Actuarial Analyst - Business Solutions

Legal & General; London; Hybrid; GBP 35,000 - 65,000; Full time

Job description

Legal & General looks after around 700,000 institutional customers who have their retirement benefits secured with us. Operating continuously in the UK market from our entrance in 1987, we are the UK’s longest-running insurer.

Our Institutional Retirement division provides pension risk transfer (PRT) solutions for UK and US defined benefit (DB) schemes, and reinsurance solutions from our global hub in Bermuda. We work with companies, DB pension schemes and their advisors to help them secure and protect scheme members’ retirement benefits.

Joining us means you’ll support customers’ financial security in retirement; help companies to settle their pension liabilities and focus on growing their businesses; and enable investment for the long term to back our pension promises.

Job Description

We’re currently recruiting for an Actuarial Analyst to join the Business Solutions team within our multi award-winning Retirement Business. This opportunity would be perfect for an energised individual, who is motivated to support us in reaching our business targets through a range of solutions that balance both profitability and capital usage.

In this role you will investigate and communicate the financial impacts of reinsurance arrangements on our business, collaborate with team members to design, present, and guide our capital management solutions, and support communication and cooperation between our international and UK businesses to ensure overall strategy alignment.

This is a hybrid working opportunity, which allows you to split your working week flexibly between your home and our London office in Moorgate to help you achieve a work-life balance that works for you.

What you'll be doing:

• Supporting more senior team members in the execution of reinsurance contracts, including drafting governance papers, collaborating with reinsurers, and examining financial impacts on our reporting and regulatory balance sheets.
• Exploring the relative merits of different capital and reinsurance frameworks to help manage risks within the division.
• Creating and maintaining models used within the team to estimate financial impacts of new structures being developed (e.g., reinsurance collateral monitoring models).
• Supporting the timely, effective, and smooth transition of new reinsurance transactions to the reinsurance management team who handle the contracts upon completion.
• Feeding into our BAU processes by showing recently completed reinsurance deals and exposures to our panel of reinsurers.
• Producing quantitative and qualitative analysis for our capital initiatives to help the business make decisions that will enable us to achieve our capital usage and premium volume targets, and other key performance targets (e.g., new business margins).
• Ensuring that our customers are treated fairly by working with sufficient controls, systems, and processes in place.

Qualifications

Who we're looking for:

• Part Qualified Actuary who is making good progress through the IFoA Exams.
• A continuous growth mindset: with a keen desire to learn and who is not afraid to “learn on the job.”
• Good commercial awareness, with knowledge of the bulk annuity insurance and reinsurance markets being highly preferable.
• Comfort with capital modelling under the Solvency II regulatory framework.
• Basic knowledge of the reporting and regulatory regime environment in which L&G operates and their influence on our decision making.
• Basic knowledge of pension regulation with respect to pension buyouts and longevity insurance would be highly preferable.
• Experience in pricing bulk or individual annuities or having exposure to reinsurance arrangements and their role within the bulk annuity market would be highly preferable.
• Exposure to financial performance and business planning within an insurance company would be highly preferable.

Benefits

Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer:

• Competitive Salary plus Actuarial Study Support
• The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes
• Generous pension contribution
• Life assurance
• Private medical insurance
• At least 25 days holiday, plus public holidays, 26 days after 2 years’ service. There’s also the option to buy and sell holiday
• Competitive family leave
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax-efficient salary sacrifice
• Discounts for our own products and at a range of high street stores and online
• In 2023, some of our workspaces were redesigned. Our offices are great spaces to connect and collaborate and have your wellbeing at the heart.

Additional Information

Legal & General is a leading financial services group and major global investor, named Britain’s Most Admired Company in 2023, for the second year running. Rated top in our sector and top for inspirational leadership, we have a strong heritage and an exciting future.

We aim to build a better society for the long term by investing our customers’ money in things that make life better for everyone.

If you join us, you’ll be part of a welcoming culture, with opportunities to collaborate with people of diverse backgrounds, views and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We strive to be open, mindful and inclusive, so are always willing to discuss flexible working arrangements and reasonable accommodations for candidates with specific needs.

If you’re open to find out more, we'd love to hear from you.

Seniority level

Not Applicable

Employment type

Full-time

Job function

Finance