Senior Actuary - 12 month Fixed Term Contract

M&G plc.
19 Jan 2021
21 Jan 2021
Contract Type
Full Time
At M&G our vision is: to become the best loved and most successful savings and investment business and we're looking for people who are excited about joining us on our journey. We're digitally transforming and investing heavily in technology and innovation to develop new and improved customer propositions that really raise the bar for our customers. To help us achieve our vision we're looking for exceptional people who live our values and behaviours and who can inspire others; embrace change; deliver results and keep it simple.

We know that an inclusive environment makes us more accessible and ensures we attract, engage, promote and retain exceptional people. We welcome applications from all individuals regardless of age, gender/gender identity, sexual orientation, ethnicity/nationality, disability, or military service and welcome those who have taken career breaks. We will consider flexible working arrangements or home working arrangements for any of our roles.

What you can expect from us:
We are committed to creating an environment where you can be exceptional at all you do. To help us deliver this, we promise to:
  • Challenge Your Limits by creating a stimulating working environment and providing opportunities for you to be involved in meaningful and challenging work
  • Support Your Aspirations with a commitment to learning and development that helps you achieve and build your experience with people who want you to succeed
  • Value Your Input whereby leaders and managers will involve you in key decisions, listen to your thoughts and recognise the important contribution you make
  • Balance Your Life through a work life partnership that focuses on making this an inclusive, diverse and friendly place to work and offers the flexibility and support that enables everyone to be at their best

How do we support our employees:
All M&G plc employees will be supported in the workplace through our M&G Employee Assistance Programme (EAP). If you need counselling, confidential financial or legal advice. The service is available 24 hours a day, 365 days a year and offers access to qualified professionals who can provide specialist information, advice and support on many issues. It offers a broad range of services, including help with family issues, maintaining work/life balance and mental health support.

We are actively recruiting for several Actuary positions. These positions can be based in Edinburgh/Stirling/London. We are fully equipped to recruit and onboard new hires remotely with a view to a flexible working pattern between the office and home in future.

The Role:
Financial Reporting is accountable for delivering on time and accurate financial results and disclosures across all reporting metrics, while providing real business insights, quality assurance and technical advice.

This is a 12 month Fixed Term Contract Opportunity

The With-Profits Valuation team is responsible for the valuation of the Solvency II and IFRS balance sheets for M&G plc's with-profits fund, which is the largest with-profits fund in the UK and includes a wide variety of different products, including PruFund, unitised with-profits, conventional with-profits and annuity business. The role will involve producing a complete view of the balance sheet for these products whilst demonstrating a deep understanding of the drivers of change in period on period results for assets, technical provisions and solvency capital requirements.

The team are responsible for the communication of results to internal and external audiences including regulatory reporting and for carrying out analysis of how the balance sheet moves under a range of different metrics and future scenarios.
  • The role will require developing a strong overview of the M&G plc business, especially the with-profits business lines and a deep technical knowledge of our products, communicating with business areas and understanding the impact of various factors on the financial results.
  • The role will require presentation of a range of financial results to Senior business leaders, demonstrating a clear grasp of the detail and strong communication of how the business has performed.
  • The role holder will be a qualified actuary and will lead a team and will be ultimately accountable for the performance of the team, in terms of time, cost and quality, and including its responsiveness to future business requirements.

Key Work Level Accountabilities:
Manager or Expert:
  • Accountable for managing and motivating others to ensure quality of delivery to customers and stakeholders
  • Applies judgement to deliver outcomes, evaluating a range of potential solutions, considering the impact for customers, cost and risk
  • Manages conflicts that may impact delivery
  • Challenges upwards given knowledge of delivery and awareness of complex systems and the broader picture
  • Identifies and anticipates need for changes to continuously improve quality and efficiency of output
  • Manages resources and risks using expert judgment, know-how and experience

Key Responsibilities for this role:
  • Lead a team of Finance professionals, in the delivery on a range of financial reporting and business management metrics, primarily Solvency II and IFRS, for internal and external reporting with supporting analysis and clear and concise commentary demonstrating that the drivers of profit/ surplus are well understood as they relate to the with-profits fund.
  • Ensure the delivery of high quality management information, meeting customer needs, within a robust control framework.
  • Support projects, including development of the reporting solution for IFRS17.
  • Liaise with the wider Finance teams to understand the impacts of various activity on the ongoing financial statements.
  • Hold ultimate accountability for the accuracy of the output of the team, balancing resource time and cost to optimise the quality of the output.
  • Develop a team which challenges the status quo, embraces changes, strives to make continuous incremental improvements and is responsive to future business requirements.
  • Work collaboratively with colleagues and take personal accountability to maintain and enhance controls you are responsible for to support improvement of the overall control environment, customers outcomes and a reduction in M&G plc's operational risk.

Key Knowledge, Skills & Experience:
  • Strong knowledge of financial services, regulatory and legislative frameworks, including IFRS and Solvency II principles and associated external reporting and disclosure requirements
  • A strong understanding of financial statements and the key data included in the P&L and Balance sheet.
  • Significant experience of preparing financial information for the purposes of meeting internal and external reporting requirements.
  • Knowledge of financial services regulatory and legislative environment and reporting metrics
  • Knowledge of life and pensions products, markets and competitors
  • Knowledge of actuarial modelling methods and controls around model results.
  • Working knowledge of the impact of governance, risk and compliance processes
  • An understanding of the commercial implications of decisions
  • Strong verbal and written communication skills
  • Significant experience in understanding the wider business and distilling this information to provide understandable results to the business
  • Experience of disseminating complex quality information to internal and external stakeholders (including regulators and rating agencies) and ensuring it is understood
  • Experience of delivering advanced financial findings and results to an audience with varying degrees of sophistication by breaking down complex information and challenging others to appropriately limit technical jargon
  • Experience of using understanding of the business linked with finance knowledge to support the business and of making recommendations and helping to originate creative solutions
  • Experience of leading teams to deliver under pressure and/or to tight timescales
  • Experience of translating Finance's vision and goals into clear, specific and achievable objectives, making the vision tangible for individual teams
  • Ability to produce high quality technical work whilst operating within a well-controlled environment

Work Level: Manager or Expert
Recruiter Name: Emma Pryde
Closing Date: 29th January 2021

We live by four behaviours at M&G and we ask all our employees to:
  • Inspire Others - Support and encourage each other, creating an environment where everyone can contribute and succeed
  • Embrace Change - Be open to change, willing to be challenged and able to adapt quickly and imaginatively to new ideas
  • Deliver Results - Focus on outcomes, set high standards and deliver with energy and determination
  • Keep it Simple - Cut through complexity and bureaucracy, be clear and decisive and never overcomplicate things

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