Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. Job Purpose Support the modelling, valuation and reporting of Great-West Lifeco's UK equity release mortgage (ERM) portfolios and the modelling and reporting of inflation risk for Canada Life UK Division.
Key Accountabilities 1) Support production of regular ERM valuations and reporting in accordance with the relevant standards and regulations for the UK, Canada, Ireland and Reinsurance Divisions, including: • Accurate and timely production of IFRS 17 and Solvency II metrics, including base and stressed valuations, quarterly reporting packs, analysis of change, risk reporting, investment reporting. • Identify, investigate and resolve any issues with the ERM reporting. Where appropriate identify the root cause and work with relevant teams to ensure the issue is not repeated. • Communicate ERM valuation results to global stakeholders and UK senior management, and provide insight and recommendations as necessary. • Review the valuation basis for ERMs in accordance with the relevant standards and regulations. Present the proposal to senior management to get their sign off. • Provide input/support on ERM's to the internal modelling team, Home Finance team and ERM pricing team, as necessary. • Continuous improvement of the processes and maintenance of process documentation. • Support relevant initiatives and projects across the business for ERMs.
2) Support inflation risk reporting as required, including: • Accurate and timely production of inflation curves for reporting, pricing and investment teams. • Produce management information and other papers for the Asset/Liability Committee and working groups. • Communicate inflation MI to the Investment team and support development of appropriate trading strategies. • Enhance the inflation risk management framework within the UK division. • Specify enhancements to the inflation model, test model changes and ensure model and process documentation is kept up to date. • Support the development of Solvency II Inflation risk internal model. • Provide inflation risk assessments and support stress and scenario testing for the ORSA.
3) General Responsibilities: • Ensure familiarity with risk management programs, and follow appropriate risk management procedures to control, monitor and report on business activities. • Ensure compliance with Company policies, regulatory, professional & legal requirements.
Desired Knowledge / Experience / Skills Technical Expertise • Experience with valuation / reporting work and practical experience with setting actuarial basis. • Understanding and ability to implement/maintain an actuarial control framework. • Prior experience with ERMs and / or inflation risk would be advantageous. • Strong commercial awareness and understanding of the needs of the business. Will be able to apply technical actuarial techniques and understand business/commercial implications. • Willing and capable of taking difficult and complex decisions in order to progress issues, and able to exercise sound judgement and commercial sense to understand the importance of different issues and assess when matters need to be escalated. • Prior experience with Matlab, VBA or R would be advantageous.
Communication • Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management. • Strong ability to adapt messages to the audience, in a format that is easily understood by non-technical colleagues.
Relationship Building • The ability to develop and maintain strong relationships across the actuarial function and the wider business, acting with integrity and role modelling the company values at all times. • Strong interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders.
Problem Solving • Able to effectively plan, organise and execute their own work with little supervision, making management aware of conflicting priorities and readjusting their workload accordingly. • Good problem solving skills and attention to detail, being able to identify issues and interdependencies, recommending a course of action with support and guidance from colleagues. • Proactive approach to tasks and taking on new responsibilities.
Taking Initiative • Exceptional problem-solving skills and attention to detail with demonstrable ability in spotting issues, interdependencies and challenges to ensure work is produced to an accurate, commercial and informed standard. • Self-motivated, well-organised, pragmatic and able to perform tasks independently. • Fellow of Institute of Actuaries (or equivalent).
What you'll like about working here As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You'll also receive the support you need with your personal and professional development.
Diversity and inclusion Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences