Description and Requirements
Job Purpose:
Responsible for supporting on local statutory valuations (IFRS4/IFRS17) and quarterly GAAP close of the levant countries within regulatory deadlines in accordance with prescribed regulations/principles with clear explanation to various stakeholders. Assist in review of new regulations related to actuarial including impact analysis. Carry out experience studies to propose best estimate assumptions for Statutory and GAAP Valuations. Any other support needed by Levant Chief Actuary.
Job Responsibilities:
1. Carry out all work related to local Statutory Valuations (IFRS4/IFRS17) including:
- Getting all the reports and information from Home Office and other departments
- Support in completing all the Regulatory Forms
- Support in responding to queries from both Auditors and Regulators
- Coordinating the signing off on Regulatory forms from the Appointed Actuary
- Ensuring timely submission to the Regulator within the deadline
2. Full Support on Quarterly/Monthly US GAAP Valuation including:
- Ensuring that all data has been provided to the Production unit on time
- Reviewing all Actuarial Entries, comparing with prior quarters
- Reasonability and Trend Analysis
- Support the Levant Chief Actuary in explaining the results to management
3. Support the Levant Chief Actuary on the following:
- Updating the Actuarial policies, procedures and controls
- Preparing actuarial reports and complying with the other actuarial reporting obligations required by law, instructions and circulars
- Advise on, monitor, investigate and report on the setting of premiums, as well as on risks that significantly affect the ability to meet liabilities to policyholders, capital requirements, solvency position and technical provisions
- Monitor solvency position for Levant and the risks that significantly affect the ability to meet liabilities to policyholders, capital requirements and technical provisions.
- Keeping up to-date on local regulatory developments especially related to Actuarial Valuation and Solvency Requirements and carrying out impact analysis of new regulations
4. Carry Out Annual Experience Studies:
- Including Mortality, Lapse, Expense, Interest and Premium Persistency
- Coordinate with relevant departments to get the information and reports
- Compare the results with prior years and review for significant change
- Proposing Best Estimate Assumptions for local Statutory and GAAP Valuation
5. Recommend Policyholders’ Bonuses to the Levant Chief Actuary
6. Ensure proper documentation of all work
7. Comply with MetLife code of conduct
8. Be Flexible and a Team Member to support on other areas whenever needed
9. Establish working relationships with the Production Team and other Departments such as Product and Corporate Solution to ensure timely numbers and their explanation
Job Requirements:
- At least 2 exams are completed in the track to be an Associate of US Society of Actuaries or UK Institute of Actuaries or equivalent
- 7+ years of total experience including at least 4 years in Actuarial Valuation
- Communication & Multi-Tasking Skills
- Team Members & Flexible
- Fluent in English and Arabic
- Fluent in Local Language will be an advantage
- Computer Literate including Excel, Word and Power-point
- Knowledge of Local Valuation Regulations
Working at
MetLife
A global provider of insurance, annuities, and employee benefit programs, MetLife serves 90 million customers in over 60 countries, offering life, accident, health insurance, and retirement income solutions.