Actuarial Analyst

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders.

PIC is recruiting for a graduate Actuarial Analyst to join its Origination department. Origination is responsible for:

• Marketing and originating new bulk annuity opportunities
• Pricing and structuring of these bulk annuity and reinsurance transactions
• Analysing data to calculate mortality assumptions
• Managing negotiations with the trustee/company, through their advisors
• Assisting other PIC departments with the onboarding and long-term implementation of new business wins, within our End-to-End Process framework.

You will provide junior-level support to the development of transactions across the deal team and the reinsurance team. In particular this role will involve analysing data to determine suitable mortality assumptions, use of pricing models to determine premiums, bid preparation, drafting committee papers and transaction management.

Your role will span work across both the deal team and longevity risk management team in the development of new business proposals. The individual will liaise directly with other departments such as the Investments team, the Market Solutions team, the Finance team and the Operations team.

The end product is a tailored and competitively priced proposal to prospective clients, ultimately leading to new business and contributing to PIC’s business strategy.

Specific accountabilities assigned to the role of Actuarial Analyst within the Origination team:

• Conducts thorough analysis of data and benefits for bulk annuity tenders to develop opportunities for new business transactions.
• Prepare comprehensive reports reflective of the intended audience that demonstrate sound analysis and recommendations for bulk annuity transactions as part of the new business strategy.
• Analysis of feedback received on new business quotations and how we are positioned in the market to develop strategy on new business transactions.
• Effectively collaborates with other members of the Origination team, Reinsurance, Finance, and Investments to understand the impact of proposals on the wider business.
• Takes ownership for their own learning and development in both technical (e.g. data analysis and critical judgement) and non-technical (self-insight and relationship management) skills of reinsurance and new business pricing.
• Keeps informed of industry trends, market developments, regulatory changes in the public and private sectors, as well as best practices related to funded reinsurance and bulk annuities by attending industry seminars, reading, and sharing relevant published articles.
• Preparation of key management information (MI) to be delivered to key business units: finance, legal, operations, investments and risk.

Experience:

• Strong academic record in Mathematics, Statistics, Economics or Actuarial Science or related field
• Capable and willing to work towards achieving actuarial qualifications
• Prior experience of working within a corporate environment, including some prior actuarial experience, would be desirable

Knowledge:

• Advanced numeracy (familiarity, dexterity and intuition in more advanced mathematical functions including compound interest and discounting)
• Knowledge of data analysis and Excel skills preferred.
• Comfortable with completing data analysis in excel with use of formulae
• A good understanding of financial services industry best practice in actuarial analysis relating to Defined Benefits pensions, and insurance companies

Skills:

• Strong organisational skills and ability to take technical instruction and accurately implement
• Excellent communication and interpersonal skills to be able to build and develop relationships
• Ability to organize work to meet competing deadlines
• Ability to work within defined procedures as recommended by functional teams
• Commercial judgement and god working knowledge of MS Excel, MS PowerPoint, MS Word

DEI at PIC

At PIC, we believe that true innovation stems from embracing diverse perspectives, backgrounds and experiences. We are committed to building a workplace where every individual, regardless of race, gender identity, sexual orientation, disability, age, religion, or socio-economic background, feels valued, heard and empowered to succeed. We hold ourselves accountable through ongoing initiatives, such as inclusive hiring practices, and equitable career development opportunities that support belonging and community. While we’re proud of our progress, we recognise there’s work ahead, and we remain dedicated to listening, learning and evolving together.

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.

You will also have full study support to qualify as a Fellow of the Institute and Faculty of Actuaries.