Underwriter

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

M&G Life in its current form was created in October 2024 with the merger of what was formerly the closed book operation and the M&G Wealth Business (open book). M&G Life now covers over 5 million customers with more than £300 Bn invested across all of its products and wrappers and has an ambitious growth plan for 2025 and beyond. M&G Life operations work with a number of partners including Equiniti, Diligenta, Waystone, Paragon, Willis Towers Watson, as well as M&G Global Services supporting our in-house operation. M&G Life also has international presence with teams in Ireland and Poland, using a mix of insourcing and outsourcing service operations to sell to domestic and international markets.

As an underwriter, you will play a key role in supporting the underwriting team by assessing, analysing, and processing applications for annuity and investment bond products within our Life business. Working closely with senior underwriters and cross-functional teams, you will ensure that all underwriting decisions are robust, compliant, and aligned with company policy and FCA standards. This is an excellent opportunity for someone seeking to advance their underwriting career within a dynamic and collaborative environment.

Main Responsibilities

• Underwrite a range of financial products, including annuities and investment bonds, ensuring all decisions align with company policies, risk appetite, and regulatory requirements.
• Conduct comprehensive risk assessments by reviewing financial, medical, and lifestyle data, applying underwriting principles to determine eligibility, pricing, and appropriate terms.
• Analyse complex cases and escalate where necessary, providing clear rationale and recommendations to senior underwriters or risk committees.
• Collaborate with internal teams (e.g., actuarial, compliance, operations) and external stakeholders (e.g., advisers, reinsurers) to obtain additional information, resolve queries, and ensure smooth case progression.
• Maintain robust documentation of underwriting decisions, risk assessments, and supporting evidence for audit, governance, and reporting purposes.
• Monitor regulatory and market developments impacting annuity and bond products, adapting underwriting practices to remain compliant and competitive.
• Contribute to process improvement initiatives, leveraging data insights and technology to enhance efficiency, accuracy, and customer outcomes.
• Support training and knowledge sharing within the underwriting team, promoting best practices and continuous professional development.

Skills & Experience Requirements

• Minimum 2–3 years underwriting experience within financial services, ideally covering life, pensions, or investment products.
• Strong analytical and problem-solving skills, with the ability to interpret complex financial and medical information and make sound, evidence-based decisions.
• Excellent attention to detail and organisational skills, ensuring accuracy in high-volume, deadline-driven environments.
• Effective written and verbal communication skills, capable of explaining underwriting decisions clearly to both technical and non-technical audiences.
• Proficiency in Microsoft Office (Excel, Word, Outlook) and comfort with underwriting systems and digital tools.
• Ability to work collaboratively in a team-oriented environment and build strong relationships across functions.
• Demonstrated integrity, sound judgement, and commitment to high standards of compliance and customer service.

Desirable

• Experience underwriting annuity and investment bond products, including knowledge of associated risks and pricing considerations.
• Familiarity with regulatory frameworks such as FCA, PRA, and Solvency II, and their application to life and investment products.
• Understanding of reinsurance arrangements and their role in risk management.
• Progress towards or interest in professional underwriting qualifications (e.g., CII, LOMA).
• Exposure to digital underwriting tools, automation, and data analytics.

Work Level, Location & Closing Date

• Work Level: Experienced Colleague
• Location: Stirling – Hybrid (2-3 days in the office)
• Closing Date: Friday 3rd April 2026

What we offer

• A valuable pension scheme of 18%, with 13% Employer Contributions and 5% Employee Contributions.
• Share Save and the Share Incentive Plan, plus access to financial wellbeing and support services.
• 38 days annual leave including bank holidays, with the option to purchase up to 5 extra days.
• Inspiring Families policy includes comprehensive support and paid parental leave covering maternity, adoption, surrogacy, and paternity leave.
• Health & Protection cover including Private Healthcare, Critical Illness cover and Life Assurance with family options.

We have a diverse workforce and an inclusive culture at M&G, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. We also welcome those who take part in military service and those returning from career breaks. M&G is proud to be a Disability Confident Leader, and we welcome applications from candidates with long-term health conditions, disabilities, or neuro-divergent conditions. If you need assistance or an alternative means of applying for a role due to a disability or additional need, please let us know by contacting us at careers@mandg.com.