Allianz Global Life DAC (“AGL”) is a rapidly growing cross-border life insurer with products sold into the French, Italian and German markets, and, more recently Greek, Lithuanian, Belgian and Icelandic markets. It also reinsures a portfolio of variable annuities sold in Taiwan and Japan. The goal for the company is to keep expanding into other markets over the coming years, while also continuing to expand its product range. It currently writes unit linked, variable annuity and protection business. AGL also provides, amongst others, risk and actuarial services to another Allianz Group company, Darta Savings Life Assurance (“Darta”), which underwrites predominantly unit-linked business and is co-located with AGL.

 

As part of the greater Allianz Group with over 159,000 employees worldwide, AGL maintain a focus on three key principles of Allianz: People and Performance matter; The ‘What’ and the ‘How’ matter; and our employees People Attributes matter. Every day we build on these foundations to reinforce our market-leading position by focusing on efforts in five key fields: True Customer Centricity, Digital by Default, Technical Excellence, Growth Engines and Inclusive Meritocracy.

 

 

What makes us different?

Utilising the resources and expertise of the Allianz Group, along with know-how acquired over our years in the industry, Allianz Global Life DAC are able to scale and adjust our business proposition to meet the specific service requirements of our clients and business partners. This is achieved by generating solutions which combine high product development expertise with the use of world class asset managers. It is also supported by the strength of our internal functions like Risk Management and Product Development teams, who apply the highest standards within the industry.

 

Our success story so far, along with the ever increasing motivation from employees and management alike is to continue improving, demonstrate our passion and ability to attract and retain the right talent and to continue our growth and success as a company.

 

 

What can our graduate programme offer you?

Here at AGL we are passionate about our people and their performance. Our main aim is to provide an environment in which you can successfully progress your career. We foster development in a variety of areas by adhering to our three main pillars outperform, transform and rebalance. A career at Allianz Global Life DAC is like no other as it provides many opportunities both within AGL and within the Allianz Group itself. As a trainee actuary you will be given autonomy, provided with the tools to succeed, along with the ability to choose the direction of your career.

 

Our Graduate Programme is a fast paced and exciting journey designed to immerse you in the global and local Allianz cultures. As a trainee you will be given the opportunity to explore different opportunities across the business and be supported to complete your actuarial qualifications. Throughout the Graduate programme you will have the opportunity to work in two of our three functions; Actuarial Function, Risk Management, Product & Investment. This will result in you getting to spend at least 18 months training and work experience in that relevant department.

 

 

What will you learn throughout our graduate programme?

Throughout the Graduate Programme experience and learning objectives may vary depending on the department of work, Actuarial, Risk Management, Product & Investment. A non-exhaustive list provided below will provide some insight into what you can expect to learn on your graduate journey within the various actuarial centres of excellence in AGL.

 

Through the process AGL is committed to supporting your development by providing:

  • Positive Learning Environment
  • Regular one-to-one sessions with your managers
  • Interesting and challenging cross border projects
  • Access to a huge variety of digital learning programs
  • International environments and career mobility
  • Career development by gaining exposure to highly technical concepts where cutting edge cloud-based technology is extensively used on a daily basis
  • Experience in delivery of fully digitalized products
  • Comprehensive actuarial study package

 

 

Actuarial Function

  • Learning how to calculate Solvency II Technical provisions, IFRS reserves, actuarial balances and corresponding movement analyses. Additionally corresponding movement analyses along with the production of projections for input to the Planning Dialogue and ORSA exercises.
  • Be part of the preparation of the annual regulatory and statutory reports such as the Actuarial Function Report (AFR), Actuarial Opinions on Reinsurance, Underwriting, ORSA and technical provisions and the Reporting Actuary Report as well as relevant quarterly and annual actuarial QRTs and NSTs.
  • Preparing experience investigations and reviews assumptions recommending changes where appropriate.
  • Assisting the function in managing relationships with relevant internal stakeholders such as Finance, Product Development, Risk and Group Actuarial, alongside interactions with external stakeholders such as external auditors, the CBI and peer reviewers.

 

 

Risk Management

  • Assisting in developing and implementing the Company’s Internal Model for the quantification, monitoring and reporting of risk capital.
  • Supporting senior management to oversee key risk exposures, as well as the execution of various risk management and mitigation processes i.e. hedging, reinsurance etc.
  • Supporting the function in managing internal and external qualitative and governance related requirements, such as the ORSA, SFCR, Recovery Plan etc.
  • Learning how to calculate Solvency II Technical provisions, IFRS reserves, actuarial balances and corresponding movement analyses. Additionally corresponding movement analyses along with the production of projections for input to the Planning Dialogue and ORSA exercises.
  • Be part of the preparation of the annual regulatory and statutory reports such as the Actuarial Function Report (AFR), Actuarial Opinions on Reinsurance, Underwriting, ORSA and technical provisions and the Reporting Actuary Report as well as relevant quarterly and annual actuarial QRTs and NSTs.
  • Preparing experience investigations and reviews assumptions recommending changes where appropriate.
  • Assisting the function in managing relationships with relevant internal stakeholders such as Finance, Product Development, Risk and Group Actuarial, alongside interactions with external stakeholders such as external auditors, the CBI and peer reviewers.

 

 

Product and Investment

Pricing and Underwriting

  • Gain a holistic understanding of how life insurance products are designed, priced and sold across different European countries. This includes in particular savings products with and without financial guarantees as well as protection products.
  • Learn first-hand how product innovation happens: from the initial discussions with Market Management, to the hands on translation of ideas into a product design and IT specification, that financially needs to be implemented and tested.
  • Support the function in pricing business in a profitable and sustainable way while building your Actuarial modelling skillset.

 

 

Hedging

  • Learn what it takes to secure our clients future with financial guarantees while keeping our company’s financials strong with a successful hedge strategy.
  • Get exposure to Allianz’s state of the art hedging platforms and hedging experts in the US.
  • Support the team in Dublin with improving our local processes, reporting on results and analysing strategy changes while learning the basics of financial engineering.

 

It is key to note comprehensive training will be provided to facilitate the development in these highly technical and quantitative roles across all three functions: Actuarial Function, Risk Management, Product & Investment.

 

 

Experience, Skills and Competencies

Education

Third level graduate in actuarial, maths, physics or similar quantitative subject a minimum of 2:1 awarded.

 

Essential Characteristics

  • Strong academic record
  • Effective communication skills – both oral and written
  • ‘Can-do’ attitude to work and ability to work on own initiative
  • Flexible and be capable of adopting new tasks as they arise
  • Excellent attention to detail
  • Desire to progress quickly through the actuarial exams supported by Allianz’s Global Life actuarial study package.
Application deadline: 31-12-2023 Starting date: 01-05-2024