Vice-President, Participating Account Valuation & Oversight

Vice-President

Role description

The VP, Participating Account Valuation & Oversight is the actuarial oversight leader on participating account business across the group.  In this role, you will lead the valuation of participating business in Canada and provide critical support to the Appointed Actuary, while also acting as a valued advisor to the business and Risk Function, providing insights on capital, financial and risk matters relating to the management of the participating account.

What you will do 

For the Canadian participating sub-accounts, the role is responsible for:

• Par Valuations & LICAT: Act as the signing actuary on Canadian par valuations, and the contribution of participating account business to regulatory capital, and lead supporting processes including: 
  • Lead team responsible for Canadian Individual Insurance Par Valuation 
  • Review quarterly results, and related disclosures, to ensure completeness and accuracy
  • Recommend of assumption changes to the Appointed Actuary.
  • Support the valuation team in identifying opportunities for process improvement, and implementing process and systems change
• Fairness opinions:
  • Allocation of expenses, taxes and investment income to the participating account:  Act as the signing actuary for Canada on the annual fairness opinions, and lead supporting processes including regular reporting and internal peer reviews
  • Actively participates in the Dividend Scale Steering Committee in Canada, providing input on actuarial experience, emerging trends and contributing to the discussion of the scale and key topics addressed during the dividend scale process
  • Review business initiatives to assess the impact on the participating account, and provide advice to the Appointed Actuary
• Contribute to the sound management of participating account business in Canada:
  • Contribute to the effective implementation of the risk management framework with respect to identifying key risks, risk modeling, stress and scenario testing.  Ensure appropriate financial, risk and capital metrics and modelling are in place.
  • Provide input and steer the development of risk research to support the management of the participating accounts
  • Provide actuarial oversight of product design and pricing, and reinsurance, for the participating account, including options and guarantees within the product
  • Provide oversight of ALM strategy and risk measurement including stress testing and selection of assumptions and methods for measurement of ALM risk
• Contributes to ongoing industry and regulatory discussions in respect of the regulatory capital framework, and actuarial oversight, relevant to par matters
• Manage engagement with the external peer reviewer, and internal and external audit, on Canada Life par matters
• Lead the Par Management Oversight Committee (PMOC) in Canada
• Support the Appointed Actuary in preparing Board reporting, with supporting analysis
• Ensure training is provided to new team members, so that institutional knowledge on participating account management in Canada is sustained within the organization

Outside Canada, the VP is responsible for reviewing recommendations on assumption changes and dividend scale changes, providing feedback where appropriate, and presenting final recommendations to the Appointed Actuary. 

For all participating business, the VP is responsible for the maintenance of all participating account policies, ensuring appropriate financial statement and annual report disclosures are in place, and drafting of Board reports.

What you will bring 

• 10+ years of relevant, related experience; experience in the management and/or valuation of participating account business is ideal but not required for potential applicants
• University degree and FSA or FCIA (Fellow of the Society of Actuaries or Fellow of the Canadian Institute of Actuaries) designation 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 discussions with 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
• 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 act as a catalyst, supporting the business to execute on financial objectives while at the same time creating a risk intelligent culture
• Actuarial leadership to support the business in determining longer-term strategies on the management of the business
• 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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