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Candidates must answer in Word using the provided template, show relevant calculations, and submit work within set timing rules. Questions cover property investment types, performance of the SA listed property index over 10 years, reasons for omission from local equity portfolios, and evaluation of life-rights retirement village development viability. Additional questions address catastrophe bonds (ILS), return comparisons, pension fund suitability, and selection of cat bond managers, including an exchange-rate-adjusted returns table.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/actuarial-society-of-south-africa-examination-f205-investment-fellowship-applications/399062/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/actuarial-society-of-south-africa-examination-f205-investment-fellowship-applications/399062.png","ImageObject",300,407,{"name":92,"@type":93},"Riley","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-21","2026-09-27",true,{"@type":102,"interactionType":103,"userInteractionCount":81},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What are the candidate’s required submission and software rules?","Question",{"text":112,"@type":113},"Submit answers in Word format only using the provided template. Do not use other computer programs such as Excel during the examination.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How should the timing and start of typing be handled during the exam?",{"text":117,"@type":113},"Candidates have 15 minutes at the start to read questions, and three hours to complete the paper. Do not start typing answers until instructed by the invigilator or supervisor.",{"name":119,"@type":110,"acceptedAnswer":120},"What factors are trustees expected to consider when selecting a catastrophe bond manager?",{"text":121,"@type":113},"They should consider factors relevant to selecting a suitable specialist external cat bond fund manager, following the paper’s question requirements for manager selection after suitability is discussed.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},399062,1792198054,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":81,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":19,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":52,"preview_page_count":4},1374391975076,"https://ap-avatar.wpscdn.com/avatar/14000253ca4ec9f6853?x-image-process=image/resize,m_fixed,w_180,h_180&k=1783305029341752051","Actuarial Society of South Africa EXAMINATION  \n18 May 2017  \nSubject F205-Investment  \nFellowship Applications  \nTime allowed: Three hours  \nINSTRUCTIONS TO THE CANDIDATE  \n1. Candidates will be issued with instructions to log-in using a password (which you will be provided with at the exam center).  \n2. Candidates are required to submit their answers in Word format only using the template provided. You MAY NOT use any other computer program (e.g. Excel) during the examination.  \n3. Save your work continuously throughout the exam, on your computer’s hard drive that you have been provided.  \n4. You have 15 minutes at the start of the examination in which to read the questions. You are strongly encouraged to use this time for reading only, but notes may be made. You then have three hours to complete the paper.  \n5. You must not start typing your answers until instructed to do so by the invigilator/supervisor.  \n6. Mark allocations are shown in brackets on exam papers.  \n7. Attempt all questions, beginning your answer to each question on a new page.  \n8. Candidates should show calculations where this is appropriate.  \nNote: The Actuarial Society of South Africa will not be held responsible for loss of data where candidates have not followed instructions as set out above.  \nAT THE END OF THE EXAMINATION  \nSave your answers on the hard drive.  \nHand in your question paper with any additional sheets firmly attached.  \nIn addition to this paper you should have available the 2002 edition of the Formulae and Tables and your own electronic calculator from the approved list.  \nQUESTION 1  \nYou are an advisor to a medium-sized South African life insurance company that writes predominantly annuity business. The insurance company is currently reviewing its investment strategy and approaches you for advice regarding its property portfolio.  \ni. Describe the main types of property investments available to such an insurance company and briefly discuss the relative merits of each.  \n[12]  \nThe insurance company has, to date, limited its property portfolio to investment in listed South African property company shares.  \nii. Discuss the relative performance of the SA listed property index (SAPY) over the last 10 years.  \n[6]  \nThe chair of the insurance company’s investment committee has noted that, even though the listed property shares have typically performed very well, they have not been included in any of the underlying managed local equity portfolios.  \niii. Suggest reasons why this might be the case.  \n[3]  \nThe insurance company has been offered the opportunity to invest in a new property development-a residential retirement village. The retirement village is to be structured such that individuals over the age of 55 purchase units in the village on a “life rights” basis. Under this arrangement, the buyers or their surviving spouses are entitled to occupy the property until the last of them dies. After the second death the original purchase price of the unit is refunded to the deceased’s estate and ownership of the unit reverts to the retirement village. The unit is then resold by the retirement village to the next occupant.  \niv. Discuss the merits of such an investment and assess the viability for the life company, given that a large portion of their book of business is a pool of guaranteed and with-profit annuities.  \n[12]  \n[Total 33]  \nREMEMBER TO SAVE  \nPLEASE TURN OVER  \nQUESTION 2  \nYou are an independent consultant to a large South African defined contribution pension fund. One of the fund’s trustees has approached you for your opinion on whether the fund should invest in insurance-linked securities (ILS) such as catastrophe bonds (the most common type ofILS) .  \nCatastrophe bonds (“cat bonds” for short) are a way for insurers/reinsurers to pass on risk to capital markets. The proceeds from the sales of cat bonds to investors are usually invested in near risk-free assets to generate money market returns which, when combined with ","cbCaikxZrQAcPQg9","https://ap.wps.com/l/cbCaikxZrQAcPQg9","pdf",306592,"English","# Instructions to the candidate\n## At the end of the examination\n# Question 1\n## Property investment for a life insurer\n## Performance of the SA listed property index\n## Reasons for exclusion from equity portfolios\n## Life-rights retirement village investment viability\n# Question 2\n## Insurance-linked securities and cat bonds overview\n## Returns discussion using provided table\n## Suitability for defined contribution pension fund\n## Selecting a cat bond manager","[{\"question\":\"What are the candidate’s required submission and software rules?\",\"answer\":\"Submit answers in Word format only using the provided template. Do not use other computer programs such as Excel during the examination.\"},{\"question\":\"How should the timing and start of typing be handled during the exam?\",\"answer\":\"Candidates have 15 minutes at the start to read questions, and three hours to complete the paper. Do not start typing answers until instructed by the invigilator or supervisor.\"},{\"question\":\"What factors are trustees expected to consider when selecting a catastrophe bond manager?\",\"answer\":\"They should consider factors relevant to selecting a suitable specialist external cat bond fund manager, following the paper’s question requirements for manager selection after suitability is discussed.\"}]","Actuarial Society of South Africa Examination - F205-Investment - Fellowship Applications | PDF",1790492070]