About Us

About The Actuarial Society of South Africa

What Does ASSA Do?

The Actuarial Society serves the public interest through regulating and supporting the actuarial profession in South Africa.

We do this through:

Providing world class education to actuarial students to ensure that those qualifying have achieved high levels of knowledge, competence and professionalism. South African actuarial education is widely acknowledged as being amongst the best in the world.
Establishing and monitoring standards of professional practice for actuaries.
Maintaining a rigorous disciplinary process to hold actuaries not upholding professional standards accountable.
Advancing actuarial skill and knowledge in all current fields of actuarial practice while supporting actuaries who bring their skills into wider fields.
Engaging decision makers as an impartial profession focused on the public good on all areas of policy where actuaries can contribute.
Being an objective voice in making understanding of complex actuarially related issues accessible to the wider public.
Looking for opportunities for South African actuaries to practice both locally and internationally.

Goals and Vision of the Society

The vision of the Actuarial Society:

The vision of the Actuarial Society is an actuarial profession of substance and stature, serving, and valued by, our stakeholders as a primary source of authoritative advice and thought leadership in the understanding, modelling and management of financial and other measurable risk.

The goals of the Actuarial Society are to:

Grow the reputation of the actuarial profession in South Africa as one of substance and stature, serving and valued by our stakeholders.
Develop the knowledge, expertise and skills of members and grow the reputation of the profession as a primary source of authoritative advice and thought leadership in the understanding, modelling and management of financial and other measurable risk.
Develop a profession whose professional conduct and discipline meet the highest professional standards.
Deliver professional member services that are valued by its members.
Develop the demographic representation of the profession in a way that supports transformation in South Africa.

ASSA Structure

Council & Board

ASSA Constitution

ASSA By-Laws

ASSA Annual Report

ASSA’s Annual Report provides a comprehensive overview of the organisation, performance of the Actuarial Profession and operational milestones.

Integrated Annual Reports

History of ASSA

First Insurance Legislation in South Africa

The first insurance legislation in South Africa was the Life Assurance Act, No 13 of 1891,
which was passed by the 8th Parliament of the Cape of Good Hope. The act aimed at “encouraging persons to insure” and at “protecting persons assured”, and called for an investigation into the financial conditions of a company by a qualified actuary every five years.

Companies operating locally did not employ resident actuaries and actuarial data was sent abroad, usually to the United Kingdom, where actuaries performed the valuations.

The Actuarial Profession in South Africa

William Marshall, AIA, arrived from Australia in December 1883 to found the Cape Town branch of the Colonial Mutual Life Assurance Society. This event is considered to be the birth of the actuarial profession in South Africa.

The first fully qualified actuary in South Africa of whom record could be found was James McGowan, BA, FIA. McGowan qualified as a Fellow of the Institute of Actuaries (London) in 1883 and became Government Actuary of the then Cape Colony in 1890.

Various actuaries came to South Africa, a British colony until 1910, under contract for a fixed period during the 1890s and early 1900s. This established strong links with the UK profession, but also meant that the local number of actuaries remained very small. The consolidation of South African insurance legislation under the Insurance Act, No 37 of 1923, formalised the need for actuarial services in South Africa, providing useful publicity for the profession.

First South African Actuaries

The event that really saw the actuarial profession become an integrated part of South African life, however, was the qualification of Marthinus Smuts (Tienie) Louw as a Fellow of the Faculty of Actuaries (Edinburgh) in 1921. He was the first South African to become an actuary and was followed in 1927 by Thomas Abbott Murray. Both Louw and Murray spent some time abroad. The first South African to qualify as an actuary solely by local study was Jan Dommisse (FFA, 1935).

The first half of the 1930 was a period of increased actuarial activity in South Africa, due to a general business revival and a new spirit of competitiveness among some of the major overseas life offices that were operating in the country.

The Actuaries’ Club

George McLaren, by all accounts an outstanding actuary and very popular, retired as actuary of the South African Mutual Life Assurance Society in 1936. His farewell dinner was attended by 15 actuaries from both Cape Town and Johannesburg. The congenial atmosphere led to discussions on the desirability of a formal organisation, and the Actuaries’ Club was formally established on 14 June 1937. It was agreed that the Club should operate in two sections, one in Johannesburg and one in Cape Town.

The Actuaries’ Club served a useful purpose in bringing the actuaries in the country together.

The Actuarial Society of South Africa

While the Actuaries’ Club did some useful work in connection with draft legislation and the protection of the status and interests of actuaries, it was more suited for social purposes. Consequently, the Club was disbanded, and the Actuarial Society of South Africa was established. Its inaugural meeting was held in Johannesburg on 22 December 1948. At the time, there were 42 people with actuarial qualifications in the country.

This event was celebrated at the Actuarial Society’s Jubilee Convention in 1998, which was preceded by the first meeting on African soil of the International Actuarial Association (IAA).

ASSA History: An Overview Of Events Since 1883

Transformation

Building Upon a Better Future for Diversity and Equality in South Africa

A Personal and Professional Responsibility

Transformation of the Actuarial Society and the profession centers on equity, diversity, and inclusion, reflecting the demographics of South Africa. It ensures that all members feel welcomed, valued, and empowered to succeed while upholding the profession’s commitment to serving the diverse public. The key focus is to increase the number of Black qualifiers, particularly African members, to create a more demographically representative membership profile.

Transformation Committee

The scope of the Transformation Committee covers the activities and initiatives of the Actuarial Society and associated parties to address the demographic imbalance in the actuarial profession in South Africa.

Transformation in the ASSA Structure

Transformation Committee Mandate

Transformation Partners

We partner with other bodies where we believe we have a common purpose and desire to transform the actuarial profession and its members.

What Our Partners Say

The South African Actuarial Development Programme (SAADP)

ASSA is a key collaborator in SAADP’s mission to foster an inclusive and diverse actuarial landscape. This includes ASSA’s representation on the SAADP Board, influencing strategic decisions that shape the future of actuarial education in South Africa, & Hosting SAADP at the ASSA Convention as a recognised transformation partner, providing the programme with a platform to engage with industry leaders and stakeholders.

“SAADP acknowledges ASSA’s provision of complimentary exhibition space at the 2025 Convention and the donation of 324 mathematics sets and calculators, which supported its visibility within the profession and strengthened its school outreach efforts. However, a gap remains between SAADP’s transformation mandate and the level of structured support received from the profession.

SAADP’s work to develop mathematically capable learners from underrepresented backgrounds requires sustained, coordinated commitment from stakeholders, and stronger collaboration across the actuarial sector is essential to achieve meaningful and lasting transformation.”

Nthato Selebi, SAADP Executive Director

South African Mathematics Foundation

SAMF is a main partner and beneficiary of the ASSA Education Trust (ASET) in the development of Mathematics in South Africa. ASSA sponsorship towards the South African Mathematics Team Competition (SAMTC) plays a crucial role in fostering a passion for the subject among high school learners across the country.

“The South African Mathematics Foundation (SAMF) is proud to acknowledge the invaluable support of the Actuarial Society of South Africa (ASSA) towards the South African Mathematics Team Competition (SAMTC). ASSA’s generous sponsorship plays a crucial role in fostering a passion for mathematics among high school learners across the country.

Each year, ASSA’s commitment enables over 150 teams (representing 1 449 learners) from diverse backgrounds to participate in SAMTC, comprising both Junior (Grades 8-9) and Senior (Grades 10-12) categories. This represents a 76% increase from the 2024 participation. This support goes beyond financial assistance, providing essential resources such as team t-shirts, refreshments on competition day, and certificates of participation. These contributions not only enhance the competition experience but also encourage teamwork, critical thinking, and mathematical problem-solving skills among participants.

Through ASSA’s sponsorship, SAMF continues to empower young mathematicians, nurturing a future generation equipped with the skills necessary to excel in mathematics and beyond. The impact of ASSA’s involvement underscores SAMF’s ongoing commitment to promoting mathematical excellence and fostering a love for the subject among South Africa’s youth.

SAMF extends its heartfelt gratitude to ASSA for their unwavering support and partnership in advancing mathematics education and inspiring young minds to reach their full potential”.

Herman Bosman, SAMF Project Manager

WeSolve4X

WeSolve4x is a beneficiary of ASET, with Trust funding supporting initiatives to promote the profession in schools attended by underrepresented population groups. Through nutrition, Mathematics support and parental engagement, WeSolve4X encourages strong Mathematics learners to pursue a career in the field, aligning with ASET’s key strategic outcome of Mathematics development in schools.

“As we continue our 13-year journey of #BecomeAnActuary Maths program, inspiring
the next generation of Actuaries. We extend our deepest thanks for ASSA’s contribution in the academic year 2025. The impact is beyond the classroom. The contribution supported our maths program, maths competition and schools outreach. We are looking forward to the 2026 Academic year”.

Tsietsie Ngobese, WeSolve4X CEO

Christel House School

As a beneficiary of ASET, Christel House School receives funding towards Mathematics programmes at the school, enabling career paths towards Actuarial Science and roles in the financial industry that support actuaries in the workplace.

“The Actuarial Society of South Africa has been a longstanding friend of Christel House South Africa. Their support and encouragement go far beyond rands and cents and extend into all spheres of our work.

The commitment of their staff to all that we do is remarkable. At several events throughout the year, the ASSA team arrives with the enthusiasm and drive that help to fuel others to act. From painting bathrooms, helping students experience real-life job interviews, to purchasing buckets of food to help our families during the December holidays, their energy and love for our students are completely contagious.

The ASSA team has also been instrumental in supporting our top maths students with support in advanced mathematics. At present, this benefits about 26 of our top students, helping to strengthen their ability to achieve top marks in their exams.

ASSA has helped us grow our school to include an additional 60 students per year. This will mean that by 2029, we will have doubled our High School capacity to 600 students.
Thank you, ASSA, for believing in us.”

Adri Marais, Christel House CEO

Association of South African Black Actuarial Professionals (ASABA)

ASABA’s vision is to realise a South African actuarial profession that represents South Africa’s demographics. The association supports the journey to qualification of black actuaries at every stage – from high school outreach to university mentorship, vacation work, exam support initiatives and ongoing professional development.

“ASSA’s partnership with the Association of South African Black Actuarial Professionals (ASABA) in 2025 has meaningfully strengthened the pipeline of Black actuarial talent across South Africa. Beyond financial support, ASSA continues to enable ASABA’s integration into key governance and professional structures – including Council participation, Professional Area Committees (PACs), stakeholder platforms and collaborative industry events.

This alignment has enhanced credibility, expanded access to networks and improved the operational execution of outreach, mentorship, examination support and professional development initiatives. Through joint engagements, knowledge-sharing and visible endorsement of transformation objectives, ASSA has reinforced ASABA’s mission to build a profession that reflects the country’s demographics. In doing so, ASSA has not only supported programmes – it has strengthened institutional sustainability, accountability and long-term impact within the actuarial ecosystem”.

Paballo Mathosa, ASABA President

BBBEE Certificate – The Actuarial Society of South Africa

BBBEE Certificate - ASSA

ASSA Trusts

ASSA Education Trust

The Actuarial Society Education Trust (ASET) is a registered public benefit organisation, duly authorised to issue certificates in terms of Section 18A of the Income Tax Act. ASET focuses exclusively on learners and schools in previously disadvantaged communities, and is assessed annually by an independent competent person for BEE purposes.

The objectives of the trust are to support education through – programmes that facilitate the provision, utilisation and maintenance of online resources:

conducting workshops to ensure optimal use of such online resources;
developing and preparing study material for the use of beneficiaries;
provision of equipment to public schools, and
making available funding to public schools.

ASET is funded through contributions by members of the Actuarial Society, members of the public and corporate entities that wish to contribute to educational initiatives. These entities have included the MMI Foundation, Investec, South African Breweries, Investment Solutions and RGA.

ASET is audited by the auditors of the Actuarial Society.

ASSA Development Trust

The objectives have been set bearing in mind that the Trust meets the requirements of a Public Benefit Organisation and ensures the tax deductibility of donations in the hands of donors.

The objectives are to:

Provide grants to universities in order to support their teaching and research activities relating to actuarial science, and to assist in the recruiting and retention of competent academics to such programs.
Provide bursaries for worthy students.
Fund research relating to actuarial knowledge in particular and broader matters of public interest related to the profession and its activities.
Further other activities supporting the general objectives of the Trust.

The final decision with regard to the quantum of support to any program, research, or bursary provided by the Trust remains with the Trustees. To date, it has not been possible for the Trust to provide support to individuals, due to the demands on universities.

Status

The Trust contains specific clauses that ensure compliance with the requirements for a Public Benefit Organisation (PBO). Contributions to the Trust should therefore be tax deductible, subject to usual limits, in the hands of donors, both corporate and individual. The Trust has been registered with SARS as a PBO (reference number 930035093) and in terms of S18(A) of the Income Tax Act.

The Trust is in the process of exploring ways to improve its BEE standing. It is certified for SED purposes annually.