Job Overview
Orient Insurance PJSC, part of the Al-Futtaim Group, is seeking an experienced actuarial professional for the position of Assistant Vice President – Actuarial, Life Insurance in Dubai, UAE. This opportunity is suitable for candidates with experience in life insurance actuarial functions, product pricing, valuation, financial reporting, and profitability analysis within the UAE or GCC insurance market.
The successful candidate will support the development and pricing of life insurance products, actuarial valuations, IFRS 17 reporting, regulatory submissions, and business performance analysis. The role involves close collaboration with Product, Finance, Operations, and regional Life Insurance teams to strengthen financial performance, support business growth, and improve actuarial processes.
Candidates should have strong analytical and modelling skills, knowledge of life insurance regulations, and progress toward a recognized actuarial qualification.
Key Responsibilities
Life Insurance Product Pricing and Development
- Support the pricing and development of life insurance products in line with business objectives and regulatory requirements.
- Assist with regulatory filings and product submissions.
- Provide actuarial input for new product launches and enhancements to existing products.
- Evaluate product performance and contribute to pricing recommendations.
- Collaborate with relevant teams to ensure product proposals meet business and compliance requirements.
Actuarial Valuation and Financial Reporting
- Perform actuarial valuations and support statutory, regulatory, and management reporting.
- Contribute to financial reporting processes and ensure the accuracy of actuarial calculations.
- Support the preparation and review of valuation results.
- Provide relevant actuarial analysis to assist financial planning and business decision-making.
- Coordinate with Finance and other stakeholders to meet reporting requirements and deadlines.
IFRS 17 Reporting
- Support IFRS 17 reporting activities for life insurance business.
- Work with the General Measurement Model (GMM) and Variable Fee Approach (VFA), as applicable.
- Assist with the preparation, validation, and analysis of IFRS 17 results.
- Contribute to the improvement of reporting methodologies, actuarial models, and related processes.
- Support the delivery of accurate and timely financial information.
Profitability and Expense Analysis
- Analyze profitability across products, distribution channels, and lines of business.
- Review expense trends and identify factors affecting business performance.
- Prepare management information and reports to support strategic decisions.
- Conduct experience studies and other actuarial analyses as required.
- Provide insights to help improve product performance and financial outcomes.
Regional Collaboration and Business Support
- Work closely with Product, Finance, Operations, and Life Insurance teams.
- Coordinate with regional insurance subsidiaries on actuarial projects and business initiatives.
- Provide actuarial analysis to support business planning and product development.
- Communicate findings and recommendations to relevant stakeholders.
- Support cross-functional initiatives that contribute to business growth and operational efficiency.
Actuarial Models and Process Improvement
- Maintain and enhance actuarial models, analytical tools, and reporting processes.
- Use data analysis and modelling techniques to support accurate actuarial results.
- Identify opportunities to improve efficiency, reporting quality, and model performance.
- Prepare ad hoc actuarial analyses and management reports when required.
- Ensure calculations, assumptions, and supporting documentation are properly maintained.
Qualifications and Experience
Candidates applying for Assistant Vice President – Actuarial jobs in Dubai should meet the following requirements:
- Approximately 3–4 years of actuarial experience in the UAE or GCC life insurance market, with the vacancy also specifying 5–6 years of GCC experience.
- Several actuarial examinations successfully completed.
- Progress toward a recognized actuarial qualification at associate or fellow level, or an equivalent professional pathway.
- Associateship credentials such as AIA or ASA from the relevant actuarial professional body, as specified by the employer.
- Experience in life insurance product pricing and regulatory submissions.
- Practical knowledge of actuarial valuation and financial reporting.
- Understanding of IFRS 17, including GMM and VFA methodologies.
- Experience with profitability analysis, expense reviews, and actuarial modelling.
Note: The vacancy description gives different experience figures (3–4 years and 5–6 years). Candidates should confirm the applicable requirement in the official job posting.
Technical Skills
The ideal candidate should have:
- Advanced Microsoft Excel skills.
- Strong data analysis and actuarial modelling capabilities.
- Experience preparing financial and management reports.
- Knowledge of life insurance pricing and valuation methodologies.
- Familiarity with IFRS 17 reporting requirements.
- Hands-on experience with Prophet and Alteryx is preferred.
- Strong analytical thinking, accuracy, and attention to detail.
- Effective communication and stakeholder management skills.
Key Competencies
- Strong quantitative and problem-solving abilities.
- Ability to interpret complex actuarial and financial data.
- Effective collaboration with cross-functional and regional teams.
- Good organizational skills and the ability to meet reporting deadlines.
- Professional communication and presentation skills.
- A commitment to accuracy, regulatory compliance, and continuous improvement.
About Orient Insurance PJSC
Orient Insurance PJSC commenced operations in 1982 as part of the Al-Futtaim Group. Headquartered in Dubai, the company has established a strong presence in the UAE insurance market and serves customers through a network of branches across the UAE, as well as regional operations in markets including Oman, Saudi Arabia, and Bahrain.
Job Details
- Job Title: Assistant Vice President – Actuarial, Life Insurance
- Company: Orient Insurance PJSC
- Parent Group: Al-Futtaim Group
- Job Location: Dubai, United Arab Emirates
- Industry: Financial Services and Life Insurance
- Experience: The vacancy mentions both 3–4 years of UAE/GCC actuarial experience and 5–6 years of GCC experience; confirm the requirement with the employer.
- Qualification: Progress toward a recognized actuarial qualification, with relevant associate or fellow-level credentials as specified in the vacancy.
- Technical Knowledge: IFRS 17, GMM, VFA, actuarial valuation, product pricing, Microsoft Excel, and financial reporting.
- Preferred Tools: Prophet and Alteryx.