History of the Actuaries Institute

Building the actuarial profession for over 125 years

Our story is about foresight, collaboration, and unwavering dedication to the public good. Back in 1897, a young actuary named William Reginald Day envisioned a society fostering actuarial science in Sydney. Along with seventeen fellow professionals, he formed the fledgling Actuarial Society of New South Wales. Ever since, we've shaped Australia's actuarial profession, fostering stability and trust.

From our earliest days, actuaries worked to ensure the financial soundness of life insurance companies and friendly societies, acting as guardians of fair treatment for policyholders. Businesses quickly learned the value of bringing actuarial insights into strategy and decision-making so actuarial involvement in adjacent industries rapidly expanded. We moved into superannuation, investment and, by the 1970s, general insurance. The growing Society became a trusted resource for professional upskilling and collaborative support, adding memberships in all Australian states and territories.

William Day with other executives of the Australian Metropolitan Life. Day is seated on the left of this photograph, taken in the 1920s at the AML's office on the corner of Hunter and Bligh Streets, Sydney.

Expanding across Australia and New Zealand

As the profession matured, so did our organisation. By 1919, membership included actuaries across Australia and New Zealand, becoming the Actuarial Society of Australasia. Publications and conferences solidified our role as a central hub for knowledge sharing and professional development. Advocacy and thought leadership in government and private sectors built our reputation as trusted advisers.

The first full meeting of the Council of the Actuarial Society of Australasia, on 3 June 1953. This marks the first time the NSW and Victorian branch committees of the early Institute had their first full meeting together in the MLC’s boardroom.

Introducing Australian qualifications

New Zealand actuaries established their own society in 1977, and the Australian organisation became The Institute of Actuaries of Australia. We achieved a massive milestone in 1980 — the introduction of Australian Fellowship examinations to give actuaries their own Australian-based post-nominals. This achievement signified a new era of independence for the profession, allowing Australian actuaries to qualify without relying on the United Kingdom’s educational exams.

Moving forward on a strong foundation

Today, the Actuaries Institute stands as a cornerstone of the Australian actuarial profession. We continue to champion our members, fostering a supportive and stimulating environment with active contributions in almost every part of the economy.

Our enduring legacy of ethical stability and professional service ensures we remain a vital resource for actuaries in Australia. With over 5,800 members in Australia and around the world, the Institute is more relevant than ever.

As change accelerates, we’re right at the leading edge to offer actuarial clarity to problem-solving, with data-based insights on the issues that matter. In this age of big data, AI and machine learning, we're poised to use technology for commercial success and societal good. Whatever the future holds, we'll keep our ethical compass steady, our foresight sharp, and our impact profound.