People and planet
Building diverse futures while playing our part to protect our planet
The IFoA Foundation supported young people globally through scholarships and mentoring. Our DEI initiatives launched the Women Actuaries Community, conducted critical pension gap research, and partnered with Progress Together to advance socio-economic diversity. And we continued our journey toward net zero, building on our emissions reduction achievements since 2019 and creating a procurement strategy.
The IFoA Foundation expanded its global reach with scholarships and mentoring
In the UK and Ireland, the IFoA Foundation developed strong partnerships with actuarial societies and employers to support talented students and engage with schools.
Staple Inn Actuarial Society (SIAS) and the Worshipful Company of Actuaries Charity funded the Actuaries of Tomorrow Undergraduate Scholarships programme. Rothesay, WTW, LCP and generous individuals backed Andrew Long and Norbert Fullerton’s project to create awards for outstanding actuarial science students of African or Caribbean heritage studying in the UK or Ireland.
Meanwhile, actuaries from Gen Re, SIAS, and the IFoA Scottish Board deepened connections with schools across the UK. In total, the IFoA Foundation donated £33,000 to fund 11 scholarships, and supported four projects reaching 15,000 school children.
The IFoA Foundation’s unique Aspiring Actuaries Mentoring initiative continued to flourish globally. Nearly 50 recent graduates from 14 countries including Bahrain, China, Egypt, India, Jamaica, Kenya and Zimbabwe benefited from the ten-month structured programme led by professional actuaries and coaches.
Donations of £10,000 secured 47 mentee places. Mentees formed strong bonds around the world with several returning as peer-to-peer mentors for the next cohort.
70 international scholarships, valued at £70,000, were awarded in India, Sri Lanka, Jamaica, Trinidad and Tobago, China, and Singapore. The three regional funds are dismantling barriers to entry and connecting actuaries across borders and generations.
The IFoA Foundation’s annual celebration event in March brought together actuary supporters and future actuaries for networking at Staple Inn, raising nearly £500 through a raffle supported by partners.
Athletic actuaries raised funds through various sporting challenges, while others contributed through monthly gifts, one-off donations, or legacy pledges. Volunteers shared their career experiences with students and gave their time as trustees, committee members, mentors, and advisers.
UK scholarships worth £33,000
UK projects reaching 15,000 school-age students
international mentee places valued at a total of £10,000
international scholarships
valued at £70,000
Masimba Zata, IFoA Fellow and Chair of the IFoA Foundation
I am thrilled to reflect on the remarkable achievements of the IFoA Foundation. Despite being a small charity led by volunteer trustees with limited operational resources, we have supported an incredible cohort of future actuaries from diverse backgrounds worldwide. We are making a significant difference in careers, families, and communities.
Bakang Theo Mbayi, student, University of York
From a childhood filled with uncertainty in Botswana to becoming an actuary who can bring stability and clarity to others, means so much to me. This scholarship allows me to focus on my studies, extend my commitment to equity, diversity, and inclusion, and work towards creating a consultancy firm that empowers communities.
Yasiru Perera, IFoA student, currently at University of Colombo, Sri Lanka
The scholarship is like a support system that allows me to keep chasing my dreams without putting too much strain on my family’s budget. I am immensely grateful, as it signifies not just financial aid but a transformative impact on both my educational pursuits and the overall well-being of my family in these challenging economic times. I am excited to contribute to the dynamic and vital field of actuarial science, leveraging my skills and knowledge gained through practical experiences and ongoing academic pursuits.
The IFoA made progress through six major initiatives
The Women Actuaries Community launched this year, providing networking and career support.
Major events included a celebration marking 100 years since the first women qualified as actuaries, networking sessions at IFoA Life Conference and the inaugural IFoA India Conference, and a career development webinar featuring women at various career stages.
The Community also hosted an International Women’s Day global event at Staple Inn and online, to spotlight achievements and explore strategies to drive progress.
Employer collaboration was strengthened through initiatives including a roundtable on recruiting and retaining female actuaries, co-hosted with Connectr and Pacific Life Re.
Key discussions included expanding recruitment beyond traditional backgrounds and enhancing early outreach to schools and universities. Participants were asked to commit to specific actions and agreed to reconvene in September to evaluate progress.
The IFoA DEI employer network also engaged in a valuable session in February on socio-economic diversity and senior roles in financial services, hosted with Progress Together. Participants explored data collection challenges, storytelling as a tool to improve disclosure rates, and the importance of apprenticeships.
As an official supporter of Progress Together, the IFoA was proud to sponsor its inaugural Progress Pioneers Summit at the London Stock Exchange in May. The event brought together over 100 financial services leaders, supporters, and representatives from our Diversity Action Group.
IFoA research explored topics including the gender pension gap, as explored in the third issue of our ‘think’ series, authored by Now:Pensions. It highlighted that women would need to work an additional 19 years on average to match men’s pension savings at retirement.
The Actuarial Mentoring Programme, delivered by Moving Ahead, launched with 11 organisations registered and 124 participants. This cross-company approach offers fresh perspectives and 26 hours of CPD from world-leading experts.
August saw the completion of our first ‘Actuaries: Data Driven Futures’ programme. This initiative provided work experience and mentoring opportunities for 22 young people facing barriers to employment.
The two-week programme included employability skills training at EY’s London office and hands-on experience with six actuarial employers.
Speaking about the scheme, IFoA President Kartina Tahir Thomson emphasised the importance of creating welcoming spaces for all to bring their true selves to work. She said diversity of thought, experiences and background is how we create strong teams that enable us to flourish.
Shayala McRae, IFoA Fellow and Principal, LCP
It was such a privilege to be part of the International Women’s Day panel celebrating women actuaries, sharing our professional experiences and discussing how best we could help ‘Accelerate Action’ towards gender equality. What was most heartening was how engaged those newer to the profession were – this bodes so well for the future!
Net zero developments
We improved our data collection and created a net zero procurement strategy
We enhanced our data collection methods and quality of data to encompass as much of our Scope 3 emissions with a more granular method. Therefore, we are in the process of reviewing our emissions with our new providers.
While we have made reductions in some areas, we continue to work on our carbon management plan to focus on continued emission reductions.
In 2024, we created a net zero procurement strategy as our third-party suppliers are a large proportion of our Scope 3 emissions. This will enable our suppliers to also reduce their emissions.
Next page: Evolving The Actuary