Longevity Risk Actuarial Analyst
- Contract Type
- Full Time
- Role Type
- Closing Date
- Company Info
We take pride in being there for our customers. We help them deal with whatever life has in store and support them in achieving financial security; and that’s thanks to the talented and dedicated people who work with us. For us, ‘social responsibility’ is not just a buzzword. It defines us and runs through everything we do for our customers and as an employer. And working with us, you’ll get a competitive reward package and have the flexibility and autonomy to deliver your personal, business and career goals.
- Department Info
With around one million customers, our retail business helps turn customers’ pension savings into lifelong retirement income and our corporate business looks after our defined benefit pension schemes ensuring they are effectively managed to protect against risk and achieve their maximum potential.
- Job Duties
• Support longevity risk modelling to assess mortality and mortality trend for annuitants. This work includes both UK and international territories.
• Assist in developing and communicating longevity assumptions for the purposes of year end reporting, pricing or capital requirement.
• Support the delivery of strategic deliverables including the use of financial levers for both year-end reporting, pricing and capital. Assist with educating and informing stakeholders on key aspects of mortality information.
• Population mortality and health monitoring. Analysis of trends and production of regular MI.
• Contribute to the development and delivery of marginal distributions of uncertainty for base mortality, mortality trend, spouse demography, and associated correlations for the retirement portfolio (UK and International).
• Production and maintenance of future mortality projection models. Research into new techniques to improve modelling and provide improved insight into the direction of future mortality.
• To support the tasks necessary to support the development, review and maintenance of the Longevity Risk Predictive model for describing/predicting the mortality experience of the UK and International business, Including: - Pricing Bulk and Individual annuitant business to ensure it reflects the specific mortality risk within these markets whilst supporting a competitive price where appropriate. - Base Mortality pricing for International expansion to ensure it reflects the specific mortality risk within these markets whilst supporting a competitive price where appropriate. - Interpreting the results of the mortality analysis to develop and refine the Postcode Model. - Development and maintenance of the SEC group profiling systems. - Exploration of potential new rating factors.
• Contribute to research on longevity risk to identify suitable data sources such as demographic profiling systems and potential software and utilise this information to potentially optimise our pricing and reserving assumptions.
• Support mortality data acquisition and innovation to enable Legal & General to expand into international annuities for base mortality.
• Contribute or lead the deliverables of ad-hoc longevity projects across pricing, reporting and capital as and when required by the business by helping stakeholders define the problem and develop scope of analytical projects, providing useful insight to drive decisions.
• Provide concise, clear and well communicated summaries of all analysis and work with team to present these findings to key stakeholders, working with stakeholders to achieve prompt signoff of strategic deliverables.
• Support or manage the production of Longevity Management Information, ensuring timely delivery of MI to the various stakeholders, ensuring that the MI stays up to date, informative and identifies issues early on.
- Skills Required
Qualifications: Typically the jobholder will be an actuarial student with strong experience within a Life company/Consultancy and solid progression through the actuarial exams.
Knowledge: Longevity experience is required with specific knowledge of base and trend mortality and common practices. Commercial knowledge of longevity risk products including BPA, individual, longevity swaps etc. would be desirable. Practical experience of model development and knowledge of the application of statistical methodologies to longevity modelling is essential. Knowledge of Solvency II and setting Solvency II marginal distributions assumptions.
Skills: Actuarial skills for modelling. Advanced Excel skills. Experience with modelling in R may be an advantage. Strong problem solving and analytical skills (e.g. to break down the problem into separate components, form judgements, risk assessment and develop solutions). Communication – Good written, oral and presentation skills to be able to liaise with stakeholders. Team work – Ability to work coherently with peers and contribute to the delivery of data/projects in a timely manner Influencing – Ability to understand the tasks required and to persuade managers of the outcome. Ability to work flexibly and adapt to the changing demands and conditions within the organisation and market place.
Whatever your role, we reward ability, performance and attitude with a package that looks after all the things that are important to you. Our employees have a wide range of benefits including a generous pension scheme, life assurance, 22 days’ (with potential to rise to 26 days) holiday, discretionary performance related bonuses, paid overtime, a variety of share schemes, discounts at both a huge range of high street stores and our own great products, your hard work will be rewarded when you join us.