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Senior Actuarial Analyst (IFRS 17 Reporting)
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About us
At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.
At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.
Please see our website for more information.
Senior Actuarial Analyst (IFRS 17 Reporting)
Lead the Actuarial IFRS17 activities, delivering quarterly data submissions to Group, reviewing IFRS17 balance sheets & P&Ls, and presenting results to both Local and Group stakeholders. Enhance IFRS17 reporting infrastructure and MI to meet the evolving business requirements. Support other Reserving and Reporting tasks as needed across MRSL & GSI4.
Responsibilities
- Lead the quarterly Actuarial IFRS17 reporting process to ensure key deadlines are met and IFRS17 results are delivered to a high quality;
- Prepare and review IFRS17 actuarial data submissions for Group reporting in accordance with the quarterly timetable, with data validations completed, at the required scope & granularity;
- Review and validate IFRS17 balance sheet and P&L results, including developing and maintaining local tools to assist in the validation of the IFRS17 results produced by Group calculation engines;
- Analyse IFRS17 vs. UK GAAP & SII results to build the local understanding of the impact of IFRS17 on financial statements, and to help stakeholders gain comfort over the results from different bases;
- Present IFRS17 results to both Local and Group stakeholders, including analysis of change, key drivers of results and bridging to other reporting bases;
- Build strong relationships with other teams outside of Actuarial (e.g. Finance colleagues) to build confidence in the actuarial deliverables, share knowledge, and contribute to a joined-up approach across the CFO division;
- Monitor data quality across the reporting process, including topics such as fast-close data, Munich reporting attributes and policy-level allocations. Maintain a log of reporting data quality issues and escalate key points to the business for discussion and resolution;
- Enhance the reporting IT landscape, including improving consistency with finance-led processes. Longer term to include an update of reporting technologies and data flows;
- As a subject matter expert, promote the wider understanding of IFRS17 requirements and processes within actuarial, finance and other key staff;
- Assist as needed with other Reserving and Reporting tasks across MRSL and GSI4;
- Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.
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Knowledge and Skills
- Knowledge and understanding of the IFRS17 reporting requirements, as well as SII and UK GAAP;
- 4+ years of experience within an actuarial reporting role, ideally in the London Market;
- In depth knowledge and understanding of the underlying principles of insurance and reinsurance;
- Highly developed mathematical / statistical knowledge;
- In depth knowledge, understanding and practical experience in using of a range of actuarial modelling techniques and applications for financial reporting;
- Experience with developing junior members of an actuarial team;
- Willingness to further increase knowledge of Reserving and Reporting related matters and key market topics and develop technical and management skills;
- Experience with or interest in automation of actuarial processes to meet accelerated timetables;
- University degree and/or relevant professional qualification;
- This role suits either a nearly or newly qualified actuary (IFoA) — Associate (AIA), or working towards/holding Fellowship (FIA) — Alternatively, you will have significant equivalent actuarial reporting experience, strong analytical capability and excellent communication skills. Both routes are equally welcome.
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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!
Diversity, Equity & Inclusion
At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. 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.
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.
Learning and innovating today, striving for sustainable societies and business tomorrow
At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.
Learn more about sustainability at Munich Re – choose your impact!
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