Director & Actuary, Corporate Actuarial (Valuation and Reporting)

Next Insurance, Inc.; Toronto; On-site; CAD 180,000 - 260,000; Full time

Job summary

Next Insurance, Inc. seeks a Director & Actuary to lead a high-performance actuarial team in Canada. You will oversee quarterly and annual financial reporting under IFRS 17 and Solvency II, train staff, and ensure accuracy of reserve movements and earnings analyses.

You will prepare IFRS 17 and LICAT returns, communicate results to the CFO and senior leadership, and drive capital optimization, deal support on large inforce transactions, and collaboration with regulators and Munich Home Office.

Qualifications

• University degree in actuarial science, finance, statistics, or mathematics.
• FSA/FCIA designation or equivalent progress.
• 7+ years of Canadian life and health insurance/reinsurance experience.

Responsibilities

• Lead and train a team through quarterly and annual financial reporting across reserving bases IFRS 17 and Solvency II.
• Prepare IFRS 17 and SII reports and LICAT returns.
• Summarize quarterly results to CFO and senior leadership.
• Consolidate cash flows and support capital optimization strategies.
• Provide deal support on large inforce transactions and complex solutions.
• Liaise with regulators, auditors, and Munich Home Office.

Skills

Team leadership

Strategic thinking

Communication

Financial analysis

Regulatory knowledge

Problem solving

Education

Actuarial degree (Actuarial Science, Finance, Statistics, or Mathematics)

FSA/FCIA

Tools

AXIS

Datalink

Job description

Director & Actuary

Key Accountabilities:

The successful candidate will lead a number of the following, which may include but is not limited to:

• Managing, training and leading a team through the quarter and year-end financial reporting process across all lines of business under both reserving bases (IFRS 17 and Solvency II).
  • Ensuring tests and analyses are completed to fully verify accuracy, such as reserve movements and source of earnings analysis.
  • Preparing IFRS 17 and SII reports and the quarterly/yearly LICAT (LIMAT) return.
  • Summarizing and explaining quarterly financial results to the CFO and other members of the Senior Leadership Team as needed.
• Consolidating cash flows for or leading the production of the annual Financial Condition Test, Business Plan, Value of New Business and various profitability metrics.
• Identifying and developing strategies to optimize capital usage for both MR Group and the Branch through retrocession or other opportunities.
• Providing deal support on large inforce transactions, FinRe and complex structured solutions.
• Preparing reports and liaising with management, regulators, auditors, and the Munich Home Office.

• Monitoring emerging experience and testing of assumption changes as needed.
• Identifying needs of the valuation landscape (both IT and processes) to bring about infrastructure-related improvements.

• Building strong relationships with other departments, maintaining regular communication, identifying opportunities for improvement and successfully addressing issues as they arise.

Leadership

• Contributing to a high-performance team that is highly engaged and recognized as experts both internally and throughout the global Munich Re organization.
• Ensuring the team has a clear understanding of departmental objectives, and that every employee has challenging personal objectives.
• Hiring, developing and retaining a top talent team that is fully engaged and recognized as experts internally within Munich Re and externally with clients and partners.
• Fostering a culture of feedback with timely feedback given to employees and other Munich Re team members.
• Engaging in regular development discussions with employees to coach on career growth and development.

Profile

• University Degree in Actuarial Science, Finance, Statistics, or Mathematics.
• FSA/FCIA
• 7+ years of experience in the Canadian Life and Health insurance/reinsurance industry.
• Strong problem solving and organizational skills.
• Strong communication, interpersonal and influencing skills across all levels of the organization.
• Ability to establish and maintain good working relationships with other departments.
• Demonstrated flexibility and effectiveness working under tight timelines.

• Strong analytical and financial modeling skills. Comfortable working with complex calculations.
• Superior attention to detail and accuracy.
• Experience with the Canadian reinsurance market, traditional re/insurance product features, LICAT capital requirements and profitability metrics is prioritized

• Familiarity with IFRS 17 and IFRS 9 as it relates to insurance related financial instruments is an asset.

• Experience with AXIS and Datalink.