PBRC Actuarial team is part of PBRC 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).
PBRC Actuarial 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. PBRC Actuarial, 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.
PBRC Actuarial 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 PBRC Actuarial are DCFG for capital management, GRM for risk management, AGL for business management, Investor Relations for public disclosure, and other PBRC teams. For local entities, PBRC actuarial 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, notably, DCFG, Investors relations and the global lines;
- 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 17.
- 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 PBRC and other GIE 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).
- 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
- Writing, presentation and communication skills;
- Results oriented;
- Fluent English.
- First experience in a finance department of an insurance company or consultancy / audit (e.g. actuarial department, Risk Management, ALM department).
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