Senior Actuarial Associate / Senior Analyst

The Variable Annuity Hedging (VAH) team, within the General Account Investment Division, is responsible for establishing and managing hedging programs at Manulife Financial. The program currently manages both the company’s balance sheet equity risk through the Macro program and the market risks associated with variable annuity (VA) and indexed universal life (IUL) products.

There are two sub-groups within Variable Annuity Hedging: Strategy and Actuarial Modeling.  This position is within the Actuarial Modeling group. The role provides the opportunity to develop a strong understanding of our hedging programs and various aspects of VA and IUL, such as product features, hedging strategies, financial reporting, capital and modelling. It also provides the opportunity to learn about financial hedging and the derivatives market, as well as interact with many corporate areas and business units.

This role is ideal for a team player who is highly motivated and would like to participate in high profile projects relating to hedging and learn more about the derivatives market. The successful candidate will have the opportunity to develop critical and transferable skills: quantitative, communication, systems, programming, and strategic thinking.

Responsibilities:

• Become an expert user of our hedging systems. Test and implement improvements to existing hedging models and daily hedging operations.

• Maintain PathWise integration in Hedging systems through Python scripting.

• Review hedging liability grid results and assist with performance attribution.

• Support the IUL hedge cycle in calculating the hedge exposures and analyze the monthly hedge exposure movements.

• Partner with key stakeholders to support the migration of the IUL admin system and hedge exposure calculator to new platforms.

• Collaborate with multiple stakeholders to expand the scope of IUL hedging operation to other geographies and product lines.

• Work with the VAH Strategy and IT teams to enhance the database infrastructure and ensure system readiness for new product features and offerings.

• Cooperate with multiple stakeholders to build the in-house IUL hedge exposure calculator to introduce further efficiencies with our hedging program.

• Work with VAH Strategy Team to develop and quantify impacts of new hedging strategies.

• Interact with Group Finance Actuarial, Capital, Risk Oversight, and divisional modelling and valuation teams to validate and explain hedging results.

• Update and propose changes to the equity option and swaption calibration methods and assumptions.

• Recommend hedging decisions using analysis, data and modelling.

• Support regular stress testing and reporting of liabilities and Greeks.

Qualifications:

• Bachelor’s degree in Actuarial Sciences, Business, Finance, Math or a related field

• Actuarial experience or knowledge of actuarial concepts

• Minimum 3 years of experience in the financial industry

• Strong actuarial or quant, analytical, and problem-solving skills

• Process- and result-oriented with strong attention to details

• Proactive and able to work both independently and collaboratively with team members

• Strong communication and interpersonal skills to deal with multiple stakeholders from different backgrounds at the same time.

• Organized and able to manage complex processes

• Knowledge of Python or a similar programming language

• Stochastic modelling and quantitative modelling knowledge are assets

When you join our team:

• We’ll empower you to learn and grow the career you want.

• We’ll recognize and support you in a flexible environment where well-being and inclusion are more than just words.

• As part of our global team, we’ll support you in shaping the future you want to see.

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].

Toronto, Ontario

Hybrid

Salary range is expected to be between

$71,925.00 CAD - $119,875.00 CAD

If you are applying for this role outside of the primary location, please contact [email protected] for the salary range for your location. The actual salary will vary depending on local market conditions, geography and relevant job-related factors such as knowledge, skills, qualifications, experience, and education/training. Employees also have the opportunity to participate in incentive programs and earn incentive compensation tied to business and individual performance.

Manulife offers eligible employees a wide array of customizable benefits, including health, dental, mental health, vision, short- and long-term disability, life and AD&D insurance coverage, adoption/surrogacy and wellness benefits, and employee/family assistance plans. We also offer eligible employees various retirement savings plans (including pension and a global share ownership plan with employer matching contributions) and financial education and counseling resources. Our generous paid time off program in Canada includes holidays, vacation, personal, and sick days, and we offer the full range of statutory leaves of absence. If you are applying for this role in the U.S., please contact [email protected] for more information about U.S.-specific paid time off provisions.