
Lammy Tsang
Consulting Actuary
Hong Kong, CN
Lammy Tsang is a consulting actuary in Milliman’s Life Insurance Consulting Practice in Hong Kong. She joined the firm in 2021.
Experience
Lammy's experience includes the following:
- Supporting a strategy consulting project involving Thailand market and product analysis for a multinational insurer
 - Carrying out Prophet model point checking for the EV review of a Thailand insurer on a traditional embedded value basis
 - Assisting in strategy projects focusing on market benchmarking, including new business margin/assumptions benchmarking and expense assumptions benchmarking
 
Prior to joining Milliman, Lammy worked as an Actuarial Analyst at AXA Hong Kong, and was involved in various tasks, including:
- Building the consolidated reinsurance pricing model for reporting and profit testing
 - Assisting in the reinsurance quotation process, including pricing spreadsheet preparation, reinsurance proposal and treaty drafting, facultative case management, etc.
 - Performing data checking for reinsurance premium and claim settlements and managing experience studies
 - Preparing a 2nd opinion report on the Critical-illness-related products of other AXA entities for the product launch internal approval
 
In addition, she also worked at Swiss Re as an intern on topics including:
- Actuarial modeling for reinsurance quotation
 - Credibility experience study
 
Professional Designations
- Student, Society of Actuaries
 
Education
- Bachelor of Business Administration in Insurance, Financial and Actuarial Analysis from the Chinese University of Hong Kong
 
Publications
Read their latest work
Article
Analysis of HKRBC: life insurance industry solvency ratio as of year-end 2024
31 October 2025 - by Lammy Tsang, Julian Man, Clement Bonnet
Hong Kong: We analyse the HKRBC life insurance industry solvency ratio, available capital, and capital requirement as of year-end 2024
Article
The Milliman Fulfillment Ratio Index
11 April 2025 - by Julian Man, Lammy Tsang, Clement Bonnet, Valensis Justiani, George Leung
In anticipation of a regulatory change in Hong Kong, we present an updated Milliman Fulfillment Ratio Index and analyze its historical changes.
Article
Hong Kong: Illustration rate cap for participating products
14 March 2025 - by Julian Man, Alex Bryant, Clement Bonnet, George Leung, Lammy Tsang
In our latest Asia e-Alert for Hong Kong, we explore the potential implications of a new regulatory requirement regarding benefit illustrations for par products.