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Reserving & Capital Actuary

Please Note: The application deadline for this job has now passed.

Job Introduction

Reserving & Capital Actuary

Salary £85,000 to £95,000 DOE


FT – 35 hours per week

Hybrid – Home and London Hub

Our new Reserving & Capital Actuary within AICL (our in-house underwriter), will be responsible for assessing and reporting on the valuation of insurance liabilities under IFRS and Solvency II bases. The role also covers effectively managing the workload and development of analysts within the team.

We are at a pivotal point in our business turnaround plan and by joining us now, you will play a key role in completing the turnaround, learning and embedding the cultural changes and the underwriting ethos critical to the ongoing success of our business.

Your immediate priorities include continuing to build commerciality within the reserving team, whilst following prudent principles when assessing reserves, developing and enhancing the reserving process for efficiency and improved reporting (including building out a process for our home proposition) and ensuring compliance with regulatory and statutory reporting including new IFRS 17 accounting standard. 

Your typical day would involve working with the team, using your actuarial and data analysis skills and ability to understand and communicate results both within the team and to the wider business. Helping to make quality judgements, and set methodologies and assumptions used in reserving and capital modelling processes.

You’ll be analysing claims trends and costs linking our claims operation and pricing functions to share best insights, whilst liaising with finance on capital and reinsurance evaluation, reporting and efficiency. All with a wrapper of presenting results to senior management whilst satisfying regulatory requirements on Solvency II and IFRS reporting bases. 

Role Responsibility

As one of Reserving & Capital Actuaries you will be accountable for the following areas; 

  • Being a technical champion, ensuring functional and reusable process is used to speed up and automate actuarial process and analytics. 
  • Ongoing continuous improvement and embed commerciality within actuarial team.
  • Identify emerging trends, through partnering with stakeholders, understanding business problems and making strategic recommendations. 
  • Manage and report on the monthly reserving process. 
  • Maintain and understand financial claims data pipelines critical for actuarial process including performing regular reconciliations to validate accuracy of data and reporting.
  • Develop tactical and strategic analysis to answer key business questions.
  • Contribute to both the yearly independent actuarial review and external audit processes across IFRS 4 and 17
  • Contribute to all 3 pillars of Solvency II requirements 
  • Contribute to the yearly reinsurance program renewal process – including managing the production of supporting information 
  • Maintain and develop transparency and documentation around actuarial team process to minimise key person dependencies
  • Adhere to Technical and Actuarial practice standards (TAS and APS) and governance processes for financial reporting purposes

The Ideal Candidate

We are looking for a candidate who is passionate about the technical aspects of an actuarial role, but who is also able to simplify the complexity when communicating with stakeholders.

  •  As a Reserving & Capital Actuary you would be able to demonstrate the following skills and experience: 
  • Qualified Actuary (FIA/FFA) or qualified by experience (6+ years)
  • Bachelor/Masters in actuarial science, mathematics, statistics, or related discipline 
  • UK personal lines insurance experience ideally with a background in motor
  • Strong numerical and statistical capabilities
  • Comfortable communicating with stakeholders of all levels to C-suite.
  • Successfully contributes to a fun, fast-paced, “fail fast”/agile environment
  • Coding skills, in particular SQL/Snowflake
  • Reserving techniques and software – ResQ would be desirable but not essential

Package Description

Everyday our colleagues deliver exceptional experiences to our customers. We believe exceptional work deserves even more exceptional rewards, that's why we have put together an amazing benefits package for all colleagues.

We offer total flexibility over where you work you choose a place that you feel most comfortable and productive, either from home or in one of our hubs in London, Ashford or Sandwich.


  • Our working week is 35 hours per week, these can be worked flexibly to suit your working style
  • 25 days holiday + bank holidays
  • Option to purchase additional leave up to 5 extra days
  • Pension scheme matched up to 10%
  • Life assurance policy on joining us
  • Wellbeing programme
  • Colleague discounts including family discounts on cruises and holidays
  • Range of reductions and offers from leading retailers, travel groups and entertainment companies
  • Enhanced maternity and paternity leave
  • Grandparents leave
  • Company performance related annual bonus - Up to 5%
  • Income protection
  • Access to Saga Academy, our bespoke learning platform

About the Company

Over the past 70 years we have become the UK's specialist provider of products and services to people aged over 50 in the UK. The Saga brand has become one of the most recognised and trusted brands amongst UK consumers in this demographic, recognised for its high quality products and exceptional standards of service. These include cruises and holidays, insurance, personal finance and the Saga Magazine.

At Saga we are committed to treating all employees fairly and to offering equal opportunities in all aspects of employment and advancement. We value diversity not just because it is the right thing to do, but because diverse teams perform better.

Fair consideration is given to applications from all applicants, including those with disabilities and those over who are over 50 as we are champions of age inclusivity. We are an official Disability Confident Committed employer and ensure that our recruitment process is inclusive and accessible and we will make reasonable adjustments as required. For more information on our DEI policies please visit our Saga Careers page.

Saga does not accept agency CVs unless specifically engaged on the role by the Talent Acquisition Team. Please do not forward CVs to our recruiters, employees or any other company location. Saga will not be responsible for any fees related to CVs received in this unsolicited manner.


Saga Group

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