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Statutory Actuarial Leader

3 weeks ago

Kuala Lumpur, Kuala Lumpur, Malaysia Zurich 56 Company Ltd Full time
Company Overview:

Zurich 56 Company Ltd is a leading provider of life insurance solutions, committed to delivering exceptional value to our customers and stakeholders. As a statutory actuary for our Life business, you will play a critical role in ensuring the quality of our data and governance processes.

Job Description:

As Appointed Actuary for Zurich Life Insurance, you will act as the statutory lead Actuary for the Life business and as a member of the Life Actuarial division providing financial insights to ZLIMB leadership and BODs on potential threats to the solvency of the company. You will lead a team with responsibility for managing the statutory reserving process for the Business Unit and ensuring the quality of data used, as well as ensuring the governance supporting the data quality assurance process is applied and adhered to.

Key Accountabilities:
  1. Insights to key stakeholders
    • Provide insights to CEO, Finance, Chief Actuary, Management, and Board to better understand reserving decisions, uncertainty in results, impact of assumption changes, and trends on statutory reserves.
    • Communicate results selections, assumptions made, and enhanced reporting for management to support key business decisions.
    • Highlight trends and risks on future results for better-informed strategic decisions.
    • Support a culture of insight sharing through active engagement in virtuous circle meetings and regular communication with other functions.
  2. Local statutory requirements met accurately and in a timely manner
    • Develop processes that increase efficiency, accuracy, and robustness of statutory reserving requirements.
    • Enhance Actuarial report to support business decisions.
    • Avoid missed deadlines or significant errors or omissions.
  3. Reserves booked in finance accounts well understood and accurate
    • Work with Finance to enhance booking process for improved efficiency and accuracy of results.
    • Provide updates at monthly FAPC meetings on any assumption or model changes impacting statutory reserves and P&L and Balance sheet, presented to key stakeholders.
    • Collaborate closely with Family Takaful Actuarial team, Actuarial Regional Reporting team, and Actuarial IFRS17 team for alignment and consistency across different reporting bases (e.g., MCEV, NBV, IFRS17).
  4. Meet agreed improvements regarding Actuarial Standards
    • Certify that the valuation of policyholder liabilities adheres to generally accepted actuarial principles and practices.
    • Ensure valuation methods and assumptions are consistent with applicable regulatory requirements.
  5. Highlight key trends in business composition
    • Prepare the Financial Condition Report (FCR) and report to the Board and management on developments that may materially affect ZTMB's financial condition or compromise policyholders' interests.
    • Provide recommendations to the Board on the appropriateness of surplus distribution to participating policyholders and relevant distribution to shareholders.
    • Apply appropriate tests to ensure the completeness and accuracy of the current database of business used for the stated duties.