Head of In Force Business & Capital Management

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Job Purpose / Mục tiêu vị trí
This role leads the management and optimization of in force business, capital management, and actuarial model management within the Finance & Actuarial Management department, reporting into the Chief Actuary.
The role holder will ensure that sound insights can be derived from the in force portfolio delivering value-enhancing recommendations to the wider business, while ensuring that actuarial reports and processes are in line with sound actuarial principles and standards, statutory and Group requirements, and meet the department’s goals and objectives.
The role also develops actuarial staff, including job training, skills coaching, and culture building.

Job Responsibilities / Phạm vi công việc

Conduct regular experience analyses to provide insights to the business, recommending appropriate actions to relevant functions and Steering Committees to improve the company’s claims, persistency and expense experience amongst other areas. Provide recommendations to the Chief Actuary for ongoing assumption updates to be used in pricing, valuation, and business projections.
Drive the company’s reinsurance strategy. Act as a coordination point with the company’s reinsurers to ensure that new reinsurance treaties, amendments to existing treaties, and campaigns, align with the company’s business objectives and those of relevant business functions for new products, UW optimization and stronger financial management.
Manage the end-to-end reinsurance administration process to ensure sound financial management of reinsurance provisions for financial reporting purposes and accurate and complete Bordeaux’s to reinsurers.
Own the holistic framework with respect to the management of the company's Participating fund, which must also be in line with applicable regulations, internal best practice and meet policyholders’ reasonable expectations. Recommend annual Participating business bonus rates to the applicable local and Group Committees. Closely coordinate with other business functions to deliver enhancements to Participating policyholders’ annual communications and support new commercial opportunities for such customers.
Own the ULP & Pension business crediting rate management framework. Recommend quarterly updates to the crediting rates, taking into account the performance of the underlying assets and sustainability of the rates, to the applicable local and Group Committees and ensure customer communications are clear and accurate.
Perform SAA (strategic asset allocation) reviews on a regular basis, making clear recommendations to local and Group ALM Committees for ongoing SAA optimization to enhance financial outcomes and improve risk management. The role holder will also be the local Asset & Liability Committee secretariat.
Lead the company’s industry engagement into the development of Vietnam’s Risk Based Capital regime.
Produce regular Group Economic Capital reports, including Balance Sheet, 1-in-200 capital requirements, and analysis of movement in line with Group requirements.
Deliver regular Financial Risk reporting such as Group Risk Appetite stress testing (across EV, Free Surplus & local solvency) for business plan, Reverse Stress Test & Local solvency capital at risk amongst other deliverables.
Coordinate the annual exercise for dividend remittance to Prudential Group, ensuring that all local requirements are met and solvency and financial metrics support the payment.
Lead the Actuarial modelling team to deliver implementation of new products and ongoing updates to business requirements. Complete regular model validation, in line with Group policies, ensuring that the company has a robust actuarial valuation system and controls. Ensure all model changes are fully documented and follow Group policies.
Co-ordinate the preparation of various actuarial and financial reports required by regulators, auditors, Prudential Group and internal management.
Ensure results, processes and procedures are sound, accurate and fully documented. Ensure compliance with regulatory requirements, Prudential Group standards and best practice actuarial principles.
Provide guidance and support to junior team members with tasks under their scope. Support to grow team members to their respective next level.
Further work, as required, assigned by the Chief Actuary or other members of the Company’s management.

Job Accountability

Meet all the deadlines of individual assignments and projects in line with the responsibilities laid out above. Provide high quality actuarial reports and ensure all results are thoroughly checked for accuracy and consistency. Active analysis of results, with reporting of known errors, omissions or anomalies.

Build effective relationships both within and outside the department. Seek input from and maintain effective ongoing communication with other internal functions, such as Risk, Claims, Underwriting, Operations, Customer & Product etc, as well as external parties such as the MOF, Prudential Group, Reinsurers and the company’s auditors.

Develop the individuals within the team to grow their capabilities and confidence. In particular, to develop an open and dynamic culture where actuarial talents can explore the linkages of their work with the rest of the business.

Job Requirements

Qualifications:

A university degree in a subject with significant exposure to actuarial, finance, mathematics and/or statistics, with good progress in Actuarial exams. Advantage: Attained Fellow-level designation.

At least 12+ years of experience required, demonstrating a breadth of experience across a range of actuarial core skills.

Knowledge and skill

Excellent team management and stakeholder communication skills.
Excellent knowledge of core actuarial techniques used within financial reporting, capital metrics, experience studies, and Par business management.
Understanding of the dynamics of an insurance company and how the actuarial function can coordinate successfully with other functions to optimize business outcomes.
Ability to work independently and with minimal supervision, as well as a good team player.
Strong leadership, coaching and mentoring skills.
Good command of written and spoken English.
Good analytical and problem-solving skill, demonstrate attention to detail.
Knowledge of computer applications, including Microsoft Office Suite and other business-related software.

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.