Asset Modelling and Validation Actuary

VN-23223

Permanent

London

Competitive

12 August 2022

Legal and General Retirement Institutional (LGRI) provides retirement solutions to over one million customers. The retail business helps customers turn their pension savings into lifelong retirement income. The corporate business helps defined benefit pension schemes manage their annuity liabilities, through buy-out, buy-in and longevity insurance arrangements.

Risk Analytics, a team within LGRI, provides the quantitative financial analysis for LGRI, Legal and General Assurance Society (LGAS) and Group.

This team is responsible for financial reporting and financial analysis across the Group and the provision of risk solutions including asset data, analytic libraries, risk measurement and MI covering both external regulatory (SII, IFRS) needs and those of other internal reporting metrics (e.g. Economic Capital, ALM and Portfolio Credit Risk). Development is generally performed by LGR IT, but all other aspects of the change management process are managed by Risk Analytics (including internal model change, stakeholder management, project delivery management, and release management).

The role holder uses their experience and exposure to asset modelling to help analyse and validate the results produced within Risk Analytics and communicate these to all relevant stakeholders. Reporting to the Head of Pricing, Valuation & Validation, this role assumes the responsibility of producing the analysis and validation reports supporting the financial results produced by the wider Risk Analytics team. Primarily focussed on the Solvency II and Economic Capital calculations, this role will also support the other team member in producing the analysis and validation of key Risk Management and MI metrics when required.

The role will provide a valuable holistic understanding of how an insurance company works from an asset portfolio perspective and it will provide you with high visibility across the Group.

  • Providing analysis and validation on the asset movements supporting the quarterly Group capital calculation on both Solvency II & Economic Capital disclosures
  • Providing analysis and validation of the asset movements supporting the quarterly/monthly Risk Management & MI metrics
  • Ensuring ongoing quality of deliverables from Risk Analytics to all customers
  • Analysis and implementation of new asset classes & portfolios & subsequent effect on the business unit capital requirements
  • Liaising with investment strategy teams to forecast capital requirements on investment decisions & assess portfolio capital efficiency
  • Being an active and productive member of the wider Risk Analytics Team, looking to constantly develop knowledge with a view to future career progression
  • Engaging with other teams within Legal & General to enhance the validation activities
  • Providing support for the Asset Modelling and Policy Committee (AMPC) in taking minutes, preparing the agenda, ensuring meeting actions are complete and preparing the meeting packs.
  • Responsible for ensuring existing modelling approach used for assets is robust and  in line with Group Internal model validation standards and validation policy
  • Presenting validation reports to Business Units, Senior Management and Group Committees
  • Ensuring that the principles of Conduct Risk are embedded into your day-to-day operations to deliver good customer outcomes at all times. Ensuring that all business processes and internal controls within your role are designed and performed in a way that delivers good customer outcomes and demonstrates effective management of Conduct Risk
  • Supporting the team in developing the asset modelling and asset data for the internal model, covering documentation, validation and change.
  • Supervising and coaching team members to ensure business outcomes and an engaged, well performing team
  • Qualified/Nearly Qualified Actuary or CFA or Bachelor's degree in Actuarial Science, Finance, Math, Economics or related discipline
  • Exposure to asset pricing and modelling with an understanding of the capital impact of asset stresses on different types of Insurance businesses
  • General knowledge of a wide range of asset classes including fixed income, credit, equities, Property, and derivatives (IRS, Inflation linked swaps, Options, Swaptions)
  • Show strong initiative in applying problem solving and analytical skills.
  • Exposure to Solvency II requirements, including Matching Adjustment knowledge
  • Life-insurance experience in annuities business divisions; alternatively experience in other equivalent risk-management organisations
  • Financial reporting processes and metrics employed in the insurance industry : Economic Capital, Solvency II, IFRS, ALM
  • Excellent communication skills and interpersonal skills.
  • Ability to work quickly and accurately whilst closely with others.
  • Experience of programming in languages such as Python, VBA, R, C++ is desirable but not necessary

When you commit to Legal & General, we’ll commit to you too. That means we’ll recognise and reward your hard work, your performance and your contribution.

If you join us, you’ll get access to some great benefits, including private medical insurance, 30 days holiday (excluding bank holidays), a generous pension scheme, life assurance, and Income Protection. You'll receive a car allowance of 12% of your annual salary, and you can participate in our electric car scheme, which offers employees the option to hire a brand new electric car through tax efficient salary sacrifice. We’re also proud to offer competitive family leave. 

You’ll have the opportunity to participate in our annual, performance-related bonus plan and valuable share schemes. And then there are the many discounts we offer that you can take advantage of – both for our own products and at a range of high street stores and online offerings. 

About L&G

The brand with the brolly is choosing today to change tomorrow.

Since 1836, we’ve grown to become one of the world's largest asset managers, homebuilders, pension providers and insurance brands. 

We’re all here to improve the lives of our customers, build a better society for the long term, and create value for our shareholders - helping to shape a better future for society and the planet.

We need people who share our ambitions, agility and entrepreneurial spirit to help us do it.

At L&G, you’ll find a balance that helps you be your best. Empowered by hybrid working, we’re supported by technology and workplaces that enable us to work effectively wherever we are. We come together in offices to collaborate and connect, and use time at home for individual, focused activities. And, when we achieve great things, we celebrate our success and reward strong performance.

Today, there’s over 10,000 of us, working towards our mission, with plenty of opportunities to grow your career as we grow L&G. Will you join us?

About the business area

Securing pensions over the long term can be a challenge for many businesses. Our ambition at Legal & General Retirement Institutional (LGRI) is to help companies and pension scheme trustees honour their defined benefit pension promises to their employees. We’re helping companies settle their pension liabilities so they can focus on growing their businesses, as well as helping to support their members’ financial security in retirement. And we’re investing for the long term to back our pension promises. In the last 30 years we’ve written more UK business than any other insurer, and we currently look after more than half a million pension policyholders. We're the UK’s longest-serving active bulk annuity provider, and a market-leading, multi-award winning business.  

Our commitment to Equal Opportunities

Great minds don’t have to think alike, so we welcome voices from all backgrounds. Bringing together people with different life experiences helps us build empathy with our customers and drive innovation.

We don’t just talk about it, we actively promote diversity and equitable opportunities for all. That means our employment decisions are made without regard to race, colour, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age, disability or protected veteran status. In fact, we embrace every dimension of diversity to reflect the customers and communities we serve.

We think it’s important to create an inclusive environment where we can all belong, contribute and drive progress, where you can develop and grow, and be empowered. We want you to use your voice to help us build a better tomorrow.

We all work differently, and have different needs, which is why. we’re always open to discussing flexible working arrangements. Likewise, we’re committed to finding reasonable accommodations for candidates with specific needs during our recruiting process.

So whoever you are, wherever you are, whatever your story, we'd love to hear from you.

How to find out more

If this opportunity excites you but you’re not sure you meet all the requirements, or you’d like to know a bit more, please contact Jordan Russell  at jordan.russell@landg.com (LinkedIn profile: https://www.linkedin.com/in/jordan-russell-70ab89169/).

If you’d like to be considered for this role, please submit your application through our careers website as we’re not accepting email applications.

About L&G

The brand with the brolly is choosing today to change tomorrow.

Since 1836, we’ve grown to become one of the world's largest asset managers, homebuilders, pension providers and insurance brands. 

We’re all here to improve the lives of our customers, build a better society for the long term, and create value for our shareholders - helping to shape a better future for society and the planet.

We need people who share our ambitions, agility and entrepreneurial spirit to help us do it.

At L&G, you’ll find a balance that helps you be your best. Empowered by hybrid working, we’re supported by technology and workplaces that enable us to work effectively wherever we are. We come together in offices to collaborate and connect, and use time at home for individual, focused activities. And, when we achieve great things, we celebrate our success and reward strong performance.

Today, there’s over 10,000 of us, working towards our mission, with plenty of opportunities to grow your career as we grow L&G. Will you join us?

About the business area

Securing pensions over the long term can be a challenge for many businesses. Our ambition at Legal & General Retirement Institutional (LGRI) is to help companies and pension scheme trustees honour their defined benefit pension promises to their employees. We’re helping companies settle their pension liabilities so they can focus on growing their businesses, as well as helping to support their members’ financial security in retirement. And we’re investing for the long term to back our pension promises. In the last 30 years we’ve written more UK business than any other insurer, and we currently look after more than half a million pension policyholders. We're the UK’s longest-serving active bulk annuity provider, and a market-leading, multi-award winning business.  

Our commitment to Equal Opportunities

Great minds don’t have to think alike, so we welcome voices from all backgrounds. Bringing together people with different life experiences helps us build empathy with our customers and drive innovation.

We don’t just talk about it, we actively promote diversity and equitable opportunities for all. That means our employment decisions are made without regard to race, colour, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age, disability or protected veteran status. In fact, we embrace every dimension of diversity to reflect the customers and communities we serve.

We think it’s important to create an inclusive environment where we can all belong, contribute and drive progress, where you can develop and grow, and be empowered. We want you to use your voice to help us build a better tomorrow.

We all work differently, and have different needs, which is why. we’re always open to discussing flexible working arrangements. Likewise, we’re committed to finding reasonable accommodations for candidates with specific needs during our recruiting process.

So whoever you are, wherever you are, whatever your story, we'd love to hear from you.

How to find out more

If this opportunity excites you but you’re not sure you meet all the requirements, or you’d like to know a bit more, please contact Jordan Russell  at jordan.russell@landg.com (LinkedIn profile: https://www.linkedin.com/in/jordan-russell-70ab89169/).

If you’d like to be considered for this role, please submit your application through our careers website as we’re not accepting email applications.