Financial Actuary – Embedded Value & Solvency II

Location 75-PARIS, France
Experience level Experienced Hire
Job details sector Risk Management
Apply before 12/02/2016
The Financial Actuarial team is part of our central Financial team (Actuarial and Accounting Norms), a center of expertise on reporting standards extending from GAAP (IFRS) to industry standards (Embedded Value) and regulatory standards (Solvency II).
This team is in particular in charge of the reporting process of economic KPIs which are mainly part of Embedded Value and Solvency II frameworks.
These KPIs include European Embedded Value (EEV), Free Cash Flows (FCF), New Business Value (NBV), Internal Rate Return (IRR) and Solvency 2 Available Financial Resources (SII AFR).
They are important from both internal management and external communication points of view. The team, with its expertise in reporting standards, also participates actively to ongoing discussion on evolving reporting standards at industry level (IFRS 4 Phase 2, CFO forum).
FCF, NBV and IRR have been used among key indicators for the “Ambition AXA”. They are also extensively used internally for business steering purposes, capital management and risk management. EEV provides a general framework for FCF, NBV and IRR, and also gives valuation guidance to the market through the annual EV report.
AFR is the AXA’s own funds under Solvency II basis, or eligible capital allowed under Solvency II to cover AXA’s risks. With the implementation of Solvency II, AFR is becoming the center of focus in terms of capital management, risk management in relation with the internal model, and public disclosure. AFR is part of the Solvency II ratio which is disclosed quarterly to the market.
This team is the data and analysis provider to other departments that are using Actuarial and Solvency II KPIs for various purposes. Main departments in contact with are other Financial team for capital management, the Groupe Risk for risk management, our Life Business lIfe for business management, Investor Relations for public disclosure, and other teams. For local entities, this team is a technical support to align their reporting with Group guidelines.
Main activities :
Dealing with the entire reporting process of Actuarial KPIs (EV and SII) from the definition of the instructions to the final deliverables (EV report, ORSA, SII report)
In the context of the closing disclosure, quarterly reporting, Strategic Plan and Investor Relations day
  • Update the latest reporting standards in an evolving reporting context;
  • Prepare the instructions to entities in line with the latest update;
  • Provide expertise and technical support to entities for reporting exercises;
  • Control the figures reported by entities during clearance meetings and offline checks;
  • Consolidate figures and produce the deliverables for the top management and other departments
  • Anticipate questions from the top management and other directions.

Doing R&D on Embedded Value and Solvency 2 metrics

  • Provide research related to the methodology of calculation of Actuarial and Solvency KPIs;
  • Formalize the methodology in Group handbooks and instructions;
  • Provide analysis basis on the impact of changing reporting standards on the disclosure figures of the Group;
  • Provide recommendations on the disclosure strategy which are compliant with the industry standards, meaningful for business management and communication;
  • Non exhaustive list of current R&D topics: loss-absorbing capacity of deferred taxes, impact of US Equivalence, impact of CRC, BCR/HLA governance, enhancement of AFR/STEC projection, Tiering, SFCR/RSR, Pillar 3, IFRS 4 Phase 2.
 Providing “financial actuarial” supports
  • Responsible of the “DFA model changes policy” : Organize “DFA modeling changes” clearance meetings on quarterly basis with the different entities; present the results to the STEC Working Group and Solvency 2 Steering committee
  • Support entities regarding the understanding of the handbooks so as to align local practices in terms of methods and assumptions with PBRC Actuarial instructions;
  • Contribute to transversal studies with other departments.
  • Follow up on issues raised by the auditors, IMR or IFC regarding the EV and SII metrics.
  • Responsible for IFRS Goodwill impairment testing.

Providing trainings

  • Provide internal and external trainings on Embedded Value & Solvency II. (e.g. video training, seminar).

Technical skills:
  • General knowledge in actuarial (valuation, ALM), finance (financial assets, financial modeling & valuation), statistics;
  • Knowledge in life & non-life insurance business;
  • Knowledge in reporting standards in insurance: statutory, IFRS, EV, Solvency 2;
  • Good capacity of analysis and synthesis.
  • Good general knowledge in products
Soft skills:
  • Writing, presentation and communication skills;
  • Results oriented;
  • Autonomy;
  • Fluent English.
  • First experience in a finance department of an insurance company or consultancy / audit (e.g. actuarial department, Risk Management, ALM department).

Would you like to wake up every day driven and inspired by our noble mission and to work together as one global team to empower people to live a better life?  Here at AXA we strive to lead the transformation of our industry. We are looking for talented individuals who come from varied backgrounds, think differently and want to be part of this exciting transformation by challenging the status quo so we can push AXA - a leading global brand and one of the most innovative companies in our industry - onto even greater things.  In a fast-evolving world and with a presence in 64 countries, our 166,000 employees and exclusive distributors anticipate change to offer services and solutions tailored to the current and future needs of our 103 million customers.
The headquarters of the AXA Group, based in Paris 8th, brings together the Group's corporate activities. It coordinates the various entities with the Group's strategy, and is responsible for managing international projects. The headquarters has approximately 800 employees and is distinguished by its strong international culture (39 nationalities).