Munich Re

Director & Actuary, Corporate Actuarial (Valuation and Reporting)

Munich Re • $150K — $180K *
Toronto, ON M3C 0E3In-Person
Finance & Insurance
5 - 7 years of experience
Today
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Job Overview by Ladders

Qualifications

  • University Degree in Actuarial Science, Finance, Statistics, or Mathematics
  • FSA/FCIA designation
  • 7+ years of experience in Canadian Life and Health insurance/reinsurance
  • Strong analytical, financial modeling, and problem-solving skills
  • Excellent communication and interpersonal skills across all organizational levels
  • Experienced in the Canadian reinsurance market and LICAT capital requirements
  • Familiarity with IFRS 17 and IFRS 9, AXIS, and Datalink is a plus

Responsibilities

  • Lead team in financial reporting under IFRS 17 and Solvency II
  • Ensure accuracy of reserve movements and earnings analysis
  • Prepare and summarize IFRS 17 and SII reports for the CFO
  • Consolidate cash flows for financial tests and profitability metrics
  • Optimize capital usage strategies for the organization
  • Support large inforce transactions and complex structured solutions
  • Facilitate communication with regulators, auditors, and management

Benefits

  • Opportunity to lead a high-performance team
  • Engagement with a globally renowned organization
  • Professional development discussions and support
  • Focus on fostering a culture of feedback
  • Challenging personal objectives for career growth
Full Job Description
Director & Actuary

Key Accountabilities:

The successful candidate will lead a number of the following, which may include but is not limited to:
  • Managing, training and leading a team through the quarter and year-end financial reporting process across all lines of business under both reserving bases (IFRS 17 and Solvency II).
    • Ensuring tests and analyses are completed to fully verify accuracy, such as reserve movements and source of earnings analysis.
    • Preparing IFRS 17 and SII reports and the quarterly/yearly LICAT (LIMAT) return.
    • Summarizing and explaining quarterly financial results to the CFO and other members of the Senior Leadership Team as needed.
  • Consolidating cash flows for or leading the production of the annual Financial Condition Test, Business Plan, Value of New Business and various profitability metrics.
  • Identifying and developing strategies to optimize capital usage for both MR Group and the Branch through retrocession or other opportunities.
  • Providing deal support on large inforce transactions, FinRe and complex structured solutions.
  • Preparing reports and liaising with management, regulators, auditors, and the Munich Home Office.
  • Monitoring emerging experience and testing of assumption changes as needed.
  • Identifying needs of the valuation landscape (both IT and processes) to bring about infrastructure-related improvements.
  • Building strong relationships with other departments, maintaining regular communication, identifying opportunities for improvement and successfully addressing issues as they arise.


Leadership
  • Contributing to a high-performance team that is highly engaged and recognized as experts both internally and throughout the global Munich Re organization.
  • Ensuring the team has a clear understanding of departmental objectives, and that every employee has challenging personal objectives.
  • Hiring, developing and retaining a top talent team that is fully engaged and recognized as experts internally within Munich Re and externally with clients and partners.
  • Fostering a culture of feedback with timely feedback given to employees and other Munich Re team members.
  • Engaging in regular development discussions with employees to coach on career growth and development.


Profile

  • University Degree in Actuarial Science, Finance, Statistics, or Mathematics.
  • FSA/FCIA
  • 7+ years of experience in the Canadian Life and Health insurance/reinsurance industry.
  • Strong problem solving and organizational skills.
  • Strong communication, interpersonal and influencing skills across all levels of the organization.
  • Ability to establish and maintain good working relationships with other departments.
  • Demonstrated flexibility and effectiveness working under tight timelines.
  • Strong analytical and financial modeling skills. Comfortable working with complex calculations.
  • Superior attention to detail and accuracy.
  • Experience with the Canadian reinsurance market, traditional re/insurance product features, LICAT capital requirements and profitability metrics is prioritized
  • Familiarity with IFRS 17 and IFRS 9 as it relates to insurance related financial instruments is an asset.
  • Experience with AXIS and Datalink.

About Munich Re

Munich Re is a leading global provider of reinsurance, primary insurance and insurance-related risk solutions. The company is headquartered in Munich, Germany. Munich Re operates in all lines of insurance and has a presence in all major markets worldwide. Munich Re's business model is based on the combination of primary insurance and reinsurance under one roof. The company has three business segments: reinsurance, primary insurance, and Munich Health. Munich Re's global premium income amounted to ?54.5 billion in 2020.
Learn more about Munich Re
Size
41,000 employees
Industry
Finance & Insurance
* Ladders Estimates

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