Valuation Actuary

Job Summary

As a key member of the Korea L&H Valuation team, which sits within the APAC Actuarial function, your role will be focused on the production of IFRS and SII results. The role will cover SCOR’s business written in Korea and Japan.

This will include preparing the quarterly reserves, uploading these into SCOR's systems, understanding and analysing the results and movements, reviewing the work of other team members, and producing reports. It will also include preparation of settlement statements for an external retrocession and User Acceptance Testing of actuarial model changes.

You will have the opportunity to liaise with colleagues across the SCOR group, explaining the results to our stakeholders and participating in strategic projects.

About the Department: APAC Actuarial

The APAC Actuarial team is based in SCOR’s offices in Singapore, Sydney, Beijing, and Seoul, covering both Life & Health and Property & Casualty business. This includes business written in approximately 30 countries and 13 legal entities in the region.

We are a diverse and engaged team, providing expert actuarial analysis and insight for our stakeholders. The department is led by the Head of L&H Reserving for Asia Pacific.

Responsibilities

Key duties and responsibilities

Valuation & Closing Process

• Review and production support of the IFRS 4, IFRS 17, Solvency II, and K-ICS results for the North Asia market.
• Liaise with the local Technical Accounting team to produce IFRS results.
• Support annual non-economic assumption updates.
• Respond to the external actuarial audit process for North Asia and manage relationships with local auditors on actuarial topics.
• Liaise with IT to streamline and automate the valuation process.
• Assist in drafting actuarial valuation reports for IFRS and Solvency II for the North Asia market.
• Perform the annual/half yearly Analysis of Change process on SII and IFRS 17 results.
• Prepare the quarterly settlement statements for Covea retrocession and assist in creating a longer-term solution to automate this process.
• Standardise and continuously improve reserving processes, analysis, and controls.
• Check and review others' work as part of the ‘do, check, review’ process.

Modelling

• Assist with quarterly Prophet User Acceptance Testing.
• Propose improvements on tools and methodology.
• Assist the North Asia market’s contribution to the SCOR Group IFRS 17 project, including testing and dry run activities, Prophet model process enhancements, and communicating with global stakeholders to keep up with progress developments.
• Update the Best Estimate assumptions and other parameters in the Prophet model.
• Contribute to group/global projects.

Qualifications

Experience:

• Nearly or newly qualified actuary (FSA, FIA, FIAA, or equivalent).
• 4 to 9 years relevant experience in an insurance/reinsurance business or equivalent capabilities.
• Experience in experience analysis and best estimate assumption setting.
• Experience in reserving/valuation – Best estimate liability valuation, and/or IFRS 17 and Solvency II experience preferred.
• Experience in producing and checking future cash flows using actuarial software, preferably with Prophet.
• Experience in reviewing others' work and managing tasks independently.

Personal Competences:

• Fluent Korean speaker with good written and conversational English.
• Enjoys working at pace in a close-knit team.
• Demonstrates curiosity and enthusiasm for continuous improvement.
• Proactive, organized, and adept at stakeholder management.
• Strong technical skill set, including experience in Prophet, SQL, Python, and Excel VBA.
• Excellent communication and interpersonal skills.

About us

As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk.

Working at SCOR means engaging with some of the best minds in the industry – actuaries, data scientists, underwriters, risk modelers, engineers, and many others – as we work together to find solutions to pressing challenges facing societies.

As an international company, our common culture is defined by “The SCOR Way.” This serves to build momentum that drives the Group forward and acts as a compass to guide our actions and choices, anchored by five core values: we care about clients, people, and societies; we perform with integrity; we act with courage; we encourage open minds; and we thrive through collaboration.