Lead IFRS 17 Accountant
Aviva UK are now looking for a Lead IFRS 17 Accountant to join us on a long-term fixed-term contract (FTC). This FTC will run until December 2022.
As Aviva needs to implement the new IFRS 17 reporting standard which comes into force on January 1st, 2023 - this marks a step change in how we report our profit and loss and is arguably the most significant change in insurance reporting for a generation. The primary purpose of this role will be in relation to the delivery of IFRS 17 financial information to support decision making and legal entity statutory/regulatory reporting requirements in respect of Aviva International Insurance Limited (AII).
AII is Aviva’s internal reinsurer for both Life and GI business, and plays a pivotal role in the success of Aviva, freeing up capital and cash business units to support the Group’s strategic objectives. AII has over £60bn of assets and liabilities and is one of the largest reinsurance entities in the UK. As a composite reinsurer, implementing IFRS 17 is particularly challenging - the role will require a strong understanding of how GI insurers operate and write profitable business, an understanding of GI IFRS financial reporting, the ability to draw conclusions from dry run analyses and the ability to apply broader commercial thinking to be able to recommend specific technical choices.
Aviva introduced “smart-working” in 2020, and the person in this role can be based anywhere in England, as long as they are comfortable regularly travelling to our London offices.
The role’s duties & responsibilities:
Delivery of IFRS17 requirements in time with project plan - reviewing, understanding and interpreting FIA impact analysis across Annuities, GI and Unit Linked business areas
- Supporting AII in the successful coordination and delivery of AII IFRS 17 and Group IFRS17 reporting requirements
- Coordinating the calculation of the opening Contractual Service Margin (CSM) required for Transition - including managing internal and external business partners (auditors, etc.)
- Understanding and implementing treaty changes where required due to the impact of IFRS 17
- Engagement in strategic Audit review of work created/generated under the AII work stream
- Developing management actions & scenario analysis to communicate new sensitivities & risks
- Providing support & insight to project lead (AII Chief Accountant) & project sponsor (AII CFO) on recommendations and suggestions as to ongoing IFRS change activities
- Coordination and engagement with key Cedant contacts to ensure that technical decisions are aligned where possible and that cedants can provide data/calculations required
Skills & experiences required:
- Significant post-qualified, commercial accounting experience
- Financial Reporting, messaging, and analysis experience
- IFRS 17 or Quota Share Reinsurance accounting IFRS 4 experience
- Understanding of accounting aspects of IFRS (P&L/Income statement constructions)
- Track record of interpreting sophisticated data, crafting key messages and feeding into high level communications
- Risk and control focused
What will you get for this role?
- A salary of £80,000 to £100,000 depending on location, skills, experience and qualifications
- Generous defined contribution pension scheme
- Annual performance related bonus and pay review
- Holiday allowance of 29 days plus bank holidays and the option to buy/sell up to 5 additional days (Pro Rata)
- Up to 40% discount for some Aviva products through “My Aviva Extras” plus discounts for Friends and Family (some exclusions apply)
- Excellent range of flexible benefits to include a matching share save scheme
Working at Aviva
At Aviva, we’re people with a purpose. To be with you today, for a better tomorrow.
We bring this to life by ensuring managing risk is at the heart of the way we all work. We love people who do the right thing for our customers, and our colleagues. We want people who speak up, who take ownership, and who make good decisions.
The way we do this is important too. We always ‘Care More’. It’s our thing. We’re all about our people – that’s you – so we can be pretty flexible. If you want to work from home some of the time or change your hours so you can pick up your kids or care for someone in your family, we’re very open to that. In fact, we don’t advertise roles as either part or full time, because we know each person has different needs, just as each business area has different needs. So, it’s up to you to discuss working hours during your interview.
We care deeply about being inclusive and that means we encourage applications from people with diverse backgrounds and experiences. We want our employees to bring their whole self to work and that starts with you.
We interview every disabled applicant* that meets the minimum criteria for the job. Once you’ve applied please send us a separate email stating that you have a disclosed disability and we’ll make sure we interview you.
We’d love it if you could submit your application online. If you require an alternative method of applying, please give Daniel Hopchet a call on 0121 234 7625 or send an email to Daniel.Hopchet@Aviva.com.
*As defined in The Equality Act 2010. By ‘minimum criteria’ we mean you should provide us with evidence which demonstrates that you generally meet the level of competence required and have the qualifications, skills or experience defined as essential to perform the role.