How much does a Life insurance actuary make

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Life insurance actuary

72 000 kr

Mathematicians and actuaries

61 100 - 75 200 kr / month

Women earn 102% of what men do.

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What will be the salary after tax?

Salary progression Life insurance actuary

Average salary 72 000 kr
Males 71 600 kr
Females 72 900 kr
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What does a Life Insurance Actuary do? – Tasks and Work Environment

A life insurance actuary analyzes and calculates risks, sets premiums and terms for life insurance policies. The role involves advanced work with statistics, mathematical models, and actuarial calculations that form the basis for insurance companies’ offerings and pricing. Daily tasks include extensive data compilation, report writing, and advising management and authorities on actuarial issues. The work environment is typically office-based, characterized by a fast pace, tight deadlines, and collaboration within cross-functional teams.

Salary development over time

Over the past three years, salary development for life insurance actuaries has been steadily positive. In 2022, the average salary was 67,200 SEK per month, followed by an increase to 69 900 SEK in 2023. In 2024, the average salary has risen further to 72 000 SEK, representing a total increase of over 7% during the period. The trend reflects a continued high demand for qualified actuaries in the insurance industry and increased competition for the skills needed for advanced risk and longevity analyses. This trend is expected to continue as the industry digitalizes and regulatory reporting requirements increase.

Life Insurance Actuary Salary – Complete Overview

  • Average Salary: 72 000 SEK/month
  • Lowest Salary: 61,100 SEK/month
  • Highest Salary: 75,200 SEK/month
  • Hourly Wage (average): 433 SEK
  • Women earn: 72,900 SEK/month (102% of men's salary)
  • Men earn: 71 600 SEK/month
  • Regional differences: Data not available

Education and Qualifications

To work as a life insurance actuary, a solid education in mathematics, statistics, or financial mathematics is required, typically at university level. Many employers prefer candidates with a master's degree and supplementary courses in insurance economics. Certification as an actuary and experience working with large datasets and advanced modeling tools are often required.

  • Formal degree: Engineering or master's degree in mathematics/statistics (5 years)
  • Certification: Actuarial certification from the Swedish Actuarial Association
  • Internship: Summer internships or trainee programs at insurance companies are common
  • Prerequisites: University entrance qualification with a focus on mathematics
  • Further education: Courses in risk analysis, insurance mathematics, and programming are recommended

Life insurance actuaries play a key role in the introduction of new insurance products and often collaborate closely with IT specialists and legal experts to ensure that products meet both technical and legal requirements. This makes the profession highly interdisciplinary within the financial sector.

– statsskuld.se

Common Benefits and Compensation

Life insurance actuaries are usually offered competitive pension schemes, generous wellness allowances, extra vacation weeks, and options for remote work. Occupational pensions and bonuses linked to company performance are also common, along with insurance solutions and educational grants for further professional development.

Competition and Challenges

The competition for roles as a life insurance actuary is high, as the number of qualified professionals is limited and demands for mathematical and analytical skills are very high. Success requires staying updated on new regulations, digital tools, and modeling methods. Another challenge is communicating complex calculations to non-technical stakeholders, especially when presenting decision support to management or authorities. Changes in Solvency II requirements and increased automation also demand continuous skill development and flexible working methods.

Tips for Aspiring Life Insurance Actuaries

To succeed as a life insurance actuary, it is beneficial to combine strong analytical skills with accuracy and perseverance. Early specialization in mathematics and statistics, participation in internships or trainee programs, and developing communication skills are recommended. Being curious about digital tools and programming, managing pressure, working systematically under time constraints, and showing initiative to suggest improvements are valuable qualities. Engagement in actuarial networks and ongoing education further enhance career prospects in the field.

Key Facts about Life Insurance Actuaries

  • Educational level: Master's degree or engineering degree in mathematics/statistics
  • Work environment: Office-based, often in teams with analysts and legal experts
  • Typical employment: Full-time, with opportunities for remote work
  • Demand: High, but limited number of qualified professionals
  • Gender distribution: Women have slightly higher average salaries than men

Career Paths and Future Outlook

After three to five years as a life insurance actuary, opportunities open for roles such as senior actuary, chief actuary, or specialists in risk management and compliance. Some choose to move into advisory or strategic roles within insurance companies or consulting firms. According to the Swedish Employment Service, no precise forecast can be given for the profession due to limited data, but the entire group of mathematicians and actuaries has 143 job openings and is expected to remain important within scientific occupations. Digitalization and increased regulatory requirements are expected to drive demand for specialized skills, although competition for the most attractive positions will remain high.

Frequently Asked Questions about Life Insurance Actuaries

  • What does a Life Insurance Actuary earn?
    - The average salary is 72 000 SEK per month, with variations between 61,100 SEK and 75,200 SEK depending on experience, sector, and gender.
  • What education is required to become a Life Insurance Actuary?
    - A master's degree or engineering degree in mathematics or statistics is required, often supplemented with actuarial certification.
  • Are there salary differences based on gender?
    - Yes, women earn on average 72,900 SEK per month, which is 102% of men's salaries.
  • What are the future prospects for the profession?
    - Demand is generally high, but no exact forecast is available according to the Swedish Employment Service; 143 job openings are available.
  • What benefits are common for Life Insurance Actuaries?
    - Common benefits include occupational pension, wellness allowance, bonuses, extra vacation days, and options for remote work.
  • What does a typical workday look like?
    - The work involves risk calculations, report writing, meetings with colleagues, and advising on insurance products.
  • What is the highest and lowest salary for the profession?
    - The highest salary is 75,200 SEK (female, private sector), while the lowest is 61,100 SEK (male, public sector).

Richard Andersson

Richard Andersson - 2025-07-12 18:00:20

Occupation
Who has the highest salary?
The highest salary for a Life insurance actuary is 75200 kr. This salary belongs to a woman working in the Privately employed officials with a post-secondary education, 3 years or more. The highest salary for a man in this profession is 71700 kr.
Who has the lowest salary?
The lowest salary for a Life insurance actuary is 61100 kr. This salary belongs to a man working in the Public sector. The lowest salary for a woman in this profession is 72900 kr.
Salary distributed by age and sector
Age Women's salary as a percentage of men's Base salary Monthly salary
25-34 57400 kr 58300 kr
35-44 75500 kr 76500 kr
45-54 86000 kr 87800 kr
Snitt 102% 70900 kr 72000 kr
* Empty columns indicate that the statistical data was insufficient to allow for a statistically significant conclusion.
Salary per sector
Salary based on education
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About the data

All information displayed on this page is based on data from the Swedish Central Bureau of Statistics (SCB), the Swedish Tax Agency and the Swedish employment agency. Learn more about our data and data sources here.

All figures are gross salaries, meaning salaries before tax. The average salary, or mean salary, is calculated by adding up the total salary for all individuals within the profession and dividing it by the number of individuals. For specific job categories, we have also considered various criteria such as experience and education.

Profession Life insurance actuary has the SSYK code 2121, which we use to match against the SCB database to obtain the latest salary statistics.

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