Job details

Head of With Profits Management

Region: Midlands

Location: Stratford-upon-Avon

Contract type: Permanent

Reference number: RISK00071

Closing date: 1st December 2021

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About the role

We have a great opportunity for a Head of With Profits Management to lead a team of circa 10 actuaries (qualified and trainees) who will oversee activities and initiatives that impact the risk profile and capital management of the Society’s With Profits Fund (the “Life Fund”).

The team also provide assurance that the With Profits Fund is managed in accordance with regulatory requirements, policyholders' reasonable expectations, and follow the principles of Treating Customers Fairly.

The role sits within our Risk division reporting to the Head of Financial Risk and you will be an invaluable member of the risk executive team.

Duties will include:

  • Develop, implement and monitor a sustainable profitability strategy and framework for all Life Fund products to deliver value for money to customers without eroding the Society’s Free Estate

  • Oversee the technical delivery of new products written in the Life Fund to ensure they reflect members’ needs, meet risk appetite, and represent fair and equitable use of capital.

  • Ensure that the Society’s With Profits business is managed in accordance with rules and guidance set out by the FCA and the actuarial profession.

  • Recommend bonus declarations to the With Profits Actuary (and With Profits Committee).

  • Ensure that cohorts of policyholders are treated equitably, implementing revised bonus philosophies and applying discretionary benefits as appropriate.

  • Develop, maintain and monitor compliance with the framework and basis for discretionary terms on with-profits products (including surrender values, transfer values and market value reductions)

  • Design, develop and maintain the Group’s strategy for the Matching Adjustment Fund and other Life Fund asset-liability matching portfolios.

  • Recommend and implement capital management strategies in the Life Fund to ensure efficient use of members’ capital.

  • Drive the implementation of specific major business developments, including regulatory changes.

  • Lead, manage, motivate and develop direct reports so that they know what is expected, are able to maximise their contribution to business objectives and realise their potential.

What we're looking for

As our Head of With Profits Management, you will be managing the Life Fund in accordance with the strategy set by the With Profits Actuary and With Profits Committee and ensure that capital is deployed equitably across all policyholder cohorts. You will be or have:

  • Qualified actuary - Fellow of the Institute and Faculty of Actuaries or equivalent

  • Strong leadership and management experience- able to motivate and develop others

  • Strong stakeholder management and relationship skills at all levels

  • Thorough understanding of legislation and professional requirements relating to with profits business Detailed knowledge of the methodology and principles underlying with profits business and capital management of a with-profits fund.

  • Detailed understanding of With-Profits Funds Governance and the roles of With-Profits Committee and the With-Profits Actuary

  • Ability to communicate complex ideas effectively to both technical and non-technical audiences

  • Awareness of potential emerging risks and regulatory changes in the market and the impact these could have on customers and their benefits

What we can offer

At NFU Mutual we pride ourselves on being “a great place to work” and one of only 39 companies across the globe, and the only organisation with headquarters in the UK, to receive a Gallop Exceptional Workplace 2021 award. We were also named in the LinkedIn Top 25 Companies List 2021. When you join our team, you can expect a supportive culture and an attractive range of rewards and benefits including:

  • Competitive salary up to £125,000 per annum depending on experience

  • Up to 33% annual bonus potential

  • Car Allowance or Company Car

  • Contributory pension scheme (company contribution up to 12%)

  • Family Private Medical Insurance cover

  • 28 days holiday per annum plus bank holidays (additional holiday purchase scheme)

  • Employee discounts

  • Gym subsidy

  • Health and wellbeing plan

  • Life Assurance

  • Discounts on a range of NFU Mutual policies

NFU Mutual are happy to offer its employees informal homeworking. Our team is located in Stratford-upon-Avon and it would be expected that on average, 50% of your working time would be located from this office, with the remaining days home based should you wish. Due to COVID-19, our employees continue to work from home and a return to the office is being planned for later in the year.

About us

One of the UK’s leading general insurance and financial services companies, NFU Mutual has been meeting our customers’ needs for over 100 years. As an employee you are very important to us. We empower and inspire you to perform, offer opportunities to grow and we recognise and reward you for your contribution.

At NFU Mutual we look for people like you, who have customers at the heart of what you do. You recognise that your customers’ financial lives can only benefit by having a financial plan in place that reflects their circumstances both now and in the future.

Apply now


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Vacancy managed by

Lee Clarke

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About NFU Mutual

We are a leading provider of General Insurance and Financial Services. From our strong farming roots we’ve grown to become a UK-wide organisation, turning over £1billion annually. Yet success hasn’t gone to our heads. We’re proud to remain completely customer focused, down-to-earth and committed to the rural communities we’ve grown from.

Our ethos - of trust, respect and personal service - lies at the heart of all we do and has seen us build an enviable reputation for exceptional member loyalty. Though we’ve been in business for over 110 years, we have big ambitions for the future. And that’s why we’re looking for talented people to join our growing organisation. Talented people like you.