About the role
We have a great opportunity here at NFU Mutual for you to become our Head of With Profits Management. Leading a team of 10 (mixture of qualified and trainee actuaries), the main purpose of the role is to oversee and monitor business activities and initiatives that have a direct bearing on the risk profile and/or long-term viability of the Society’s With Profits Fund (the “Life Fund”) including capital management to ensure efficient use capital. It’s also to provide assurance that With Profits business is managed in accordance with regulatory requirements, policyholders reasonable expectations and the principles of Treating Customers Fairly. Some key accountabilities will include:
- Develop, implement and monitor a sustainable profitability strategy and framework for all Life Fund products, that will deliver value for money to customers without eroding the Society’s Free Estate
- Oversee the technical delivery of new products written in the Life Fund to ensure they reflect members’ needs, meet risk appetite criteria and represent fair and equitable use of capital.
- Ensure that the Society’s With Profits business is managed in accordance with rules and guidance set out by the FCA and the actuarial profession. Direct and oversee compliance with the Principles and Practices of Financial Management
- Recommend bonus declarations to the With Profits Actuary (and With Profits Committee), including projections of bonus rates for customer illustrations and ensure that cohorts of policyholders are treated equitably, implementing revised bonus philosophies and applying discretionary benefits as appropriate.
- Develop, maintain and monitor compliance with the framework and basis for discretionary terms on with-profits products (including surrender values, transfer values and market value reductions)
- Design, develop and maintain the Group’s strategy for the Matching Adjustment Fund and other Life Find asset-liability matching portfolios. Ensure compliance with regulatory constraints and reporting requirements. Instruct the investment team in respect of any investment trades required,
- Recommend and implement capital management strategies in the Life Fund to ensure efficient use of members’ capital.
- Drive the implementation of specific major business developments, including regulatory changes, which have a significant impact on the risk profile or financial strength of the Life Fund. Identify, scope and lead the delivery of short term/ one off projects as required to ensure the Group’s strategic objectives are achieved.
- Lead, manage, motivate and develop direct reports so that they know what is expected, are able to maximise their contribution to business objectives and realise their potential.
About you
As our Head of With Profits Management, you will be managing the Life Fund in accordance with the strategy set by the With Profits Actuary and With Profits Committee and ensure that capital is deployed equitably across all policyholder cohorts. You will be or have:
- Qualified actuary - Fellow of the Institute and Faculty of Actuaries or equivalent
- Strong leadership and management experience- able to motivate and develop others
- Strong stakeholder management and relationship skills at all levels
- Thorough understanding of legislation and professional requirements relating to with profits business
- Detailed knowledge of the methodology and principles underlying with profits business and capital management of a with-profits fund.
- Detailed understanding of With-Profits Funds Governance and the roles of With-Profits Committee and the With-Profits Actuary
- Ability to communicate complex ideas effectively to both technical and non-technical audiences
- Awareness of potential emerging risks and regulatory changes in the market and the impact these could have on customers and their benefits
What we can offer
At NFU Mutual we pride ourselves on being “a great place to work” and one of only 39 companies across the globe, and the only organisation with headquarters in the UK, to receive a Gallop Exceptional Workplace 2021 award. We were also named in the LinkedIn Top 25 Companies List 2021. When you join our team, you can expect a supportive culture and an attractive range of rewards and benefits including:
- Competitive salary up to £125,000 per annum depending on experience
- Up to 33% annual bonus potential
- Car Allowance or Company Car
- Contributory pension scheme (company contribution up to 12%)
- Family Private Medical Insurance cover
- 28 days holiday per annum plus bank holidays (additional holiday purchase scheme)
- Employee discounts
- Gym subsidy
- Health and wellbeing plan
- Discounted Insurance on all NFU Mutual policies
About us
One of the UK’s leading general insurance and financial services companies, NFU Mutual has been meeting our customers’ needs for over 100 years. Our employees are important to us. We empower and inspire them to perform, offer opportunities to grow and we recognise and reward their contribution. They are proud to work for a company that respects them and broader communities, and they trust us to be financially sustainable, so we are successful now, and in the future.
Head of With Profits Management employer: NFU Mutual
NFU Mutual is an excellent employer that values collaboration and innovation, offering a hybrid work model that allows for 80% homeworking. With a strong focus on employee development and a supportive work culture, team members are encouraged to grow their skills in data analysis and coding while making a real impact on customer outcomes. The Stratford-upon-Avon office provides a vibrant environment where employees can connect with colleagues across various departments, enhancing both professional and personal growth.
