We don’t just follow processes. We’re always changing and moving forward.

Nick Watkins, Head of Internal Model Oversight

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Actuarial at
Phoenix Group

Join one of our Actuarial teams and you’ll help ensure the financial security and stability of the Phoenix business by managing risk and capital effectively. We aim to be the industry leaders, delivering outstanding risk adjusted returns for our stakeholders.

To achieve this, we’ve created a rewarding work environment that trusts your judgement and empowers you to take personal responsibility, while giving you the space to grow and develop. You’ll also have opportunities to contribute to our social and charity activities, helping us to give back to the communities we live and work in. We look for people who are collaborative, open to new challenges and always looking for the opportunity to expand their skills.

 

Our Actuarial Teams

Actuarial Reporting

We’re the engine room of the Phoenix Group, producing regular financial reporting and performance data, and delivering the benefits of all key business decisions and acquisitions. So, our work has a direct impact on the group’s performance and success. In Actuarial Production, we produce actuarial results and the Actuarial Review team analyses them. Our Financial Performance team produces monthly management information and develops business plans, while Actuarial Development supports the delivery of innovative solutions across the business.

Actuarial Reporting

Capital Management

We manage the life companies’ risk of insolvency by monitoring our balance sheet each day and taking into account management actions and market movement. By monitoring and adjusting the risk capital Phoenix holds to mitigate against potential extreme events, we ensure the business will remain solvent. We’re also involved in major projects such as acquisitions and work closely with management to identify ways of improving the Group’s solvency position and meeting cashflow targets.

Capital Management

Insurance Risk

We ensure major risks such as longevity and persistency are managed appropriately, so Phoenix can meet its business objectives. This involves developing a risk management strategy, conducting experience investigations, setting best estimate and Solvency II stress assumption, and reporting and overseeing activities in other functions relating to insurance risk. We’re also responsible for new business pricing, including large amounts of annuity and protection new business.

Insurance Risk

Investment Office

The Investment Office oversees all the £74bn life company assets. We set the investment mandates for policyholder funds, monitoring compliance and reporting on each fund’s performance. In addition, we assess the capability of asset managers and asset class proposing actions, establish the risk appetite and ensure risks are managed appropriately. This includes overseeing asset managers’ contracts and fees for fund management, and investment banks for derivative transactions. Phoenix Unit Trust Managers Limited (PUTM) oversees the unit trusts we invest in and provides a full regulatory framework.

Investment Office

Investment Risk

In Investment Risk, we hedge against risks such as interest rates, inflation and equity, and ensure funds are managed with risk in mind. This involves making sure asset mixes are in line with expectations and support investment strategy. We also have a role in making certain that investments follow Phoenix’s governance requirements.

Investment Risk

Project Actuaries

Our small Project Actuaries team leads and provides technical support for the planning and execution of a wide range of strategic projects. These include intra group and external part VII transfers, as well as the sale of life company subsidiaries, the development of new reassurance arrangements, and with-profits initiatives.

Project Actuaries
Phoenix Group Careers | Our People | Actuarial | Dipal Patel Image.jpg

My Career
Life Story

Dipal Patel, Actuarial Technician.

At the student assessment day, I learned how Phoenix values its employees and I was sure that a company with this outlook would always have a strong future. This had an impact on me when my personal circumstances became challenging a few years ago.

The company, my team members and managers were really supportive. I don’t think I’d have been able to survive full time working if it wasn’t for the flexible working policy.

2015

Actuarial Technician, Phoenix Group

Responsible for with profits bonus calculation process.

2010

Actuarial Analyst, Phoenix Group

Joined Phoenix as a modeller for with-profit fund.

2005

Personal Banking Advisor, Santander Bank

Introducing financial products to customers.

2005

Branch Manager, South Harrow Post Office

Started as counter assistant and promoted to manager.

2004

Trainee Actuarial Analyst, ICICI Bank (India)

In a small team calculating reserves for Asia business.

2003

Statistician, Proctor and Gamble (India)

Designed experiments to predict product and service demand.

Contact the recruitment team

Contact (London): Veekash Rampaeearee

Contact (Birmingham): Claire Snelson

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