Actuary Role To Lead Statutory Valuation Team - Life Insurance

Qualified Actuary to Lead Statutory Valuation team with a leading Life Insurance Co

Role Summary: Will be a leading the Statutory Valuation team within the Actuarial function.

Responsibilities include:

- Computation of Statutory Reserves and Solvency

- Recommendation of Statutory Assumption basis

- Computation of Asset Shares and carrying out Bonus Supportability investigation

- Conducting an Analysis of Surplus

- Carrying out Asset Liability Management exercise

- Checking of Regulatory Forms and Reporting

- Statutory Reserves and Solvency - Perform the Statutory Valuation of the company on a monthly basis and compute the Solvency Ratio of the company:

- Ensure adherence to the valuation methodology of the company and ensure the same is in line with Regulations

- Raise change requests to the Prophet Models and perform UAT and Regression Testing on the same

- Explain the movement in Reserves month on month and produce checks in terms of appropriate reserve ratios

- Perform computation of the ASM and Solvency Ratio of the company in line with Regulations

- Train the team in actuarial techniques related to valuation of liabilities

- Recommendation of Statutory Assumption basis - Collaborate with Experience Analysis team on review of assumptions based on emerging experience

- Ensure compliance of MADs with Regulations and APS

- Prepare documentation of the assumption setting process and get the assumptions reviewed by AIA

- Asset Shares and Bonus supportability - Calculate Asset Shares in respect of Participating Business

- Perform reconciliations with Financial Statements of the calculated Asset Share

- Conduct Bonus supportability investigations to recommend to the Board the annual bonus rates to be declared

- Perform attribution analysis for surplus in the Estate

- Analysis of Surplus - Perform Analysis of Surplus and a produce a commentary on the results along with recommendations for Business / Assumption setting

- Asset Liability Management - Perform the necessary test to monitor ALM and report the key finding along with recommendation to the ALM committee

- Prepare the Regulatory quarterly ALM report within the regulatory timelines

- Regulatory Forms and Reporting - Ensure compliance with all Regulatory deliverables within timelines. These include Quarterly Solvency, Public disclosures, NAV certification etc.

- Preparation of the Annual Reports - ARA and AAAR along with specified annexures

- Preparation of the With Profits Committee Report and Financial Condition report

- Risk Own-up-the risk of the function by developing a risk aware culture through participation in measurement, analysis and mitigation of risks associated with the respective function. This includes development of risk response processes, participation in contingency and business continuity programs and reporting of emerging risks with potential impacts. Also, respond to risks highlighted by employees through formal / informal mechanisms and advice on various risk management issues within the organization and provide feedback. Participate in implementing risk mitigation plan through optimum resource allocation, monitoring and reporting on status.

- Team management and training - Manage the team so to ensure delivery of work on time and error-free

- Train the team in actuarial techniques related to valuation of liabilities

- Communication - Presentation and communication of all results mentioned above with all critical stakeholders including CEO/Management team and Shareholders along with speedy resolution for any queries.

- Technical - Prior experience of Statutory Valuation is a must.

- Candidates are expected to have good knowledge of Prophet models. Knowledge of Excel VBA and SQL/MS Access will be an added advantage.

Essential Desired :

Qualification Qualified Actuary

Experience : 8-10 years of experience with at least 1-3 years post qualification experience in an Indian Life Insurance company Knowledge of Excel VBA and SQL/MS Access