Valuation and Modelling Actuary
Allianz Australia
Date: 2 weeks ago
City: Sydney, New South Wales
Contract type: Full time
ABOUT
Since 1890, the worldwide Allianz Group has been working hard to secure people’s lives. Our promise is to give confidence in tomorrow. Allianz offers a wide range of insurance, retirement and fund products to over 122 million customers in more than 70 countries with most markets served by local Allianz companies. Allianz Australia Life Insurance Limited (AA Life) is a wholly owned subsidiary of Allianz Group
Allianz Australia Life Insurance Limited (AA Life) is fast becoming one of Australia's leading Retirement Income solutions providers in the Australian Financial Services landscape. The business is focussed on building investment products that support the needs of Australians near or in retirement, as well as the manufacture and distribution of term life and associate products in Australia
The business has a significant and growing local presence of over 60 colleagues. We are supported by a combination of global capabilities including our parent, Allianz Group (Munich, Germany), Allianz Life (Minneapolis, USA) and Allianz Australia. We operate two businesses, direct-to-customer Life Insurance under the Allianz brand and Retirement Income products & services under the specialist Allianz Retire+ brand, with these retirement solutions available predominantly through superannuation funds, wealth management investment platforms and financial advice firms
Our heritage, long-standing stability and global reach ensures that our products provide financial security to Australians when it matters most
PURPOSE We are seeking an experienced Senior Valuation Actuary to support the Life Protection business, covering the life insurance market market in Australia
Reporting to the Senior Actuarial Manager, the role offers an exciting opportunity to be part of a growth business, supported by global expertise, brand and capital The Senior Valuation Actuary will focus on the actuarial valuation and capital management of AA Life’s life insurance business, delivering high-quality actuarial insights and analysis to support strategic decision making, regulatory compliance and financial performance of AA Life. With initial focus on the life insurance business, the role will also have exposure for the actuarial management of AA Life’s retirement income business The role will work closely with the Chief Financial Officer, the external Appointed Actuary and Appointed Auditor, other functions within the local business (notably finance, investments, risk and product) as well as Allianz Group functions for actuarial topics
KEY ACCOUNTABILITIES Role Specific
People
Stakeholders
Risk and Compliance
KEY STAKEHOLDERS AND RELATIONSHIPS Internal
External
REQUIREMENTS
Allianz Group is one of the most trusted insurance and asset management companies in the world. Caring for our employees, their ambitions, dreams and challenges, is what makes us a unique employer. Together we can build an environment where everyone feels empowered and has the confidence to explore, to grow and to shape a better future for our customers and the world around us.
We at Allianz believe in a diverse and inclusive workforce and are proud to be an equal opportunity employer. We encourage you to bring your whole self to work, no matter where you are from, what you look like, who you love or what you believe in.
We therefore welcome applications regardless of ethnicity or cultural background, age, gender, nationality, religion, disability or sexual orientation.
Join us. Let's care for tomorrow
Job Level: Professional Location: Sydney, NSW, AU, 2000 Area of Expertise: Actuarial Unit: Allianz Australia Employing Entity: ALLIANZ AUSTRALIA SERVICES PTY LTD Job Type: Full-Time Remote Job: Hybrid working Employment Type: Permanent ID: 73277 Position Cluster: Non-Executive
Allianz Australia Life Insurance Limited (AA Life) is fast becoming one of Australia's leading Retirement Income solutions providers in the Australian Financial Services landscape. The business is focussed on building investment products that support the needs of Australians near or in retirement, as well as the manufacture and distribution of term life and associate products in Australia
The business has a significant and growing local presence of over 60 colleagues. We are supported by a combination of global capabilities including our parent, Allianz Group (Munich, Germany), Allianz Life (Minneapolis, USA) and Allianz Australia. We operate two businesses, direct-to-customer Life Insurance under the Allianz brand and Retirement Income products & services under the specialist Allianz Retire+ brand, with these retirement solutions available predominantly through superannuation funds, wealth management investment platforms and financial advice firms
Our heritage, long-standing stability and global reach ensures that our products provide financial security to Australians when it matters most
PURPOSE We are seeking an experienced Senior Valuation Actuary to support the Life Protection business, covering the life insurance market market in Australia
Reporting to the Senior Actuarial Manager, the role offers an exciting opportunity to be part of a growth business, supported by global expertise, brand and capital The Senior Valuation Actuary will focus on the actuarial valuation and capital management of AA Life’s life insurance business, delivering high-quality actuarial insights and analysis to support strategic decision making, regulatory compliance and financial performance of AA Life. With initial focus on the life insurance business, the role will also have exposure for the actuarial management of AA Life’s retirement income business The role will work closely with the Chief Financial Officer, the external Appointed Actuary and Appointed Auditor, other functions within the local business (notably finance, investments, risk and product) as well as Allianz Group functions for actuarial topics
KEY ACCOUNTABILITIES Role Specific
- Perform the valuation and reporting of the liabilities of the company under local (AASB, LAGIC) and Group (IFRS, Solvency II) reporting standards. Analyse and comment on drivers of changes.
- Develop and validate the valuation model for the life insurance business. Build a robust model governance framework.
- Review liability assumptions on an annual basis.
- Support the annual preparation of the Actuarial Valuation Report, Financial Condition Report and ICAAP.
- Support the forecasting and planning results for the life insurance business by delivering required actuarial inputs.
- Assist in the actuarial management of retirement income products when required
- Participate in various strategic initiatives as and when required
- Live and apply the risk management culture in team, including building and maintaining key controls
People
- Provide technical guidance and support to junior actuarial staff
- Adhere to diversity and inclusion policies and principles and help create an environment of respect and collaboration and inclusion for our colleagues and our customers
- Ensure so far as reasonably practicable the health and safety of self, colleagues, contractors and visitors by complying with the due care requirements as per WHS legislation
Stakeholders
- Understand stakeholder insights and feedback. Act to put the best interests of our stakeholders at the heart of everything we do
Risk and Compliance
- Understand and adhere to all relevant policies and procedures to mitigate risks and compliance issues and take action to identify, report and resolve risks and issues or escalate as necessary
KEY STAKEHOLDERS AND RELATIONSHIPS Internal
- Senior Management Team
- CFO
- Senior Actuarial Manager
- Risk, Investment and Product functions
- Allianz Group centres, in particular Risk and Actuarial functions
- Counterparts at Allianz Australia (General Insurer)
External
- Appointed Actuary
- External Auditors
- Reinsurer
- APRA
REQUIREMENTS
- Qualified Actuary with 7-10 years working experience in life insurance/reinsurance industry, with at least 3 years in valuation and/or capital management.
- Strong knowledge of relevant actuarial specialties (e.g. AASB 17, APRA Regulatory Requirements) in Australian life insurance/reinsurance space. Actuarial knowledge of retirement income product are highly regarded.
- Model development and validation experience. Knowledge of R/Python/MoSes/RAFM preferred
- Experience with Solvency II highly desirable
- Strong verbal and written communication skills, with an ability to communicate complex issues across teams and jurisdictions
- Passion for joining a dynamic team focused on innovation and growth
- Pro-active working style with can-do attitude and ability to deliver high-quality results amongst competing priorities
- Strong track record for delivery, reliability and integrity
Allianz Group is one of the most trusted insurance and asset management companies in the world. Caring for our employees, their ambitions, dreams and challenges, is what makes us a unique employer. Together we can build an environment where everyone feels empowered and has the confidence to explore, to grow and to shape a better future for our customers and the world around us.
We at Allianz believe in a diverse and inclusive workforce and are proud to be an equal opportunity employer. We encourage you to bring your whole self to work, no matter where you are from, what you look like, who you love or what you believe in.
We therefore welcome applications regardless of ethnicity or cultural background, age, gender, nationality, religion, disability or sexual orientation.
Join us. Let's care for tomorrow
Job Level: Professional Location: Sydney, NSW, AU, 2000 Area of Expertise: Actuarial Unit: Allianz Australia Employing Entity: ALLIANZ AUSTRALIA SERVICES PTY LTD Job Type: Full-Time Remote Job: Hybrid working Employment Type: Permanent ID: 73277 Position Cluster: Non-Executive
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