Chief Actuary at Manulife in Makati City

Job description

The Chief Actuary is a senior executive role within the company, accountable to the Board and senior management for the integrity of the company’s reserves and capital. The incumbent serves as the steward of reserve and capital strength, as a trusted advisor to the Board, the CFO and senior management, as the company’s principal point of accountability on actuarial regulatory matters, and as a key leader in the actuarial community. The incumbent is accountable for the financial management framework, which encompasses reserve valuation on several accounting bases; Par dividend determination; capital management and actuarially related regulatory compliance; asset/liability management; reinsurance strategies and administration; embedded value analysis; and business planning and development. This includes providing the Board and its committees with clear, independent actuarial advice on reserves, solvency and capital adequacy; representing the company before regulators on actuarial and capital matters; and guiding capital management decisions that balance growth, risk and shareholder returns. As a member of the senior leadership team, the Chief Actuary contributes to enterprise-wide strategy, risk appetite and business decisions, and is expected to attract, develop and lead a team of high performing actuaries while demonstrating strong technical and analytical skills. Position Responsibilities: Financial Management Responsible for actuarial valuation under various bases: IFRS, PFRS and Statutory Provide and communicate meaningful MIS, analysis and decision support to management Provide and communicate drivers of earnings analysis and identify trends and business issues to highlight to senior management Provide financial advice with financial projection and stress tests for business planning Provide timely and accurate financial reporting, including local RBC solvency ratios and EV, and present results and key insights to the Board and its committees Own the capital management framework, including capital planning, RBC solvency position and capital relief options, and advise the Board and senior management on capital adequacy, risk appetite and capital deployment decisions Risk Management Perform the statutory duties of an Actuary, including: Provide the Board and its committees with independent actuarial advice and assurance on reserve adequacy, solvency and the company’s material risk exposures Meet regulatory reporting requirements providing accurate results in a timely manner, with accountability for the integrity of all actuarial submissions to the regulator Serve as the company’s principal actuarial representative to the Insurance Commission and other regulators, providing timely impact analysis on RBC and other Insurance Commissioner requests Par Fund Management Ensure valuation control and good model risk management are in place Perform experiences studies and manage the basis change process Review reinsurance treaties and ensure execution of treaties Leadership Serve as a member of the senior leadership team, contributing to enterprise-wide strategy, risk appetite and major business decisions, and taking accountability for the actuarial function’s results and governance Play a leading role in talent development, succession planning, team communication, engagement, direction and priorities. Collaborate to identify enterprise wide efficiencies. Address the need for change management and continuous improvement of actuarial processes Growth and Business review Provide financial analysis to support distribution channel growth and other business initiatives. Support new product and fund launches Provide regular updates to the Board and senior management on impending regulatory changes and their impact on capital and business strategy Play an active role in industry actuarial committees Required Qualifications: Fellow of the Actuarial Society of the Philippines (FASP) or Fellow of the Society of Actuaries (FSA). At least 10 years