Development Actuary

4 weeks ago

Glasgow, United Kingdom Scottish Friendly Full time

Do you want to be part of something more than just a financial services business? Do you believe everyone, regardless of wealth, should have the opportunity to save and look after their loved ones? Do you want to be part of something that has been here for 160 years and help it be here for 160 more?


Scottish Friendly have an exciting opportunity to join the Actuarial Department in the role of Development Actuary (With-Profits). Based in Glasgow City Centre, we are one of the most progressive mutual life insurance offices in the UK. We have a strong, clear culture which has grown since 1862 with our customers and colleagues of today and the future being at the heart of that growth.


This is a unique opportunity for an individual looking to support the development of the Society’s strategy in the Actuarial department. We are looking for an experienced life insurance professional or recently qualified Actuary with a number of years post-qualification experience to join the actuarial department supporting the business strategy in developing our financial management approach, with focus on the with-profits funds.


The with-profits development role is technical in nature, with a remit to support the actuarial function and With-Profits Actuary in developing the Society’s approach to operating the with-profits funds for the benefit of all Society members.


The role will require working with senior stakeholders across the entire business to support successful delivery of the forward-looking strategy as well as closely working with the Actuarial and Finance functions to ensure the efficient management of the with-profits funds. The scope and breadth of the role will enable the successful candidate to see how the work they do impacts the success of the Society and improves the outcomes for our members.


Reporting to the Chief Actuary, the key responsibilities for this role include:


  • Supporting ongoing activity relating to the financial management of the with-profits fund including, but not limited to:
  • Strategic initiatives, including M&A and with-profits transformation activity.
  • Development and enhancement of run-off plans for relevant funds.
  • Development and embedding of financial management framework for all with-profits sub-funds.
  • Maintenance of with-profits miscellaneous surplus distribution policy.
  • Maintenance of with-profits excess surplus distribution policy.
  • Process improvement and efficiency.
  • Capital initiatives.
  • Production of proposals relevant to the financial management of with-profits business such as bonus recommendations, changes to PPFMs and annual report on compliance with the PPFMs.
  • Liaison and interaction with other departments, including IT, Pricing and Risk.
  • Attendance at Executive and Board level committees as relevant.
  • Support of wide actuarial function or wider business as required.


The successful candidate will be an experience life insurance professional or recently qualified actuary with a number of years of post-qualification experience. You will have a good working knowledge of life insurance products including with-profits and their operations combined with strong interpersonal and communication skills. RAFM modelling and SQL experience is preferred but not essential.


With assets under management of over £5bn and more than 700,000 members we have lots to look after and lots more to do. If you want to be part of the team and you think this is you, we would love to hear from you.

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