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Prof. Cinzia Di Palo

Aims: This course aims at providing students with the basic knowledge of actuarial and financial aspects of mathematics, particularly with regard to the management of pension funds. Students should develop a thorough understanding of the basic concepts and technicalities and learn to apply them in real-world examples.


Prerequisites: Good knowledge of calculus and financial mathematics.


- Basic concepts of probability theory (probability distributions, conditional probabilities, expected value, variance).

- Basics of risk identification, risk assessment, and risk management actions.

- Brief review on annuities. Life annuities under uncertainty. Survival functions and life tables. Premiums and reserves.

- Pension funds (characteristics, financing management and pension benefits calculation). Concepts of liability, unfunded liability and sustainability.

- Introduction to Asset Liability Management (ALM). ALM for pension funds by means of actuarial projections. Logical condition of equilibrium.


Olivieri, Pitacco, Introduction to Insurance Mathematics. Technical and Financial Features of Risk Transfer, Springer, 2011.

Notes and further references will be provided during the lectures.

Teaching and examination methods: Lectures and exercises. Oral exam.

[Ultima modifica: mercoledì 30 novembre 2016]