Regional Actuary, Economic Capital

Location
Hong Kong (HK)
Salary
Competitive Salary
Posted
14 Jan 2019
Closes
14 Feb 2019
Contract Type
Permanent
Hours
Full Time

At Prudential, we understand that success comes from the talent and commitment of our people. Together, we have a shared vision in securing the future of our customers and our communities. We strive to build a business that you can shape, an inclusive workplace where everyone’s ideas are valued and a culture where we can thrive together. Our people stay connected and tuned in to what’s happening around us, keeping us ahead of the curve. While focused on the long-term, we look to the future to bring growth, development and benefit to everyone whose lives we touch.

The role offers a breadth of exposure across some of the most advanced internal capital modelling and risk management frameworks in the market. The successful candidate will support the head of the Actuarial Modelling and EC Production team in supervising the end-to-end EC calibration, modelling and results production framework and will be responsible for ensuring consistency of EC modelling methodology decisions and risk calibrations across the span of 12 Asian markets in which PCA operates.

This is a fantastic management opportunity for a technically strong actuary who is looking for managerial experience of a large team whilst remaining hands-on in influencing and reviewing methodology decisions and the production of results. The role offers significant interaction and visibility with local business units (LBUs), Group head office, and other regional actuaries across PCA.

Key Responsibilities:

1) Review key EC methodology decisions. For example, this includes:

 

  • calibration of the underlying risk distributions (e.g. mortality, lapses) across all LBUs,
  • modelling of LBU management actions, in particular with regards to dynamic bonuses on Par business,
  • methodology for the application of EC stresses within the Prophet liability models,
  • methodology to stress different asset classes in the EC calculation.
  • Ensure that key methodology decisions are:
    • discussed with the relevant stakeholders to source all necessary information as background to the changes
    • accurately documented with sufficient backing analysis to justify the decision
    • impacts are clearly presented to the relevant stakeholders

2) Present the decisions to senior management at an appropriate PCA or Group governance committee.

 

3) Responsible for maintaining and improving the EC framework considering internal Groupwide and external regulatory requirements. This may include managing large scale enhancements to the EC processes where advances in systems or methodology become available.

 

  • Ensure that the EC framework is always in line with all applicable requirements
  • Pro-actively investigate areas to enhance the framework and methodologies for known limitations
  • Deliver a smooth rollout of new developments to agreed milestones

4) Oversee the calibration and validation of advanced ‘proxy models’ for EC modelling and providing guidance and decision making on key areas.

 

  • Deliver a successful validation of the proxy models as often as required (usually once per year) to ensure that the models are fit for purposes for ongoing capital calculations

5) Responsible for the team’s delivery of key production cycle deliverables including P&L attributions and stress test analyses.

 

  • Ensure that key reporting deliverables are made on time and with sufficient review 

6) Ensure consistency is achieved between LBUs in each of the above deliverables, both in the methodology decisions taken, and in the modelling analysis and results, where applicable

 

  • Able to demonstrate how consistency has been achieved between LBUs in all main areas of methodology and risk factor calibrations

7) Providing leadership and guidance to the wider team of up to 10 junior members within the EC Production team.

 

  • Ensure team members are managed responsibly
  • Provide sufficient learning and development opportunities for junior team members

Candidate Specifications:

 

  • 10+ years of relevant experience
  • Strong technical knowledge across actuarial modelling, valuation, and capital reporting
  • Prior knowledge of EC is essential to the role
  • Prior knowledge of a range of insurance products and common reporting metrics (e.g. EEV, economic capital), would be beneficial to the role due to the overlap of EC models and methodology with other areas
  • Prior experience of Par products and management practices would be very beneficial
  • Comfortable presenting technical topics to senior management and explaining the implications
  • Ability to independently manage a large team across a range of diverse tasks
  • A team player with a keen desire to develop junior team members
  • Fluent in both spoken and written English is essential (ability to speak one or more Asian languages would be desirable)
  • Proficiency in Excel is expected, while knowledge of VBA and/or Prophet would be an asset