Senior ALM Actuary

Date Posted: 26/04/2024

Location: London

Job Type: Full time

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Who are Just?

We’re a FTSE 250 Financial Services company who specialise in retirement solutions and right now, our world is moving pretty quickly. With the defined benefit buy in / buy out space growing each year, Just continues to annually grow its business by over £4bn of assets.

We are a purpose driven company with compelling and credible goals. Quite simply, we help people achieve a better later life. We achieve this by providing competitive and innovative products, services, financial advice and guidance to help our customers achieve security, certainty and provide them with peace of mind in retirement.

That’s who we are. We’re a company on a mission: to become a beacon for the entire retirement industry. Because we believe everyone deserves a fair, secure, and fulfilling retirement.

Purpose
As a Senior ALM Actuary you will be helping manage the ALM position of the Group and the regulated insurance entities within the Group.

Job Role Accountabilities

To support the development, implementation and maintenance of the internal securitisation process in order to convert the LTM cash flows into MA eligible notes
To support the development, implementation and maintenance of the process for new business (and potential other scenarios) in line with the internal securitisation rules.
To support the assessment of liquidity and ALM implications of Group projects related to new assets or liabilities classes.
To support the development and maintenance of a robust and efficient framework for managing the ALM position of the Group.
To perform quantitative analysis of the forward-looking ALM position of each regulated insurance entity and the overall Group and recommend actions to ensure the investment portfolio remains appropriate
To maintain the efficiency of the Matching Adjustment Portfolio(s) and ensure assets are appropriately structured for Solvency II Matching Adjustment
To prepare relevant materials based on the requests of the Matching adjustment committees, investment committee and Asset Liability Committees
To analyse the efficiency of, and recommend actions and strategies (including hedging) to optimise, the ALM position in light of overall business objectives (e.g. capital, liquidity, profit or other metrics) and past performance
To support the development and maintenance of a long-term liquidity framework and associated analyses and develop recommendations to ensure the Group remains within the overall long-term liquidity risk appetite
To provide input into the short-term liquidity analysis performed by Treasury
To support the development of a capital projection platform to facilitate robust analysis of “what if” ALM scenarios
To work with the rest of the business to implement approved actions and strategies
To implement first line validation activities in accordance with the validation framework and facilitate appropriate action in response to validation findings
Skills and Knowledge
Detailed understanding of the dynamics of life insurer balance sheets and of Solvency II requirements for base balance sheet and capital requirement
Excellent problem solving skills
Ability to communicate complex ideas and analysis to less technical audience
Able to take initiative to proactively identify and solve issues
Excellent knowledge of Excel and potentially other financial modelling software

Experience

Extensive experience at a life insurance company with recent experience in capital management, ALM or Internal Model
Proven track-record of developing practical solutions to complex technical issues
Previous experience of capital optimisation, ALM and/or capital transactions would be an advantage

Company Benefits

A Competitive Salary, Pension Scheme and Life Assurance
Along with 25 Days Annual Leave plus an Additional Day on us for your Birthday
Private Medical Cover and Income Protection, just in case
A generous and highly achievable bonus scheme – paid annually based on individual and company performance against targets
Opportunity to progress within your career both in-role and within the company
FREE access to the Headspace App, a 24/7 Employee Assistance Helpline and Trained Physical & Mental Health First Aiders (On-Site)
A variety of Employee Funded Benefits available to you via our Online Benefits Portal
Plus, several additional purchase options available for you and your loved ones

Why Just?

We are committed to building a more sustainable business and have publicly committed to reduce our scope 3 emissions to Net Zero by 2050 and our scope 1 and 2 emissions to Net Zero by 2025. We’ve made good progress so far and encourage our people to make small and meaningful changes in their everyday lives, so that we can protect our planet for future generations.

Diversity, Equity and inclusion (DE&I) is a key priority for Just as part of our overall strategy and ensuring all of our people feel proud to work at Just. We have joined a number of initiatives including the Race at Work Charter, designed to improve outcomes for employees from underrepresented backgrounds. We also run a Reciprocal Mentoring scheme for employees from a BAME background, those with a disability and those who identify as LGBTQ+. There are multiple employee network groups, which champion issues including race, gender, social mobility and neurodiversity.

What’s clear about working at Just is that we care. We care about our customers, our purpose, our environment, inclusivity, wellbeing and most importantly - each other.

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