Navigating the intricate world of finance as an actuary requires a blend of analytical abilities, communication skills and adaptability. At Legal & General, these qualities are not just recognised but nurtured, allowing professionals like Christie McKenna to thrive in their careers.
Christie takes us through his journey from studying maths and physics at university to becoming a key player in Legal & General's PRT pricing team. He shares what it takes to succeed as an Actuary at Legal & General and the rewarding aspects of his role.
Can you tell us a bit about your background and what led you to a career in actuarial?
I studied maths and physics at uni and didn’t know what I wanted to do afterwards. A few friends had applied for grad jobs in the actuarial world, having heard that it was a role in finance that came with a good work-life balance, so I decided to join them and give it a try.
I started working as a pensions consultant in Glasgow after uni, before moving down to London in 2017 where I continued in the role for a further 5 years. During this time I worked on a range of trustee and corporate pension projects.
I then tried my hand in an investment role at another insurer but didn’t quite feel it was right for me. So I decided to move back into pensions, joining L&G in July last year to work in the Pension Risk Transfer (PRT) pricing team. I had a few friends who worked for L&G at the time and they recommended the business as a good place to work with a dynamic young team, so it felt like an easy decision to make.
Can you tell us more about a project you were involved in and your role in it?
I have recently been involved in the successful completion of the £1.1bn buy-in with the SCA UK Pension Plan. Following a review of the insurers in the market, the Plan and Sponsor chose to work in partnership with L&G as they prepared for the transaction.
My main responsibilities during this project involved ensuring the pension benefits of the Plan were modelled as accurately as possible to essentially come up with a price and broader terms that L&G could support and that would also be acceptable to the client. This was a collective effort that involved many different L&G teams such as reinsurance, legal and investments, to name a few.
Collaborating closely with junior actuarial analysts on these projects is key, and typically involves guiding them through the complexities of the process and helping them develop their skills. This mentorship ensures they gain valuable experience while contributing to our team's success.
What do you find most rewarding about being an Actuary at Legal & General?
Being part of a smart, driven team that works hard for each other. PRT deals can be tough and time pressured, but everyone involved knows what’s at stake and works together to come up with the best solutions for clients.
How does the actuarial profession contribute to the overall goals and success of the company?
We’re writing billions of pounds of PRT business every year and L&G can deploy this capital to develop other parts of our business as well as put it to good use for wider society, e.g. through build-to-rent programs, sustainable energy, and more.
Can you share a memorable moment or achievement in your Actuary career at Legal & General?
Probably completing the buy-in with the SCA UK Pension Plan – this was the largest deal I had ever worked on and was a culmination of months of hard work. It was a brilliant team effort and a massive relief (personally!) to get it over the line.
What advice would you give to someone considering a career in actuarial?
I think in the first few years of being a student actuary, it’s important to take stock to be 100% confident you want to pursue the qualification. The exams are not easy and take up what feels like the majority of your early 20s whilst all your other friends are out and about having fun. It is a massive commitment.
That being said, once you start your actuarial journey, there are many different paths you can go down. There are lots of actuaries at L&G and they all have different fields of expertise. So, although the initial exam process might be hard, the actuarial profession does open you up to a wide range of opportunities over the long-term.
How do you stay current with developments in the actuarial field?
Online subscriptions to industry newspapers like Professional Pensions or attending internal/external events. Also learning ‘on the job’, particularly when you’re in the office and surrounded by your peers and more senior colleagues and can get involved in active discussions on different deals and industry developments.
How would you describe the culture at Legal & General?
Collaborative, hard-working, and innovative.
What opportunities for professional growth and development does Legal & General offer to actuaries?
It seems that being able to rotate between different teams is very doable at L&G, even as you become more senior in your career. I have met many different actuaries at L&G who have worked all across the business, and not just in PRT.
This flexibility opens you up to a range of different opportunities to constantly learn and develop as your career progresses.
What are your goals for the future within Legal & General?
Learn as much as possible, both within and outside of PRT. L&G is a big company, and I hope to experience different roles across the business throughout my career here.
Would you recommend Legal & General as a great place for aspiring actuaries to work? If so, why?
Yes! As I mentioned previously, there are lots of opportunities to rotate between different teams which means you can try your hand at different things!
L&G is also at the forefront of PRT, constantly innovating and working with most exciting, complex deals. If you want to get involved in PRT then this is the place to be.
Join our Actuary team at Legal & General
Christie McKenna’s journey is a testament to the dynamic and fulfilling career opportunities that await actuaries at Legal & General. If you’re passionate about making a meaningful impact through your analytical skills and are looking for a company that values professional growth, consider joining our team.
Explore our Actuarial jobs and apply today to start your own rewarding career in the actuarial field at Legal & General.
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