Senior Actuary Director

POSITION SUMMARY

The Senior Actuary Director for the Life & Investment Division is a key member of the actuarial team, responsible for ensuring the financial soundness, risk management, and profitability of the company's life insurance and investment-linked product portfolio. This role supports product pricing, reserve valuation, experience studies, and capital analysis, while ensuring compliance with actuarial standards, internal policies, and regulatory frameworks.

The ideal candidate brings strong technical and analytical skills, sound actuarial judgment, and the ability to collaborate across departments such as finance, product development, investments, and risk. The Senior Actuary will also contribute to strategic projects related to product innovation, reinsurance optimization, and financial modeling.

ESSENTIAL FUNCTIONS

The essential functions include, but are not limited to the following:

• Lead and oversee the pricing of life and investment-linked products, ensuring methodologies, assumptions, and target profitability metrics (e.g., VNB, IRR, ROE) align with the company's risk appetite, capital requirements, and governance standards.
• Support the full product development lifecycle — from concept and feasibility through pricing, regulatory filings, implementation, and post-launch monitoring — in close collaboration with product, finance, investment, and compliance teams.
• Perform monthly and quarterly reserve calculations for life and investment-linked products under statutory, GAAP, and/or IFRS reporting frameworks.
• Conduct experience studies (e.g., mortality, lapse, expense, investment performance) and assist in updating valuation and pricing assumptions.
• Collaborate with product and investment teams to evaluate and model investment strategies, asset-liability matching, and fund performance impacts on product profitability.
• Assist in the development, testing, and enhancement of actuarial models using tools such as AXIS, Prophet, or other appropriate systems for both life insurance and investment products.
• Contribute to regulatory filings such as actuarial opinions, asset adequacy testing, and risk-based capital reporting.
• Support the assessment and implementation of changes in actuarial standards, regulatory requirements, or accounting frameworks (e.g., IFRS 17, GAAP LDTI).
• Analyze and report on the performance of unit-linked or participating funds, including policyholder dividends and investment performance.
• Work with cross-functional teams (finance, compliance, product, and investments) on product development initiatives and strategic projects.
• Ensure compliance with Actuarial Standards of Practice (ASOPs), internal controls, and corporate risk management policies.
• Maintain required continuing education and professional development through the Society of Actuaries or relevant actuarial bodies.
• Perform other duties and projects as assigned by actuarial management.

Other Responsibilities

• Provide actuarial insight to management for strategic decision-making, financial forecasting, and capital planning.
• Support the optimization of reinsurance arrangements and related risk transfer strategies.
• Participate in enterprise risk management (ERM) activities, including stress testing and scenario modeling.
• Support the integration of actuarial analytics with digital and data initiatives across the organization.

KEY PERFORMANCE INDICATORS (KPIs)

• Accuracy and timeliness of reserve valuations and actuarial reports
• Quality and audit compliance of actuarial models and documentation
• Pricing adequacy and alignment with target profitability metrics
• Turnaround time for product pricing or assumption updates
• Actuarial input to strategic projects (e.g., product launches, capital planning)
• Professional development, credential progression, and mentoring of junior actuaries

MINIMUM QUALIFICATIONS

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related field.
• 15+ years of actuarial experience in life insurance and/or investment-linked products.
• Associate of the Society of Actuaries (ASA) required; Fellow of the Society of Actuaries (FSA) preferred.
• Strong knowledge of life insurance and investment product structures, valuation methods, and regulatory frameworks.
• Experience with actuarial modeling tools (e.g., AXIS, Prophet, MG-ALFA) and data tools (e.g., Excel, SQL, Python, R).
• Familiarity with investment concepts, such as asset-liability management (ALM), yield curve modeling, and fund performance.
• Strong understanding of IFRS 17, GAAP LDTI, and risk-based capital requirements preferred.
• Excellent analytical, communication, and presentation skills.
• Ability to manage multiple priorities in a collaborative and fast-paced environment.

WORKING CONDITIONS

The following job-related working conditions are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential function.

WORK ENVIRONMENT

The role primarily operates in an in-door, climate-controlled office setting working in close proximity to others. Noise level in the work environment is low to moderate. Light level provides adequate brightness for reading, computer work, and other tasks without causing glare or strain.

PHYSICAL DEMANDS

The job primarily involves sedentary work with prolonged periods sitting at a desk. While performing the duties of this job, employees may occasionally be expected to:

• Exert up to 10 pounds of force and/or a negligible amount of force frequently or constantly to lift, carry, push, pull or otherwise move objects.
• Operate standard office equipment such as copiers, computers, telephones, printers, etc.

TRAVEL

Minimal to no travel required.

SAFETY HAZARD OF THE JOB

Minimal Hazards including potential ergonomic risks from prolonged sitting or repetitive motions.

LEADERSHIP COMPETENCIES

• Strategic and Analytical Thinking.
• Technical Mastery in Life & Investment Actuarial Science.
• Collaboration and Cross-Functional Communication.
• Innovation and Continuous Improvement Mindset.
• Ethical Judgment and Regulatory Compliance.
• Mentorship and Team Development.

EEO STATEMENT

VUMI Group is an equal opportunity employer. We celebrate diversity and are committed to an inclusive environment for all employees.

NOTE

This job description in no way states or implies that these are the only duties to be performed by the employee(s) incumbent in this position. Employees will be required to follow any other job-related instructions and to perform any other job-related duties requested by any person authorized to give instructions or assignments. All duties and responsibilities are subject to possible modification to reasonably accommodate individuals with disabilities. The requirements listed in this job description are the minimum levels of knowledge, skills, or abilities necessary. This job positing does not create an employment contract, implied or otherwise, other than an "at will" relationship.