Aegon International actuarial function The actuarial function is a critical control function for our business and is vital for realizing the company’s strategy, for protecting our policyholders and the balance sheet and facilitating economic value creation. The vision for the actuarial function is to deliver effectively and efficiently the core requirements of the function to free up time to focus on more value-added activities: driving change and actively participating in business strategy. It is the mission of the actuarial function to ensure proper and efficient pricing and valuation of policyholder liabilities and to embed actuarial considerations in key management decisions to ensure continuity of Aegon and to support the creation of sustainable value for all our stakeholders. Senior Manager, Actuarial The role holder is part of Aegon International Actuarial which is integral to the overall actuarial management framework. The role holder is responsible for overseeing product development and product strategy, pricing review, actuarial assumption and liability adequacy, reinsurance strategy, capital management and asset liability management. The role holder is also responsible to support other actuarial projects, such as IFRS 17 review and MCVNB analysis. The role holder also needs to coordinate with internal stakeholders at the Group, Regional and LBU levels; across Actuarial, Finance, Risk and Business Development functions. This role is specifically expected to work closely with local teams at Aegon China JV (ATHTF) and Aegon subsidy TLB. Position in the organization The role holder reports to the Chief Actuary of Aegon International. The role is at the regional level and is expected to perform actuarial oversight for Aegon International units with focus on Asia BUs (China and TLB), and provide insightful analysis and opinions to help the chief actuary and management to steer the company.
Job description:

Product development strategies & pricing review / oversight

  • Coordinate product deep dives of planned local business units
  • Review major product pricing and sales promotions to ensure compliance with Group Product Pricing and Development policy. Ensure that new products meet the pricing hurdle and risks taken are appropriate and compensated
  • Assess new regulatory trend and impact to product strategies and recommend/evaluate action plans
  • Keep track of China and TLB market development with dynamic changing of customer needs and technology advancement
  • Contribute product ideas and facilitate product knowledge sharing across different local business operations

Product Pricing review

  • Deep dive on major products including product pricing and MCVNB
  • Coordinate with BU to timely request and receive Product and Underwriting Committee (PURC) materials.
  • Prepare PURC deck slides related to Asia BUs.
  • Facilitate product approval by PURC.
  • Follow up on PURC action items.

Actuarial assumption and reserve adequacy

  • Provide actuarial opinion on BU assumptions update and underlying experience analysis 
  • Lead the internal governance process on BU assumption update
  • Perform annual regional actuarial function assessment and deliver actuarial function report

Reinsurance strategies & program monitoring

  • Assess appropriateness of reinsurance strategies in the region and monitor reinsurance programs.
  • Review key new reinsurance treaties.
  • Support BU reinsurance needs and facilitate coordination with Group, including Group Reinsurance Use Committee (GRUC).

Capital Management

  • Review BU solvency report and capital generation.
  • Work with BU on projection, sensitivities for forward looking management.
  • Review and track BU management actions.

Asset Liability Management

  • Participate in key ALM related projects, e.g. China ALM enhancement, etc.
  • Facilitate BU tolerance cube annual update and quarterly review
  • Monitor ALM mismatch positions, highlight trends, and provide analysis.
  • Facilitate approval / endorsement of ALM initiatives / ALM cube by Regional / Group Committees

Others actuarial projects

  • IFRS 17 review and analysis of MAG & ATHTF as needed
  • MCVNB analysis
  • Support annual actuarial review of BMTP
  • Support M&A projects applicable to Asia markets
  • Support BUs local project

Skills knowledge and experience required:

  • Qualified OR close to qualified actuary
  • 7+ years’ experience in the business unit ideally mainland China experience or HK business unit experience with an understanding of mainland insurance market as preference
  • Deep understanding of capital regimes, regulatory requirements and reporting standards that are applicable to BUs in China and TLB and the principles underlying them
  • Experience of balance sheet and capital modeling, balance sheet management and reporting on China business is a plus
  • Good understanding in actuarial management cycle, underwriting risk management, experience monitoring & assumption setting and product & pricing review
  • Good understanding of the key features of life insurance products and profit drivers and risk associated with different product types
  • Strong communication skills and demonstrated ability to articulate different technical topics and their financial implications
  • Strong problem-solving skills
  • Good organizational and management skills
  • Fluency in English and Mandarin (both written and oral)

Core Competencies and Leadership Qualities

  • Highly motivated and able to work independently
  • An analytical mind-set with strong problem solving skills and focus on outcomes
  • Self starter and proactive
  • Purposefully driven with personal accountability
  • Executes objectives
  • Establishes valuable partnerships
  • Influential
  • Flexible in business travel