Associate Actuary - Global VA Hedging
Manulife
Toronto, ON
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Job Description

About Manulife

Manulife Financial Corporation ("Manulife") is a leading international financial services group that helps people make their decisions easier and lives better. The company provides financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions.

The company is a Top 10 global life insurance company and a Top 20 global asset manager. The company operates primarily as John Hancock in the United States and as Manulife elsewhere. With its global headquarters in Toronto, Canada, Manulife trades as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.

Passionate about delighting its customers, creating value for its shareholders and building a world-class culture, Manulife’s President & CEO Roy Gori, and the leadership team have established a bold ambition to transform Manulife into the most customer-centric, digital leader in the industry, setting out detailed plans against five strategic priorities to achieve this ambition.

For more details about our Mission, Strategic Priorities and Values, please follow the link below:

https://www.manulife.com/en/about/our-story.html

The Role: Manager, Actuarial Modelling, Global VA Hedging

Function: Actuarial

Location: Toronto only

Position Overview:
Global Variable Annuity Hedging (GVAH) is responsible for establishing and leading the VA dynamic hedge programs at Manulife Financial. This role is in the Investment Division and reports to the AVP & Actuary, Global VA Hedging. It provides the opportunity to develop a strong understanding of various aspects of VA, such as product features, hedging strategies, financial reporting, capital and modelling. It also provides the opportunity to interact with several corporate areas and business areas.

The Actuarial Modelling Team in Global VA Hedging has the following mandate:

Hedging of VA products with guaranteed value of C$70bn

Actuarial analysis of fair market value of VA liabilities, and its sensitivities to various market-based risk factors.

Utilize SoE-type analysis to provide actuarial insights for hedging performance and developing hedging strategies.

Utilize the unique knowledge of both assets and liabilities to optimize hedging decisions

Provide forward-looking insights to anticipate trends that will have material impact on our hedging framework (e.g. IFRS 17, market depth issues and new tradeable assets)

Become an expert user of our homegrown hedging systems. Test and implement changes to hedging models and systems to extend modelling and hedging capabilities

Make recommendations on inforce management initiatives (e.g. buyback programs, reinsurance)

Monitor currently unhedged business for opportunistic migration into the hedging program

To be a source of actuarial expertise on all issues related to VA. Interact with several group functions and business areas from different backgrounds.

This role is ideal for a good great teammate who is highly motivated and would like to participate in high profile projects relating to VA hedging. There are opportunities to gain exposure to topical and emerging actuarial issues such as IFRS 17.

The incumbent will have the opportunity to develop critical and transferable skills: quantitative, communication, systems, programming and strategic visioning.

Responsibilities:
Test and implement improvements to existing hedging models and daily hedging operations.

Take steps to ensure Manulife is ready for VA hedging under an IFRS 17 framework.

Reviewing hedging liability grid results and assist with performance attribution

Work with GVAH Strategy Team to develop and quantify impacts of new hedging strategies

Interact with Corporate Actuarial, Capital, Corporate Risk, and Business Unit Modelling and Valuation teams to validate and explain hedging results

Update and propose changes to the equity option and swaption calibration methods and assumptions

Respond effectively to time sensitive requests for information from Management

Lead VA hedging projects as needed

Support regular stress testing and reporting of liabilities and Greeks

Qualifications:
FSA/FCIA or equivalent. Quantitative Modeller / Financial Mathematician with actuarial foundation / experience will also be considered.

Minimum 5 years of experience in the financial services industry

Strong actuarial, analytical, and problem-solving skills

Proactive and able to work both independently and with teams

Strong communication and interpersonal skills to deal with multiple partners from different backgrounds at the same time.

Organized and able to handle complex processes

Basic knowledge of capital market instruments including futures, swaps, options and swaptions

Knowledge of Python, VBA and SQL helpful

Stochastic modelling and quantitative modelling knowledge are assets

Personal Attributes and Cultural Fit:
Inspires and motivates others.

Role model of ethics and integrity who builds a culture of respect.

Highly effective change agent who embraces change and leads change management.

Provides courageous advice.

Results oriented; highly focused on accountability.

Ability to handle multiple partners

Demonstrates a commitment to delivering excellent service balanced with appropriate risk management.

Strategic perspective.

Highly collaborative working style.

If you are ready to unleash your potential, it’s time to start your career with Manulife/John Hancock.

About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2018, we had more than 34,000 employees, over 82,000 agents, and thousands of distribution partners, serving almost 28 million customers. As of December 31, 2018, we had over $1.1 trillion (US$794 billion) in assets under management and administration, and in the previous 12 months we made $29.0 billion in payments to our customers.

Our principal operations in Asia, Canada and the United States are where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.

Manulife is committed to supporting a culture of diversity and accessibility across the organization. It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will consult with applicants contacted to participate at any stage of the recruitment process who request an accommodation. Information received regarding the accommodation needs of applicants will be addressed confidentially.