Senior Actuarial Manager

About FWD Life Philippines 

FWD Life Insurance Corporation (FWD Life Philippines) launched its commercial operations in September 2014. As of end-2022, FWD Life Philippines ranks 3rd and 6th in terms of Paid-up Capital(1) and New Business Annual Premium Equivalent(2), respectively.

FWD Group is a pan-Asian life insurance business with more than 11 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.

For more information, please visit fwd.com.ph. 

1 www.insurance.gov.ph > Statistics > Life > 2022 > Based on Paid-Up Capital

2 www.insurance.gov.ph > Statistics > Life > 2022 > Based on New Business Annual Premium Equivalent

The Actuarial Senior Manager for Valuation leads the setting up of reserves of life business for FWD PH’s portfolio using the applicable valuation standards (e.g., local statutory, PFRS, Economic Capital etc.) including the relevant analysis on reserve movements. The role is also expected to establish controls and documentation on the end-to-end valuation and reporting process.

KEY RESPONSIBILITIES

1. Supervise the calculation of the appropriate reserves and capital in accordance with the relevant accounting/regulatory standards (e.g., local statutory, PFRS) and applicable FWD policies  (eg. Capital Management Policy). Guide teammates on the processes and changes to cater to standards.

2. Perform reserve and capital movement analysis and sources-of-earnings, and clearly explain results and drivers to both technical and non-technical audiences

3. Contribute in the Business Plan exercise with respect to earnings and capital management (eg. Projection of Capital requirements, capital status, and actions needed), including developing the capital strategy and limits based on the company’s Risk Appetite Framework and Capital Management Policy.

4. Prepare the required local statutory reportorial requirements in the case of local statutory reserving (e.g., AVR, Annual Statement, RBC, etc.) and Group Office templates needed for regional reporting (e.g. Economic Capital reporting, forecasting for Local Solvency and Economic Capital, etc.)

5. Oversee the development and maintenance of Local Statutory and Economic Capital models in Prophet and work closely with the Centralized Modeling Team where needed, including performing testing for changes in inputs and assumptions

6. Continuously improve valuation process by streamlining manual processes, DCS automation, etc.

6. Provide subject matter expertise to pricing and EV teams on insurance product classifications, earnings emergence, setting of pads, and other relevant valuation insights

7. Establish robust controls and documentation around the valuation process, supporting Group Wide Supervision and Model Governance Initiatives

8. Other special projects that may be assigned from time-to-time (e.g., IFRS17 transition)

KNOWLEDGE AND SKILLS

Graduate of Mathematics, Statistics, Actuarial Science, or similar courses

Associate of the Actuarial Society of the Philippines (AASP) or Associate of the Society of Actuaries (ASA)

At least seven years actuarial experience, preferably most of it in valuation

Required to have worked in a multinational life insurance company

Proficient in using Actuarial software as well as understanding assumption setting and checking of expected results

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When you apply, FWD will share your name, phone number and email address to Talocity to contact you and conduct the initial screening and profiling process.  Shortlisted candidates will then be contacted by FWD for the face-to-face interview.