Corporate Actuary (FSA), Valuation

Corporate Actuary (FSA), Valuation

Job Description

We’re a global life reinsurer operating in North America, Europe, Asia and Australia, and are part of Pacific Life, a mutual insurance group. Fuelled by our pursuit of excellence and a quest to innovate, we’re proud to do things differently. Our people aren’t afraid to disrupt and challenge industry thinking and provide the best protection, savings and retirement reinsurance products and services possible.

The Team

The global Valuation team at Pacific Life Re is responsible for the actuarial valuation of our diverse lines of business and global markets. The team will run and validate our integrated AXIS & Tyche models to deliver insights across PL Re. They will support our long-term growth by implementing new business, continuously improving processes and specifying and testing future model changes, working closely with our Actuarial Systems Team who develop and maintain the models. The team will be a key part of PL Re’s Divisional Business Services, interacting with CA teams, Operations, Finance, R&D, and Pricing.

Our actuarial models are vital to the way we run our business, and the Valuation team will provide crucial insights across Financial Reporting, Business Planning and other processes. The team is at the start of an exciting transformation journey towards more automated and efficient processes, making this an exciting time to join the global team.

The Role

The Corporate Actuary will be responsible for producing and validating actuarial model outputs across all across all bases (US GAAP LDTI, IFRS17, EC, BMA, USSTAT, LIMAT). You will work closely with other members of Valuation team to ensure modelling processes are coordinated and carried out effectively for both Financial Reporting and Business Planning processes. The role offers exposure to a wide variety of work, covering all lines of business, regions and legal entities.

You will have an exciting opportunity to participate in a period of genuine transformation as the benefits from a back-office transformation project are delivered into the team. You will act as an advocate for change and foster a culture of continuous improvement around modelling processes.

Collaboration with other teams will be crucial, as you'll be responsible for delivering modelling insights to a wide range of stakeholders across CA teams. You'll develop expertise and capabilities within the team to ensure that we can respond to the increasingly complex needs of a growing global reinsurer, such as conducting sensitivities and scenarios or modelling new non-proportional retrocession arrangements.

The role is part of a large, global sub-team, and so you will have the opportunity to gain substantial experience in global team collaborations. You will work with other members of CA across various time zones, ensure effective communication within the sub-team and with others. You will be part of a high performing team and contribute to the working culture.

Role Responsibilities

• The production of actuarial model outputs across all bases (US GAAP LDTI, IFRS17, EC, BMA, USSTAT, LIMAT) for Reporting and Business Plan, across multiple legal entities
• Handling ad-hoc requests from the other CA teams, such as modelling potential new deal structures or carrying out stress / scenario modelling runs
• Performing controls and validations to ensure the completeness and accuracy of modelled results
• Developing and maintaining a close working relationship with other members of global Valuation team, as well as other CA teams
• Ownership of model inputs, outputs and other processes related to all bases, e.g. demographic assumptions, IBNR factors
• Contribute to the continuous improvement mindset for modelling processes, including testing and implementation of related deliverables from the back-office transformation programme
• Specifying model requirements and testing new developments
• Assisting with model updates and runs on other bases as required

Skills & Experience

• Newly qualified actuary with minimum of 3 years’ experience in life insurance or life reinsurance
• Experience with actuarial modelling software (AXIS or Tyche preferred) and proficient with Microsoft Excel
• Experience of challenging / improving processes and contributing to continuous improvement
• Experience with the introduction of new processes, controls and systems
• In-depth understanding of the Corporate Actuarial function
• Good knowledge of some of the following baes IFRS17, US GAAP LDTI, EC, BMA, USSTAT and/or LIMAT including first-hand experience of associated modelling complexities

Competencies and Behaviours:

• Ability to work on own initiative and proactively contribute to a varied and demanding workload
• Effective communication skills, both verbal and written
• Proven focus on quality, ensuring deliverables are accurate and fit for purpose
• Proven ability to work with other functions, developing and maintaining working relationships
• Ability to understand and apply new concepts quickly, showing initiative, flexibility, and resourcefulness
• Adaptability to change and evolving environments
• Pragmatic, able to balance accuracy with effort
• Willingness to challenge the status quo

Company Values & Behaviours

The culture of our business is important to us.  At Pacific Life Re you will be expected to model our company values and behaviours on a day-to-day basis.

Compensation Range

The compensation range noted represents the company’s good faith minimum and maximum range for this role at the time of posting. The actual compensation offered to a candidate will be dependent upon several factors, including but not limited to experience, qualifications and geographic location.

Working For Pacific Life Re

Every person in our global team is valued for the unique qualities they bring to our business and we seek to build their expertise and support their individual ambitions at every step. We work hard and thrive on achievement, but we also know how to have fun and relax too. We regularly host a range of team building days to strengthen our team's connection with each other and reflect on their successes.

Providing employees with a healthy work-life balance is very important to our culture. We have a wide range of employee benefits and we host regular social activities and well being initiatives. We are also committed to supporting our employee's involvement in their communities, by actively fundraising, hosting charity events and overseeing volunteering opportunities.

Leave

• 23 days of annual leave (Regular employees) with option to buy or sell more days 

• Fertility leave

• Generous parental leave  

Healthcare

• Group Life Insurance and Accidental Death & Dismemberment coverage for all permanent employees 

• Dental & Optical benefits 

Savings & Retirement

• RRSP: company-matched contributions

Wellness

• Employee and Family Assistance Program

• Subsidized gym membership  

• Time off for volunteering 

• Charitable matching of employee donations 

As part of our commitment to diversity and inclusion, we will provide reasonable adjustments during the recruitment process to ensure equal access to applicants with disabilities. Please contact us about your needs so that we can discuss these with you to make sure that suitable adjustments are made, where possible.

Pacific Life Re Values

Please click here to view our company values

Use of AI 

As part of our commitment to a fair and efficient hiring experience, we want to inform you that we may use artificial intelligence (AI) tools to assist in reviewing resumes, and during the assessment process, including through platforms like HireVue. These tools help us identify relevant qualifications and streamline evaluations, but final decisions are always made by our hiring team.