- Location
- Manulife Tower, Manulife (Singapore) Pte Ltd
- Type
- Full-time
- Department
- Management
- Closing date
- Today
- Source
- Workday
Description
The Head of Participating Fund & Universal Life Management is responsible for the strategic and actuarial management of the Company's Participating Funds and Universal Life (UL) businesses, including Indexed Universal Life (IUL) products. The role ensures sustainable policyholder value creation, profitability, capital efficiency, sound governance, and compliance with regulatory requirements.
Reporting to the Appointed Actuary, the incumbent leads a team of actuarial professionals and serves as a key advisor to senior management and Board committees on matters relating to participating funds, UL business management, policyholder interests, product performance, capital management, and regulatory compliance. This role will also support the Appointed Actuary in new product reviews and liaisons.
Key Responsibilities
1. Leadership and Team Management
- Foster a high-performance culture focused on technical excellence, accountability, collaboration, and continuous improvement.
- Build team capabilities in participating fund management, universal life management, product oversight, capital management, and regulatory matters.
- Provide thought leadership on actuarial best practices and emerging industry developments.
2. Participating Fund Management
- Lead the actuarial management of participating funds to achieve fair and sustainable outcomes for both policyholders and shareholders.
- Develop and recommend annual bonus scales and special bonus strategies, balancing policyholder expectations, fund sustainability, competitive positioning, and shareholder objectives.
- Monitor participating fund experience, including investment performance, mortality, morbidity, lapse, expense, and other key assumptions.
- Support participating fund asset strategy discussions and assess the implications of investment decisions on policyholder returns and shareholder value.
- Ensure compliance with Board-approved participating fund governance frameworks and relevant MAS and LIA requirements.
3. Universal Life and Indexed Universal Life Management
- Lead the ongoing actuarial management of Universal Life and Indexed Universal Life portfolios.
- Develop and recommend crediting rate strategies, index account strategies, yield assumptions, and other customer value management initiatives.
- Monitor product profitability, customer behavior, persistency, and emerging experience.
- Evaluate management actions to balance customer value propositions with shareholder returns and capital efficiency.
- Support the development and implementation of hedging, reinsurance, and risk management strategies relating to UL and IUL products.
- Assess business performance and emerging risks arising from market movements, policyholder behavior, and product design features.
4. Product Oversight and Governance
- Support product reviews and product governance activities, including:
- Assumption reviews and profitability assessments
- Risk assessments and sensitivity analysis
- Customer value assessments
- Review product changes and enhancements to ensure consistency with policyholder expectations, business objectives, and regulatory requirements.
- Coordinate actuarial support for implementation of approved product changes, including financial reporting and reinsurance impacts.
6. Regulatory and Governance Responsibilities
- Serve as the subject matter expert on MAS and LIA requirements relating to participating fund and UL business management.
- Ensure compliance with applicable regulatory requirements, industry guidelines, and internal governance frameworks.
- Lead regulatory engagements relating to participating fund and UL matters, including product approvals, policyholder management practices, and governance reviews.
- Liaise with MAS and industry bodies on regulatory developments and consultations impacting participating and UL businesses.
- Support regulatory submissions, Board papers, committee materials, and management reports.
7. Strategic Advisory and Stakeholder Management
- Act as a trusted advisor to senior management, Board committees, and cross-functional stakeholders on participating fund and UL business matters.
- Provide strategic recommendations on:
- Bonus and crediting policies
- Capital management
- Policyholder value management
- Product sustainability
- Risk management strategies
- Regulatory developments and implications
- Partner closely with Product, Finance, Investments, Risk, Legal, Compliance, Operations, and Reinsurance teams to drive business objectives.
- Represent the actuarial function in key governance forums and strategic initiatives.
About Manulife and John Hancock
Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. To learn more about us, visit https://www.manulife.com/en/about/our-story.html.
Manulife is an Equal Opportunity Employer
At Manulife/John Hancock, we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour, ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.
It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process. All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies. To request a reasonable accommodation in the application process, contact [email protected].
Working Arrangement
