Chief Manager – Actuarial (w Profits)

A leading life insurance company is seeking a strategic Chief Manager – Actuarial to lead its Statutory Valuation and With-Profits management function in Mumbai. In this high-impact role, you will be responsible for managing all aspects of the Participating (Par) fund and complex reinsurance calculations. Furthermore, you will oversee asset share calculations and bonus sustainability exercises to ensure full regulatory compliance. Consequently, this position is essential for maintaining the financial integrity of the company’s with-profits fund.

The Chief Manager – Actuarial must possess an excellent understanding of Indian GAAP insurance financials and Par fund cashflows. Additionally, you will coordinate with the Finance, IT, and Investment teams to ensure the quality and completeness of all actuarial deliverables. Therefore, the company is looking for a professional with 7 to 10 years of experience who is ideally close to qualification. If you have a proven track record in Prophet and reinsurance treaty management, this Chief Manager – Actuarial role offers a premier leadership opportunity.

Key Responsibilities for the Chief Manager – Actuarial

• Review the methodology for calculating asset shares to ensure adherence to the company’s with-profits philosophy.
• Analyze monthly asset share movements as a core part of the ongoing monthly Par fund valuation process.
• Perform detailed bonus sustainability calculations and recommend appropriate bonus levels to the Head of Valuation.
• Execute bonus re-calibration for various stress testing scenarios, including Economic Capital and FRC.
• Liaise with the With-profits Actuary to ensure all WPC reviews are completed within strict timelines.
• Manage all technical documentation and reporting requirements for the year-end bonus declaration exercise.
• Review IT system setups to ensure annual bonus updates are correctly implemented in policy administration systems.
• Check and review monthly reinsurance calculations for premiums payable and claims receivable.
• Incorporate new treaties or modifications into the existing reinsurance program to optimize risk sharing.
• Liaise with international reinsurers to resolve queries regarding payables, receivables, and treaty management.

Requirements and Qualifications

• Minimum of 7 to 10 years of experience in a life insurance company, preferably in statutory valuation.
• Educational Qualifications: Good progress with actuarial exams (preferably close to Fellowship qualification).
• In-depth knowledge of participating fund cashflows and Indian GAAP insurance financial standards.
• Hands-on experience with actuarial software, specifically Prophet and DCS (Data Conversion System).
• Proven ability to manage reinsurance bordereaux and complex treaty transactions effectively.
• Experience in addressing regulatory requirements related to with-profits funds and reinsurance reporting.

Competencies and Performance Measures

• Excellent communication skills with the ability to draft technical reports and present to senior stakeholders.
• Strong coordination and interpersonal skills to partner effectively with colleagues across multiple functions.
• A customer-centric approach focusing on providing meaningful insights to both internal and external partners.
• Ability to maintain reasonable Turnaround Times (TATs) without compromising the quality of deliverables.

If you are an actuarial expert ready to drive the Chief Manager – Actuarial function for a premier insurer, we encourage you to apply today!