EXAMINERS’ REPORT

CM1 - Actuarial Mathematics

Core Principles
Paper A

September 2023
 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

Introduction

The Examiners’ Report is written by the Chief Examiner with the aim of helping candidates,
both those who are sitting the examination for the first time and using past papers as a
revision aid and also those who have previously failed the subject.

The Examiners are charged by Council with examining the published syllabus. The
Examiners have access to the Core Reading, which is designed to interpret the syllabus, and
will generally base questions around it but are not required to examine the content of Core
Reading specifically or exclusively.

For numerical questions the Examiners’ preferred approach to the solution is reproduced in
this report; other valid approaches are given appropriate credit. For essay-style questions,
particularly the open-ended questions in the later subjects, the report may contain more points
than the Examiners will expect from a solution that scores full marks.

For some candidates, this may be their first attempt at answering an examination using open
books and online. The Examiners expect all candidates to have a good level of knowledge
and understanding of the topics and therefore candidates should not be overly dependent on
open book materials. In our experience, candidates that spend too long researching answers
in their materials will not be successful either because of time management issues or because
they do not properly answer the questions.

Many candidates rely on past exam papers and examiner reports. Great caution must be
exercised in doing so because each exam question is unique. As with all professional
examinations, it is insufficient to repeat points of principle, formula, or other textbook works.
The examinations are designed to test “higher order” thinking including candidates’ ability to
apply their knowledge to the facts presented in detail, synthesise and analyse their findings,
and present conclusions or advice. Successful candidates concentrate on answering the
questions asked rather than repeating their knowledge without application.

The report is written based on the legislative and regulatory context pertaining to the date that
the examination was set. Candidates should take into account the possibility that
circumstances may have changed if using these reports for revision.

Sarah Hutchinson
Chair of the Board of Examiners
November 2023

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

A. General comments on the aims of this subject and how it is marked

CM1 provides a grounding in the principles of modelling as applied to actuarial work,

focusing particularly on deterministic models which can be used to model and value
known cashflows as well as those which are dependent on death, survival, or other
uncertain risks.

Please note that different answers may be obtained to those shown in these solutions
depending on whether figures obtained from tables or from calculators are used in the
calculations; candidates are not penalised for this. However, candidates may not be
awarded full marks where excessive rounding has been used, or where insufficient
working is shown.

Although the solutions show full actuarial notation, candidates were generally expected to
use standard keystrokes in their solutions.

Candidates should pay attention to any instructions included in questions. Failure to do so

can lead to fewer marks being awarded. In particular, where the instruction, “showing all
working” is included and the candidate shows little or no working, then the candidate will
be awarded less marks even if the final answer is correct.

Where a question specifies a method to use (e.g. determine the present value of income
using annuity functions) if a candidate uses a different method, the candidate will not be
awarded full marks, indeed, the candidate might even be awarded no marks.

Candidates are advised to familiarise themselves with the meaning of the command verbs
(e.g. state, determine, calculate). These identify what needs to be included in answers in
order to be awarded full marks.

B. Comments on candidate performance in this diet of the examination.

The comments that follow the questions concentrate on areas where candidates could
have improved their performance. Where no comment is made, the question was
generally answered well. The examiners look closely at the performance of the
candidates close to the pass mark and the comments therefore often relate to those
candidates.

There appeared to be many candidates who had underestimated the quantity of study
required for this subject. The nature of the online exam format meant that there was little
on the paper that could be answered via knowledge based answers alone.

Where candidates made numerical errors, the examiners awarded marks for the correct
method used and also for the parts of the calculation that were correct. However, only
well prepared candidates show enough of their working to fully benefit from this.

The Examiners felt that the “open book” nature of the online exam led some candidates to
rely on their notes much more than if the exam had been “closed book”. The Examiners
strongly recommend that candidates prepare for online exams just as thoroughly as they

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

would do if the exam were of the traditional “closed book” format. Candidates are
recommended to use their notes only as a tool to check or confirm answers where
necessary, rather than as a source for looking up the answers.

C. Pass Mark

The Pass Mark for this exam was 54

1557 presented themselves and 492 passed.

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

Solutions for Subject CM1A September 2023

Q1
(a)
A50 ≈ (1.05 ) × 0.3 =
0.5
0.307408523
[½]
i 1
A50 ≈ × 0.3 A50 ≈ (1 + × i ) × 0.3
Other valid approximations δ or 2

(b)
 0.05 
1 − da50 ⇒ 0.3 =
A50 = 1−   a50 ⇒ a50 =
14.7
 1.05  [1]
a50 a=
= 50 − 1 14.7 − 1 =13.7 [½]

(c)
1 1
= =
a50 a 50 − 14.7 − = 14.2
2 2 [1]
1− A
a= a50 +
1 1 − δ a50 ⇒ a50 = 50
A50 =
Or
50
2 or δ

(d)
( 4) 3
50
a = 14.7 − = 14.325
8 [1]
[Total 4]

Question 1 was well answered by the majority of the candidates.

Q2
A - Models can look impressive. [½]
The borrowing department needs to ensure the model has been tested and checked
against real world results in the area for which it will be used. [½]
Any errors in the model will be transferred from the lending to the borrowing
department. [½]
There is a danger that the borrowing department do not understand the model and
use it as a ‘black-box’ without adequate scrutiny of the results. [½]
[Marks available 2, maximum 1½]

B - Models rely heavily on data input. [½]

It is not clear where the borrowing department obtained the updated data. [½]
Are these data in the correct format and consistent with the data used by the
original department? [½]
[Marks available 1½, maximum 1½]

C -Need to understand the uses to which it can safely be put. [½]

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

There may be assumptions underlying the model (and/or proxy model) that may
not be appropriate for the borrowing department. [½]
The borrowing department may be interested in a part of the model which was
heavily approximated when the proxy model was created. [½]
The projection period may be too short. [½]
There may be limitations to the range of, for example, bank base rates for which
the model behaves sensibly (if it doesn’t look at possible shock events). [½]
Proxy models are, by definition, models of more complex models. They are
simplifications which produce results more quickly that the original models. [½]
However, they will also be less accurate. Unless the borrowing department
understands this limitation, they may not be able to interpret the results appropriately. [½]
[Marks available 3½, maximum 1½]

D - It is not possible to include all future events. [½]

Unexpected changes in, for example, legislation in the future may render the
results of the model invalid. [½]
New trade agreements may hugely alter the volumes of import/export. [½]
A change in government may alter the government’s tax take. [½]
[Marks available 2, maximum 1½]

E - It may be difficult to interpret some of the outputs of the model. [½]

The borrowing department may not have the expertise to interpret the results.
They may instead just seize on the best- or worst-case results. [½]
[Marks available 1, maximum 1]
[Total max 4]

Candidates who simply reproduced core reading without making their comments
specific to the question gained little credit.

Q3
(i)
5| q1x y
represents the probability that the first death of (x) and (y) occurs between
time 5 and time 6 AND that the first death is (x). [2]

(ii)
6

5| q x y = ∫ t p x × t p y ×µ x + t dt
1

5 [2]
t

 t  − ∫0 0.025 ds
=
p
t x exp  ∫ x+s  e
− µ =
ds = e −0.025t
Now, we have  0  .
t p y = e −0.01t
Similarly, we have . [1]
Thus, we have:

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

∫e
−0.025t
5| q =
1
xy × e −0.01t × 0.025dt
5

6
= ∫ e −0.035t × 0.025dt
5
6
 e −0.035t 
= 0.025  
 −0.035  5

× ( e −0.035×5 − e −0.035×6 )
0.025
=
0.035
= 0.0206234
[2]
[Total 7]

Part (i) Many candidates misunderstood what had to happen to life y in the 6th year.
Whilst many candidates understood that x had to die first, many mistakenly thought y
also had to die in the same year.

Part (ii) A common error was to state incorrect integral boundaries.

Q4
We need to derive dependent probabilities of surrender.
Force of surrender given by:-
µtsurr
=1 =− ln (1 − 0.15 ) =
0.1625189
µtsurr
=2 =− ln (1 − 0.10 ) =
0.1053605
[1]

Force of mortality given by: -

µ mort − ln (1 − 0.017824 ) =
x = 67 = 0.01798476
µ mort − ln (1 − 0.019913) =
x = 68 = 0.02011394
[1]

Dependent probabilities given by: -

( ap ) x =67 =−
exp ( 0.1625189 − 0.01798476 ) =
0.834850

( ap ) x =68 =−
exp ( 0.1053605 − 0.02011394 ) =
0.882078
[1]

Dependent surrender probabilities; -

( aq ) x=67  
0.1625189
= =  × (1 − 0.834850 ) 0.148695
surr

 0.1625189 + 0.01798476 

( aq ) x=68  
0.1053605
= =  × (1 − 0.882078 ) 0.099018
surr

 0.1053605 + 0.02011394  [2]

[Total 5]

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

Many candidates did not attempt this question.

It appears many candidates did not read the question properly or did not seem to
recognise that this was a straightforward question on multiple decrement tables.

Q5
Let R denote the initial annual rental rate.
Then, we have:

0 = −24,000 + Ra1 12% + ( R + 1,500 ) a1 12%v12% + ( R + 3,000 ) a1 12%v12%

2
+ ( R + 4,500 ) a1 12%v12%
3 4
+ 9,000v12%
=−24,000 + Ra1 12% × (1 + v12% + v12%
2 3
+ v12% ) + 1,500a1 12% × (v12% + 2v12%
2 3
+ 3v12% ) + 9,000v12%4

=−24,000 + Ra1 12% × a4 12% + 1,500a1 12% × ( Ia )3 12% + 9,000v12%

4

[4]

And, we find R such that:

R × (1.058867 × 0.8929 ) × (1 + 2.4018 ) = 24,000 − 1,500 × (1.058867 × 0.8929 ) × 4.6226 − 9,000 × 0.63552
⇒ R =£3,645.39 per annum
[2]

[Total 6]

A common error was to set the first payment to R-1,500, but not give R as the answer.

As this question covered only a 4-year period, the answer could also be produced
from first principles and many candidates did so. This approach was perfectly
acceptable, and candidates were not penalised.

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

Q6
∞
l
EPV = v × 60 × 5000 × ∫ 1.025t × v t × t p60 dt
10

l50 0 [2½]
∞ t
91, 732  1.025  −0.041t
= 1.045−10 × × 5000 × ∫   ×e dt [1]
96, 247 0  1.045 
Evaluating the integral:
∞ t
 1.025  −0.041t
∫0  1.045  × e dt
∞  ln  1.025  − 0.041t
   
= ∫ e  1.045  
dt
0
∞
= ∫ e −0.0603242728t dt
0
1
= × ( 0 − 1)
−0.0603242728 = 16.57707509 [2]
91, 732
EPV= 1.045−10 × × 5000 ×16.57707509
= £50,868.47
96, 247 [½]
[Total 6]

This question was not very well answered.

Common errors included:

- ignoring the growth of the annuity payment;
- using incorrect integral boundaries;
- inability to correctly perform the integration and evaluate the answer.

Q7
(i)
Let g be the payment increase rate = 4.3902% pa
The duration of the liabilities is given by:
25

=τ k ==1
∑C tk k
(
t vtk 1.2 × v + 2 (1 + g ) v 2 + 3 (1 + g )2 v 3 + ... + 25 (1 + g )24 v 25
)
25

∑ Ctk vtk (
1.2 × v + (1 + g ) v 2 + (1 + g ) v 3 + ... + (1 + g ) v 25
2 24
)
k =1

=
(
v 1 + 2 (1 + g ) v + 3 (1 + g ) v 2 + ... + 25 (1 + g ) v 24
2 24
)
(
v 1 + (1 + g ) v + (1 + g ) v 2 + ... + (1 + g ) v 24
2 24
)
[3]

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

( Ia)25 ( Ia )25
= =
a25 a25
calculated at i*% pa. [1]
1 1 + g 7% − 4.3902%
= = = 2.5% p.a.
Where 1 + i 1+ i 1 + 4.3902%
*
[1]

From actuarial tables, or otherwise, we have:

216.0088
=τ = 11.72 years
18.4244 [1]

(ii)

If the increase rate is greater than 4.3902% p.a. then: -

a. The size of future cashflows would increase. [1]
b. This would give a greater weighting to the present value of payments made
in the future, [1]
c. and so, the mean term of the cashflows weighted by present value (i.e., the
duration) would increase. [1]
[Total 9]

Part (i) Common errors included:

- Not showing all working and only writing the final annuity formula.
- Making the same error in both the numerator and denominator would mean that the
error would often cancel out and result in a numerical answer that appears to be
correct but obtained through incorrect logic. Such candidates were penalised for the
error.

Part (ii) was not very well answered by many candidates.

Q8
(i)
0.97 × P × a45:15 =
6%
155, 000 ×1.02 × A45:15 6% − 5, 000 ×1.02 × ( IA) 45:15 6% + 300 + 0.22 × P
[3½]
a45:15 6% = 10.149
[½]
A45:15 6% = 0.42556
[½]
( IA) 45:15 6% = ( IA) 45 − v
15
15 p45 × [( IA)60 + 15 A60 − 15]
9287.2164
=
( IA) 45:15 6%
4.37062 − 0.41727 × × (5.46572 + 15 × 0.32692 −=
15) 6.20141
9801.3123
[2]
Therefore,
0.97 × P × 10.149
= 155, 000 × 1.02 × 0.42556 − 5, 000 × 1.02 × 6.20144 + 300 + 0.22 × P

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

9.62453P = 67, 281.04 − 31, 627.34 + 300

35953.70
=P = £3, 735.63
9.62453 [1½]

(ii)
V 130, 000 ×1.02 × A50:10 6% − 5, 000 ×1.02 × ( IA)50:10 6% − 0.97 × P × a50:10 6%
=
5
[2]
a50:10 6% = 7.694
[½]
A50:10 6% = 0.56449
[½]
( IA)50:10 6% = ( IA)50 − v
10
10 p50 × [( IA)60 + 10 A60 − 10]
9287.2164
=
( IA)50:10 6%
4.84555 − 0.55839 × × (5.46572 + 10 × 0.32692 −=
10) 5.52106
9712.0728 [2]
=
V 130,000 ×1.02 × 0.56449 − 5,000 ×1.02 × 5.52106 − 0.97 × 3735.63 × 7.694
5

5V = 46693.97 − 27879.68 = £18,814.29 [1]

(iii)
If the rate of interest had been 6% pa, then both reserving bases would have been
the same, and they would have been the same as the premium basis.
The prospective and retrospective reserves would therefore have always been equal.
However, as the rate of interest used for the retrospective reserve is lower than
6% then the premiums less benefits and expenses will accumulate at a lower rate.
The resultant surrender value will therefore be lower than the amount calculated
in (ii). [2]
[Total 16]

Part (i) Generally well answered.

Common errors included

- Using an incorrect age (often using x = 60, instead of x = 45)
- Ignoring the survival benefit of 80,000.
- Basing the claim expense on part of the EPV of claims (e.g. only adding it to the
death benefit and not the survival benefit).

Part (ii) A common error was using an incorrect sum assured.

Part (iii) was not very well answered. The link between prospective reserve (based on
discounting values) and retrospective reserve (based on an accumulation of values)
seemed to be poorly understood.

Q9
(i)
It is a principle of prudent financial management that once sold and funded at
outset a product should be self-supporting. [1]

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Some products can have more than one financing phase (i.e. a negative cashflow
in any year after year 1). [½]
The life office will set up provisions in the non-unit fund if the overall cash flow
in any year other than year 1 would otherwise be negative. [½]
Reserves are set up early in the contract so that money can be released from the
reserves as required to eliminate the negative cash flow. [½]
The company may pay out money to their shareholder when cashflow are positive
which could lead to insufficient liquidity if faced with negative cashflows in the future.
[½]
[Marks available 3, maximum 2]

(ii)(a)
−40.75 p[45] × 20.14 2 p[45] ×15.76 3 p[45] ×111.54
NPV = − − +
(1.08) (1.08) (1.08)
2 3 4
1.08
[2]

Age x qx
[45] 0.001201
[45]+1 0.001557
47 0.001802
[1]
= −37.73148148 − 17.24606641 − 12.47631474 + 81.61193763
= 14.158075 [1]

(b)
(−40.75, − 20.14, − 15.76, 111.54)
15.76
=
2V = 15.15385
1.04 [½]
−20.14 − 15.15385 × p[45]+1
Revised cashflow at t = 2: [1]
= −20.14 − 15.15385 × 0.998443 = −35.2703 [½]
35.2703
=1V = 33.9137
1.04 [1]

(c)
−40.75 − 33.91370348 × p[45] =
−74.62297312
Revised cashflow at t = 1: [1]
(−74.623, 0, 0,111.54)
−74.623 3 p[45] ×111.54
NPV = + =
12.51659215
(1.08)
4
1.08
[1]

(d)
The net present value after zeroization is smaller than before. Setting up non-unit
reserves has the effect of deferring the emergence of profit, (or equivalently,
bringing forward the early year losses) as earlier cashflows are used to set-up
these reserves - profits are now discounted for longer. Also, the rate at which profits
are discounted (risk discount rate) is greater than the accumulation rate (interest
earned on the reserve) [2]

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

(iii)
It will have no impact on the NPV calculated in (ii)(a) as no reserves were set-up.
The NPV calculated in (ii)(c) will increase because the interest earned on funds
has increased (or equivalently the reserves needed to be set aside will be smaller).
The NPV in (ii)(c) will still be lower than the NPV value in (ii)(a). [2]
[Total 15]

Part(i) was not very well answered, despite this being straight forward theory. A
common error was to provide answers that were applicable to a conventional policy
(whereas the question specified a unit-linked policy).

In Part (ii) common errors in (a) included

- Ignoring mortality rates
- Working with incorrect select mortality rate
- Using incorrect notation for select mortality
- Not showing all workings (even if excel was used to calculate the answers, all
formulae must be shown for full credit).

A common error in (b) was using an incorrect mortality rate relative to the age or
using a cumulative survival probability instead of a survival probability that covered
one year of age.

(d) was not very well answered, most of the points could be found in the core reading.

Part (iii) was also not very well answered. Only well prepared candidates understood
the interplay between the reserving interest rate and the risk discount rate and the
impact on the net present value of profit.

Q10
(i)
Case t < 8
− ∫ ( 0.03+0.005 s ) ds
t

v (t ) = e 0

t
− 0.03s +0.0025 s2 
 0
=e
− 0.03t +0.0025t 2 
 
=e [2]
Case t ≥ 8
 
8 t

∫ ∫
−  ( 0.03+ 0.005 s ) ds + 0.07 ds 
v (t ) = e  0 8 

− 0.07 ( t −8 ) 
v (8) × e
=
−0.40 −[ 0.07 t − 0.56]
= e e

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[ 0.16 − 0.07t ]
= e [3]

(ii)(a)
1
A(t ) = is an increasing function of t
v (t )
We can see that
0.07×8− 0.16

And A= = e= 1.49 < 2

  0.40
(8) e
Therefore, it will take more than 8 years for a unit investment to double. [2]

(b) So, t > 8. We must find t such that:

0.07 t − 0.16
=A(t ) e=
 
2
Hence, 0.07t - 0.16 = ln2
ln 2 + 0.16
=t = 12.188 years
0.07 [2]

(iii)
A=
(10) e=
0.54
1.71601 [1]
Let effective inflation rate per annum = f
1=
+ f (1.005)
= 4
1.020150501
⇒ f =
2.0150501% pa [1]
Let effective real rate of return per annum be i*
1.71601
= (1 + i*)10 10
⇒ i* = 3.4636355% pa
Then (1.020150501)
[1]
Therefore, real rate of return per annum convertible quarterly is:
1
4 ×[(1.034636355) 4 −1] = 3.4195% pa [1]
[Total 13]

Part (i) was generally well answered.

In Part (ii) all subparts were well answered, although only well prepared candidates
included sufficient workings to gain full marks.

Part (iii) was reasonably well answered. A common error was to attempt to combine
a nominal interest rate with an inflation rate applicable over inconsistent time
periods.

Q11
(i)
First 10 years
i (12)= 9% ⇒ i= 9.3806898% [½]

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 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

5,300 × a10(12)i % − 300 × a1(12i %) × ( Ia)10 i%

[3]
(12 )
a10 i%
= 6.578474389
a1( i %) = 0.952909389
12

[1]
a10 − 10v 6.903567603 − 10 ( 0.407937304982494 )
10

( Ia)10 i %
= =
d 0.085761845
= 32.930664577 [1½]
34,865.914262142 − 9, 413.981842655
= 25, 451.93

Second 10 years
(12 )
j= 10.5% ⇒=j 11.020345% [½]

2,300 × a10(12)j % × vi10% =

5, 794.492557
[1½]

a10( )j % = 6.175813193
12

[½]
Loan amount is given by: -
24,451.932419487 + 5,794.492557 = 31,246.424976895
= £31,246.42 [½]

(ii)
Loan outstanding after the 5th monthly payment has been made:
5
 0.09   5,000 
31,246.424976895 × 1 +  − × s
 12   12  5 0.75%

OR
5
 0.09  (12 )
31, 246.424976895 × 1 +  − 5, 000 × s 5 i %
 12  12
[2½]
=32,435.874343504 - 2,114.818588558 = 30,321.055754946
=£30,321.06
[½]
(12 )
s5 = 0.422963718
i%
12 [1]

Interest component of the 6th instalment:

0.09
30,321.055754946= × = £227.41
227.4079182
12 [1]
Capital component of 6th instalment:

CM1A S2023 © Institute and Faculty of Actuaries

 CM1A - Actuarial Mathematics - Core Principles - September 2023 - Examiners’ report

 5, 000 
 − 227.4079182  =189.2587485 =£189.26
 12  [1]

[Total 15]
Part (i) was reasonably well answered. Many candidates had difficulty in dealing with
monthly payments where decreases occur annually. A common error was using notation
with ambiguous meanings, which should be avoided. It shows a lack of understanding on
the meaning of the notation.

Part (ii) Two methods are available for calculating the capital outstanding for a
loan - the prospective method and the retrospective method. Depending on the pattern of
repayments for the loan, one of these methods will often be easier to calculate than the
other. In this question the retrospective method was the easier method because the
repayment pattern was such that the first 5 repayments were constant. Many candidates
created extra work for themselves by using the other method to calculate their answer.

[Paper Total 100]

END OF EXAMINERS’ REPORT

CM1A S2023 © Institute and Faculty of Actuaries

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