Chief Actuary at FWD Insurance

Kuala Lumpur, Kuala Lumpur, Malaysia -

Full Time

Start Date

Immediate

Expiry Date

16 May, 26

Salary

0.0

Posted On

15 Feb, 26

Experience

10 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Actuarial Strategy, IFRS17 Reporting, Embedded Value, Value Of New Business, Economic Capital, Risk Management, Financial Modelling, Solvency, Compliance, Capital Management, ORSA, ICAAP, Group-Wide Supervision, Product Pricing, Stakeholder Management, Governance

Industry

Insurance

Description

About FWD Group FWD Group (1828.HK) is a pan-Asian life and health insurance business that serves approximately 34 million customers across 10 markets, including BRI Life in Indonesia. FWD’s customer-led and tech-enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience. Established in 2013, the company operates in some of the fastest-growing insurance markets in the world with a vision of changing the way people feel about insurance. FWD Group is listed on the main board of the Hong Kong Stock Exchange under the stock code 1828. For more information, please visit www.fwd.com About FWD Takaful Berhad FWD Takaful Berhad (“FWD Takaful”) is a takaful provider in Malaysia that offers family takaful services. FWD Takaful is licensed under the Islamic Financial Services Act 2013 and is regulated by Bank Negara Malaysia. FWD Takaful is a takaful business unit of FWD Group. Visit https://www.fwd.com.my Join us We’re proud to be a company that encourages and nurtures fearless innovation in achieving our vision of changing the way people feel about takaful. Our teams come from a wide variety of industries and backgrounds because we value developing a truly diverse pool of talent that brings different perspectives and experiences. Our values – committed, innovative, proactive, open, and caring – define who we are and what we do as we work together to bring our vision to life, every single day. The Chief Actuary is responsible for providing strategic actuarial insights to the FWD Holdings' actuarial team and collaborating with the Appointed Actuaries in FWD Takaful (FWDT) and FWD Insurance (FWDIB) to align the actuarial strategy across FWDT and FWDIB, in support of the companies' business strategy. KEY ACCOUNTABILITIES Strategic Vision and Leadership Lead and provide overall strategic direction and management of the Actuarial team at FWD Holdings, responsible for delivering IFRS17, Embedded Value EV [including New Business (VNB)], and Economic Capital & Special Projects with consistent objectives and expectations across FWDT and FWDIB. Work closely with the Appointed Actuary of FWDT and FWDIB to lead the development and implementation of Actuarial strategy and procedures in line with FWD’s overall strategy and risk appetite, while ensuring effective control frameworks are in place. Participate in the annual budget process and long-term strategies by assessing the anticipated impact of the industry and evaluating FWDT's and FWDIB’s business performance. Provide strategic input covering (but not limited to) solvency, economic capital, risk management, compliance with accounting standards and financial modelling. Keep abreast of internal and external factors (e.g., economy, investment conditions, industry trends, reserving rules and capital requirements) that may influence the companies' future development. IFRS 17 Oversee the preparation and interpretation of IFRS 17 reporting in FWD. Oversee the maintenance and enhancement of the IFRS 17 model across FWD following the FWD Group Actuarial standards and policies and applicable regulatory requirements. Develop appropriate reporting bases and actuarial models to deliver all relevant IFRS reporting on local entities (i.e., FWD Holdings, FWDT, FWDIB) and Group Office consolidated bases. Monitor the deliverable production of IFRS17 reporting, IFRS17 business planning, independent checking, and quarterly forecast, ensuring compliance with relevant regulatory requirements and industry standards. Maintain the integrity of the quality analysis and bridge expected cashflow results to other reporting bases. Facilitate cross-functional collaboration to integrate IFRS 17 reporting into the financial reporting framework and disclosure requirement. Provide advice for product pricing and financial analysis, and integrate the actuarial discipline into the financial reporting, capital planning and tax processes of FWDT and FWDIB. Provide strategic solutions and guidance on improving governance, quality and transparency of processes and reports. Subject matter expert for IFRS17, ensuring consistency with Group guidelines and appropriate application for Insurance and Takaful business. Support the implementation and transition of the IFRS17 tool pack for FWDIB based on the expected timeline and practices at FWD Holdings. Embedded Value (EV) Oversee the calculation and analysis of Embedded Value (EV) and Value of New Business (VNB), in line with the methodology cascaded from Group Office, to assess the long-term value of the company’s in-force business. Review and validate the calculation and assumptions used in EV models and VNB, such as future cash flows, discount and persistency rates, to establish accurate management and group reporting calculations within the agreed timeline. Provide strategic insights and recommendations based on EV and VNB analysis to support business planning, product development and risk management. Ensure the EV and VNB reporting comply with relevant regulatory requirements, industry standards and the Group’s reporting methodology. Provide advice to the Group Office on the EV and VNB reporting methodology and template where necessary, to improve the effectiveness of group reporting. Economic Capital & Special Projects Build and improve actuarial models for FWDT and FWDIB and interpret the results of the model to support business decision-making. Oversee the capital management in FWDT and FWDIB, including monitoring the statutory capital levels following ICAAP/ORSA requirements and communicate the impact of the various strategies (e.g., business plans, capital impact of new products and macro asset management strategies) to FWD Holdings’ EXCO and Board of Directors. Ensure compliance with the Group-Wide Supervision (GWS) framework to strengthen groups’ capital and risk management for full alignment of FWD Holdings, FWDIB and FWDT regulatory regime with international standards. Provide independent advice and guidance to improve actuarial models for FWDT and FWDIB, including allocating and optimising capital across multiple insurance products. Collaborate with the Risk Management team and Finance team to integrate the economic capital metrics into overall risk and capital management frameworks. Economic Capital & Special Projects Build and improve actuarial models for FWDT and FWDIB and interpret the results of the model to support business decision-making. Oversee the capital management in FWDT and FWDIB, including monitoring the statutory capital levels following ICAAP/ORSA requirements and communicate the impact of the various strategies (e.g., business plans, capital impact of new products and macro asset management strategies) to FWD Holdings’ EXCO and Board of Directors. Ensure compliance with the Group-Wide Supervision (GWS) framework to strengthen groups’ capital and risk management for full alignment of FWD Holdings, FWDIB and FWDT regulatory regime with international standards. Provide independent advice and guidance to improve actuarial models for FWDT and FWDIB, including allocating and optimising capital across multiple insurance products. Collaborate with the Risk Management team and Finance team to integrate the economic capital metrics into overall risk and capital management frameworks. Provide advice and expertise on finance perspective in projects, with emphasis on accounting, reporting and controls required; ensure accurate financial analysis is performed to review and support the new partnership. People and Stakeholder Management Cultivate a workplace culture that encourages collaboration, individuality and professional growth. Maintain good relationships with key stakeholders including FWD Holdings EXCO, Group Office and local regulators. Responsible for maintaining professional standards within FWD Holdings, FWDT and FWDIB, and ensuring actuarial processes are fit for purpose and in accordance with internal and regulatory requirements. FWD Group (1828.HK) is a pan-Asian life and health insurance business that serves approximately 34 million customers across 10 markets, including BRI Life in Indonesia. FWD’s customer-led and tech-enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience. Established in 2013, the company operates in some of the fastest-growing insurance markets in the world with a vision of changing the way people feel about insurance. FWD Group is listed on the main board of the Hong Kong Stock Exchange under the stock code 1828. For more information, please visit www.fwd.com Follow us on LinkedIn

Responsibilities

The Chief Actuary will lead and provide strategic direction for the Actuarial team at FWD Holdings, focusing on delivering IFRS17, Embedded Value, and Economic Capital projects across FWDT and FWDIB. This role involves close collaboration with Appointed Actuaries to align actuarial strategy with the overall business strategy and risk appetite.