Senior Actuarial Associate

Actuarial Associate, Pricing & Product Development

Letterkenny: Hybrid

Our Vision

At PGIM Ireland, we care about our employees, and are committed to seeing them succeed. We provide our employees with access to professional development and support to help drive their success and ability to innovate.

What you will do

The Senior Actuarial Associate, Pricing & Product Development within our Ireland based International Reinsurance pricing team. You will play a key role in the overall pricing execution of Prudential Financial’s rapidly growing Longevity Reinsurance Business. You will be instrumental in navigating new deal opportunities, from assumptions setting and pricing Longevity Risk Transfer transactions, to collaborating with stakeholders across the business. 

What you can expect

• Prudential supports the PRT market in the UK, Netherlands and beyond by reinsuring mortality and other demographic risks

• This provides increased capacity for local market front-end insurers to price competitively

• You will support pricing of mid-market (£300M+) and ‘jumbo’ (£1Bn+) pension risk transfer (PRT) deals

• You will:

  • Work with a broad group of international actuarial and business partners in a fast-paced, collaborative, customer and deal-focused environment.

  • Liaise with external clients and a supportive group of US based colleagues to protect and leverage data

  • Analyse pension plan experience data to determine mortality and marital assumptions.

  • Generate assumptions and financial projections for underlying pension liabilities.

  • Determine a range of fees to be charged for reinsuring longevity risk.

The role will also include supporting our Longevity Reinsurance ‘flow’ solution for sub GBP300M transactions. You will:

• Analyse materials provided by the pension plan to the front-end insurer, to establish benefit design and data characteristics.

• Cleanse, sew together and update pensioner data.

• Prepare simplification and transaction models to generate reinsured cashflows and fees.

• Consolidate findings with those provided by front end insurer and reconcile any differences.

• Update pricing and underwriting parameters every 6 months.

• Help maintain and improve our models.

What you will bring

• Bachelor's degree required, preferably in Actuarial Science, Mathematics, Statistics, or other quantitative field (e.g. Engineering).

• Progress towards attainment of the Associate of the Institute and Faculty of Actuaries designation. Ideally around two years’ prior actuarial work experience.

• Strong working knowledge of Excel.

• Exposure to or willingness to learn programming languages such as SQL and Python.

What will set you apart

• Ability to understand complex quantitative concepts and models.

• Strong communication skills for effective collaboration with our US and Ireland based associates and our international clients.

• Highly motivated, innovative, and creative problem solver and conceptual thinker.

• Fast learner and ability to work in a multi-functional, multi-country dynamic team environment.

* We know not everyone will meet 100% of the requirements, however we encourage you to apply if you think your skills are a good fit for this role.

What we offer you:

• Competitive salary and established exam based increases: to attract and retain the best talent

• Culture: we are recognised within Prudential and more locally for our collaborative, supportive and friendly working environment, with state of the art offices

• Study package: to support your progress though the actuarial exams

• Health Insurance: in partnership with Laya and BUPA to provide health insurance schemes that cover eligible employees’ day to day medical and hospital expenses.

• Annual Leave starting at 23 days at full pay, plus 10 USA public holidays.

• Pension Scheme: PGIM Ireland matches employee contributions up to 8% of base salary. Members can also make additional voluntary contributions to the scheme.

• Annual Bonus Programme & Shop LK Vouchers: Along with an annual bonus employees are rewarded with a choice between CleverCards and Shop LK vouchers, which are paid tax free.

• Life Assurance: fully paid by PGIM Ireland, employees are covered from their start date and beneficiaries are provided with a lump sum of four times an employee’s salary.

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