Job Title
Corporate Actuary, Valuation
Job Description
Corporate Actuary, Valuation
We’re a global life reinsurer operating in Europe, Asia, Australia and North America, and are part of Pacific Life, a mutual insurance group. Fuelled by our pursuit of excellence and a quest to innovate, we’re proud to do things differently. Our people aren’t afraid to disrupt and challenge industry thinking and provide the best protection, savings and retirement reinsurance products and services possible.
The Team
The global Valuation team at Pacific Life Re is responsible for the actuarial valuation of our diverse lines of business and global markets. The team will run and validate our integrated Tyche models to deliver insights across PL Re. They will support our long-term growth by implementing new business, continuously improving processes and specifying and testing future model changes, working closely with our Actuarial Systems Team who develop and maintain the models. The team will be a key part of PL Re’s Divisional Business Services, interacting with CA teams, Operations, Finance, R&D, and Pricing.
Our actuarial models are vital to the way we run our business, and the Valuation team will provide crucial insights across Financial Reporting, Business Planning and other processes. The team is at the start of an exciting transformation journey, driven by project Unify, towards more automated and efficient processes, making this an exciting time to join a new global team.
The Role
You will be responsible for producing and validating actuarial model outputs across all across all statutory accounting bases (US GAAP LDTI, IFRS4). You will work closely with other members of Valuation team to ensure modelling processes are coordinated and carried out effectively for both Financial Reporting and Business Planning processes. The role offers exposure to a wide variety of work, covering all lines of business with a focus on Savings and Retirement (S&R) business, regions and legal entities. The S&R Line of Business delivers Funded and Unfunded reinsurance solutions to global insurance clients, catering for the increasing demand from clients in various jurisdictions for innovative reinsurance support that can transfer both longevity and asset risk.
You will also have an exciting opportunity to oversee a period of genuine transformation as the benefits from Unify are delivered into the team. You will act as an advocate for change and foster a culture of continuous improvement around modelling processes.
Collaboration with other teams will be crucial, as you'll be responsible for delivering modelling insights to a wide range of stakeholders across CA teams. You'll develop expertise and capabilities within the team to ensure that we can respond to the increasingly complex needs of a growing global reinsurer, such as conducting sensitivities and scenarios or modelling new non-proportional retrocession arrangements.
The role is part of a large, global sub-team, and so you will have the opportunity to gain substantial experience in global team collaborations. You will work with other members of CA across various time zones, ensure effective communication within the sub-team and with others. You will be part of a high performing team and contribute to the working culture.
Role Responsibilities
- The production of S&R actuarial model outputs across all statutory accounting bases (US GAAP LDTI, IFRS4) for Financial Reporting and Business Plan, across multiple legal entities
- Handling ad-hoc requests from the other CA teams, such as modelling potential new deal structures or carrying out stress / scenario modelling runs
- Performing controls and validations to ensure the completeness and accuracy of modelled results
Developing and maintaining a close working relationship with other members of global Valuation team, as well as working closely with the S&R Actuarial Analytics & Insights team
- Ownership of model inputs, outputs and other processes related to statutory accounting bases, e.g. demographic assumptions, IBNR factors
- Continuous improvement of modelling processes, including oversight of related deliverables from the Unify program
- Specifying model requirements and testing new developments
- Assisting with model updates and runs on other bases as required
Skills & Experience
- Newly qualified actuary with experience in life insurance or life reinsurance
- Experience working with longevity swaps and/or funded S&R asset risk transfers
- Experience with actuarial modelling software (Tyche preferred) and proficient with Microsoft Excel
- Experience of challenging / improving processes and contributing to continuous improvement
- Experience with the introduction of new processes, controls and systems
- In-depth understanding of the Corporate Actuarial function
- Good knowledge of IFRS17 and/or US GAAP LDTI, including first-hand experience of associated modelling complexities
Competencies and Behaviours:
- Ability to work on own initiative and proactively contribute to a varied and demanding workload
- Effective communication skills, both verbal and written
- Proven focus on quality, ensuring deliverables are accurate and fit for purpose
- Proven ability to work with other functions, developing and maintaining working relationships
- Ability to understand and apply new concepts quickly, showing initiative, flexibility, and resourcefulness
- Adaptability to change and evolving environments
- Pragmatic, able to balance accuracy with effort
- Willingness to challenge the status quo
Working For Pacific Life Re
Every person in our global team is valued for the unique qualities they bring to our business and we seek to build their expertise and support their individual ambitions at every step. Of course, we take our work seriously and we know our team can operate under great pressure. We work hard and thrive on achievement, but we also know how to have fun and relax too. We regularly host a range of team building days to strengthen our team's connection with each other and reflect on their successes.
Providing employees with a healthy work-life balance is very important to our culture. We have a wide range of employee benefits and we host regular social activities and well being initiatives. We are also committed to supporting our employee's involvement in their communities, by actively fundraising, hosting charity events and overseeing volunteering opportunities.
Benefits (Only for Permanent and Fixed Term Employees)
Leave
25 days of annual leave with option to buy/sell more days
Adoption and fertility leave
Generous enhanced parental leave
Healthcare
Savings & Retirement
Wellness
Subsidized gym membership
Access to Employee Assistance Program
Cycle to Work and Electric Car Salary Sacrifice Scheme
Time off for volunteering
Charitable matching of employee donations
As part of our commitment to diversity and inclusion, we will provide reasonable adjustments during the recruitment process to ensure equal access to applicants with disabilities. Please contact us about your needs so that we can discuss these with you to make sure that suitable adjustments are made, where possible.
Pacific Life Re Values
Please click here to view our company values
