Offered By TAF Center for Actuarial Training 1

Offered By TAF Center for Actuarial Training 1

Developing home-grown and sustainable actuarial capacity for the markets served by TAF Consulting Group Practical, relevant and contextualized actuarial training Trainees to work for sponsoring employer during period of training Supervision and mentoring of trainees by qualified actuaries within TAF network and of enlisted professional organizations Exposure of trainees to international best practices through orientation program and cross-training with other offices of TAF and of collaborating professional organizations Commitment of trainees to sponsoring companies and local market Self-supporting internal actuarial department for participating employer over a target horizon 2

TAF works with sponsoring company to identify and hire trainee actuaries for the company A development program will be drawn for each trainee actuary including for example education plan, experience and professional goals, incentive bonuses, study time and career growth path. Trainee actuary is assigned to a supervising TAF qualified actuary Trainee actuary works under TAF actuary s direction and supervision on projects of sponsoring company Supervising actuary will report on trainee s progress periodically Trainee actuary will enroll in preparatory classes toward specified professional actuarial exams Orientation program for trainee actuary will be agreed with sponsoring company management Trainee actuary may be bonded by sponsoring company with exit penalty related to amounts invested in the trainee 3

Employer bears a monthly retainer fee per trainee Project-based fee agreed with sponsoring company Incentive fee to TAF on attainment of target milestones Tuition fees for exam preparatory classes Course materials and exam registration fees Notional cost: Paid study and class time granted to trainee actuary 4

Internal actuarial department over a number of years Trainees grow with company, ensures Continuity of support Reduction of actuarial fees/costs in the long run Industry empowerment Trainees commitment to employer and local issues 5

An initiative under TAF Consulting to serve the need to build actuarial capacity for the financial services sector in the Middle East, Africa and South Asia region. This initiative was conceived by Mr. Debo Ajayi, FSA, FCIA, MAAA, a senior actuary with years of experience in the region and North America, and by Dr. Ajibola Ajayi, Ph.D (Canada), an educator. To prepare students for professional exams of international actuarial organizations (e.g. UK Faculty/Institute of Actuaries and USA Society of Actuaries). The program attracts students with strong potential to becoming actuaries drawn from high school graduates, higher institutions students, and working adults looking for career change or development. Center of Actuarial Training (CAT) is based in Lagos (Nigeria), Accra (Ghana) and Dubai (UAE). 6

TAF Consulting is a firm of consultants and actuaries founded to serve the Middle East, Africa and South Asia as a regional initiative to articulate solutions and methods that truly reflect local realities and to make necessary investments to develop local resources. We currently have presence in UAE, Nigeria and Ghana. We provide a full range of actuarial and management consulting services to clients in the areas of life insurance & financial services, general insurance, healthcare, employee benefits and investment consulting. TAF provides support to both conventional and non-interest financial services companies. 7

TAF Consulting was established to offer some clear advantages and value proposition to the region. In addition to possessing all the positive attributes expected of professional consulting firms such as INTEGRITY, PROFESSIONALISM, CLIENT FOCUS, RESPONSIVENESS, TAF Consulting uniquely offers: LOCAL KNOWLEDGE TAF Consulting boasts of consultants and actuaries with varied international professional credentials combined with real, hands-on, local experience. This allows us to develop products, solutions and strategies that reflect local realities and match local needs, and apply international best practices and standards. LOCAL TALENTS. For continuity of service, affinity and long-term commitment to the development of local market, TAF Consulting strives to maintain a high percentage of actuaries and consultants that have roots in the market they serve. CREATING SOLUTIONS To match our local and regional focus, we invest time, resources and expertise to create concepts and solutions that are articulated to address local needs and requirements. We are proactive in developing solutions that support the industry in expanding solution set that leads to better penetration and public acceptance. FLEXIBILITY As a regional firm we are able to offer the flexibility necessary to get things done and achieve results. Our approach and charge structure are adapted to local realities and the stage of market development. 8

TAF Consulting was established to offer some clear advantages and value proposition to the region. In addition to possessing all the positive attributes expected of professional consulting firms such as INTEGRITY, PROFESSIONALISM, CLIENT FOCUS, RESPONSIVENESS, TAF Consulting uniquely offers: VALUE FOR MONEY High use of local resources means that our clients can expect our services at affordable costs reflecting local realities. Our regional spread and collaboration with external international resources means that our clients can expect access to expertise and talents not immediately available within the local TAF office. This balance of local and global expertise translates to superior value proposition to our clients. CLIENT EMPOWERMENT Our approach is to involve, as much as possible, our clients internal resources in our work to maximize knowledge exchange and incrementally empower our clients. We also encourage our clients to second internal candidates to us for training and mentoring to become qualified actuaries. CAPACITY BUILDING A major part of TAF Consulting focus is to operate a center for actuarial training, education and research throughout the region. This center will help develop local actuaries for the region who will contribute to market development. QUALITY CONTROL The work products of our consultants are subject to peer review by other consultants to ensure that the work meets highest standards and quality that our clients can expect from an international consulting firm. To ensure objectivity of the reviewer consultant, the reviewer must be independent from the project and meet minimum experience and professional credentials. 9

Understanding our clients needs We place high emphasis on listening to our clients and understanding their needs. This allows us to create solutions that best fit their business purpose rather than a one-size fits all approach that seeks to incur unnecessary consulting fees. Flexibility and choices We offer flexibility and choices to our clients, providing options to fit your budget and time constraints. Collaborative style We work collaboratively with our clients, ensuring knowledge exchange and transfer, using projects as training opportunities for client resources, planning toward increased self-reliance Efficiency We work efficiently, taking advantage of existing work developed by our clients wherever possible.

Capital management Enterprise risk management Principles-based reserves, MCEV, IFRS, and Solvency II Financial risk management and hedging services Mergers and acquisitions Product development and management Distribution & marketing strategies, bancassurance & alternative distribution Financial reporting and analysis Securitizations Market-entry support Takaful & non-interest fin. Inst. Stochastic modeling of insurance risks Life & Financial Services Property & Casualty Reserve evaluations and variability Enterprise risk management Ceded reinsurance and retention analysis Pricing /Ratemaking Expert witness / Litigation support * Mortgage/Financial guaranty * Predictive modeling * Feasibility studies * Mergers and acquisitions * Underwriting and operations * Claims consulting * Valuation * Mass torts Retiree medical valuations Benchmarking Evaluation of rating models Product pricing and development Provider contract negotiations Actuarial staffing and support Medical management Technology and operations Mergers and acquisitions Screening services Accident & Health Employee Benefits * DC Services * Actuarial consulting * Compensation consulting * DB administration Health and welfare plan admin & consulting Participant education Pension Protection Act Retiree medical Investment consulting Total retirement outsourcing

TAF Consulting offers broad range of services to Financial Services Sector, including the following: STRATEGY AND BUSINESS PLAN SUPPORT For new and existing companies Financial modeling and projection support Distribution and marketing strategy PRODUCT DEVELOPMENT AND MANAGEMENT Innovative products that follow Market Needs + Products + Distribution (MPD) framework Products are designed, developed and evaluated within company-specific contexts of strategy, corporate objectives, distribution channels, target customers, infrastructure, regulatory environment, etc. We help to monitor production results against expected and advise changes We evaluate and advise on optimum product mix under capital constraints BUSINESS PLANNING AND MANAGEMENT We can help build robust business models that allow management to plan, manage, scenario test, prepare for capital requirements, set and optimize reinsurance treaties, and so on. STATUTORY SUPPORT Appointed Actuary function including reserving, adequacy testing, solvency assessments and so on Peer review function Establishment of actuarial department and training of resources 12

TAF Consulting offers broad range of services to Financial Services Sector, including the following: ENTERPRISE RISK MANAGEMENT We help to establish ERM framework and assist to identify, quantify, analyze, report, manage and monitor various risks We review existing ERM processes and determine requirements to reach desired ERM level We understand the link between business, risk and economics and this reflects in how we analyze risks and how they occur, and in our modeling of future possible outcomes We emphasis the management of ERM and hold a non-negative view of risk ASSET/LIABILITY MANAGEMENT We help to establish ALM framework for assessing asset and investment policies We help to establish process for analyzing and reporting to monitor ALM status EMBEDDED VALUE CALCULATION AND REPORTING We recommend EV/MCEV framework for measurement and reporting to Shareholders We help to establish the framework, perform the calculations, and report results in a most effective manner for better appreciation of value creation process in Life business We do Source of Earnings analysis to support management in better understanding the business and optimizing results EMERGING CONCEPTS Implementation of IFRS framework and assessment to advise in maximizing IFRS equity We have expertise to support establishment of Takaful and Microinsurance propositions We can help with religious-neutral version of Takaful Ethical Insurance 13

Ephraim Ebong: Training Adviser of TAF Consulting in West Africa. Ephraim brings a wealth of academic experience to the TAF training program. He holds a Ph.D in Statistics and a Masters in Actuarial Mathematics from University of Waterloo, Canada. He obtained his B.Sc (First Class Honors) in Mathematics from University of Ibadan, Nigeria, and he is an Associate member of the Society of Actuaries, USA. Ephraim served the Nigeria Social Insurance Trust Fund (NSITF) for 13 years holding positions ranging from Senior Manager to Assistant General Manager. His academic positions include Head of Department of Financial Studies in Redeemer s University, Nigeria, Senior Lecturer in the Department of Banking and Finance, University of Uyo. Nigeria, and Lecturer in the Actuarial Science Department of University of Lagos. 14

Jibola Ajayi has regional executive oversight for management and curriculum development of this program. Jibola holds a Ph.D in Education (Curriculum Studies) from University of British Columbia, Canada., with specialization in professional development. For over 20 years, she has taught in Nigeria, Canada, USA and UAE and is passionate about career development. She has expertise in the use of technology in Math and Science Education as well as innovative software solutions for teacher professional development and researches in that space in North America. 15

Debo Ajayi is Chairman of TAF Consulting. Most recently, he was the Managing Director of Milliman LLC in Dubai International Financial Center, a subsidiary of Milliman, Inc., which he established Prior to that, he was Senior Corporate Actuary (Global), based in USA, and the Chief Actuary of American Life Insurance Company, based in Dubai for 6 years. He has over 25 years of experience covering Canada, USA, Middle East, Africa, and South Asia. He has served as Appointed Actuary in many of the countries in the region, for both conventional and Takaful companies. He is recognized for developing innovative products for traditional and non-traditional channels. He is a Fellow of the Society of Actuaries, Fellow of the Canadian Institute of Actuaries and a Member of the American Academy of Actuaries. He holds a Masters in Actuarial Mathematics from University of Waterloo, Ontario, Canada, and a Bachelor of Science (with First Class honors) in Actuarial Science from the University of Lagos, Nigeria. 16

Dubai Address: Accra Address: Lagos Address: Ground Floor, Building 7, Dubai International Academic City P.O. Box 20139 Dubai, United Arab Emirates Tel: +971 55 508 5597 Fax: +971 453 9850 info@tafconsult.com 141/21, Safto Link, Abelempke, P.O. Box 5921 Cantonment, Accra, Ghana Tel:+233 302 731060 Fax:+233 302 731224 22 Oluseun Crescent (Near Corona School) Gbagada Phase I Gbagada, Lagos, Nigeria Tel:+234 810 728 1820 www.tafconsult.com 17