Associate Director, Balance Sheet Management, Insurance

National Bank of Canada; Montreal; On-site; CAD 120,000 - 180,000; Full time

Benefits offered by this job

Health and wellness

Flexible insurance

Pension plan

Employee stock ownership plan

Employee and family assistance program

Preferential banking services

Community initiatives

Telemedicine service

Job summary

National Bank of Canada seeks an Associate Director to drive balance sheet management strategies and institutional solutions. You will price life and health products, analyze profitability and capital implications, and support new product development with cross-functional teams.

The role spans actuarial pricing, financial modeling, and modelling enhancements, with a focus on IFRS 17, LICAT/CARLI frameworks, and institutional markets.

Qualifications

• Bachelor's degree in Actuarial Science or related field.
• 5 to 10 years of relevant actuarial, insurance, or capital markets experience.
• Progress toward, or attainment of, FCIA or FSA designation.
• Experience in actuarial pricing and financial modeling, with knowledge of IFRS 17 and capital frameworks such as LICAT or CARLI.
• Knowledge of life insurance, retirement, reinsurance, or risk transfer products and structures.
• Strong interest in insurance products, capital markets, and balance sheet management.
• Knowledge of fixed income, credit markets, or institutional investments.
• Strong programming and data analytics skills using SQL and Python.

Responsibilities

• Price life and health insurance products, monitor portfolio performance, and adjust pricing assumptions.
• Conduct profitability, capital, risk, and sensitivity analyses for business decisions.
• Collaborate with Product teams to develop new offerings and value propositions.
• Contribute to tools, models, and processes used by the team.
• Develop analyses on strategies affecting profitability, regulatory capital, and risk.

Skills

SQL

Python

Actuarial pricing

Financial modeling

IFRS 17

LICAT/CARLI

Pricing

Resiliency

Strategy execution

Portfolio management

Decision making

Communication

Coaching

Mobilization

Partnership development

Emotional intelligence

Education

Bachelor's degree in Actuarial Science

FCIA or FSA designation (in progress or attained)

Tools

AXIS

Job description

As part of the Balance Sheet Management & Institutional Solutions team, you will contribute directly to the profitability, growth, and risk management of our insurance businesses. Your analyses and recommendations will support both strategic balance sheet management and the origination and execution of institutional transactions.

This role provides a unique opportunity to work at the intersection of actuarial science, finance, investments, capital management, business development, and institutional markets.

Your role

As an Associate Director, you will contribute to the development and execution of balance sheet management strategies and institutional solutions.

Pricing and Insurance Portfolio Management

• Price life and health insurance products, monitor the performance of insurance portfolios, and recommend adjustments to pricing assumptions and parameters.
• Perform profitability, capital, risk, and sensitivity analyses to support business decisions.
• Support the development of new products and value propositions in collaboration with the Product teams.
• Contribute to the enhancement of the tools, models, and processes used by the team.

Balance Sheet Management, Capital, and Financial Optimization

• Develop analyses and assess the impact of various strategies on profitability, regulatory capital, financial results, and risk profile.
• Contribute to the development of strategies relating to assets, liabilities, and capital.
• Collaborate with ALM, Investment, Risk Management, and Actuarial teams to support strategic decision-making.

Institutional Solutions and Transactions

• Support the origination and evaluation of new institutional business opportunities.
• Participate in the structuring, modeling, and execution of transactions involving the acquisition, transfer, or modification of insurance risks.
• Monitor market developments, competitive trends, and industry best practices.
• Prepare transaction analyses and decision-making materials for senior management.

Your team

Within the Balance Sheet Management & Institutional Solutions team, you will be part of a multidisciplinary group responsible for the overall financial strategy of our insurance operations.

Our team is distinguished by its cross-functional mandate spanning assets, liabilities, capital, investments, reinsurance, and institutional transactions. We work closely with Product, Business Development, Actuarial, ALM, Investment, Risk Management, and Finance teams to support the growth of our insurance business.

You will have the opportunity to contribute to a diverse range of initiatives aimed at strengthening the pricing of existing products, supporting new business opportunities, and optimizing balance sheet management to enable continued growth.

Prerequisites

• Bachelor's degree in Actuarial Science, Mathematics, or a related field.
• 5 to 10 years of relevant experience in actuarial science, insurance, or capital markets.
• Progress toward, or attainment of, the FCIA or FSA designation.
• Experience in actuarial pricing and financial modeling, with knowledge of IFRS 17 and capital frameworks such as LICAT or CARLI.
• Knowledge of life insurance, retirement, reinsurance, or risk transfer products and structures.
• Strong interest in insurance products and structures, capital markets, and balance sheet management.
• Knowledge of fixed income, credit markets, or institutional investments (an asset).
• Knowledge of AXIS (an asset).
• Strong programming and data analytics skills using SQL and Python.

Languages: French, English

Reason to require this language: you will need to discuss frequently with our service providers or partners who speak a language other than French.

Required skills: Coaching, Communication, Corporate Strategy Formulation, Decision Making, Emotional Intelligence, Institutional Investing, Insurance, Learning Agility, Managerial Courage, Mobilization, Partner Development, Portfolio Management, Pricing, Resiliency, Strategy Execution

Your benefits

• Health and wellness program, including many options
• Flexible group insurance
• Generous pension plan
• Employee Share Ownership Plan
• Employee and family assistance program
• Preferential banking services
• Involvement in community initiatives
• Telemedicine serviceVirtual sleep clinic

We have an offer that keeps up with trends as well as your needs and those of your family.

Our dynamic work environments and cutting-edge collaboration tools foster a positive employee experience. We value employees’ ideas. Whether through our surveys or programs, regular feedback and ongoing communication are encouraged.

Making a bold move in a people-first environment We’re a bank on a human scale that stands out for its courage, entrepreneurial culture, and passion for people. Our mission is to have a positive impact on people’s lives. Our core values of partnership, agility, and empowerment inspire us, and inclusion is central to our commitments. We aim, wherever possible, to provide a barrier-free and accessible environment to all employees.

We strive to provide accessibility measures throughout the recruitment process within the limits of our available resources. If you require accommodations, feel free to let us know during our initial conversations. We welcome all candidates!