Senior Actuary - Life Insurance and Pensions

Senior Actuary – Life Insurance and Pensions Risk Division – Insurance Supervision Directorate Location: Leeds The PRA's Insurance Supervision Directorate supervises over 500 UK insurance companies and branches of international insurers. Its six divisions work together to pursue the PRA's primary objectives for safety and soundness and policyholder protection, and to support our secondary objectives for competition, competitiveness and growth. We are recruiting for a Senior Actuary in the Life Insurance and Pensions Risk Division (LIPRD). The senior actuary will lead and contribute to mixed‑experience teams of life actuaries, pensions risk specialists, and other specialists. LIPRD is a hub of technical excellence providing specialist support to deliver high‑quality firm‑specific and horizontal supervision, insights in key risk areas, and targeted thought leadership. It works together with wider Supervision and Policy divisions to support the achievement of the PRA's objectives as they apply to insurers. Role Requirements Perform, and develop others to perform, proportionate risk‑based assessments and oversight (e.g. Solvency UK reviews) and apply well‑reasoned judgement to identify risks to the PRA's statutory objectives and to identify potential mitigations for these risks. Develop the knowledge, skills and experience of others in specialist areas. Perform in-depth research in key risk areas (e.g. credit risk, longevity, dependencies) to develop PRA views of best practice. Conduct thematic projects by carrying out quantitative analysis, and producing conclusions and recommendations, highlighting key issues and emerging risks. Support the division and wider Insurance directorate in the delivery of effective, risk‑based prudential supervision of firms. Create, and take part in, initiatives across the Division, Directorate and wider Bank. Contribute positively to the overall tone and standards of the division – role‑modeling Bank behaviours, promoting a respectful, high‑performing culture, and setting an expectation of similarly high standards from others. Support a positive feedback culture giving clear feedback to help colleagues develop and address any areas of underperformance, and role‑modeling positive behaviours when receiving such feedback in return. Ensure high‑quality judgments and outputs on work for which they are accountable, including rigorous, evidence‑based and data‑driven analysis aligned to PRA frameworks. Support the Bank's DEI strategy by creating or taking part in initiatives across the Division, Directorate and wider Bank. A strong understanding of the life insurance market in the UK, including key industry issues and risks. A good understanding of the key life insurance risk areas for insurers, and the actuarial controls needed to ensure these are prudently managed. A clear understanding of the prudential regulatory capital regime for insurers (UK Solvency II). Strong analytical skills, the ability to analyse and interpret financial information independently, exercise judgement and draw and present clearly reasoned conclusions. Good communication and interpersonal skills, including the ability to explain and present technical issues and solutions to a less technical audience, using a range of communication approaches. Strong stakeholder management skills, with experience of building and maintaining relationships both internally and externally and influencing and challenging where appropriate. Ability to lead a team: prioritising effectively, supporting and developing others, and ensuring the right outcomes are achieved. Self‑motivated, with an outcomes‑focussed and proportionate approach to work. Takes responsibility for tasks, outcomes and targets allocated, consistent with the achievement of PRA objectives. An ability to give and receive constructive feedback and to manage others with a view to improving their/own performance. Knowledge and understanding of the PRA regulatory framework and supervisory approach. Knowledge of PRA rules and wider professional guidance. A breadth of experience across roles and organisations. An ability to build credibility with key stakeholders/partners, including at a range of levels of seniority. Qualifications Minimum Criteria A strong understanding of the life insurance market in the UK, including key industry issues and risks. A good understanding of the key life insurance risk areas for insurers, and the actuarial controls needed to ensure these are prudently managed. A clear understanding of the prudential regulatory capital regime for insurers (UK Solvency II). Strong analytical skills, the ability to analyse and interpret financial information independently, exercise judgement and draw and present clearly reasoned conclusions. Good communication and interpersonal skills, including the ability to explain and present technical issues and solutions to a less technical audience, using a range of communication approaches. Essential Criteria Strong stakeholder management skills, with experience of building and maintaining relationships both internally and externally and influencing and challenging where appropriate. Ability to lead a team: prioritising effectively, supporting and developing others, and ensuring the right outcomes are achieved. Self‑motivated, with an outcomes‑focussed and proportionate approach to work. Takes responsibility for tasks, outcomes and targets allocated, consistent with the achievement of PRA objectives. An ability to give and receive constructive feedback and to manage others with a view to improving their/own performance. Desirable Criteria Knowledge and understanding of the PRA regulatory framework and supervisory approach. Knowledge of PRA rules and wider professional guidance. A breadth of experience across roles and organisations. An ability to build credibility with key stakeholders/partners, including at a range of levels of seniority. Salary and Benefits Information Currently a non‑contributory, career‑average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year. The Bank has the discretion to vary standard accrual rates and dial‑up and dial‑down rates at any time and to withdraw dial‑up and dial‑down options at any time. A discretionary performance award based on a current award pool. An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. 26 days' annual leave with option to buy up to 12 additional days through flexible benefits. Private medical insurance and income protection. National Security Vetting Process Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes is set out in the Bank's Privacy Notice. Our Approach to Inclusion The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. At the Bank, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it's by drawing on different perspectives and experiences that we'll continue to make the best decisions for the public. We welcome applications from individuals who work flexibly, including job shares and part‑time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed. For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders. Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the 'Candidate Personal Information' under the 'Disability Confident Scheme' section of the application. #J-18808-Ljbffr