Annuity Asset Origination Manager

London (UK)
Salary of up to £90,000
19 Apr 2021
19 May 2021
Full Time

We are recruiting for a Annuity Asset Origination Manager to join The Annuity Asset Origination Team (AAO) within Aviva.

The Annuity Asset Origination Team (AAO) was set up in Q4 2018 to support Aviva's growth in its annuity businesses, primarily bulk purchase annuities. Growth in the liability business requires a sustainable flow of long-duration, high-quality (credit) and commercially attractive assets.

The team works collaboratively with Aviva Investors and other asset managers, the CIO Team, Finance and Risk to develop analysis, insights, strategies, plans and action to generate a sustainable flow of annuity assets. Given the long-term nature of the annuity business and a low-volume of high-value transactions, originating new assets and asset classes is necessarily complex requiring detailed research and risk assessment.

The team typically originates £4-5 billion p.a. across several new and existing asset classes and geographies to meet annuity liability requirements, Aviva investment, ESG goals and risk appetite and stretching financial hurdles while developing capability for future years.

This role is a 6-month fixed term contract.

Duties & Responsibilities:

  • Leads the development and ongoing management of the detailed annuity asset origination financial plan, co-ordinating and aligned detailed asset volumes, assumptions and forecasts with Pricing and Finance teams.
  • Leads the quarterly review and update of asset assumptions for pricing, co-ordinating activity with Pricing and Finance teams.
  • Supports senior members of the team in ad-hoc asset origination activities, such as optimising investments in equity release mortgages.
  • Leads AAO's management of risk in accordance with Aviva's IMMMR risk management framework, ensuring the team understand their risks and have appropriate controls in place to manage them within tolerance.
  • Represents team in Deal Governance Committee and Finance Forums, as well as writing papers and presenting to Cost Governance Committee, Investment and Credit Committee, ALCO and Board Investment Committee on relevant matters.
  • Leads quality assurance of AAO controls ensuring they are fit-for-purpose.
  • Leads/maintains AAO's relationship with 2nd Line Risk and 3rd Line Internal Audit, ensuring AAO proactively manages issues and concerns and is aware of emerging regulatory changes.

Skills & Experience required:

  • Knowledge of annuity pricing, asset assumption-setting, business planning and finance decision-making.
  • Excellent knowledge of investment markets, in particular the liability-driven investment market.
  • Excellent knowledge of the life insurance industry, in particular pensions and annuities and matching-adjustment portfolio regulations.
  • Excellent knowledge of the bulk purchase annuity market and trends and a good understanding of scheme trustees' de-risking strategies and solutions.
  • Excellent knowledge of asset liability management including hedging strategies.
  • Good knowledge of investment tools and techniques to optimise performance.

What will you get for this role?

  • Salary of up to £90,000 depending on 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.
  • 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'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 Alice Neal a call on 0121 200 5926 or send an email to .

*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.