Valuation Actuary

Valuation Actuary (m/f/d)

Company: Munich Re

Location: Munich, Germany

Munich Re’s Central Life Reserving (CLR) Global Oversight team is responsible for the reserves held in the Life and Health Reinsurance (LH RI) Portfolio. We empower actuaries across the globe to provide actionable analytics on business and reserve developments relevant for decision making. We drive the development and implementation of an integrated actuarial analysis and reporting platform while safeguarding the availability of high-quality data for the reserving processes.

Over the next few years, a key objective for the department will be the further development and automation of the valuation processes, analysis, and reporting. In this context, this position is an exciting opportunity with a hybrid role (about 50-50), providing exposure to one legal entity as well as our global operations. Specific focus areas for this role are:

• Supporting the Actuarial Function Holder of our subsidiary Munich Re of Malta p.l.c. (MRoM) according to Solvency II regulations and their Finance team in actuarial-related topics, tasks and projects related to data validation and correction, developing ad-hoc analysis, and participating in process improvements.
• Supporting the CLR IFRS Operations and Analytics (O&A) team with quarterly valuation activities and cross-functional initiatives geared towards the optimization of consistent reserving processes and reporting tools across LH RI.

Is exploring new and complex topics your passion? Do you like to present complex matters in a simple way? You are keen on helping others to learn and grow in their roles? If this sounds like you, we invite you to apply to join our diverse and dynamic team!

YOUR JOB

Tasks related to MRoM:

• Contribute to Quality Assurance for IFRS 17 and SII quarterly closing of our Life & Health and Non-Life portfolios.
• Support in the preparation of the IFRS 17 quarterly presentations for MRoM.
• Support review/update of the 'actuarial' chapters in the Solvency and Financial Condition Report (SFCR) and in annual IFRS financial statements, including responding to assigned actuarial queries from external auditors.
• Support the quarterly financial close process, including the reconciliation of Group vs. Local reporting figures.
• Supporting the MRoM U/W team in view of actuarial/accounting issues prior to the conclusion of contracts.
• Investigate and develop supporting analysis on data validations and correction processes.
• Support the exchange with other business units on process improvements related to IFRS 17 cash flows and critical valuation assumptions.

Tasks related to CLR IFRS O&A:

• Support orchestration, central processing and quality assurance of quarterly closing and forecast data from international business units for Group and Local IFRS 17 reporting.
• Develop a deep understanding of our standardized input data model, calculation approaches and output validation tools to ensure functional accuracy and alignment with methodological guidance.
• Facilitate development and maintenance of our reference calculators and reporting tools to enable consistent analysis, results consolidation and reliable explanations.
• Contribute to management presentations with impactful analysis, drawing actionable insights from underlying data (actuarial and accounting), quarterly results, and projected trends.
• Automate and digitize end-to-end IFRS processes, interfaces, workflows and controls.
• Solve problems and learn about LH RI business while building technical skills in Python, PowerBI, Databricks and more.

YOUR PROFILE

• University degree with quantitative focus (e.g. mathematics, actuarial science, accounting or economics).
• Qualified Actuary or Candidate of a recognized Actuarial Association.
• At least 3-5 years’ professional experience in life/health or non-life insurance or reinsurance (an experience in valuation/reporting is desirable).
• Excellent knowledge of IFRS 17 and Solvency II; IFRS 9 knowledge beneficial.
• Good knowledge of Insurance Technical Accounting (P&L, Balance Sheet, Quarterly and Annual closing process).
• Excellent analytical and conceptual skills.
• Interpersonal and presentation skills (ability to deal with senior actuarial staff and ability to explain technical concepts to MRoM management).
• Exposure to project work in actuarial or accounting area.
• Team player and willingness to collaborate cross-functionally with Actuarial and Accounting colleagues.
• Very good command of English; good command of German beneficial.

Application Instructions

Please apply through our online portal and upload your CV, as well as your academic reference letters, including school certificates, graduation certificates and transcripts of record for any degrees. We recommend writing a cover letter to tell us more about why the position and Munich Re is of interest to you.

About us

As the world's leading reinsurance company with more than 11,000 employees at over 50 locations, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into a manageable risk, we enable fundamental change. Join us working on topics today that will concern society tomorrow, whether that be climate change, major construction projects, medical risk assessment or even space travel.

Together we embrace a culture where multiskilled teams dare to think big. We create the new and the different for our clients and cultivate innovation.

Sounds like you? Push boundaries with us and be part of Munich Re.

Our employees are our greatest strength. That’s why we offer them a wide range of benefits. You can find some examples below.

Unlock your potential

• Diversity, Equity & Inclusion: we embrace the power of differences and are convinced that diversity fosters innovation and resilience and enables us to act braver and better.
• Continuous Learning: we believe that continuous learning is a key differentiator and critical for building new skills and accelerating growth.
• Career Mobility: we actively support career mobility, and our strong global and regional presence offers a wealth of career growth opportunities for you.

Rewards & Recognition

• Competitive salary: appropriate compensation for your high level of commitment.
• Retirement provision: state of the art in-house pension solutions.
• Work-life balance: promoting the compatibility of family and work in addition to overall work-life balance.
• Health management: focus on your physical and mental health far beyond legal requirements.
• Hybrid working: living the best of both worlds – we offer you a very flexible approach as well as the opportunity to work from abroad on an occasional basis.

* Munich Re not only stands for fairness with regard to its clients; it is also an equal opportunities employer. Severely disabled candidates will also be prioritized, if equally qualified.