Role: VP, Actuarial Financial Reporting & Appointed Actuary

Role Jurisdiction : Perform the statutory duties of Appointed Actuary:

• Ensure appropriateness of premium rates
• Investigate the financial condition of the company’s life insurance business including a valuation of liabilities and a prospective test of the financial condition of each insurance fund
• Provide a written recommendation to the Board of Directors on the allocation of the par fund by way of bonus to the participating policies and to the surplus account
• Advise the company on the appropriate investment policy for each insurance fund
• Report on matters which have an adverse effect on each insurance fund

Responsible for the actuarial aspects of the 3 financial reporting bases of CGAAP, USGAAP and local RBC: CGAAP Reporting Requirements:

• Maintain Traditional & UL Model
• Monthly MIS Reporting & SOE
• NB summary and market share analysis
• Quarterly submission such as MCCSR, reserve details and other schedules
• Model review and enhancement
• Basis Change
• Develop and Maintain VA Model (universal life if any)
• Quarterly Earning Forecast
• Business Plan
• DCAT
• Economic Capital
• IFEV
• Regional initiatives if any

USGAAP Reporting Requirements:

• Quarterly Reporting & SOE
• Model Review and Enhancement
• Basis Change

Local RBC Reporting Requirements:

• Quarterly Statutory Filing
• Annual Return & Audit
• Quarterly LIA Business Submission
• Financial Condition Analysis and Stress Tests
• Local Capital Plan
• Dividend Recommendation
• Basis Change
• Quarterly SOE

Reporting in particular the valuation of the liabilities and assets and associated ALM together with SOE reporting.

• Responsible for formation of new products / lines of business valuation and financial reporting model.
• Financial reports need to be produced on a timely basis and accurately.
• Issues arising need to be communicated quickly and appropriately.
• Responsible for experience studies, reinsurance and actuarial services such as M&A, special quotation, NB plan and system implementation.

KPI’s

• Resource planning, allocation and control.
• Satisfaction with services provided, timeliness and quality of processes and services.
• Identification, development and prioritization of improvements in processes and services.
• Recruitment, Retention, productivity and performance of staff.
• Compliance with the company’s relevant policies/standards and government/external body regulations.
• Establishment of internal policies / procedures and review of specifications.
• Execution of business/corporate initiatives with demonstration of leadership and forward-thinking solution.

Ideal candidate profile

• University Degree Holder and Qualified Actuary with a recognized international actuarial organization
• At minimum of 8 years post-qualification experience
• Computer proficiency: Excel, AXIS as well as basic knowledge of Word, Powerpoint

Key working relationships:

• Internal
  • In addition to his own team – CFO, Finance Team, Actuarial Pricing Team plus Regional Actuarial Services Team
• External
  • MAS, E&Y

Key competencies

• Technically Competent and professional
• Hard-working and task-oriented
• Attention to detail, accurate
• Ability to manage a team especially under tight deadlines
• Good interpersonal skills with local and regional colleagues