Head of Statutory Reporting

Summary

As Appointed Actuary for Zurich Life Insurance, 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. Leads a team with responsibility for managing the statutory reserving process for the Business Unit and is responsible for 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

• CEO/Finance/Chief Actuary/ Management / Board to better understand the reserving decisions, the uncertainty in the result, impact of assumption changes and the trends on statutory reserves.
• Clear communication of results selections, assumptions made, enhanced reporting for management and other functions to support key business decisions.
• Highlight trends and risks on the future results so better informed strategic decisions can be made.
• 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 the statutory reserving requirements.
• Enhance  Actuarial report so that it supports business decisions.
• No missed deadlines or significant errors or omissions.

3. Reserves booked in finance accounts well understood and accurate

• Work with Finance to enhance booking process to improve efficiency and accuracy of results.
• Update at monthly FAPC meetings on any assumption or model change that will impact the statutory reserves and hence the P&L and Balance sheet. These results are presented and discussed with the key stakeholders: CEO, Chief Actuary,  Finance, Performance Planning & Monitoring, Finance Accounting & Risk Management.
• Work closely with Family Takaful Actuarial team, Actuarial Regional Reporting team and Actuarial IFRS17 team to ensure alignment and consistency with the different reporting basis eg MCEV, NBV, IFRS17. 

4. Meet agreed improvements with regards to meeting Actuarial Standards and comply to the guideline STD 029-5: Appointed Actuary : Appointment and Duties

• Certify that the valuation of policyholder liabilities are in accordance with:- 

1. generally accepted actuarial principles and practices; and 
2. valuation methods and assumptions which are consistent with the applicable requirements set out by the regulators 

 
5. You must highlight key trends in the business composition, the portfolio’s experience for each class of business and movements in the reserves for actuarial and other policy liabilities including any material changes in selected assumptions.

• Prepare the Financial Condition Report (FCR) and report to the Board and management of any developments that may materially affect the financial condition of ZTMB or compromise the interests of policyholders. 
• Provide recommendations to the Board on the appropriateness of surplus distribution to participating policyholders as well as any relevant distribution to shareholders. 
• Apply the appropriate tests to reasonably satisfy the completeness and accuracy of the current database of business used to perform the specific duties stated above.

Key Requirements

• Bachelor degree in relevant field such as Actuarial Science, Mathematics, Economics, Statistics, etc.
• Experience of 8-10 years in Life industry.
• Fully qualified Actuary,  as recognised by the regulator and any other group/local requirement.
• Experience in multiple functional areas (reserving, pricing, capital management, etc).
• Familiar with BNM guidelines.
• Prefer candidate with experience in local Malaysian Life Insurance and Takaful industry.

You are the heart & soul of Zurich! 
 

At Zurich, we like to think outside the box and challenge the status quo. We take an optimistic approach by focusing on the positives and constantly asking What can go right? We highly value the experience and know-how of our employees and offer a wide range of opportunities across business areas to encourage you to apply for new opportunities within Zurich when you are ready for your next career step. We’re proud to have earned Great Place To Work® Certification™. Our company culture is our top priority! #GPTWcertified 

Let’s continue to grow together!

Location(s):  MY - Kuala Lumpur 
Schedule: Full Time 
Recruiter name: Izzah Saibudin