Vice-President, Capital Management

 Permanent Full Time

Role description

The VP Capital Management is responsible for all Canadian regulatory capital reporting and forecasting, the analysis of implications of business initiatives on Canadian regulatory capital, the analysis and industry engagement on changes to the capital requirements, and the monitoring and analysis of international capital developments. In this role, you will have oversight of compliance within Lifeco’s pricing and reinsurance policies, and the maintenance of pricing standards across the group.

What you will do 

• Lead Lifeco’s analysis, as well as engagement with industry and OSFI, on regulatory capital matters in Canada
  • Review and quantify potential impacts to the Company of proposed regulatory developments and regulatory guidelines; regularly inform the Capital Management Committee of these developments and how they impact Canada Life
  • Represent the Company in discussions with the regulator and the industry (CLHIA) related to capital matters, and pro-actively contribute to these discussions
  • Develop strategy and process for implementing new regulatory capital developments
  • Monitor capital developments in non-Canadian jurisdictions (SII, ICS, RBC, S&P) 
• Lead Canadian capital reporting under LICAT
  • Review quarterly results to ensure completeness and accuracy
  • Review interpretations of the OSFI LICAT Guideline, and ensure consistency of approaches across Canada Life
  • Adapt as needed for new acquisitions, accounting standards, changes in the LICAT Guideline, reinsurance, etc.
  • Prepare relevant financial statement and MD&A disclosures, the annual OSFI LICAT Memorandum and regulatory filings
  • Conduct LICAT forecasts on a regular quarterly basis and identify any significant factors that cause actual measured LICAT results to vary from forecast
  • Support the team in identifying opportunities for process improvement, and implementing process and systems change
• Support the Risk Function, Finance Function, and business units on Canadian regulatory capital matters, including:
  • Complete capital analysis, planning and reporting on strategic acquisition targets as well as other business initiatives (such as changes in investment policy)
  • Support Treasury and the Lifeco CFO in providing proforma LICAT ratios in contemplation of specified capital transactions
  • Support Balance Sheet Management with analysis on capital generation and related metrics
  • Maintain the Company’s Capital Management Policy, and support the annual review of internal targets
  • Attend annual meetings with the ratings agencies for the Capital session, explaining items relating to Canadian regulatory capital
  • Support Finance Team in review of rating agency capital models
• Lead the actuarial oversight of product design, pricing, and reinsurance:
  • Maintain the reinsurance and pricing policies for Great-West Lifeco, and set supporting standards
  • Monitor compliance with the policies and guidance, supported with regular reporting
  • Review and manage exception requests to the policies
  • Support the Company’s internal reinsurance program

• Lead the Capital Management team and ensure training is provided to new team members, so that institutional knowledge is disseminated across our team members

What you will bring 

• 10+ years of relevant, related experience
• Experience in regulatory capital regimes, and pricing/reinsurance, is considered an asset for potential applicants
• University degree and designation as an actuarial fellow required
• Must possess and maintain a very high level of actuarial expertise, staying educated/up to date with respect to Canadian actuarial practices and methods and OSFI guidelines
• Exceptional analytical and problem-solving skills, with the ability to translate findings to educate other leaders to ensure appropriate outcomes
• Communication skills that enable sharing complex concepts to different audiences in a manner that is readily understood and meaningfully relates to business and risk management priorities
• Contribute to vigorous and productive leadership discourse, while actively supporting group decisions and promoting strong team spirit
• Demonstrated ability to influence teams where resources do not all report directly into the function (i.e., where significant direction comes from other functions)
• Ability to understand business challenges, and interaction with capital matters and pricing and reinsurance oversight, in order to drive good outcomes for the Company
• Has the ability to develop highly effective long-term plans in line with the company’s strategic objectives; highly adept at setting goals and determining priorities, and identifying potential risks and opportunities
• Ability to develop highly collaborative, cross-functional relationships, and strong relationships across our regional actuarial teams
• Ability to establish appropriate priorities for the team and monitor and influence progress to be able to achieve necessary goals
• Skilled at attracting, motivating and developing actuarial talent within the organization
• High engagement around mentoring the next generation of actuaries and passing on institutional knowledge

Given the size and scope of our organization, we have the flexibility for this position to be located in the following head office locations: Toronto, London, Winnipeg. 

The base salary for this position is between  $minimum - $ maximum annually.  This represents base salary only and does not represent other variable compensation components of our total compensation ( i.e. annual bonus, commission etc).  If you are selected to move forward in our recruitment process, your recruiter will be able to discuss additional details of our total rewards program with you.

For student opportunities only

For our student opportunities, the base salary will be dependent on the number of work terms you have completed along with other factors depending on your program. 

Career opportunities will be open a minimum of 5 business days from the date of posting, closing dates will vary depending on the search activity. All applications received will be reviewed on a rolling basis.

Be your best at Great-West Lifeco and Canada Life - Apply today! 

Great-West Lifeco Inc is a Canadian headquarter, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management, and reinsurance businesses. We operate in Canada, the United States, and Europe under the brands: Canada Life, Empower and Irish Life. 

At the end of 2023, our companies had over 33,500 employees, 232,000 advisor relationships, and thousands of distribution partners – serving approximately 42 million customer relationships.

Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies.

Being a part of our organization means you have a voice. This is a place where your unique background, perspectives and talents are valued, and shape our future success.  

You can be your best here. You are part of a diverse and inclusive workplace where your career and well-being are championed. You’ll have the opportunity to excel in your way, finding new and better ways to deliver exceptional customer and advisor experiences.

We are committed to providing an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to building a workforce that reflects the diversity of the communities in which we live, and to creating an environment where every employee has the opportunity to reach their potential. 

It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process. All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Canada Life policies. To request a reasonable accommodation in the application process, contact talentacquisitioncanada@canadalife.com.

We would like to thank all applicants, however only those who qualify for an interview will be contacted.

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