Senior Actuarial Analyst

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About UK Life Branch:

With the office in Munich, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not the, most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So we need a smart strategy and structure in order to succeed.

At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring. All three are key to the success of our business so it’s important to look at the big picture.
In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.

About the Role:

We are seeking a high-calibre individual with relevant experience to be part of the UK Financial Reporting team. The team focuses on meeting the financial reporting requirements of the Branch. The job holder is responsible for the shared oversight of the FR tools and system landscape, as well as significant contributions to the delivery of Solvency II and IFRS reporting across all lines of business, as well as supporting ambitious growth plans.

Key Responsibilities:

• Take a shared lead role in shaping and executing multi-year transformation of FR tools and systems into a next-generation ecosystem aimed at new levels of efficiency and added value. Proper management and documentation for all tools and systems is a key part of the role as well.
• Take responsibility for the production and analysis of financial projections, liability valuations, IFRS and Solvency II calculations across business lines in the context of planned ambitious business growth.
• Assist in the testing and implementation of valuation systems and provide guidance to team members.
• Draft written reports and documentation for results and methods employed.
• Develop technical knowledge and expertise relevant to insurance reporting and accounting.
• Develop ability to represent team and communicate results to senior management and other departments.
• Contribute ideas and support to positive development of Financial Reporting.
• Work with other departments within UKLB to ensure that inputs (including data and assumptions) to Financial Reporting are appropriate and reliable.
• Develop a sound commercial awareness of our business. 
• Work successfully with the team across levels of seniority and train more junior team members.

Competencies:

Drives results (we think big) – you consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience and judgement.

Business insight (we think big) – you can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.

Collaboration (we lead the ‘we’) – you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.

Client focus (we grow with our clients) – you build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.

Cultivates innovation (we grow with our clients) – you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.

Courage (we care and dare) – you are willing to challenge the status quo and address difficult issues,   saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear.

Persuades (we are clear and authentic) – you use clear and compelling arguments to gain the support, enthusiasm and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills & Experience:

• Professional actuarial experience.
• Experience in life insurance. Valuation and financial reporting experience desirable.
• Experience in tools/systems development and knowledge of best practices. Expertise in Microsoft Excel and VBA. Python essential.
• Basic knowledge of IFRS, SII and other relevant regulations.
• Strong numerical and reasoning skills.
• Good verbal and written communication skills, necessary for presentation and discussion of results and report production.
• Ability to work independently and as part of a team.
• Effective management of own workload, including proposing and meeting realistic work deadlines.
• Taking initiative and employing a creative and proactive approach to solving problems and learning.

Qualifications and Educational Requirements:

Qualified or nearly qualified actuary with in-depth understanding of actuarial practices.

Regulatory & Conduct Requirements:

In addition to the responsibilities set out above, the role/function will also become responsible for:

• Satisfying all regulatory reporting requirements in collaboration with the reporting function
• Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules