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Jackie Li

  • Title: Associate Professor
  • Position: Associate Professor - Department of Applied Finance and Actuarial Studies
  • Qualifications: BCom Melb., MAppFin Monash, PhD Melb., PhD Macq., FIAA

Contact Details

Areas of Expertise

  • Mortality and longevity modelling and pricing
  • Stochastic reserving methods for general insurance


Jackie Li is an Associate Professor in Actuarial Studies at Macquarie University. He obtained his first Ph.D. in Actuarial Studies from the University of Melbourne, and his second Ph.D. in Demography from Macquarie University. He is a Fellow of the Institute of Actuaries of Australia (FIAA).

His research interests are in mortality and longevity modelling and pricing, and stochastic reserving methods for general insurance. His research has been published in leading actuarial and demographic journals including Insurance: Mathematics and Economics, North American Actuarial Journal, Scandinavian Actuarial Journal, Annals of Actuarial Science, Population Studies, and Demographic Research.

From 2007 to 2014, Jackie worked in Nanyang Business School (NBS) at Nanyang Technological University (NTU), Singapore. He was one of the founding committee members for the Minor Programme in Risk Management and Insurance (RMI) in 2008 and the Insurance Risk and Finance Research Centre (IRFRC) in 2011. He was also one of the committee members for the Accreditation Agreement from the Institute and Faculty of Actuaries (IFoA), UK in 2012. He also received five teaching awards at all of division, school, and university levels, including Teaching Excellence Award (Division of Banking and Finance), Teacher of the Year (Nanyang Business School), and Nanyang Award for Excellence in Teaching (Nanyang Technological University).

Before he joined academia, he worked as an actuary for a number of years in general insurance and superannuation.

Research grants

  • 2016, Project to Develop a Method of Assessing Basis Risk for Longevity Transactions Phase 2, Institute and Faculty of Actuaries (IFoA) and Life and Longevity Markets Association (LLMA), UK, GBP£59,375 (PI: Jackie Li; Co-PI: Johnny Siu-Hang Li, Leonie Tickle, Chong It Tan, Mercer Australia) 
  • 2013, Australian Actuarial Research Grant, Actuaries Institute, Australia, AUD$18,612 (PI: Leonie Tickle; Co-PI: Nick Parr, Jackie Li)
  • 2012, Australian Actuarial Research Grant, Actuaries Institute, Australia, AUD$16,318 (PI: Jackie Li; Co-PI: Leonie Tickle, Nick Parr)
  • 2011, Insurance Risk and Finance Research Centre (IRFRC) Research Grant, Singapore, SGD$120,000 (PI: Jackie Li)
  • 2009, Academic Research Fund (AcRF) Tier 1 Grant, Nanyang Technological University (NTU), Singapore, SGD$45,000 (PI: Chan Kee Low; Co-PI: Uditha Balasooriya, Jackie Li)
  • 2009, Academic Research Fund (AcRF) Tier 1 Grant, Nanyang Technological University (NTU), Singapore, SGD$19,991 (PI: Uditha Balasooriya; Co-PI: Jackie Li)
  • 2008, RCC Grant, Nanyang Business School (NBS), Singapore, SGD$4,664 (PI: Jackie Li)
  • 2005, A H Pollard Scholarship Award, The Institute of Actuaries of Australia, AUD$8,000 (PI: Jackie Li)
  • 2005, Professional Development Allowance, Trinity College, Australia, AUD$1,000 (PI: Jackie Li)


journal toggle icon open Refereed Journal Articles

  • Li J., Tickle L., and Parr N., 2016, A multi-population evaluation of the Poisson common factor model for projecting mortality jointly for both sexes, Journal of Population Research, DOI: 10.1007/s12546-016-9173-0.
  • Tan C. I., Li J., Li J. S. H., and Balasooriya U., 2016, Stochastic modelling of the hybrid survival curve, Journal of Population Research, DOI: 10.1007/s12546-016-9168-x. 
  • Parr N., Li J., and Tickle L., 2016, A cost of living longer: Projections of the effects of prospective mortality improvement on economic support ratios for 14 advanced economies, Population Studies, DOI: 10.1080/00324728.2016.1190029.
  • Yang B., Li J., and Balasooriya U., 2016, Cohort extensions of the Poisson common factor model for modelling both genders jointly, Scandinavian Actuarial Journal, 2016(2): 93-112. 
  • Yang B., Li J., and Balasooriya U., 2015, Using bootstrapping to incorporate model error for risk-neutral pricing of longevity risk, Insurance: Mathematics and Economics, 62: 16-27.
  • Li J. and Haberman S., 2015, On the effectiveness of natural hedging for insurance companies and pension plans, Insurance: Mathematics and Economics, 61: 286-297.
  • Tan C. I., Li J., Li J. S. H., and Balasooriya U., 2015, Optimal relativities and transition rules of a bonus-malus system,Insurance: Mathematics and Economics, 61: 255-263.
  • Tan C. I., Li J., Li J. S. H., and Balasooriya U., 2014, Parametric mortality indexes: From index construction to hedging strategies, Insurance: Mathematics and Economics, 59: 285-299.
  • Li J., 2014, A quantitative comparison of simulation strategies for mortality projection, Annals of Actuarial Science, 8(2): 281-297.
  • Chan W. S., Li J. S. H., and Li J., 2014, The CBD mortality indexes: modeling and applications, North American Actuarial Journal, 18(1): 38-58.
  • Kogure A., Li J., and Kamiya S., 2014, A Bayesian multivariate risk-neutral method for pricing reverse mortgages, North American Actuarial Journal, 18(1): 242-257.
  • Li J., 2014, An application of MCMC simulation in mortality projection for populations with limited data, Demographic Research, 30: 1-48.
  • Li J., 2013, A Poisson common factor model for projecting mortality and life expectancy jointly for females and males, Population Studies, 67(1): 111-126.
  • Balasooriya U., Li J., and Lee Y. S., 2012, On the use of limited-value averages in actuarial modelling, Australian Actuarial Journal, 18(2): 191-220.
  • Balasooriya U., Li J., and Low C. K., 2012, On interpreting and extracting information from the cumulative distribution function curve: A new perspective with applications, Australian Senior Mathematics Journal, 26(1): 19-28.
  • Li J., 2010, Projections of New Zealand mortality using the Lee-Carter model and its augmented common factor extension, New Zealand Population Review, 36: 27-53.
  • Li J., 2010, Prediction error of the future claims component of premium liabilities under the loss ratio approach, Variance, 4(2): 155-169.
  • Li J., 2010, On modeling diversification benefits in insurance portfolios – An Australian perspective, Asia-Pacific Journal of Risk and Insurance, 4(2).
  • Li J., 2008, On the use of MCMC simulation for stochastic reserving, Australian Actuarial Journal, 14(2): 227-271.
  • Li J., 2007, Variance of the present value of a pension, Australian Actuarial Journal, 13(1): 701-718.
  • Li J., 2006, Comparison of stochastic reserving methods, Australian Actuarial Journal, 12(4): 489-569. (Li J., 2007, Errata, Australian Actuarial Journal, 13(1): 719-720.)

reports toggle icon open Reports

  • Li J. and Li D., A note on global life expectancy trendsSingapore Actuarial Society Newsletter, 2014-2015 Issue 3.
  • Li J., Does natural hedging really exist – if it does, what is its size, Singapore Actuarial Society Newsletter, 2014-2015 Issue 2
  • Li J. and Tickle L., Latest developments in mortality projection methods, Actuaries, June 2014.
  • Li J., Aw G., and Teo K. L., Market-consistent valuation in illiquid markets, Actuaries, December 2013.
  • Li J. and Li J. S. H., Managing longevity risk: Construction and applications of mortality indexes, Asia Insurance Review, July 2013.
  • Li J., Longevity risk – Can we manage it? Asia Insurance Review, September 2012.
  • Li J., Yeo K. L., Pakshong C., Chan W. S., Kogure A., and Li J. S. H., Mortality experience in Asia-Pacific and modeling and management of longevity risk, Insurance Risk and Finance Research Centre Report, June 2012.
  • Li J., Fair value of general insurance liabilities, Actuary Australia, May 2006.

phd supervision toggle icon open PhD Student Supervision

  • Main Supervisor of Bowen Yang, Actuarial Science Research, 2011-2014
  • Main Supervisor of Chong It Tan, Actuarial Science Research, 2010-2014
  • Co-supervisor of Grace Aw, Insurance Research, 2008-2010


  • ACST356/861 Mathematical Theory of Risk
  • ACST357/862 – General Insurance Pricing and Reserving
  • ACST359/819 – Actuarial Modelling
  • AFIN270 Stochastic Methods in Applied Finance