Annuity ALM Manager – M&G plc. job at London Full Time NEW

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions.

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

Through telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

The Role:

The Actuarial Valuation and Modelling (AMV) team are the experts in the Group for:

• the valuation of the insurance entity liabilities for regulatory / statutory metrics of Solvency II, UK GAAP and IFRS17 and to

• determine required capital / IFRS risk adjustment for plc, PAC and PPL for regulatory reporting, including stress and scenario testing for decision making such as asset strategy.

The Annuity ALM team within AMV are responsible for the strategic plans and underlying compliance of the of Matching Adjustment (MA) portfolios which provide significant benefit to the PAC balance sheet. The team supports the design and development of new products and assets strategies, ensuring that these fully consider and adhere to the MA rules and regulations both during the initiation phase and then following implementation. We are a trusted source of expertise, helping M&G plc to better understand, control and optimise the shareholder balance sheet to deliver improved shareholder outcomes. “We apply our expertise and analysis to improve understanding and deliver solutions.

The role will play a key part in shaping and embedding the Annuity ALM team’s approach to managing inflation risk within the Matching Adjustment portfolios, including the development of appropriate delta hedging and other liability-driven risk management techniques.
As well as working closely with other teams in AMV we work with a range of internal stakeholders (e.g. Pensions Risk Transfer, Life Investment Office, Risk, Chief Actuary, Finance Strategy and the WPA) and external stakeholders (e.g. PRA, Investment Banks and Consultants) to develop and apply business solutions to the work relating to Annuity ALM.

This is a permanent position in a small, multi-location team which will have a hybrid working pattern which can combine working from home and from any of our office locations in Stirling, Edinburgh or London. Alternative arrangements, such as remote working, will be considered

Key Work Level Accountabilities:

• Accountable for delivering expert advice, using specialist knowledge and subject matter expertise,
• Applies judgement to deliver outcomes, evaluating a range of potential solutions, considering the impact for customers, cost and risk, with a key focus on controls,
• Challenges upwards given knowledge of delivery and awareness of complex systems and the broader picture,
• Identifies and anticipates need for changes to continuously improve quality and efficiency of output. Leads initiatives including gaining buy-in and support from stakeholders outside the Annuity ALM and AMV team.
• The role is expected to have a key focus on managing inflation risk within the MA portfolios and to support the development of a delta hedging strategy to manage inflation risk while remaining compliant with our MA approvals from the PRA

Key Responsibilities for this role:

The role will lead and/or support a wide range of activities in shaping and driving forward the Annuity ALM approach:

• In the short term this role will focus on supporting the development and rollout of an inflation risk management and delta hedging framework for new business and the back book, working with various subject matter experts and developing increasing ownership over time.
• Matching Adjustment – Supporting the Head of Annuity ALM with their responsibilities for ensuring compliance with the Solvency UK requirements particularly with respect to Matching Adjustment (MA),
• Supporting the Pension Risk Transfer (PRT) team deliver the new business targets and develop new, innovative products. This includes providing insight into our current MA approvals and taking a key role in projects to vary our MA permissions with the regulator (PRA),
• Discuss complex financial concepts across the business including with non-actuarial colleagues, contribute to product design, and integrate financial solutions into broader business strategies,
• Respond to emerging regulatory, balance sheet and stakeholder demands and supporting business-wide initiatives which impact the Annuity portfolios as and when required, and
• Maintaining strong internal and external networks to assist understanding and delivery, managing internal stakeholders and keeping abreast of market and competitor developments.

Key Knowledge, Skills & Experience: