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Longevity In-Force Actuary

Location London, United Kingdom Job type Full-Time Work mode Hybrid Job level Professional Job ID 14687 Company Munich Re Employment type Regular Area of expertise Actuarial & Risk Management
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Application Closing Date : Friday, 13th November

Together, we engage with everything we have and are, to help humankind act braver and better.

About UK Life Branch:

With the office in Munich, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not 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 has an important role in managing and overseeing a rapidly growing inforce Longevity portfolio, covering UK and Dutch business from a wide range of clients. They will support the Head of In-Force with actuarial leadership, taking responsibility for delivering a variety of regular and ad-hoc inforce management activities whilst ensuring key contractual commitments are met. These activities have a significant impact on the performance of the wider branch, and this position requires a deep understanding of longevity risk and in-force management to maintain strong portfolio profitability and support strategic decision-making. They will oversee and line manage a small team of more junior actuaries, providing technical guidance, mentoring and support to develop their skillset and ensure high quality deliverables. 

The successful individual will be expected to:

  • Assume ownership for the actuarial management of in-force longevity contracts
  • Maximise the value of the in-force portfolio through proactive management
  • Lead on actuarially complex in-force management exercises
  • Liaise with external and internal stakeholders to set and achieve deadlines for in-force activities
  • Challenge the status quo and lead on efficiency projects to ensure the portfolio can grow sustainably
  • Lead and develop effective processes to monitor the performance of the portfolio, to help drive deeper insights into the business
  • Nurture the team culture, support personal development and drive results
  • Supporting overall longevity strategy
  • Support Head of Longevity with appropriate ad-hoc tasks as required
  • Providing guidance / support / knowledge sharing to longevity team members

This is a great opportunity for a technically strong and ambitious individual to join a highly successful, friendly and growing team in an exciting, challenging and rewarding environment.

Key Responsibilities:

Portfolio Management

  • Take ownership of the actuarial management of in-force longevity contracts, including the technical review and sign-off of key actuarial deliverables such as collateral calculations, premium schedules, fixed and floating leg calculations, annual reviews, true-ups and model reconciliations.
  • Ensure all longevity processes are efficient, effective and relevant, promoting a continuous improvement environment – recommend changes and initiatives where appropriate
  • Implement relevant controls to support early identification of problems
  • Approve the completion of various workstreams, in line with delegated authority from the Head of Longevity/Head of In-Force
  • Review and challenge pricing assumptions in tenders and wider basis related discussions
  • Act as a key actuarial point of contact for clients and internal stakeholders on in force matters, providing technical and commercial guidance on complex contractual matters and in-force management activities.

Maximise Value

  • Take a commercial viewpoint where appropriate to deliver value to Munich Re from the in-force portfolio
  • Lead on a variety of actuarially complex in-force management exercises, such as (but not limited to) novations, mortality basis reviews, repricing exercises and benefit restructures
  • Ensure these exercises are carried out in a manner that optimises the value to Munich Re
  • Seek to improve efficiencies in current systems/models by increasing speed and automation
  • Build and champion collaborative relationships with other UK Life Branch teams, including Financial Reporting, Data Management and Pricing to ensure longevity contracts run efficiently
  • Provide clear, concise and informative updates to the Head of Longevity and other senior stakeholders members on the operational and financial performance of the portfolio
  • Develop strong working relationships with other Munich Re stakeholders

Team Management & Development

  • Line manage junior in-force actuaries, providing regular feedback and taking responsibility for their development, performance and wellbeing.
  • Conduct regular resource planning, ensuring the teams immediate needs are considered as well as the longer term strategic goals of the longevity team and the wider UK Life Branch
  • Manage day to day resources and workloads, making balanced prioritisation decisions
  • Provide expert guidance to in-force team members on complex, technical or non-standard matters as they arise
  • Proactively develop talent through knowledge sharing on market developments and practices
  • Assist with recruitment to meet resourcing needs
  • Work with colleagues to manage material operational risk failures, data/accounting issues, etc.

Other

  • Support the Head of Longevity and Head of In-Force as required
  • Oversee a variety of longevity projects and development work streams to facilitate future growth and to modernise the business.
  • Support the wider longevity team strategy, including product and market developments as appropriate
  • Provide expert input into strategic discussions, ensuring that in-force management aspects are considered.
  • Support wider branch as required and with any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role

Competencies:

Strategic mindset (we think big) – you look, plan and move into the future with clear intentions and purposeful actions, seeking regular feedback, that allows you to make decisions today that will lead the business towards its future commitments.

Ensures accountability (we lead the ‘we’) – you hold yourself and others accountable to take responsibility and meet commitments, creating a culture where people own their decisions and actions and appreciate how they contribute to the team/organisation commitments.

Managing complexity (we grow with our clients) – you make sense of complex and sometimes contradictory information to effectively solve problems, learning and sharing along the way.

Sponsors work (we care and dare) – you know when to lead and when to let others lead, providing direction and delegating to others, empowering and trusting them to achieve their commitments. Develops talent (we care and dare) – you develop the team to meet their career ambitions, building capability at an individual and organisational level, preparing them for future opportunities. You discuss feedback and development regularly and promote a diverse and inclusive workforce.

Being resilient (we are clear and authentic) – setbacks are unavoidable; however, you recover quickly, seek feedback, learn and unlearn and move forward with courage and commitment.

Key Skills & Experience:

Essential

  • Directly relevant experience of the bulk annuity/pensions industry
  • Strong knowledge of DB pensions including cashflows, assumptions, benefits and valuations
  • Strong analytical skills, with the ability to work independently and apply judgement
  • Understanding of key financial and longevity drivers for a UK life insurance company and UK pension schemes
  • Good commercial awareness and the ability to balance actuarial, contractual and business considerations.
  • 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 understanding of DB de-risking offerings in the market
  • Longevity insurance/reinsurance experience
  • Contacts with key longevity players in the market
  • Good negotiation skills and ability to work under pressure

Qualifications and Educational Requirements:

  • Qualified actuary (FIA or equivalent)

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 and role model 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  6months family leave for times when you need it the most. 

About us:

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged

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.

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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