Actuarial Valuation Manager, P&C

Zurich Services (Hong Kong) Limited; Singapore; On-site; SGD 90,000 - 120,000; Full time

Job summary

A leading international insurance provider in Singapore seeks an experienced P&C actuarial valuation manager. The successful candidate will manage reserve valuations, guide IFRS 17 compliance, and provide insights into financial conditions. Candidates should possess over 5 years of actuarial experience, progress in actuarial exams, and strong analytical skills. This role requires effective communication and the capacity to mentor junior staff while ensuring compliance with insurance regulations. A collaborative spirit is essential for success in this position.

Qualifications

• 5+ years of general insurance actuarial experience.
• Good progress with actuarial exams, preferably fully qualified.
• Strong understanding of reserving, especially on IFRS 17 basis.
• Knowledge in pricing and accounting is a plus.
• Strong knowledge of insurance regulations in Singapore.

Responsibilities

• Value insurance technical liabilities quarterly for reporting.
• Implement appropriate actuarial methodologies and assumptions.
• Ensure compliance with internal actuarial policies and regulations.
• Assess company’s financial condition and solvency.
• Plan and forecast loss ratio and improve forecasting quality.
• Collaborate with PPM & Pricing functions on performance monitoring.
• Identify development and mentoring opportunities for actuarial staff.
• Support various functions on reserving and business projects.

Skills

General insurance actuarial experience

Strong analytical and problem-solving skills

Verbal and written communication skills

Time management skills

Education

Actuarial exams progress

Fully qualified actuary (preferred)

Tools

ResQ

SAP

VBA

RStudio

Power BI

Job description

As a P&C actuarial valuation manager in Zurich Insurance, you will be involved in the reserve valuation, including on an IFRS17 basis, business planning and capital management and, providing support to the chief reserving actuary and CFO including insights into risks, underlying performance & implications for the business, as well as mentoring junior actuarial members.

Key Responsibilities:

• Value insurance technical liabilities on a quarterly basis for management and regulatory reporting. This includes formal submission of actuarial investigation report (including responding to inquiries from auditors and regulatory departments) and actuarial-focused returns for financial year-ends.
• Implementation of actuarial methodologies and assumptions that are appropriate such that reserving outcome including IFRS17 basis are accurate and reasonable, considering available financial, claims and underwriting data and relevant feedback from the business.
• Ensure that reserving processes and standards are consistent with internal Zurich actuarial policies and guidance and, where relevant, compliant with Group, Regional, and Local regulatory policies. This includes incorporating controls to cover risk for ICFR on IFRS4 & IFRS17 basis including PAA eligibility controls.
• Assess the company’s financial condition (i.e. solvency assessment, annual ORSA & IWST process), and under such economic & business conditions as regulator may specify.
• Plan/ forecast loss ratio, including reconciliation of views on profitability between reserving and pricing actuarial, and improvement in the quality, transparency and timeliness of the loss ratio planning / forecasting on IFRS17 basis.
• Contribute to performance monitoring meetings (i.e. Virtuous Circle), collaborating with PPM & Pricing functions, in understanding of results, providing insights on trends & developments and communicate key uncertainties & issues.
• Proactively identify professional development & mentoring opportunities for less experienced actuarial staff and inculcate a sense of team spirit, teamwork and inter-team collaboration.
• Support Finance, Underwriting, Pricing, Claims, Risk and other functions on reserving, business initiative & projects and strategic business decisions as relevant.

Qualifications, Experience & Skills:

• 5 years (or more) of general insurance actuarial experience.
• Good progress with actuarial exams (preferably a fully qualified actuary) from recognized International Actuarial Bodies.
• Strong understanding of and working experience reserving including on IFRS 17 basis and knowledge in pricing and accounting is a plus.
• Strong knowledge of insurance regulations, statutory/ regulatory regime and market in Singapore.
• Familiarity with the Company’s software (e.g. ResQ, SAP) and programming languages (e.g. VBA, RStudio and Power BI) is a plus.
• Strong analytical and problem-solving skills.
• Strong verbal and written communication skills.
• Able to work independently with minimal supervision.
• Good time management skills, and able to manage multiple concurrent projects efficiently.
• Able to see the "big picture" and think beyond the task at hand and understand how one’s work fits into the broader landscape.