Head of MAP Management and Optimisation

We’re a FTSE 250 Financial Services company who specialise in retirement solutions and right now, our world is moving pretty quickly. With the defined benefit buy in / buy out space growing each year, Just continues to annually grow its business by over £4bn of assets.

We are a purpose driven company with compelling and credible goals. Quite simply, we help people achieve a better later life. We achieve this by providing competitive and innovative products, services, financial advice and guidance to help our customers achieve security, certainty and provide them with peace of mind in retirement.

That’s who we are. We’re a company on a mission: to become a beacon for the entire retirement industry. Because we believe everyone deserves a fair, secure, and fulfilling retirement.

Purpose

To lead the efficient management of Matching Adjustment Portfolio(s), and support the optimisation of ALM position of the Group and regulatory insurance entities within the Group.

Skills and Knowledge

• Deep knowledge of the dynamics of life insurer balance sheets and of Solvency UK requirements for base balance sheet and capital requirements.
• Strong experience in ALM techniques and financial instruments.
• Excellent communication skills, both verbal and written, with a proven ability to communicate complex ideas and analysis to less technical audience in a clear and concise manner, and to challenge others in a clear and constructive manner.
• Excellent problem solving skills, with an ability to take initiative to proactively identify and solve problems.
• Strong delivery and deadline focus.
• Very good working knowledge of Excel, VBA and at least one other object-orientated programming language (e.g. Python).

Experience

• Extensive experience at a life insurance company with recent experience in capital management, MAP management, ALM and Investment.
• Proven track-record of developing practical solutions to complex technical issues.
• Extensive experience in stakeholder and project management.
• Previous experience of MAP optimisation, capital management projects, PRA engagement would be an advantage.

In this role you will be responsible for:

• Manage Regulatory Compliance and Performance: Oversee the regulatory compliance, operations, and performance of Matching Adjustment Portfolios (MAPs) for life insurance companies, ensuring alignment with both internal objectives and external regulations.
• Maintain Integrity of MA Securitisations: Ensure the ongoing integrity and maintenance of Matching Adjustment-eligible internal securitisations, including LTMs, keeping these structures compliant and efficient.
• Lead Regulatory Development Initiatives: Drive the implementation of new regulatory initiatives related to MAP management, such as embedding HP cash flows, ensuring regulatory changes are integrated effectively.
• Assess MAP and ALM Impact of Group Projects: Evaluate the impact of group-level projects involving new asset or liability classes on MAPs and wider ALM implications, recommending strategic actions to manage them efficiently.
• Conduct Forward-Looking ALM Analysis: Perform quantitative analysis on the forward-looking Asset-Liability Management (ALM) positions of regulated entities and the Group as a whole, identifying opportunities for improvement and ensuring alignment with risk appetite.
• Engage MA Features Assessment and Lead MA application: Provide SME inputs on the assessment of new asset and liability features and manage MA permission applications.
• Engage with Stakeholders on MA Management: Collaborate with key stakeholders to enhance the efficiency of MAP management by leveraging innovative techniques and aligning with regulatory guidance and market best practices.
• Develop and Maintain ALM Framework: Support the development of a robust and efficient framework for managing the Group’s ALM positions, ensuring long-term financial stability and operational efficiency.
• Support ALM Risk and Liquidity Management: Assist the ALM team in managing ALM risk, performance, and medium to long term liquidity positions.
• Implement First Line Validation: Execute first line validation activities in line with the validation framework, ensuring appropriate actions are taken in response to validation findings.
• Mentor and Guide Team Members: Lead and mentor junior team members, supporting their professional development and ensuring they contribute to the team’s ALM objectives.
• Enhance ALM Capacity through Technology: Collaborate with the wider Capital Management team to scale ALM capabilities by leveraging technology solutions, driving operational efficiency.