Actuary

Actuary

Date Posted: 28/01/2025

Location: London

Job Type: Full time

Who are Just? We’re a FTSE 250 Financial Services company who specialise in retirement solutions. Our world is moving quickly, with the defined benefit buy in/buy out space growing each year. Just continues to grow its business by over £4bn of assets annually. We are a purpose-driven company with compelling and credible goals. We help people achieve a better later life by providing competitive and innovative products, services, financial advice, and guidance to help our customers achieve security and peace of mind in retirement.

Purpose To support the Group Chief Actuary in fulfilling regulatory responsibility for the Actuarial Function (SIMF20), including adequacy of technical provisions and adequacy of reinsurance.

Job Role Accountabilities

• Conduct the validation of the Solvency II technical provision through review and challenge of the key models, methods, and assumptions used in calculating technical provisions.
• Support the maintenance of the technical provision validation framework.
• Support the drafting of Actuarial Function Reports to the Board & Audit Committee.
• Manage the Chief Actuary recommendation process to monitor and report on progress of agreed actions.
• Support the review of the reinsurance counterparty risk appetite and new reinsurance contracts.
• Own the production and development of reinsurance MI to monitor reinsurance counterparty risks in accordance with the framework.
• Support the development of model risk framework and reporting of model risk.
• Develop and improve tools and processes in compliance with Just Group standards.
• Provide support and training to the junior students in the team.
• Contribute to other Group Chief Actuary work as allocated.

Examples of Key Activities

• Review assumptions related to technical provisions, e.g., demographic bases.
• Review the risks and controls of actuarial processes.
• Review of reinsurance contracts.
• Draft validation reports to the Audit Committee in accordance with external reporting timelines.
• Provide status reports to management on progress with resolving Chief Actuary recommendations.
• Support the business on key actuarial initiatives and regulatory development, for example, Solvency UK Reform.
• Liaise with different actuarial and finance teams to ensure the inputs and outputs of management information are delivered on time.
• Develop the reinsurance MI model and refine methodology and assumptions.
• Support setting of counterparty limits for new reinsurers.
• Support ad-hoc reinsurance queries from commercial reinsurance teams.
• Support and train junior students in the team.

Skills and Knowledge

• Strong analytical skills and model review skills.
• Strong time management skills.
• Strong verbal, written communication, and interpersonal skills.
• Propensity to maintain competence and up-to-date knowledge.
• Strong IT skills, particularly in Excel, with VBA and Power BI experience advantageous.
• Knowledge of the products and services provided by the Just Group.
• Understanding of the industry and the Group’s target markets.

Experience

• Experience of working in the life insurance sector, including a good knowledge of Solvency II/Matching Adjustment, life insurance products, and markets.
• Experience in demographic risk, actuarial reporting, ALM, or reinsurance is preferred, but not essential.

Why Just? We are committed to building a more sustainable business and have publicly committed to reduce our scope 3 emissions to Net Zero by 2050 and our scope 1 and 2 emissions to Net Zero by 2025. We encourage our people to make small and meaningful changes in their everyday lives to protect our planet for future generations.

Diversity, Equity, and Inclusion (DE&I) is a key priority for Just as part of our overall strategy. We ensure all of our people feel proud to work at Just. We have joined a number of initiatives designed to improve outcomes for employees from underrepresented backgrounds. We also run a Reciprocal Mentoring scheme for employees from diverse backgrounds.

What’s clear about working at Just is that we care. We care about our customers, our purpose, our environment, inclusivity, wellbeing, and most importantly - each other.