Together, we engage with everything we have and are, to help humankind act braver and better.
About UK Life Branch:
With the office in London, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not the, most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So we need a smart strategy and structure in order to succeed.
At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring. All three are key to the success of our business so it’s important to look at the big picture.
In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.
Job Purpose:
We are seeking high-calibre individuals with relevant experience to be art of the UK Financial Reporting team. Applicants should have a numerical background and be qualified actuaries. The role is flexible to the level of experience of the successful candidate.
The team focuses on meeting the financial reporting requirements of the branch. The job holder is responsible for significant contributions to the delivery of Solvency II and IFRS reporting.
Key Responsibilities:
- Take responsibility for the production and analysis of financial projections, liability valuations, IFRS and Solvency II calculations across business lines in the context of planned ambitious business growth.
- Assist in the testing and implementation of valuation systems and provide guidance to team members.
- Draft written reports and documentation for results and methods employed.
General Duties and Tasks:
- Develop technical knowledge and expertise relevant to insurance reporting and accounting.
- Develop ability to represent team and communicate results to senior management and other departments.
- Contribute ideas and support to positive development of Financial Reporting.
- Work with other departments within UKLB to ensure that inputs (including data and assumptions) to Financial Reporting are appropriate and reliable.
- Develop a sound commercial awareness of our business.
- Work successfully with the team across levels of seniority and train more junior team members.
Plus any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role.
Key Skills and Experience:
Essential
- 5+ years of relevant experience within UK life insurance market
- Computer literacy, particularly in Microsoft Excel and VBA.
- Experience of life insurance valuation and financial reporting.
Desirable
- Experience of life reinsurance
- Basic knowledge of IFRS, SII and other relevant regulations
- Proficient use of AXIS or other cashflow models and Python/R
Qualifications and Requirements:
Qualified actuary with in-depth understanding of actuarial practices
Personal Attributes:
- Strong numerical and reasoning skills.
- Good verbal and written communication skills, necessary for presentation and discussion of results and report production.
- Ability to work independently and as part of a team.
- Effective management of own workload, including proposing and meeting realistic work deadlines.
- Taking initiative and employing a creative and proactive approach to solving problems and learning.
Thought Leader:
You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.
Regulatory & Conduct Requirements:
In addition to the responsibilities set out above, the individual will also become responsible for ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.
Benefits
You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%
We are one of the few employers to offer fully paid 6months family leave for times when you need it the most.
At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.
If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.
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