Job Description

The LT Head of Actuarial Function is responsible for expressing an opinion to the Board on specified short-term actuarial matters within Hollard, as well as providing advice to the Board on actuarial issues. The role will cover the Hollard Life Assurance Company (HLAC) and Hollard Specialist Life (HSL) licenses.Key ResponsibilitiesThe LT HAF role will continuously evolve to keep pace with the changing business environment and actuarial needs. At a minimum, the responsibilities will include: * Expressing an opinion to the board of directors on the reliability and adequacy of the calculations of Hollards technical provisions (on the prudential supervisory reporting basis and IFRS published reporting basis), and minimum and solvency capital requirements, including on:

• the appropriateness of the methodologies and underlying models used and assumptions made.
• the sufficiency and quality of the data used in actuarial calculations.
• best estimate and associated assumptions against experience when evaluating technical provisions (i.e. review experience investigations and its feed into assumption setting);
• the accuracy of the calculations.
• the appropriateness of and impact of assumed future management actions and the effect of risk mitigation instruments.
• the appropriateness of approximations or judgements used in the calculations due to insufficient data of appropriate quality.
• Expressing an opinion to the board of directors on the appropriateness of the asset-liability management policy, the underwriting policy and reinsurance and other forms of risk transfer policy; as well as the adequacy of reinsurance and other forms of risk transfer arrangements.
• Evaluating and providing advice to the board of directors, senior management and other control functions on:

• where Hollard uses the standardised formula to assess its risks, why that regulatory capital model is an accurate reflection of the insurers own risk profile.
• the development and use of internal models for internal actuarial or financial projections, or for own solvency projections as in the Own Risk and Solvency (ORSA).
• Hollards Investment policy.
• the financial soundness position, including the impact of any proposed dividend declaration or payment.
• the actuarial-related matters in the ORSA.
• the internal controls relevant to actuarial matters.
• the actuarial soundness of the terms and conditions of insurance contracts (new products as well as reprices or amendments to existing products).
• Review and sign-off on the Prudential Authority regulatory quantitative and qualitative returns.
• Assist with applications to the Prudential Authority to change license conditions.
• Provide an opinion on the liquidity shortfall indicator (LIQ) within the regulatory quantitative returns.
• Review the Embedded Value and Value of New business methodology and results as required.
• Attending any board meetings, board committees meetings or other meetings where required.
• Attending meetings/on-site visits and presenting to the Prudential Authority when necessary.
• Deriving appropriate stresses and scenarios with management input for the budget process and the ORSA.

Hollard