The role holder is responsible for product pricing and reinsurance review, capital management, actuarial foundation quality and asset liability management. The role holder is also responsible to support other actuarial projects, such as IFRS 17/USGAAP review and analysis and MCVNB analysis. The role holder also needs to coordinate with internal stakeholders at the Group, Regional and LBU levels; across Actuarial, Finance, Risk and Business Development functions. This role is specifically expected to work closely with teams at Aegon Spain and Brazil business units.
Key responsibilities of the role holder are as follows:
Product Pricing and reinsurance review
Deep dive on major products including product pricing, MCVNB and associated reinsurance .
Coordinate with BU to timely request and receive Product and Underwriting Committee (PURC) materials.
Prepare PURC deck slides related to BUs.
Facilitate product approval by PURC.
Follow up on PURC action items.
Capital Management
Review BU solvency report and capital generation.
Work with BU on projection, sensitivities for forward looking management.
Review and track BU management actions.
Actuarial foundation quality oversight and enhancement
Provide opinion on the appropriateness of local unit actuarial assumptions.
Influence and provide support to improve the quality of local unit’s actuarial methodology, models and process.
Help local actuarial team to enhance actuarial analysis to add value to the internal management for steering the business.
Close gap between local unit analysis vs. expectation from International/Group management.
Asset Liability Management
Facilitate BU tolerance cube annual update and quarterly review.
Monitor ALM mismatch positions, highlight trends, and provide analysis.
Facilitate approval / endorsement of ALM initiatives / ALM cube by Regional / Group Committees.
Others actuarial projects
IFRS 17/USGAAP review and analysis
Support annual actuarial review of BMTP
Support M&A projects
Support BUs local project
Support annual actuarial function report
Skills knowledge and experience required:
Qualified or close to qualified actuary
10+ years’ experience in the life insurance actuarial functions, Spain or Brazil local business experience is preferred
Good understanding of different capital regimes and reporting standards and the principles underlying them
Experience of balance sheet and capital modeling and reporting is a plus
Good understanding in actuarial management cycle, underwriting risk management, experience monitoring & assumption setting and product & pricing review
Good understanding of the key features of life insurance products and profit drivers and risk associated with different product types
Core Competencies and Leadership Qualities
Highly motivated and able to work independently
Purposefully driven with personal accountability
Analytical mind-set with strong problem solving skills and focus on outcomes
Good organizational and management skills
Executes objectives
Establishes valuable partnerships
Strong communication skills and demonstrated ability to articulate different technical topics and their financial implications at all levels
Good presentation skills
Fluency in English (both written and oral), Portuguese & Spanish is a plus
What we offer
Competitive salary
Comprehensive health package
Cafeteria
All You Can Move
Brand new office at an excellent location
Hybrid working
Opportunities for growth and advancement
A highly people-centric, positive, and supportive work environment
Aegon is an international financial service holding company headquartered in Schiphol, the Netherlands. Our ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Our purpose is to help people live their best lives, a goal that runs through all of our activities. The company has multiple locations across the globe, with core markets in the UK and the US, partnerships in Spain & Portugal, Brazil, and China, and an Asset Management organization with locations in the UK, US, NL, and Hungary. In the Netherlands, Aegon generates value via strategic shareholding in a market-leading insurance and pensions company.
Aegon Global Business Solutions Center is supporting these businesses with IT, Finance, Risk, Model Validation, Actuarial, Audit, and Asset management services with a growing team of approx. 300 people, based in Budapest, Hungary.
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