Longevity In-Force Actuary

About UK Life Branch: With the offices in London and Madrid, it forms the Life 1 division of Munich Re. The UK life market is one of the most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So we need a smart strategy and structure in order to succeed. At UK & Ireland Life we have three pillars to our business strategy: protection, longevity and reinsurance structuring. All three are key to the success of our business so it’s important to look at the big picture.

In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.

About the role: The Longevity In-Force Actuary plays an important role supporting the delivery of efficient in-force management in a rapidly growing longevity portfolio, covering UK and Dutch business from a wide range of clients. As part of a small team of Longevity In-Force actuaries, they will be involved in a range of actuarial responsibilities, from the regular duties (like model reconciliation, data true-ups, validation of fixed and floating lines and validation of collateral calculations), to the more complex projects (like mortality basis reviews and deal restructuring), and everything in between. These activities have a significant impact on wider branch performance and require a deep understanding of longevity swaps and in‑force management to sustain portfolio profitability and inform strategic decision‑making.

The Longevity In-Force Actuary will help develop student actuaries and other colleagues by offering technical guidance, checking work and providing feedback to advance their skill set and ensure high quality deliverables. They will also get involved with system and tool development to ensure we continue to drive efficiencies and to improve scalability.

Key Responsibilities:

• Support and oversee regular in-force actuarial tasks, working with the Head of In-force and the wider Longevity In-Force team to manage our portfolio.
• Work with other teams within the branch (e.g. the valuation team) to ensure the smooth operation of the in-force portfolio.
• Support non-standard in-force actuarial projects.
• Proactively improve processes and tools.
• Support the delivery overall longevity strategy.
• Support Head of Longevity with appropriate ad-hoc tasks as required.
• Provide guidance, support and knowledge sharing to longevity team members.

General Duties and Tasks:

The Longevity In-Force Actuary is responsible for supporting the delivery of the actuarial tasks involved in managing and protecting our existing Longevity portfolio.

In-force longevity management (80%):

• Support the ongoing management of our in-force longevity business, including coordinating and reviewing the output from other Munich Re teams and external clients. This includes model reconciliation, data true-ups, validation of fixed and floating lines and validation of deal collateral calculations.
• Work with the Senior Longevity In-Force Actuary and the wider Longevity In-Force team to deliver ad-hoc specialised projects, for example mortality basis reviews and deal restructuring.
• Proactively improve processes, tools and documentation to ensure all in-force activities are as efficient, scalable and well audited as possible.
• Work with other teams in the branch to support longevity in-force related work, including Data Management, Valuation & Reporting teams to ensure the smooth operation of the in-force portfolio.
• Support various other related ad-hoc tasks, such as client audits, deal investigations, contract addendums and ex-gratia assessments.
• Proactively develop and train others on the in-force management actuarial processes.

General Longevity team support (20%):

• Assist in a variety of Longevity projects and development workstreams as necessary which may include assessing quote attractiveness, new business pricing, or work to enhance our proposition for UK and international markets.
• Proactively develop talent through knowledge sharing on market developments and practices.
• Promote Longevity within the UK office and aid the Head of Longevity in the development of the UK’s Global Centre Of Competence role including working with international clients and colleagues.
• Work with colleagues to manage material operational risk failures, data/accounting issues, etc.
• Support wider branch as required, plus any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role.

Competencies:

• Drives results (we think big) – you consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience and judgement.
• Business insight (we think big) – you can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.
• Collaboration (we lead the ‘we’) – you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.
• Client focus (we grow with our clients) – you build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.
• Cultivates innovation (we grow with our clients) – you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.
• Courage (we care and dare) – you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear.
• Persuades (we are clear and authentic) – you use clear and compelling arguments to gain the support, enthusiasm and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills & Experience:

Essential:

• Relevant experience of the bulk annuity market.
• Strong analytical and modelling skills, with the ability to work independently and apply judgement.
• Technically strong, with the ability to develop models in Excel, VBA, R, or other programming languages.
• Able to grasp new concepts and technical issues quickly, and communicate them effectively to others.
• A team player who will step up and take responsibility when required.
• Good people development and training skills.
• Willing to challenge the status quo.
• Strong written and oral communication skills.

Desirable:

• Good commercial awareness.
• Good understanding of DB de-risking offerings in the market.
• Longevity insurance/reinsurance experience.
• Good time management skills and ability to work under pressure.

Qualifications and Educational Requirements:

• Nearly or newly qualified actuary.
• Directly relevant actuarial experience of the bulk annuity/longevity swap market, DB pensions market or longevity swap pricing.

Thought Leaders:

You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others. You will demonstrate inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well. You will treat your colleagues and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements:

Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Benefits:

You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%. We are one of the few employers to offer fully paid 6 months family leave for times when you need it the most.

Diversity Equity & Inclusion:

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for! All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.