Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. Job Purpose Responsible for development and delivery of a capital optimisation and liquidity framework to improve capital efficiency, enhance earnings and better manage risk using a portfolio of derivatives
Responsible for development and delivery of market risk mitigation strategies and implementing actions to manage risks, including recommended derivative trades for execution with Investments
Responsible for managing collateral and liquidity implications of the derivative portfolio, ensuring adequate liquidity is maintained to manage liquidity risks and providing daily aggregate liquidity position reporting.
This is a high impact role attracting both significant senior management and regulator scrutiny.
Responsible for maintaining key investment banking relationships in conjunction with Investment Front Office
Key Accountabilities - Develop and implement market risk mitigation strategies and actions to manage risks with responsibility for leading recommendations of appropriate derivative trades to be executed in partnership with Investments - Develop, embed and deliver a timely suite of regular and adhoc management information to support the business in making effective decisions on managing market risks (inflation, interest rate, currency and liquidity) within agreed risk appetite - Development and delivery of capital optimisation and liquidity framework to improve capital efficiency, enhance earnings and manage liquidity risk. - Manage derivatives portfolio ensuring collateral movements are controlled and appropriate liquidity is maintained, to be reported on daily - Support ALM Front Office Actuarial and Pricing with new business risk mitigation options when onboarding new bulk purchase annuity schemes - Establish and maintain effective, trusted and collaborative banking/ counterparty relationships to sustain market knowledge needed to implement effective derivative hedging solutions - Support the delivery of balance sheet risk management tools including proxy and other models for the use of derivatives. - Manage, develop and motivate members of the Derivatives and Hedging team in in order to optimise the performance of the team.
Experience of UK life insurance and managing regulatory capital under Solvency II using derivatives
Strong combination of markets expertise and technical actuarial skills implementing derivative solutions to manage balance sheet risks
Experience of managing a derivatives portfolio including margin calls and attendant liquidity needs
Experience in managing annuity risks with Bulk Purchase Annuity market knowledge
Strong understanding of the UK regulatory environment
Ability to build sound and trusted relationships at all levels and successfully manage multiple stakeholders
Demonstrates personal drive, energy, persistence and self-motivation and awareness of the needs of the wider business.
Strong communication skills (able to communicate technical and complex issues both verbally and in writing to senior audiences including non-actuaries)
Ability to apply actuarial techniques to business problems and to see wider implications. Qualified Actuary (FIA or equivalent)
What you'll like about working here As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You'll also receive the support you need with your personal and professional development.
Diversity and inclusion Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences
