Job Purpose
To manage the statutory valuation and regulatory reporting team for takaful business.
Responsibilities
Regulatory reporting
- Ensure timely submission of Bank Negara Malaysia (BNM) and Malaysia Takaful Association (MTA) reports / statistics for the takaful business.
- Ensure compliance with BNM, MTA and relevant guidelines.
- Timely computation of monthly reserving and preparation of quarterly valuation report for the takaful business.
- Perform/review analysis on sources of surplus arising.
- Monitor Capital Adequacy Ratio (CAR) results on monthly basis; and to formally submit to BNM on quarterly basis.
- Conduct Stress Tests and Financial Condition Report (FCR).
- Assist in the annual review of the individual target capital level and capital management plan.
- Provide necessary analysis and testing to develop a dividend payout and surplus transfer recommendation to the Board.
- Provide support and peer review for new takaful product launches and pricing initiatives
- Enhance/review existing BAU process to improve efficiency.
- Liaise with auditors during the year-end audit on questions related to the takaful business.
- Work closely with the ALM Lead and provide timely support.
- Perform/review quarterly duration study, Capital-at-Risk assessment and preparation of ALCO slide.
- Support the Head of Statutory Reporting with various ad-hoc tasks as necessary.
Experience Studies & Ad-Hoc Projects
- Lead the takaful statutory reporting team to complete assumption changes and experience studies within agreed timelines
- Keep up to date with new guidelines issued by regulators and ensure successful implementation (e.g. RBC2 and enhanced regulatory statistical reporting)
- Proactive participation in the Company's initiatives to achieve sustainable growth and uplift profitability
- Ensure smooth and timely internal audit reviews
Process Enhancement
- Continuously revamp and streamline existing BAU processes, enhancing efficiency and work quality, including the adoption of AI tools where relevant.
- Develop processes that improve efficiency, accuracy, and robustness in meeting statutory valuation requirements.
Skills
- Knowledge of actuarial principles and practices related to Malaysia statutory valuation for takaful business.
- Competent use of tools such as spreadsheets, Prophet valuation software, generative AI.
- Skilled in team leadership and time management.
Qualifications
- At least 7 years’ experience in the actuarial field in direct insurers or takaful operators
- Degree in Actuarial Science or similar
- Qualified or nearly qualified actuary (with good progress in actuarial exams) in one of the internationally recognized actuarial institutions
Category
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