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About the Role

The Longevity In-Force Actuary will manage and oversee a growing inforce Longevity portfolio, supporting the Head of In-Force with actuarial leadership. This role involves delivering regular and ad-hoc inforce management activities, ensuring contractual commitments are met, and maintaining portfolio profitability. The position requires a deep understanding of longevity risk and in-force management to support strategic decision-making. The successful candidate will also oversee and line manage a small team of junior actuaries, providing technical guidance and mentoring.

Responsibilities

Assume ownership for the actuarial management of in-force longevity contracts.
Maximize the value of the in-force portfolio through proactive management.
Lead on actuarially complex in-force management exercises.
Liaise with external and internal stakeholders to set and achieve deadlines for in-force activities.
Challenge the status quo and lead on efficiency projects for sustainable portfolio growth.
Lead and develop effective processes to monitor portfolio performance and drive business insights.
Nurture team culture, support personal development, and drive results.
Support overall longevity strategy.
Support Head of Longevity with appropriate ad-hoc tasks.
Provide guidance, support, and knowledge sharing to longevity team members.
Take ownership of the actuarial management of in-force longevity contracts, including technical review and sign-off of deliverables like collateral calculations, premium schedules, and model reconciliations.
Ensure longevity processes are efficient, effective, and relevant, promoting continuous improvement.
Implement controls for early problem identification.
Approve workstream completion in line with delegated authority.
Review and challenge pricing assumptions in tenders and basis-related discussions.
Act as a key actuarial point of contact for clients and internal stakeholders on in-force matters.
Take a commercial viewpoint to deliver value from the in-force portfolio.
Lead complex in-force management exercises such as novations, mortality basis reviews, repricing, and benefit restructures.
Optimize value to Munich Re through these exercises.
Improve efficiencies in current systems/models by increasing speed and automation.
Build collaborative relationships with other UK Life Branch teams.
Provide clear updates to senior stakeholders on portfolio performance.
Develop strong working relationships with other Munich Re stakeholders.
Line manage junior in-force actuaries, providing feedback and managing development, performance, and wellbeing.
Conduct regular resource planning considering immediate needs and long-term strategic goals.
Manage day-to-day resources and workloads, making prioritization decisions.
Provide expert guidance to team members on complex matters.
Proactively develop talent through knowledge sharing on market developments.
Assist with recruitment to meet resourcing needs.
Work with colleagues to manage operational risk failures and data/accounting issues.
Support the Head of Longevity and Head of In-Force as required.
Oversee longevity projects and development workstreams for future growth and modernization.
Support the wider longevity team strategy, including product and market developments.
Provide expert input into strategic discussions, considering in-force management aspects.
Support the wider branch with additional duties as reasonably expected.

Requirements

Directly relevant experience of the bulk annuity/pensions industry.
Strong knowledge of DB pensions including cashflows, assumptions, benefits, and valuations.
Strong analytical skills, with the ability to work independently and apply judgment.
Understanding of key financial and longevity drivers for a UK life insurance company and UK pension schemes.
Good commercial awareness and the ability to balance actuarial, contractual, and business considerations.
Able to grasp new concepts and technical issues quickly, and communicate them effectively to others.
A team player who will step up and take responsibility when required.
Good people development and training skills.
Willing to challenge the status quo.
Strong written and oral communication skills.
Good understanding of DB de-risking offerings in the market.
Longevity insurance/reinsurance experience.
Contacts with key longevity players in the market.
Good negotiation skills and ability to work under pressure.
Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Skills

Actuarial management
In-force management
Longevity risk
Strategic decision-making
Team leadership
Technical guidance
Mentoring
Portfolio management
Client liaison
Stakeholder management
Efficiency project leadership
Performance monitoring
Process development
Team development
Strategic thinking
Accountability
Complexity management
Delegation
Talent development
Resilience
Analytical skills
Commercial awareness
Communication skills
Negotiation skills

Location

Munich

Work Type

Full-time

Experience Level

Senior
Management

Education Level

Qualified actuary (FIA or equivalent)

Salary/Compensations

Great compensation package
On target bonus

Benefits

25 days annual leave with the option to purchase more
Private medical insurance
Employers' contributory pension of 10%
Fully paid 6 months family leave

About the Company

Together, we engage with everything we have and are, to help humankind act braver and better.
With the office in Munich, it forms the Life 1 division of Munich Re.
The UK life market is one of the, if not the, most competitive life markets in the world.
Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes.
This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition.
At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring.
All three are key to the success of our business so it’s important to look at the big picture.
In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.
You will work in an environment where we think big: Change and culture are continuously role-modelled.
We create and articulate a compelling and ambitious shared purpose, vision and direction.
We pave the way towards success and see failure as learning.
You are going to experience that we care & dare: We are empathetic.
We know when to lead and know when to let others lead.
We attract, grow and coach future leaders.
We communicate in a clear & authentic way: We interact with a positive and humble spirit.
We solicit feedback, ask and listen, learn and unlearn.
You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients.
We embrace new ways of working using digitalisation to deliver solutions.
We lead the We: We have a passion for winning and growing as a team.
We inspire people to be capable of joint performance.
We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged.
At Munich Re, embracing the power of differences is at the core of who we are.
We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better.
We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs.
Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

Equal Opportunity

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.