MétricaCONSULTINGActuarial science · DemographyStatistics and planning

ACTUARIAL SCIENCE · DEMOGRAPHY · SOCIAL SECURITY

Social security.
Projecting
with perspective.

Actuarial science, demography and statistics for social security. Bespoke actuarial, demographic and financial models, tailored to each client's scheme, data and questions, without reliance on an external platform or licence.

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Métrica Consultores Evidence · Method · Perspective

Actuarial scienceValuations and scenarios

DemographyPopulation, mortality and longevity

StatisticsData, indicators and studies

PlanningEvidence for management

01 / APPROACH

Rigorous models.
People's realities.

Social security is central to Métrica's approach. Actuarial science, demography and statistics inform bespoke models tailored to each scheme, its data and its questions, without reliance on an external platform or licence. Scenarios make assumptions and uncertainty explicit to support informed decisions.

01

Actuarial science and pensions

Development of bespoke actuarial, demographic and financial models tailored to the obligations, financing arrangements and questions of each social security system.

Sustainability · Adequacy · Coverage
02

Demography and longevity

Analysis of mortality, ageing and healthy life expectancy to understand social protection needs and how they change over time.

Population · Health · Inequalities
03

Statistics and management

Assessment of data and indicators to support modelling, monitoring and planning in social security institutions.

Evidence · Strategy · Results
04

Strategic advisory services

Evidence-based advice to senior management on strategic social security decisions, drawing on scenarios and institutional context.

Senior management · Evidence · Decisions

02 / MÉTRICA CONSULTORES

Connecting data
and decisions.

Métrica is an actuarial, demographic and statistical consultancy focused on social security, pension systems and pension funds.

Each project begins by defining its questions and objectives. Methodology and data are then assessed, and findings are communicated with their assumptions and limitations.

Advice to senior management connects available evidence with strategic objectives through the assessment of alternatives and scenarios.

WORKING PRINCIPLES

Technical rigour · Independent judgement
Responsibility · Clear findings

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CORE SERVICE · SOCIAL SECURITYAreas of practice
01Pension systems
and pension funds

Actuarial valuation of obligations and analysis of financing for pension systems and pension funds under explicit scenarios.

Bespoke actuarial, demographic and financial models tailored to each client's scheme, data and questions, without reliance on an external platform or licence.

  • Actuarial valuations and balance sheets.
  • Demographic and financial projections.
  • Sensitivity analysis of parameters and assumptions.
Discuss pension consulting

Other services

02Businesses and organisations

Data and models to assess obligations, results and management needs.

  • Valuation of employee benefit obligations.
  • Management indicators and monitoring dashboards.
  • Economic and financial studies and projections.
  • Evidence-based strategic advice to senior management.
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03Public sector
and academic institutions

Population and statistical evidence to support planning and research.

  • Studies of population, mortality and ageing.
  • Development of social and economic indicators.
  • Survey design, sampling and data analysis.
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04Insurance companies

Technical advice on actuarial risk analysis.

  • Claims experience analysis.
  • Premium rating and reserve estimation.
  • Economic and financial projections.
Discuss insurance consulting

Scope and deliverables are agreed for each project according to its objectives and available information.

03 / AN ACTUARIAL QUESTION

What changes when
an assumption changes?

A simple example explores the relationship between contributors, benefits and contribution financing.

The controls show how much expenditure would be covered under each combination. Every result depends on the selected assumptions.

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ASSUMPTION EXPLORERIllustrative example
2.5
Average equivalent contributors over the year
28 %
As a proportion of average covered earnings
65 %
Ratio of averages for the same period
Contribution coverage of expenditure107.7%

Under these assumptions, contributions would cover 107.7% of benefit expenditure in a hypothetical year.

Horizon: one hypothetical year
Formula and scope

Coverage = (A / B) × τ / ρ, where A denotes annual equivalent contributors, B annual equivalent benefits, τ the effective contribution rate and ρ the average benefit relative to average covered earnings.

Contribution revenue equals A × earnings × τ, and expenditure equals B × benefit. Earnings and benefits share the same reference period, with contributions applied to the full earnings amount.

Tax revenue, administrative costs, reserves and differences between schemes are excluded. Values are hypothetical; the result is a simplified accounting identity with no assigned probabilities. It is not a projection of Argentina's SIPA or an assessment of long-term sustainability.

04 / STUDIES AND RESEARCH

Ideas that become
shared knowledge.

Consultancy projects and contributions by its director. Each entry identifies the role, publication date or reference period, and original source.

RESEARCH AND THE DIRECTOR'S EXPERIENCE

Publications and studies authored by, or involving technical contributions from, Matías Belliard and the consultancy. Each retains its original date, source and scope.

FEATURED READING · PUBLIC ENGAGEMENT · 2025

¿Vivir más o vivir
más saludable? (in Spanish)

Healthy life expectancy brings health status into the analysis of longevity, raising questions for health and social security policy.

Matías Belliard
Sociedad Argentina de Actuarios · 16 August 2025

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Original fieldwork image from the PRODERI projectIMAGE FROM MÉTRICA'S ARCHIVE

2022 · EVALUATION REPORT · FIELDWORK BEGAN IN 2020

Relevamiento rural para la evaluación de PRODERI (in Spanish)

Métrica worked with Nexos Economía y Desarrollo on fieldwork for the impact evaluation of the Inclusive Rural Development Programme, co-financed by IFAD and Argentina's Ministry of Agriculture.

Surveys of rural organisations and households, qualitative research and in-person fieldwork. General coordination: Matías Belliard.

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11 studies
Original cover of Notas de Población, issue 115 (in Spanish)

2023 · CEPAL / NOTAS DE POBLACIÓN

COVID-19 y esperanza de vida al nacer en la Argentina (in Spanish)

Analysis of changes in 2020 by age, sex and cause of death.

Matías J. Belliard and Alejandro Sonis Giri
Issue 115 (2022) · Repository publication: March 2023.

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Original first page of the linked research article (in Spanish)

2021 · REVISTA ARGENTINA DE MEDICINA

Prevención de la mortalidad por lesiones no intencionales en jóvenes (in Spanish)

Public policy recommendations for Argentina's population aged 15–29.

Matías Belliard and Ramiro Belliard
Revista Argentina de Medicina · 9(3), 235–248.

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Original first page of the linked research article (in Spanish)

2013 · POBLACIÓN DE BUENOS AIRES

Análisis comparado de la esperanza de vida con salud en la Ciudad Autónoma de Buenos Aires (in Spanish)

Comparative analysis of healthy life expectancy in Buenos Aires City, Chaco and Argentina as a whole.

Matías Belliard, Cristina Massa and Nélida Redondo
Year 10 · No. 18 · October 2013 · pp. 7–29

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Original first page of the linked research article (in Spanish)

2012 · REVISTA INTERNACIONAL DE SEGURIDAD SOCIAL

Riesgos de invalidez previsional: el caso argentino (in Spanish)

Analysis of disability pension risks using administrative records of SIPA workers, 2000–2006.

Matías Belliard, Carlos Grushka and Marcelo De Biase
65(3) · pp. 55–82 · Spanish version

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CONSULTING EXPERIENCE

Experience serving institutions and businesses.

Selected projects from Métrica and its director's professional career, including work preceding the consultancy's establishment.

CÓRDOBA · CJPRC

Two studies and ten years of technical notes

Actuarial projections published in 2013 and 2019. Technical notes on the actuarial balance sheet were prepared for inclusion in the Fund's financial statements over ten years.

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BUSINESSES · EMPLOYEE BENEFITS

Valuation of employee benefit obligations

Actuarial valuations for accounting recognition: retirement and long-service benefits for employees covered by and outside collective agreements. Experience across business sectors.

PANAMA · ILO · 2022

Actuarial projections for the pension system

Matías Belliard served as lead actuary, managing a team for the valuation and projection of the pension system. Experience using ILO/PENSIONS.

EL SALVADOR · ILO · 2023

Actuarial valuation of the health system

Matías Belliard participated in the actuarial valuation of the general health and occupational risk scheme, using ILO/HEALTH.

The summaries for businesses, Panama and El Salvador describe professional experience without disclosing confidential reports or findings.

05 / CONSULTANCY DIRECTOR

Matías Belliard

Director of Métrica Consultores

Actuary, demographer and master's graduate, with over twenty years of professional experience in public management, international consulting, research and university teaching.

His technical and academic experience informs the consultancy's approach and its integration of actuarial science, demography and statistics.

He previously served as Provincial Director of Statistics for the Province of Buenos Aires. His career combines public management, actuarial consulting and the production of social security information.

He has contributed to ILO actuarial and demographic projects in Panama and El Salvador, and has taught at UBA, UNLu, UNM, USAL and UADE.

TEACHING · UNIVERSITY OF BUENOS AIRES

Actuarial Theory of Retirement, Pension and Health Funds and Plans

Adjunct lecturer in an advanced course in the Actuarial Science degree programme.

UBA course catalogue · 2026 ↗
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PROFESSIONAL CONTACT · DIRECTORmbelliard@metricaconsultores.com.ar
SOCIAL SECURITY AND CONSULTING

Actuarial models and analysis

Experience in actuarial valuations and projections for pension and health systems.

Consulting assignments in Panama and El Salvador, and studies for the CJPRC.
STATISTICAL MANAGEMENT

Official statistics

Provincial Directorate of Statistics, Province of Buenos Aires · 2015–2020.

Management of statistical information to understand the territory and support decisions.
INSTITUTIONAL EXPERIENCE

Actuarial and institutional foundations

Actuarial and statistical roles at SAFJP and ANSES · 2004–2015.

Technical analysis of pension systems and production of statistical information.
RESEARCH AND TEACHING

Scientific research, university teaching and international consulting.

06 / HISTORICAL ARCHIVE

Experience that forms part
of Métrica's history.

Public opinion surveys from 2020, media coverage and interviews, retained with their original dates and sources.

Browse the archive (in Spanish)

07 / CONTACT

Good decisions
start with
good questions.

Métrica Consultores welcomes enquiries and the opportunity to understand each organisation's needs and support its decisions. An initial conversation helps explore options and define how to add value to each project.

CONSULTING · MÉTRICA
Métrica on LinkedIn (opens in a new tab)

Buenos Aires, Argentina · A Latin American perspective