Regional Actuary, Actuarial Reporting
At Prudential, we understand that success comes from the talent and commitment of our people. Together, we have a shared vision in securing the future of our customers and our communities. We strive to build a business that you can shape, an inclusive workplace where everyone's ideas are valued and a culture where we can thrive together. Our people stay connected and tuned in to what's happening around us, keeping us ahead of the curve. While focused on the long-term, we look to the future to bring growth, development and benefit to everyone whose lives we touch.
The incumbent will be supporting the Director/ Senior Director, Actuarial Reporting on regional actuarial reporting activities. He/she will act as the PCA representative executing the actuarial reporting oversight responsibility for the assigned PCA Local Business Units (LBUs), guiding them on all actuarial reporting matters and ensuring that financial reporting deliverables are submitted to PCA in a timely manner and of good quality.
The role encompasses both financial reporting and financial management elements, ensuring that PCA reports a solid set of financial results to the public which ultimately translates into implications on company's value and share price.
This role also gives the incumbent significant actuarial reporting, project management and stakeholder management exposure. Active collaboration and communication with various PCA departments such as Finance, Insurance and Capital Management teams, as well as the Group Head Office, will be required.
1) Financial Reporting and Country Management
2) Promote actuarial reporting best practice and drive continuous process and quality improvements.
- Review and challenge the actuarial reporting submissions from the assigned PCA LBUs covering a wide scope of metrics such as European Embedded Value (EEV), Free Surplus Generation (FSG), IFRS and Solvency II, ensuring robustness and accuracy of results;
- Production of Management Information materials for PCA Senior Management and Group Office.
- Disclosure work including all aspects of accounts like monetization, IRR / CPP / Cash10 etc.
- Annual Business Planning.
- Formulate responses to reporting queries from various stakeholders including PCA Senior Management, Group Office and external auditor in an accurate and diplomatic manner.
- Proactively identify reporting areas that require deeper understanding and execute potential improvements if necessary.
- Execute actuarial reporting methodology and practice improvement work in collaboration with LBUs.
- Guide LBUs on actuarial reporting issues by sharing actuarial best practices across the regions.
3) Execute regular financial monitoring and develop business insights from reporting results.
- Develop accurate and reliable 'live forecast' of key financial metrics which timely flags important issues and observations to PCA management.
- Own the regular production of monthly experience monitoring MI to monitor emerging experience and experience variances of assigned countries.
- Regularly host meetings with PCA Insurance Team / LBUs to understand the implications of various business initiatives and their impacts on financial KPI.
- Work with LBUs to identify potential areas of improvement and scope of management actions that can be exercised to improve key functional KPI.
- Ensure material issues are escalated to senior management in a timely manner.
4) Experience Monitoring and Assumption Setting:
- Review regular experience monitoring reports, working with LBUs to understand the underlying reasons for the observed experience.
- Review and coordinate the annual experience analysis, ensuring they are sufficiently granular to monitor experience.
- Review and challenge the proposed assumption changes made by LBUs, ensuring they are supported by experience with impacts fully quantified and managed.
- Assist in supplying adequate information in the communication to various stakeholders (PCA Senior Management, Group, external auditors) on the proposals.
5) Other country management supporting functions
- Act as the PCA representative bridging the communication between the LBU and PCA stakeholders.
- Flag key reporting issues in concise writings (in emails / report / slides) to LBU Senior Management / PCA stakeholders / Group effectively.
- Maintain a good working relationship with the LBUs.
- Develop thorough understanding of the LBUs. Accordingly, provide technical advice on other PCA actuarial related areas such as Finance, Pricing, Asset Liability Management, Capital Management, etc on a needs basis.
- University graduate majoring in Actuarial Science or equivalent.
- 10 years+ relevant experience. Candidates with less experience will be considered for the role of Actuarial Manager.
- Solid experience in life insurance industry, preferably with financial reporting experience. Knowledge in EEV and Solvency II is definite advantage.
- Ability to transform complex technical actuarial issues into simple business concepts in presenting to stakeholders of different background.
- A team player with strong communication and interpersonal skills, able to work independently and under pressure.
- Ability to build relationships, particularly with LBUs where influencing skills may be required
- Good command of both spoken and written English