Senior Actuarial Manager - Capital Management and Solutions
Dublin, IE
Canada Life Assurance Europe plc (‘CLE’) has been operating in Germany since 2000 supporting over 600,000 individual customers and 35,000 employer relationships, advised by independent brokers, across unit-linked pension savings, retirement and protection solutions. Its growth strategy sees an increasing focus on the customer and broker experience, developing innovative propositions in Group Business and Retirement as well as exploring new routes to market.
With our purpose to help more people in Germany build stronger, more inclusive, and financially secure futures, CLE is authorised by the Central Bank of Ireland and regulated by the German regulator Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) for conduct of business rules. As part of the Great West Lifeco group of companies, with over 175 years of history and 40 million customers, the business employs 800 people across its Irish and German offices and while still relatively young in its business lifecycle, is already a solid contributor to the Great West Lifeco European Division earnings.
Job Title: Senior Actuarial Manager – Capital Management and Solutions
Department: CLE Actuarial – ALM and Capital Solutions
Location: Canada Life Europe, Lower Abbey Street, Dublin 1
Contract: Permanent
The Role
CLE is seeking to recruit an ambitious and talented candidate for the role of Senior Actuarial Manager in our ALM and Capital Solutions Team. This is an exciting new role in the organisation, created as part of an expansion of our capabilities in capital management, which is a key part of the organisation’s strategy.
This opportunity would suit a qualified actuary with several years of managerial experience who is keen to combine their leadership and technical skills to deliver on a strategic capital optimisation agenda for a dynamic and ambitious insurer.
CLE provides pensions and individual protection products and offers a combination of unit-linked funds, unitized with profit (‘UWP’) funds and variable annuity business within its pension products. Due to the nature of CLE’s business, ALM and Capital Solutions is a critical function for the organisation’s strategy.
The ALM and Capital solutions team has a wide scope including maintaining and monitoring existing ALM framework, overseeing the Unitised With Profits fund and assessing/implementing new ALM and capital strategies. The role would provide an opportunity for the successful candidate to work on a wide variety of projects and tasks as well as collaborating closely with an array of teams across the company.
Responsibilities
- Oversee the German Division capital management responsibilities.
- Lead the capital projection processes (ORSA, FCT and Budget) to ensure consistency, accuracy and alignment with business plans and strategic developments. Work with the capital and financial reporting teams as well as the risk function to co-ordinate successful delivery for key stakeholders.
- Collaborate with wider ALM and Capital Solutions team to contribute to the development and implementation of capital and liquidity optimisation solutions that delivery on the CLE strategic aims in this regard. In particular, analyse the impact of proposed changes on all relevant capital bases both on a point in time and projected capital basis.
- Detailed ongoing analysis of the key capital bases that CLE reports on (Solvency II and LICAT) with a focus on:
- Providing management with in-depth insights into the regulatory capital requirements.
- Compare the main capital bases to inform appropriate capital management decisions from a CLE and overall LifeCo perspective.
- Interrogation of potential capital optimisation techniques.
- Analysis of key capital metrics for German division
- Develop strong relationships with key stakeholders from the wider LifeCo capital management teams to facilitate effective overall capital management for the shareholder.
- Work with Pricing function:
- To ensure that the capital reflected in pricing aligns with the company’s overall capital management framework. Review quarterly profitability calculations and provide insights from a capital utilisation perspective.
- Use insights from actual capital reporting and projections to identify opportunities or challenges to be reflected in product pricing.
- Keep up to date on industry developments in relation to both required capital and capital management techniques.
- Assess the impact of any changes to the regulatory capital frameworks as they arise and contribute to the development of solutions needed.
Knowledge, Experience & Skills
- Qualified actuary with minimum 4/5 years post qualified experience and 2/3 years managerial experience.
- Knowledge of the regulatory and capital framework (Solvency II and LICAT) and IFRS 17 reporting.
- Agile leader that can balance competing priorities to deliver on multiple key objectives.
- Ability to lead the team through complex problems to achieve results and deliver solutions.
- Proven ability to oversee the production and validation of large array of results and succinct onward communication to management.
- Strong interpersonal and influencing skills with an ability to communicate key insights such that they impact capital management strategy.
- Knowledge of Prophet and other coding languages such as VBA and SQL code would be beneficial.
- Experience with investment guarantees, stochastic modelling and capital reporting/projections (ORSA/FCT) would be a distinct advantage.
- While German language skills and / or knowledge of CLE’s products & processes can be beneficial they are not a requirement.
Key Competencies
The company reserves the right to draw up a shortlist as part of the selection process. Where Agency assistance is required the Canada Life Recruitment Team will engage directly with suppliers. Unsolicited CVs / profiles supplied to Canada Life by Recruitment Agencies will not be accepted for this role.
Even if you don’t see yourself reflected in every job requirement listed on the posting above, we encourage you to reach out and apply if you feel you are a good fit for the role. We are committed to creating a more equitable, inclusive and diverse company, and we strongly encourage applicants of all genders, ages, ethnicities, cultures, abilities, sexual orientation and life experiences to apply.
Canada Life Group Services is proud to be an Equal Opportunities employer. We have created an environment of inclusion and growth to help people achieve their potential, to ensure they can bring their whole selves to work and to feel valued. We celebrate diversity of thought and perspective and want all of our employees to feel valued, respected and supported. We have built a culture that promotes equality and inclusion for all of our current and future employees and strive to ensure that our behaviours, processes and practices are aligned to this culture.
If you require any accommodations during the recruitment process please contact lifecareers@irishlife.ie and we will be delighted to ensure you are fully supported to be your best.
CLGS supports Equal Opportunity and is regulated by the Central Bank of Ireland.