Senior Actuarial Associate

Munich Re; Toronto; Hybrid; CAD 70,000 - 110,000; Full time

Job summary

Join a forward-thinking company as a key player in the life reinsurance sector. This role involves liaising with local valuation teams, analyzing results, and ensuring quality assurance across various reporting standards. You will contribute to critical decision-making processes and represent your team in internal projects. The ideal candidate will possess strong analytical and communication skills, a passion for automating processes, and a collaborative spirit. This innovative firm offers a hybrid work environment, excellent benefits, and a commitment to professional development, making it an exciting opportunity for those looking to make a significant impact in the industry.

Benefits

Flexible health and dental benefits

Annual company bonus

Learning and development programs

Generous time off

Employee Referral Program

Qualifications

• 3+ years of experience in an actuarial role (Valuation, Pricing, Risk Management).
• Knowledge in various reporting standards (IFRS 17/9, Solvency II).

Responsibilities

• Analyze and quality assure results in all relevant bases and related management reporting.
• Perform analysis on LH results and related reporting for senior management.

Skills

Analytical Skills

Communication Skills

Team Player

Automation Skills

Process Optimization

Education

University degree in Actuarial Science

ASA/ACIA or recent FSA/FCIA

Tools

Excel/VBA

PowerBI

Actuarial software (AXIS or similar)

Job description

Position Overview

Central Life Reserving (CLR) is responsible for overseeing the valuation of Munich Re Group’s life reinsurance liabilities on all global bases. Within this division, the Global Oversight department ensures that appropriate standards are established and followed on a consistent basis across the organization, and helps to guarantee that the Group has appropriately identified and reserved for the costs and risks from the contracts that have been written.

Key topics within CLR1.1.1 are quality assurance and validation of the local valuation results according to Solvency II, IFRS, and HGB for the units in Munich, EULA, UK, US, and Canada which includes being in close contact with the respective local valuation teams. Further topics are the consolidation, analysis, and reporting of various quarterly and annual valuation results such as the Source of Earnings Analysis, Forecast, multi-year IFRS result projections, and valuation model and assumption changes.

Is exploring new and complex topics your passion? Do you like to present and explain complex matters in a simple way? If this sounds like you, we invite you to apply to join our diverse and dynamic team!

Your Role:

• Be the liaison within CLR for the local valuation team of the Canada business unit and support decision making. This includes:
  • Analyze and quality assure the results in all relevant bases, and related management reporting
  • Discuss and quality assure model and assumption changes
  • Be a trusted partner to your business unit by providing and explaining guidance and central processes
  • Analyze structured business opportunities (FinRe) with a focus on valuation and risk transfer
• Perform analysis on the LH results and related reporting for senior management
• Consolidate and draft reports pertaining to the CLR global model and assumption change process (e.g. CLR-internal management reports, LH contribution to the Group Actuarial Function Report; report to the Reinsurance Committee for their decision making)
• Represent CLR workstreams in Munich Re internal projects
• Support or perform on-site valuation reviews in the international LH Re organization
• Develop and maintain the working relationships with various interfaces throughout Munich Re, including the valuation teams in the business units as well as internal Munich Re accounting, pricing, risk management departments, and internal and external auditors.

Your Profile:

• University degree in Actuarial Science, Finance, Statistics, or Mathematics
• ASA/ACIA or recent FSA/FCIA
• 3+ years of experience in an actuarial role (e.g. Valuation, Pricing, Risk Management)
• Knowledge in various reporting standards (IFRS 17/9, Solvency II)
• Proficiency with Excel/VBA, PowerBI, PowerPoint nice to have
• Experience with actuarial software (such as AXIS or similar) would be an asset
• Skills and interest in automatization and process optimization
• Strong analytical and conceptual skills, combined with the ability to present and explain complex matters in a simple way
• Talent for managing interfaces and building networks; be a team player
• Flexibility for occasional travel to Munich Head Office

Together, we engage with everything we have and are, to help humankind act braver and better.

As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into manageable risk, we enable fundamental change. We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions. We dare to think big and are continuously innovating on behalf of our clients.

Our data, our technology, and our teams place us in a unique position to drive transformative change in the life insurance industry. We invest strategically in our world-class talent, offering our employees a work experience that promotes professional development, innovation, and rewards high performance.

What Can We Offer You?

We are pleased to offer our employees great benefits and resources to support their mental, physical, and financial wellbeing. These include:

• An engaging and collaborative environment that promotes continuous learning and development
• A hybrid work environment that combines weekly in-office and remote days with Meeting-Free lunch hours and Focus Friday afternoons
• A great compensation package including annual company bonus
• Market-leading company-paid flexible health and dental benefits, starting on your first day
• Flexible dollars provided by the company to put towards Health Spending Account and/or Wellness Spending Account
• Immediate participation in DC Pension Plan with an automatic 5% employer contribution, plus optional company match
• Generous time off including vacation, personal days, unplanned time, Statutory Holidays, and company-wide early closure half-days
• Learning and development programs and resources, including unlimited access to LinkedIn Learning, Education Assistance Program, and reimbursement for professional fees
• Maternity, Parental & Adoption Leave top-up program
• Employee Referral Program, Recognition & Rewards Platform

Please note that only candidates who are selected for interview will be contacted directly. We thank all candidates for their interest.

Munich Re is committed to providing a work environment that is inclusive and free of employment barriers and discrimination. Accommodations will be made for qualified applicants with a disability throughout the recruitment process. If you receive a request for an interview and you have a disability which will require an accommodation to support your participation, please contact [e-mail] as soon as practical so that suitable accommodations can be arranged.