Pricing Actuary (Lifetime Mortgages)

Company Description

Legal & General supports the savings, protection and retirement needs of around 14 million people, through our portfolio of retail and workplace businesses.

Our Retail division helps people enjoy a more colourful retirement, both directly and through their employers, including Lifetime Mortgages, Retirement Interest Only Mortgages and financial advice on our range of lending products.

We are the UK’s number one individual life insurer, and also provide Group Protection products for employers – all helping people to plan for the unexpected.

We support home buying through our Mortgage Club – the UK’s largest – and our award-winning Surveying Services team.

And our fintech team finds and supports socially useful start-ups and scale-ups working in the workplace, home, insurance and wealth areas.

Joining us means helping create brighter financial futures for all our customers.

Job Description

We’re recruiting for a Qualified Actuary to join us as a Pricing Actuary with a focus on Lifetime Mortgage pricing.

In this role you will design and implement pricing strategies for UK Lifetime Mortgage business with the aim of maximising Group Value whilst remaining within an acceptable risk profile.

You will also support pricing work for other international markets, including but not limited to Dutch retirement lending.

Additionally, you will be responsible for leading both the day-to-day activities on pricing proposals and longer-term developments focused on the sophistication of our pricing approach.

This is a hybrid working opportunity, allowing you to split your working week between your home and our Central London Offices to find a work-life balance that works for you.

What you'll be doing:

• Designing and delivering pricing strategies in collaboration with all pricing stakeholders to gain competitive advantage and enable the UK LTM business to generate business that maximises Group Value.
• Deploying refinements to both the granularity and sophistication of UK pricing that allows L&G to be more effective and targeted in originating value-adding business.
• Ensuring that the metrics used to assess Group Value and pricing success reflect current thinking in the wider asset origination world.
• Monitoring and managing the risk profile of all LTM portfolios, including identifying and implementing techniques for improving risk selection through product design and pricing.
• Owning the production of regular MI essential for risk and performance management of the business and carrying out regular forecasting of pricing assumptions for internal stakeholders.
• Supporting pricing activity on International retirement lending propositions, ensuring that these are assessed consistently with the core UK offering.
• Ensuring that all business processes and internal controls within your role are designed and performed to deliver good customer outcomes and are consistent with the principles of Treating Customers Fairly (TCF).
• Reviewing plans for the team’s activities through all planning phases by effectively prioritising and scheduling work to ensure the needs of all customers are met.

Qualifications

Who we're looking for:

• A Fellow of the Institute and Faculty of Actuaries (FIA/FFA) or equivalent.
• Proven, relevant actuarial experience gained within a life office/consultancy environment.
• Willing to undertake appropriate Continual Professional Development as recommended for the role.
• Excellent knowledge of actuarial techniques.
• Good all-round knowledge and awareness of relevant guidance and regulations (including Solvency II) as well as best practices pertaining to Lifetime Mortgages.
• Pricing experience or previous experience working with Lifetime Mortgage products is highly desirable.
• Ability to communicate results in a clear and compelling manner to a range of stakeholders, with varying levels of technical understanding.

Benefits

• The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes.
• Generous pension contribution.
• Life assurance.
• Private medical insurance.
• At least 27 days holiday, plus public holidays, with the option to buy and sell holiday.
• Competitive family leave.
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice.
• Discounts for our own products and at a range of high street stores and online.
• Our offices are great spaces to connect and collaborate, with wellbeing at the heart.

Additional Information

Legal & General is a leading financial services group and major global investor, named Britain’s Most Admired Company in 2023, for the second year running.

Rated top in our sector and top for inspirational leadership, we have a strong heritage and an exciting future.

We aim to build a better society for the long term by investing our customers’ money in things that make life better for everyone.

If you join us, you’ll be part of a welcoming culture, with opportunities to collaborate with people of diverse backgrounds, views and experiences.

Guided by leaders with integrity who care about your future and wellbeing, you will be empowered through initiatives that support career development and excellence.

We strive to be open, mindful and inclusive, so are always willing to discuss flexible working arrangements and reasonable accommodations for candidates with specific needs.

If you’re open to find out more, we'd love to hear from you.