I am interested in java based software/applications that can support complex financial calulations such as set processing, iterations and looping function. The objective is to use it while defining insurance calculation which can be complex by itself. The application should have built in set processing calculations.
Can anyone help me and point me in the right directions. It can be either free or commercial applications.

all of those things seem to be possible in java, if you are dealing with decimal numbers a lot in your financial calculations I suggest using BigDecimal (built-in to java) as the double in java can cause some really bad math errors. For set processing there may be built in methods to help you with that or you may have to code some of your own but if you understand java well it shouldn't be too bad.