote address by Prof. Steve Stern, renowned for his work in data science and the
Duckworth-Lewis-Stern method. His insights on data-driven decision-making resonated deeply with our
community. A landmark MoU with Bond University was signed, paving the way for global academic
collaboration. A special panel on women actuaries highlighted the importance of diversity and inclusion in
shaping the future of our profession.
Actuaries Day was not just a celebration—it was a reaffirmation of our values: excellence,
equity, and engagement.
24th Global Conference of Actuaries (GCA) 2025: Leading in the Age of Disruption
Held from 17th to 19th March 2025 in Mumbai, the 24th GCA was