An actuary is a professional who uses mathematics, statistics, and financial theory to assess risk and calculate future financial obligations.

Simple Meaning:

An actuary is an expert who calculates future risks and costs, especially for insurance and employee benefits.

What Actuaries Do:

Calculate insurance premiums

Estimate pension and gratuity liabilities

Assess financial risks

Help companies plan for future payments

Example:

An actuary calculates how much money a company should set aside today to pay employees retirement benefits in the future.

In short, an actuary is a risk and financial calculation expert.