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Legal & General

Qualified Actuary (Internal Model Production)

⛔️ Closed

🇬🇧 UK

💰 £70k-£80k


⛔️ Closed

1mo ago

Legal & General logo

Legal & General

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Qualified Actuary (Internal Model Production)

Your role at a glance:

Due to continued growth across L&G, we are looking to hire a Newly Qualified Actuary to join our Internal Model Production team. Your role will cover a range of different projects across stress testing, analysis of capital results, impacts assessments of winning new business, and running what-if scenarios for market changes.

You will also get involved in the development and maintenance of the Internal Model and work closely with the core developers and internal clients to ensure all changes are properly tested and implemented correctly. The team is London-based and generally in the office once or twice a week, but if you live further afield or want greater flexibility, then don’t be put off, we can accommodate less time in the office.

In terms of your background, we are looking for a Nearly or Newly Qualified Actuary with experience of working in a Life Insurer. Ideally, you will have hands-on Internal Model experience or have a Financial Reporting background and know how to analyze model results. Do you feel like you meet the requirements but require greater flexibility? We’d love to hear from you regardless; we’re open to flexible working arrangements and support hybrid working, so please get in touch!

What you'll be doing:

  • Performing Internal Model capital calculations for regulatory reporting, analysis of change, and what-if runs using the AlgoOne system to ensure that Internal Model reporting requirements are met
  • Delivering results with the required accuracy, within agreed timescales, and following the required process controls to maintain the quality of the Internal Model Production team’s deliveries
  • Liaising with customers to help define requirements where necessary, and coordinating with others in the Internal Model Production team and affected stakeholders, to ensure that customer requests are actioned and prioritized appropriately
  • Assisting with customer queries on the Internal Model to support capital reporting teams with their understanding of the model and analysis of results
  • Supporting the validation of asset results from the Internal Model for profit-and-loss attribution and the validation of capital results
  • Testing Internal Model changes, in collaboration with the development team and relevant stakeholders in Risk Analytics or the Business Units to ensure that model changes are fit for purpose and follow the required Internal Model governance
  • Training others in the team and maintaining appropriate process documentation for supporting the development of others and mitigating any key person risk

What we're looking for:


Qualified Actuary, or Nearly Qualified Actuary with sufficient experience


Knowledge of the SII regulations governing the calculation of capital requirements

Understanding of the key risk exposures for different types of life insurance products, i.e. the drivers of capital for different types of assets or liabilities

Understanding of requirements for Business Units analysis-of-change and what-if requests to ensure these are analyzed and actioned appropriately

Competent with model configuration and setting up inputs with a high level of accuracy and attention to detail

Understanding of risk modeling or risk management processes

Experience and confidence with working with financial models, at a technical level and with analyzing results

Skills / Abilities:

Identify potential improvements to processes or the quality of deliveries, and provide input into potential solutions

Liaise with internal groups to support the development of new risk management approaches

Advise team members and Business Unit teams on complex issues surrounding risk management and capital modeling

Effective communication with others in Risk Analytics and our business customers to understand their requirements and for dealing with queries

A focus on delivery and attention to detail for ensuring high-quality deliveries


When you commit to Legal & General, we’ll commit to you too. That means we’ll recognize 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, 30 days holiday (excluding bank holidays), a generous pension scheme, life assurance, and Income Protection.

You'll receive a car allowance of 12% of your annual salary, and 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.

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 are 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 honor 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, color, 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.

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⛔️ Legal & General are no longer taking applications for this job.

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