Ageas Federal Life Insurance, a joint venture of Ageas and Federal bank has appointed Vandana Baluni as its Actuary, bringing more than 17 years of leadership experience across life, health, and general insurance. Vandana is a Fellow Actuary (FIAI), with experience in statutory valuation, financial risk governance, asset-liability management (ALM), capital management, actuarial strategy and sustainable business growth.
This is a significant step in Vandana's career trajectory in the insurance and actuarial industry in India. Her work has been dedicated to linking intricate actuarial and financial measures to strategic business choices, thereby enabling organizations to fortify their financial resilience, steer risk management, and establish enduring value.
Prior to joining Ageas Federal Life Insurance, Vandana was the Chief Actuary and Executive Vice President at TATA AIG General Insurance. She also has deep experience in the insurance, consulting, actuarial strategy and financial risk management space as a senior leader at Aditya Birla Sun Life Insurance and Ernst & Young.
Her professional skills cover a number of key areas of insurance leadership: Value of New Business (VNB) margins, Embedded Value, Risk Based Solvency, statutory valuation, capital management and financial risk governance. Complex actuarial and financial transformation projects have been another common theme in her career.
Key Highlights
- Vandana joins Ageas Federal Life Insurance as Appointed Actuary
- She brings more than 17 years of insurance leadership experience
- She has led IFRS 17 and Risk-Based Solvency transformations
Vandana has helped with the implementation of the IFRS 17 and Risk Based Solvency (RBS) frameworks from end to end as well as transition from Traditional Embedded Value (TEV) to Market Consistent Embedded Value (MCEV). She has also designed Value Management programs to enhance VNB margins and Return on Embedded Value (RoEV) via in-force book management and business-mix optimization.
She has also had experience with Asset-Liability Management (ALM) strategies, cash-flow hedging frameworks, and predictive policy-risk assessment models. Through these efforts, she has showcased her expertise in integrating actuarial knowledge into comprehensive financial and business planning, while also emphasizing risk management and sustainability.
Vandana is a Fellow Actuary from Institute of Actuaries of India (IOI) with two specializations: Life and Health Insurance, and has also won several academic excellence awards. Her approach to work is built around independence, integrity, strategic foresight and influencing stakeholders, which underpin her leadership roles in insurance and financial services.
Her appointment is timely, as actuarial leadership is becoming increasingly vital for insurance companies to meet regulatory changes, changing customer demands, capital regulations, and long-term financial risks. Vandana is uniquely equipped to provide contributions in the areas of financial risk governance, actuarial oversight, sustainable growth and long term value creation.
The appointment also signals the rising number of female leaders in insurance, actuarial science, financial services and risk management. Vandana has a strong background in various insurance classes and senior leadership roles.
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