Longevity Risk Actuarial Analyst

Legal & General looks after around 700,000 institutional customers who have their retirement benefits secured with us. Operating continuously in the UK market from our entrance in 1987, we are the UK’s longest-running insurer.

Our Institutional Retirement division provides pension risk transfer (PRT) solutions for UK and US defined benefit (DB) schemes, and reinsurance solutions from our global hub in Bermuda. We work with companies, DB pension schemes and their advisors to help them secure and protect scheme members’ retirement benefits.

Joining us means you’ll support customers’ financial security in retirement; help companies to settle their pension liabilities and focus on growing their businesses; and enable investment for the long term to back our pension promises.

We’re recruiting for an Actuarial Analyst to join our Longevity Risk team.

We’re offering the opportunity to support with regular mortality analysis and longevity risk modelling work which us used to assess mortality and mortality trends for annuitants (across both the UK and international territories.)

In this role you will focus particularly on Solvency II capital modelling, strategic analytics, and year end assumptions for retirement (primarily annuities).

What you'll be doing:

• Assisting in developing and communicating longevity assumptions for the purposes of year end reporting, pricing and/or capital requirement.
• Supporting the delivery of strategic deliverables including the use of financial levers for year-end reporting, pricing and capital purposes. And also assisting with educating and informing stakeholders on key aspects of mortality information.
• Monitoring population mortality and health data to identify trends and then using this analysis to produce regular, timely MI to various stakeholders, ensuring that the MI stays up to date, informative and identifies issues early on.
• Contributing to the development and delivery of marginal distributions of uncertainty for base mortality, mortality trend, spouse demography, and associated correlations for the retirement portfolio (both UK and International).
• Producing and maintaining future mortality projection models. Including researching new techniques to improve our modelling capabilities and ability to provide improved insight into the direction of future mortality.
• Supporting the development, review and maintenance of the Longevity Risk `Predictive Model' for describing/predicting the mortality experience of the UK and International business, including the:
  - Competitive pricing of Bulk and Individual Annuities.
  - Base Mortality pricing for international expansion.
  - Mortality analysis to develop and refine the `Postcode Model'
  - Development and maintenance of the SEC group profiling systems.
  - Exploration of potential new rating factors.
• Contributing to research on longevity risk to identify suitable data sources such as demographic profiling systems and potential software to potentially optimise our pricing and reserving assumptions.
• Supporting mortality data acquisition and innovation to enable Legal & General to expand into international annuities for base mortality.
• Contributing to or leading on the deliverables of ad-hoc longevity projects across pricing, reporting and capital as and when required. Including helping stakeholders to define the problem and develop the scope of the project so we can ensure the delivery of useful insight to drive decisions.
• Providing concise, clear and well communicated summaries of all analysis work completed and presenting these findings to key stakeholders to achieve the prompt signoff of strategic deliverables.

Who we're looking for:

• A part-qualified who is making good progress with their IFoA Exams - Ideally with some previous Life or Pensions experience across pricing, reporting and/or capital.
• Longevity experience/knowledge would highly beneficial but is not essential (specific knowledge of base and trend mortality and common practices being particularly useful)
• Commercial knowledge of longevity risk products including BPA, individual annuities, longevity swaps etc. would be desirable.
• Practical experience of model development and knowledge of the application of statistical methodologies to longevity modelling would be highly beneficial but is not essential.
• Knowledge of Solvency II and setting Solvency II marginal distributions assumptions.
• Actuarial skills for modelling - Including advanced Excel skills (experience with modelling in R would be an even greater advantage)
• Strong problem solving and analytical skills (e.g. the ability to break down the problem into separate components, form judgements, assess risks and develop solutions).
• Good Communication Skills - written, oral and presentation skills.
• Ability to understand the tasks required and to persuade peers and stakeholders of the desired outcome.
• Ability to work flexibly and adapt to the changing demands and conditions within the organisation and market place.

Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer: 

• The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes  
• Generous pension contribution  
• Life assurance   
• Private medical insurance
• At least 25 days holiday, plus public holidays, 26 days after 2 years’ service. There’s also the option to buy and sell holiday 
• Competitive family leave 
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice 
• There are the many discounts we offer – both for our own products and at a range of high street stores and online   
• In 2023, some of our workspaces were redesigned. Our offices are great spaces to connect and collaborate and have your wellbeing at the heart 

Legal & General is a leading financial services group and major global investor, named Britain’s Most Admired Company in 2023, for the second year running. Rated top in our sector and top for inspirational leadership, we have a strong heritage and an exciting future.

We aim to build a better society for the long term by investing our customers’ money in things that make life better for everyone.

If you join us, you’ll be part of a welcoming culture, with opportunities to collaborate with people of diverse backgrounds, views and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We strive to be open, mindful and inclusive, so are always willing to discussing flexible working arrangements and reasonable accommodations for candidates with specific needs.

If you’re open to find out more, we'd love to hear from you.