Careers

Chief Actuary / Chief Risk Officer - TROO (JV)

Risk
Philippines

TROO (Joint Venture - Manila, Philippines)

Our organization

Ageas is a listed international insurance Group with a heritage spanning almost 200 years.

It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow.

As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in 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. It represents a staff force of about 45,000 people and reported annual inflows close to EUR 36 billion in 2020 (all figures at 100%).

Your function

The role is a member of the Management Committee of the company and therefore shares the responsibility to further build and manage the company and execute the strategic plans as approved by the Board. During the early years, the Chief Actuary and Chief Risk Officer roles are combined; once the company evolves the two functions may be split.

The jobholder is accountable for all actuarial and risk functions of the company, including but not limited to valuation of actuarial liabilities, profitability analysis, assets and liabilities matching, financial solvency and actuarial modeling (Embedded Value, ALM, fair value, Economic Capital). In addition to this, the incumbent is also responsible for ensuring product pricing is technically sound. The Chief Actuary is expected to ensure that the company’s products are priced to exceed minimum profitability with proper risk controls and supported by appropriate investment policy, to monitor the actual experience, to analyze and identify the source of profits and losses and to recommend rectification actions.

This role is to build the Actuarial & Risk function based on the best practices available within Ageas and to transfer expertise to local staff.

Your key deliverables:

  1. Financial modelling

    1. To build financial models for budgeting and the company’s future development plan.

    2. To build financial models to forecast the future cash flows of the company to arrive at the expected profits, losses and capital required.

  2. Valuation of liabilities and financial solvency

    1. Conduct actuarial valuation of the company’s liabilities and financial solvency.

    2. Ensure the calculation of actuarial reserves comply with local laws and international standards.

    3. Completed the actuarial valuation of liabilities according to local and international standard which includes Embedded Value, New Business Value, Fair Value.

  3. Assets and Liabilities Matching

    1. To employ assets and liabilities matching techniques as a tool to minimize investment risks.

    2. Train staff to conduct assets and liability matching and feed the results to the Investment Management Committee and/or ALCO for investment decisions.

  4. Profitability Analysis

    1. To conduct profitability analysis of the company’s business to identify profit drivers as to improve the bottom line.

    2. Train staff to conduct profitability analysis of the company’s business.

    3. Help the Executive Management to focus on profitability and not only on growth of premiums.

    4. Commenced the task of expense analysis to refine the profitability analysis.

    5. Introduced performance measurement indicators to measure achievements based on contributions to the company profitability.

  5. The Chief Actuary together with the Chief Financial Officer, takes the lead in preparing for the introduction of IFRS 17 & 9.

  6. The Chief Actuary has the responsibility to provide oversight of the adequacy of the reserves and gives an assessment of the financial solvency of the company.

  7. The jobholder is responsible and accountable for developing and managing an appropriate reinsurance strategy.

  8. Product Pricing

    1. Ensure products are priced to exceed minimum profitability with market relevant premium rates.

    2. Ensure actuarial techniques for product development and pricing remain relevant.

    3. Ensures there is a regular (at least once per year) evaluation of all existing products against minimum profitability benchmarks using appropriate actuarial techniques.

  9. Risk Management

    1. The Risk Management domain covers the following areas: (1) financial risk management & Asset Liability Management (2) Operational risk Management and (3) Insurance risk Management.

    2. Responsible for the design, implementation and maintenance of an enterprise risk management framework compliant with Solvency II.

Your profile

  • University degree in actuarial science, the Chief Actuary should be an internationally recognized qualified actuary.

  • International experience in terms of both breadth and depth to cover all major domains of actuarial and risk management

  • Industry experience: Min of 10 years in insurance sector

  • Minimum of 5 years of experience in international environment

We offer

Ageas values your talent and knows how to reward it. We offer you an attractive salary and fringe benefits. You will work in a stimulating international environment, with numerous opportunities for personal development. You will work independently within a global dynamic team in agile ways.

Interested?

Please send your resume to HR Recruit (Asia) by email to [email protected]