Assistant Actuary

Job purpose:

Responsible for supporting on local statutory valuations and quarterly GAAP close of all Gulf countries within regulatory deadlines in accordance with prescribed regulations/principles with clear explanation to various stakeholders.

Assist in review of new regulations related to actuarial including impact analysis. Carry out experience studies to propose best estimate assumptions for Statutory and GAAP Valuations and Value of New Business (VNB). Support Quarterly Value of Gulf New Business Analysis and Discussions.

Review and support annually on Gulf Policyholders’ Bonuses and Crediting Rates. Any other support need by Gulf Chief Actuary.

Job description:

Carry out all work related to local Statutory Valuations including:

• Getting all the reports and information from Home Office and other departments
• Support on completing all the Regulatory Forms
• Support on responding to queries from both Auditors and Regulators
• Coordinating the sign off on Regulatory forms from the Appointed Actuary
• Ensuring timely submission to the Regulator within the deadline

Full Support on Quarterly/Monthly US GAAP Valuation including:

• Ensuring that all data has been provided to the Production unit on time
• Reviewing all Actuarial Entries, comparing with prior quarters
• Reasonability and Trend Analysis
• Support the Gulf Chief Actuary in explaining the results to management

Support the Gulf Chief Actuary on the following:

• Updating the Actuarial policies, procedures and controls
• Preparing actuarial reports and complying with the other actuarial reporting obligations required by law, instructions and circulars
• Advise on, monitor, investigate and report on the setting of premiums, as well as on risks that significantly affect the ability to meet liabilities to policyholders, capital requirements, solvency position and technical provisions
• Monitor solvency position for the Gulf region and the risks that significantly affect the ability to meet liabilities to policyholders, capital requirements and technical provisions.
• Keeping up to-date on local regulatory developments especially related to Actuarial Valuation and Solvency Requirements and carry out impact analysis of new regulations

Carry Out Annual Experience Studies:

• Including Mortality, Lapse, Expense, Interest and Premium Persistency
• Coordinate with relevant departments to get the information and reports
• Compare the results with prior years and review for significant change
• Propose Best Estimate Assumptions for Gulf Statutory and GAAP Valuation and VNB

Qualifications, Experience & Skills:

• Associate of US Society of Actuaries or UK Institute of Actuaries or equivalent
• At least 5-7 years of total experience including 2 years in Actuarial Valuation
• Communication & Multi-Tasking Skills
• Team Members & Flexible
• Fluent in English
• Fluent in Local Language will be an advantage
• Computer Literate including Excel, Word and Power-point
• Proficient practical and theoretical knowledge of pricing, reserving, and actuarial analysis
• Knowledge of Local Valuation Regulations