Graduate Actuarial Analyst

Pension Insurance Corporation plc

Aug 4, 2023

Applications are closed

Job
Full-time
Entry Level
Data
London

Requirements

Essential:
Grade A or higher in A level (or equivalent) Mathematics
Motivated ‘can-do’ attitude with a keen desire to learn and develop
Able to problem solve and overcome challenges/obstacles
Effective time management skills
Able to work well with others as part of a team but also on an independent basis
Amiable character who would fit in well with the team
Interest in sitting the IFoA Actuarial exams
Desirable:
2:1 or higher (or equivalent) in a quantitative undergraduate degree
Strong written and verbal communication
Knowledge of insurance and/or finance industry, and actuarial work
Prior experience with Microsoft Office Programmes
Prior coding experience (e.g. R, MATLAB, Python)

Responsibilities

Actuarial Reporting:
Ensures that the monthly and semi-annual actuarial reporting is prepared in a timely and accurate manner and that these are appropriately analysed, explained, and communicated both within PIC, and externally.
Provides support for ad hoc actuarial investigations and projects as necessary.
Automation and Insight:
Contributes to the overall success of the business by ensuring processes are efficient, operate as intended and allow management to make decisions on clear and actionable insights.
Acts as a support function by focusing on the removal of manual and labour-intensive steps in the reporting process, replacing these with more suitable technologies.
Financial Actuarial and Capital:
Enhances PIC’s assumptions and capital framework. Key responsibilities are the management and development of the statistical model used to understand the risks faced by PIC and how they impact PIC’s balance sheet (the Internal Model, or “IM”), and the management and oversight for reserving/ valuation assumptions and judgements.
New Business Modelling and Data:
Manages the modelling of new business and new reinsurance treaties, validations, the delivery of updates to policy data for financial reporting, actuarial support for related projects, and the support for wider projects through data analytics.
Business Planning and Forecasting:
Delivers the business plan and weekly solvency estimate to allow Senior Management to make timely and informed decisions around the management and optimisation of PICs balance sheet. The team works closely with Business Partnering and liaises directly with other functions such as Investments and Origination.
Business Partnering:
Works closely with “the front office” (Investment and Origination team) to produce or validate analysis of the financial implications of asset trades/transfers and understanding the features and balance sheet impacts of potential new business. The team also plays an important role in Matching Adjustment (“MA”) compliance, which gives PIC relief for holding certain long-term assets that match the cash flows of its obligations, to ensure PIC operates the MA Fund in line with PIC’s MA Application and PRA regulatory requirements.

Pension Insurance Corporation plc

The purpose of PIC is to pay the pensions of our current and future policyholders.

Finance

Industry

201-500

Employees

2006

Founded Year

Mission & Purpose

The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At year end 2022, PIC had insured 302,200 pension scheme members and had £41 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. To date, PIC has made total pension payments of £10.6 billion to its policyholders. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345).