Actuarial Analyst (Longevity Risk)

Your role at a glance

We are currently seeking an Actuarial Analyst to join our Longevity Risk team here at L&G.

Our Longevity Risk team are responsible for providing mortality assumptions (both base mortality and trend) to optimise Pricing, Economic Capital and Valuation assumptions for Legal & General’s Retirement Business (LGR). 

As a Longevity Risk Actuarial Analyst, you will support the delivery of regular mortality analysis to assist with the delivery of LGR’s strategic objectives, focussing particularly on Solvency II capital modelling, strategic analytics, and year end assumptions for retirement (primarily annuities).

You will also aid in providing population mortality monitoring and expert analysis that can help drive business decisions, allow us to be reactive to recent developments and push forward understanding of mortality trends.

This role would be ideal for a part-qualified actuary who is making good progress through the IFoA Exams and has experience or a keen interest in mortality/assumption setting.

What you'll be doing

• Supporting with longevity risk modelling to assess mortality and mortality trend for annuitants. This work includes both UK and international territories.
• Assisting in developing and communicating longevity assumptions for the purposes of year end reporting, pricing and/or capital requirement.
• Supporting the delivery of strategic deliverables including the use of financial levers for year-end reporting, pricing and capital purposes. And also assisting with educating and informing stakeholders on key aspects of mortality information.
• Monitoring population mortality and health data to identify trends and then using this analysis to produce regular, timely MI to various stakeholders, ensuring that the MI stays up to date, informative and identifies issues early on.
• Contributing to the development and delivery of marginal distributions of uncertainty for base mortality, mortality trend, spouse demography, and associated correlations for the retirement portfolio (both UK and International).
• Producing and maintaining future mortality projection models. Including researching new techniques to improve our modelling capabilities and ability to provide improved insight into the direction of future mortality.
• Supporting the development, review and maintenance of the Longevity Risk `Predictive Model' for describing/predicting the mortality experience of the UK and International business, including the:
• Competitive pricing of Bulk and Individual Annuities.
• Base Mortality pricing for international expansion.
• Mortality analysis to develop and refine the `Postcode Model’
• Development and maintenance of the SEC group profiling systems.
• Exploration of potential new rating factors.
• Contributing to research on longevity risk to identify suitable data sources such as demographic profiling systems and potential software to potentially optimise our pricing and reserving assumptions.
• Supporting mortality data acquisition and innovation to enable Legal & General to expand into international annuities for base mortality.
• Contributing to or leading on the deliverables of ad-hoc longevity projects across pricing, reporting and capital as and when required. Including helping stakeholders to define the problem and develop the scope of the project so we can ensure the delivery of useful insight to drive decisions.
• Providing concise, clear and well communicated summaries of all analysis work completed and presenting these findings to key stakeholders to achieve the prompt signoff of strategic deliverables.

What we're looking for

• A part-qualified actuary with good progression through the actuarial exams.
• Previous experience within a Life company/Consultancy would be preferable.
• Longevity experience with specific knowledge of base and trend mortality and common practices would be preferable.
• Commercial knowledge of Longevity Risk Products including Bulk Purchase Annuities, Individual Annuities, Longevity Swaps etc. would be preferable.
• Practical experience of model development and knowledge of the application of statistical methodologies to longevity models would be preferable.
• Knowledge of Solvency II and setting Solvency II marginal distributions assumptions.
• Advanced Excel skills and previous experience with modelling in R would be highly advantageous.
• Strong problem solving and analytical skills, with the ability to break down the problem into separate components, form judgements and then develop solutions.
• Good written & oral communication skills, with the confidence to present findings to stakeholders across the business to help influence business decisions.
• A team player with the ability to work with peers and contribute to the delivery of data/projects in a timely manner.
• Ability to work flexibly and adapt to the changing demands and conditions within the organisation and marketplace.

Benefits

When you commit to Legal & General, we’ll commit to you too. That means we’ll recognise and reward your hard work, your performance and your contribution.

If you join us, you’ll get access to some great benefits, including private medical insurance, at least 25 days holiday (excluding bank holidays), a generous pension scheme, life assurance, and Income Protection. You can participate in our electric car scheme, which offers employees the option to hire a brand new electric car through tax efficient salary sacrifice. We’re also proud to offer competitive family leave. 

You’ll have the opportunity to participate in our annual, performance-related bonus plan and valuable share schemes. And then there are the many discounts we offer that you can take advantage of – both for our own products and at a range of high street stores and online offerings.

Legal & General runs a highly regarded Actuarial Rotations Programme for students, which you will be a part of. The role you are applying to is part of our rotational program, designed to further develop and enhance your skills, and as part of this program you will be expected to rotate in both of our sites in London and Hove. 

About L&G

The brand with the brolly is choosing today to change tomorrow. Since 1836, we’ve grown to become one of the world's largest asset managers, homebuilders, pension providers and insurance brands. 

We’re all here to improve the lives of our customers, build a better society for the long term, and create value for our shareholders - helping to shape a better future for society and the planet. We need people who share our ambitions, agility and entrepreneurial spirit to help us do it.

At L&G, you’ll find a balance that helps you be your best. Empowered by hybrid working, we’re supported by technology and workplaces that enable us to work effectively wherever we are. We come together in offices to collaborate and connect, and use time at home for individual, focused activities. And, when we achieve great things, we celebrate our success and reward strong performance.

Today, there’s over 10,000 of us, working towards our mission, with plenty of opportunities to grow your career as we grow L&G. Will you join us?

About the business area

Securing pensions over the long term can be a challenge for many businesses. Our ambition at Legal & General Retirement Institutional (LGRI) is to help companies and pension scheme trustees honour their defined benefit pension promises to their employees. We’re helping companies settle their pension liabilities so they can focus on growing their businesses, as well as helping to support their members’ financial security in retirement. And we’re investing for the long term to back our pension promises. In the last 30 years we’ve written more UK business than any other insurer, and we currently look after more than half a million pension policyholders. We're the UK’s longest-serving active bulk annuity provider, and a market-leading, multi-award winning business.  

Our commitment to Equal Opportunities

Great minds don’t have to think alike, so we welcome voices from all backgrounds. Bringing together people with different life experiences helps us build empathy with our customers and drive innovation.

We don’t just talk about it, we actively promote diversity and equitable opportunities for all. That means our employment decisions are made without regard to race, colour, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age, disability or protected veteran status. In fact, we embrace every dimension of diversity to reflect the customers and communities we serve.

We think it’s important to create an inclusive environment where we can all belong, contribute and drive progress, where you can develop and grow, and be empowered. We want you to use your voice to help us build a better tomorrow.

We all work differently, and have different needs, which is why we’re always open to discussing flexible working arrangements. Likewise, we’re committed to finding reasonable accommodations for candidates with specific needs during our recruiting process.

So whoever you are, wherever you are, whatever your story, we'd love to hear from you.