Actuarial Function Officer Reinsurance


Our organisation

Ageas is a listed international insurance Group with a heritage spanning close to 200 years. We offer Retail and Business customers Life and Non-Life insurance products, and we are also engaged in reinsurance activities.

Our customers are at the heart of our business, and our products and services are designed to anticipate, manage, and cover their risks through a wide range of solutions designed for their needs, both today and in the future.

We are one of Europe's larger insurance companies and we are also well represented in Asia. In total, Ageas is on the ground in 14 countries (Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines) through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors.

Ageas ranks among the market leaders in the countries in which it operates. Every day, more than 44,000 skilled and committed employees are at the service of nearly 45 million customers. Our Group has at its foundation a set of core values - Care, Dare, Deliver, and Share – representing who we are and how we work. As a “Supporter of your life” we seek to create social and economic value for our customers, employees, partners, investors, and society at large.

Ageas has been re-certified as Top Employer in 2023.

As Actuarial Function Officer, you will join the team ‘Model Validation and Actuarial Function’. The role of the Actuarial Function is defined by Article 48 of the Solvency II Directive. The Actuarial Function expresses formal written opinions on the technical provisions, the overall underwriting policy and the adequacy of reinsurance arrangements.

Furthermore, the Actuarial Function is required to contribute to the implementation of the risk management system. As part of the team ‘Model Validation and Actuarial Function’, you will also be able to benefit from the interaction and exchange with Model Validation officers.

This specific function will focus on the actuarial function of the reinsurance activities of Ageas SA/NV. Next to internal reinsurance within Ageas Group, the reinsurance activities opened during 2022 to external 3rd parties, trading under the brand name Ageas Re. The reinsurance activities cover mainly non-life insurance but also some life insurance treaties have been written.

Your function

In this function, you will support the chief actuary to express opinions on

  • the reliability and adequacy of technical provisions,

  • the adequacy of the overall underwriting policy and

  • the appropriateness of retrocession programs.

For this purpose, you will execute following tasks:

  • Create relevant shadow models allowing to confirm or challenge the calculation of technical provisions in the reinsurance business and assess the adequacy of these provisions;

  • Compare the underwriting policy with the contract terms stipulated in the reinsurance contracts;

  • Review the pricing determined by the underwriting and teams and assess the process, the applied methodology, the assumptions & expert judgment underlying and the final results;

  • Assess the profitability of the inward reinsurance contracts and execute backtesting of the forward-looking expected profitability by comparing with the realized profitability;

  • Assess the residual exposure of the reinsurance activities of Ageas SA/NV and share recommendations about the outward retrocession treaties to improve overall profitability;

  • Follow actively up on the open recommendations issued by the actuarial function towards the reinsurance team.

Furthermore, the Actuarial Function is required to contribute to the implementation of the risk management system. This contribution will require active interaction with the reinsurance risk team on the targets stress tests underlying the annual ORSA exercise but also reviewing the projected technical provisions and profitability projected, both in the multi-year budget as in these stressed environments. 

In case of large and/or complex reinsurance transactions, you will contribute to the approval process providing an opinion on the profitability of these contracts and, when applicable, on the adequacy of the retrocession arrangement. In order to contribute to this process, you will have to

  • develop alternative pricing models;

  • assess the quality and impact of input parameters used in the pricing model;

  • check if the new transaction fits within the underwriting limits as defined in the policy & Limits and minimum standards;

  • develop an alternative calculation of diversification given diversification benefits offered to the reinsurance segment and the overall Ageas business represent an important attention point for these large and complex transactions.

Your profile

  • You have a strong quantitative background (Actuarial Sciences, Master in Mathematics, Statistics, Physics, or Civil Engineer);

  • 3 to 5 years of experience in the field of non-life Re/Insurance;

  • You have a critical and analytical mindset, eager to learn;

  • Able to effectively & clearly communicate technical topics to both experts & non-experts;

  • You are fluent in English, both orally and in writing. Dutch and/or French are a plus;

  • You are proactive, flexible and able to work on an independent basis. You respect deadlines related to the assignments received;

Our offer?

  • The possibility of (maximum 50%) home working;

  • A dynamic, multicultural working environment;

  • An interesting and extensive salary package (including meal vouchers, eco vouchers, hospitalization, disability and group insurance, additional child benefit, mobile allowance and intervention in the internet reimbursement, ...);

  • The possibility to optimize part of your salary package through a flexible income plan;

  • A corporate culture where you are encouraged to share your views and opinions;

  • A flat organizational structure with close collaboration and communication with management and cross departments;

  • An extensive range of learning & development opportunities through our online learning platform;

  • The opportunity to further develop yourself and to be part of a great team at a Top employer in Belgium.


Please apply online. We are looking forward to talking to you!