Business Partnering Actuary

TN United Kingdom; London; On-site; GBP 50,000 - 80,000; Full time

Job summary

An established industry player is on the lookout for a talented Actuary or Senior Actuarial Analyst to join their Business Partnering team. This role offers a unique opportunity to work closely with front office teams, providing real-time analysis and support for senior management decision-making. You will become a subject matter expert on the Matching Adjustment and life insurance balance sheet, playing a crucial role in risk management and compliance. With a competitive salary, performance-related bonuses, and excellent benefits including private medical insurance and study support, this position is perfect for those eager to make a significant impact in the actuarial field.

Benefits

Private Medical Insurance

28 Days Annual Leave

Study Support

Generous Pension Scheme

Qualifications

• Newly qualified or senior student actuary with experience in financial analysis.
• Strong technical knowledge of the UK Solvency regime and Matching Adjustment.

Responsibilities

• Produce key MIs on the Matching Adjustment Fund and monitor risk mismatch.
• Support new business onboarding and validate compliance within the MA Fund.

Skills

Organisational Skills

Communication Skills

Financial Analysis

Data Analysis

Commercial Judgement

Education

Actuarial Qualification

Relevant Degree

Tools

MS Excel

MS PowerPoint

MS Word

Programming Languages

Job description

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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 company-wide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

PIC is recruiting for an Actuary (or Senior Actuarial Analyst) to join its 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:

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. Monitor

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.

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.

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;

Requirements

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
• 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.

Desirable personal attributes aligned to what success looks like in the role:

• Intellectually curious with a willingness to learn through own research
• Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function
• Effective communicator – structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies
• Innovative thinker – positive attitude to change and a willingness to embrace new ideas and techniques to improve performance

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), study support with qualifications, a generous pension scheme and much more.