Senior Actuarial Analyst

1 week ago

London, Greater London, United Kingdom Pension Corporation Full time

Pension Insurance Corporation ("PIC") provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

This role sits within the Business Partnering team within the Capital, Insight and Actuarial department. The Business Partnering team works closely with the 'front office' Investment and Origination teams to create a real and active partnership with both management and operations. The goal of the team is to provide 'real time' support and analysis, to be a trusted adviser and to add value that will assist in Senior Management decision making.

The role-holder will become a subject matter expert on the Matching Adjustment (MA) and life insurance balance sheet. As a bridge between the front office and Finance, the role holder will support the team as a central contact point, providing estimates and sharing material event information with Actuarial Reporting and Forecasting and Planning teams and aiding investigations into discrepancies within the month-end reported results when required. The role-holder will also work closely with Hedging Analytics team in ALM (Asset Liability Management) to understand and monitor any risk mismatch in the MA Fund and work with ALM and Market Solutions to implement any improvement to MA risk management.

Overall, the role-holder is expected to develop a deep understanding of PIC's risk exposure in the MA portfolio, identify and aid in the management of all material MA events to explain how surplus in the fund has changed, and ensure the MA Fund is managed in line with PIC's MA permissions and risk appetite.

Specific accountabilities assigned to the role of Senior Actuarial Analyst / Actuary within Business Partnering:

  1. Produce key MIs on the Matching Adjustment (MA) Fund
    • Produce analysis of movement on PRA Matching Tests and MA portfolio surplus each month.
    • Produce PRA Matching Test forecasts for HY and YE reporting.
  2. MA Cashflow Hedging with ALM
    • Working with Head of Hedging Analytics to monitor risk mismatch in the MA Fund;
    • Working with ALM and Market Solutions to identify trades and ideas to improve MA cashflow hedging.
  3. New Business Implementation and Trading validation
    • Support the organisation and validation of new business onboarding with ALM and Head of Origination Business Partnering.
    • Validate ad-hoc events within the MA Fund on a timely basis to ensure MA compliance;
    • Act as a central point to share event information with the Actuarial Reporting and the Forecasting and Planning teams, help explain any discrepancies within month-end reported impacts as and when required.
  4. Ad-hoc BAU and project support
    • Support the Head of MA and Investment Business Partnering, Chief Actuary and CFO with other ad-hoc tasks when required;

Experience:

Mandatory:

  • Newly qualified or senior student actuary
  • Experience in developing relationships across multiple, different discipline teams
  • Experience of conducting financial / data analysis and reporting on that work

Desirable:

  • Experience in working for or on projects for a BPA provider
  • Experience working with a matching adjustment fund

Knowledge:

  • Good technical knowledge of the UK Solvency regime, particularly the Matching Adjustment
  • Good understanding of the Solvency II balance sheet
  • Good understanding of the life insurance BPA market
  • Established knowledge of [actuarial] modelling and analysis techniques, as applied to UK life insurers
  • Familiar with regulatory developments on the UK solvency regime, and how this applies to UK life insurance investments

Skills:

  • Strong organisational skills
  • Strong communication skills including drafting papers and opinions
  • Ability to succinctly articulate key points from financial / data analysis to a range of audiences
  • Ability to organize work to meet deadlines
  • Commercial judgement
  • Good working knowledge of MS Excel, MS PowerPoint, MS Word; programming languages desirable.

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.

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