Economic Capital Actuary

This is an exciting opportunity for an Economic Capital Actuary within the UK Life Actuarial Function team. 

The UK Life Risk function plays a pivotal role across the UK Life business in supporting first line management to understand, assess and manage key risks, and associated key controls, which enables the business to make better decisions.

Reporting to the Life Economic Capital Life Lead, you’ll be supporting Aviva’s Internal Model, supporting the team accountable for risk calibrations, and providing support for capital requirements methodology more widely. 

You will be involved in the review of proposal arising from the Group Actuarial Function team and support the Finance team in implementing the methodology.

Duties & Responsibilities

The role also involves advising key stakeholders and senior management from the Finance teams, the Investment team, the Pricing teams, the Annuity Asset Origination team and Group team as to the capital requirements implications of business activity and emerging methodology.

The work required is of a technical actuarial nature, primarily relating to all aspects of the calculation of the Solvency Capital Requirement (SCR) and the wider balance sheet components required under Solvency II rules.

On a daily basis you will be supporting the development of Solvency II risk calibrations and risk correlations and supporting the review of calibrations and Credit Portfolio Model results produced outside of the team.

In addition, you will be ensuring risks are identified for inclusion in the Internal Model as well as supporting the development and queries on methodologies relating to the determination of all aspects of the Solvency II balance sheet, including the assets, SCR and technical provisions; and assist with explaining assumptions to senior management and regulators.

Skills & Experience

• Ability to present complex information in a straightforward and clear manner facilitating the right actions and responses
• Ability to work under pressure and to deadlines and an energy, drive and a ‘can do’ attitude
• Statistical analysis, especially distribution fitting
• Knowledge of credit risk modelling and Life insurance products and risks
• Python, VBA knowledge desirable

What you’ll get for this role:

• Salary of circa £55,000 (National) and £70,000 (London) depending on skills, experience, and qualifications
• Generous pension (starting level Aviva contributes 8% when you contribute 2%)
• Eligibility for annual performance bonus
• Family friendly parental and carer’s leave
• 29 days holiday per year plus bank holidays and the option to buy/sell up to 5 additional days
• Up to 40% discount for Aviva products
• Aviva Matching Share Plan and Save As You Earn scheme
• 21 volunteering hours per year

Aviva is for everyone:

We are inclusive – we want applications from people with diverse backgrounds and experiences. Excited but not sure you tick every box? Research tells us that women, particularly, feel this way.  So, regardless of gender, why not apply.

We flex locations, hours and working patterns to suit our customers, business, and you. Most of our people are smart working – spending around 60% of their time in our offices and 40% at home.

We interview every disabled applicant who meets the minimum criteria for the job. Once you’ve applied, please send us an email stating that you have a disclosed disability, and we’ll interview you.