Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Purpose
As a Reinsurance Accountant working in Reinsurance Operations, you will be responsible for managing and reconciling all reinsurance-related financial transactions.
You will ensure the accurate recording, analysis, and reporting of reinsurance accounts, both internally, and externally to Reinsurers.
This is a key role at Canada Life, working cross-functionally with Pricing, Claims Administration, Actuarial and Accounting Teams to ensure robust financial controls and reporting within a regulated environment.
You will represent the Company when dealing with Third Party Reinsurers.
Key Accountabilities Maintain accurate accounting records for reinsurance treaties
Prepare and post monthly reinsurance journals in accordance with IFRS17, SII and UKGAAP
Analyse variances and provide commentary on reinsurance balances and performance
Support monthly and quarterly close processes
Assist in the production of balance sheet reconciliations
Provide audit support and ensure compliance with Solvency II and other PRA/FCA regulatory requirements
Work with actuarial and finance teams on reinsurance-related modelling
Identify opportunities to enhance reporting efficiency and controls
Providing support to reinsurance operations process design
Desired Knowledge / Experience / Skills ACA/ACCA/CIMA, or equivalent, qualified, or part qualified
Relevant experience in insurance or reinsurance accounting / operations role
Good understanding of reinsurance principles (treaty/facultative, proportional/non-proportional)
Strong understanding of varying treaty types (E.g. Longevity Swaps / Asset Transfer / Deposit Back / Funds Withheld)
Good working knowledge of BPA scheme and reinsurance verification lifecycles
Strong Excel skills
Experience with accounting systems (e.g., SAP) preferable
Relevant experience using or querying Scheme and Treaty Administration systems a bonus (E.g. LISA, CLOAS, Composer)
Excellent communication skills and attention to detail
Independent problem solving and analytical thinking
Flexibility to cope with changing operational requirements and environments is a must
Adept in working to tight deadlines
Benefits of working at Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that's regularly reviewed. As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.
How we work at Canada Life
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.
We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That's why we offer a range of training, flexible working and opportunities to grow and develop.
Diversity and inclusion
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we're making in DEI, and we continue for it to be a significant focus.
At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all." Nick Harding, Chief People Officer, Canada Life UK
We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.
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