Director, Asset-Liability Management, Bermuda

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed. **Role Purpose** The Director, Asset-Liability Management (ALM) is responsible for leading the ALM function and ensuring effective alignment of assets and liabilities, optimization of the balance sheet, and compliance with Group ALM policies. The role is accountable for SAA design, hedging strategy, and ALM governance across all Prudential entities in Bermuda. **Organization Context** PBIL operates a Bermuda-based insurance (under the entity Prudential Bermuda ISA, Ltd, “Bermuda Direct”) and reinsurance (under the entity Prudential Bermuda Re, ISA, “Bermuda Re”) supporting Prudential Group on High-Net-Worth and Wealth insurance business, capital management and reinsurance optimization. The ALM function in PBIL is central to maintaining its balance sheet resilience, supporting product innovation and ensuring compliance with Bermuda regulatory requirements. **Key Accountabilities** As the head of the ALM team, the Director, ALM is responsible for leading the team in the following areas: Research - Work with the Group ALM team and the local Actuarial team to produce and update the local Capital Market Assumption, with reference to the Group Capital Market Assumption, and potentially reflecting the market intelligence from peers (e.g. to ensure consistent policy illustrations). Strategy - Review the new products of Bermuda Direct from an ALM perspective (level of guarantee, embedded policyholder options, structure of non-guaranteed benefits, hedge-ability of risks, etc), and work with the pricing team to establish the initial SAA and hedging strategies to back those products. - Review the inward reinsurance transactions Bermuda Re from an ALM perspective, and work with the actuarial/reinsurance team to establish the initial SAA and hedging strategies to back those reinsurance liabilities. - Ongoing review of the SAA and hedging strategies of the shareholder funds and the liability backing portfolios. Seeking the necessary approval from the local Investment and ALM Committee and the local Board. Seek the necessary approval from the Group SAA Panel, Group Investment Committee or Group Capital and ALM Committee. - If applicable, work with the investment team, external managers, and banks for bespoken structuring for Bermuda capital optimization (e.g. tranche-based rated notes). - Review the Business Plan from an ALM perspective. E.g. if the target new business and reinsurance transactions assumed in the plan may create too many ALM risks in the balance sheet, whether the risks are hedge-able and whether there is sufficient hedging budgets reflected in the plan. Implementation - Work with the investment team and the asset manager (mainly Eastspring) in day-to-day hedging transactions. - Work with the Group ALM team to generate economic scenarios for regular reporting, actuarial valuation, product pricing and ad hoc actuarial and ALM analysis. - Work with the investment team to ensure proper implementation of the SAA. Monitoring and Reporting - Work with the actuarial team to perform regular monitoring of ALM risks, both in terms of ALM metrics (e.g. effective duration and convexity gaps), as well as in terms of market and liquidity risk stress tests (yield curve movement, credit spread, FX, etc). Work with the actuarial team, investment team, Group ALM and external vendor to improve the quality and timeliness of the ALM monitoring tools. - Support the Chief Actuary to produce ALM-related reports for statutory (e.g. BMA) filing. - If applicable, work with the actuarial team, in…