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Valuation and Modelling Actuary

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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:  99029
Position Cluster:  Non-Executive

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 50 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

 

 

99029 | Actuarial | Professional | Non-Executive | Allianz Australia | Full-Time | Permanent

This role is with Allianz Retire+

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