Actuarial Analyst (Longevity)

Your role at a glance:

Are you a part-qualified Actuary with an interest in mortality/assumption setting? If so, we have a fantastic opportunity within our Retirement Division as a Longevity Risk Actuarial Analyst.

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 (LGRI).

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

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

What you'll be doing:

• Supporting longevity risk modelling to assess mortality and mortality trend for annuitants. This work includes both UK and international territories (including Bermuda & the US)
• Assisting in developing and communicating longevity assumptions for the purposes of year end reporting, pricing or capital requirement.
• Supporting the delivery of strategic deliverables including the use of financial levers for both year-end reporting, pricing and capital.
• Assisting with the production of concise, clear and well communicated summaries of all mortality analysis work within the team to inform and educate stakeholders from across the business.
• Supporting with population mortality and health monitoring. Including the analysis of trends and producing regular MI.
• 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 into new techniques to improve modelling and providing improved insights into the direction of future mortality.
• Supporting the tasks necessary to support the development, review and maintenance of the Longevity Risk Predictive model for describing/predicting the mortality experience of the UK and International business, Including:
  • Pricing Bulk and Individual annuitant business to ensure it reflects the specific mortality risk within these markets whilst supporting a competitive price where appropriate.
  • Base Mortality pricing for International expansion to ensure it reflects the specific mortality risk within these markets whilst supporting a competitive price where appropriate.
  • Interpreting the results of the 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 and utilise this information 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.
• Supporting the production of Longevity Management Information, ensuring timely delivery of MI to the various stakeholders, ensuring that the MI stays up to date, informative and identifies issues early on.

What we're looking for:

• A part-qualified/student actuary, who is making good progress with their IFoA Exams - Ideally someone with broad Life or Pensions experience across pricing, reporting and/or capital.
• Longevity experience/knowledge would highly beneficial but is not essential (with specific knowledge of base and trend mortality and common practices being particularly useful)
• Commercial knowledge of longevity risk products including BPA, individual, longevity swaps etc. would be desirable.
• Practical experience of model development and knowledge of the application of statistical methodologies to longevity modelling would be highly beneficial but is not essential.
• Knowledge of Solvency II and setting Solvency II marginal distributions assumptions.
• Actuarial skills for modelling - Including advanced Excel skills (experience with modelling in R would be an even greater advantage)
• Strong problem solving and analytical skills (e.g. the ability to break down the problem into separate components, form judgements, risk assessment and develop solutions).
• Good Communication Skills - written, oral and presentation skills.
• Ability to understand the tasks required and to persuade peers and stakeholder of the desired outcome.
• Ability to work flexibly and adapt to the changing demands and conditions within the organisation and market place.

Benefits:

• Competitive Salary starting at £34,000 (but could be higher depending on experience/exam passes)
• Study Support (including a rotation scheme and incremental increases as you progress further through your exams)
• Holiday Allowance – 25 days plus all UK bank holidays
• Pension Contribution – L&G match any personal contributions up to 5% and then provide a further top up of 5%
• Private Medical
• Life Insurance
• Income Protection
• Smart Spending – which gives you access to vouchers/shopping discounts

Please note the above are just a few of the many benefits you will be entitled to when you join L&G from day 1.

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?