Assistant Vice President Actuarial
M&G
Assistant Vice President Actuarial
M&G
Publicly traded savings and investments company
About M&G India
We are M&G India, the strategic innovation and digital hub for M&G. Established in 2003, we have offices in Mumbai and Pune.
Our teams work closely with colleagues across the Group worldwide to drive transformation, build digital capability, and support sustainable growth. By leveraging technology, AI, automation, and process excellence, we bring new ways of thinking to improve outcomes for both customers and colleagues.
Grounded in a vibrant culture with strong foundations, we are central to how M&G is transforming as a business.
About M&G
Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions.
Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.
Through telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.
Job Description
Job Title
Assistant Vice President – Actuarial
Grade
2A
Level
Experience Colleague
Manager/ Individual Contributor
Both
Job Function
Model Implementation & Support
Job Sub Function
NA
Reports to
Vice President
Location
Mumbai
Business Area
M&G Global Services
Overall Job Purpose
At M&G our purpose is to give everyone real confidence to put their money to work. As an international savings and investments business with roots stretching back more than 170 years, we offer a range of financial products and services through Asset Management, Life and Wealth. All three operating segments work together to deliver attractive financial outcomes for our clients, and superior shareholder returns.
Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.
The Role:
The Assistant Vice President in the Model Implementation & Support Team plays a pivotal role in the end-to-end lifecycle of actuarial model enhancements, from design and implementation to validation and impact assessment. The role involves understanding business requirements, developing changes in RAFM, and maintaining supporting tools such as the Assumption Management System and Unify. Assistant Vice President ensure robust model architecture, maintain detailed documentation, and drive process improvements.
On the testing side, the Assistant Vice President validates model changes through functional and end-to-end testing, ensuring accuracy and consistency across the results production process. They assess the financial impact of changes on the balance sheet and P&L, perform reconciliations, and communicate findings to stakeholders. Defect identification, resolution, and retesting are key responsibilities, along with maintaining a thorough audit trail for governance and approvals.
By combining technical modelling expertise with strong analytical and communication skills, the Assistant Vice President ensures that model changes are not only technically sound but also financially transparent and aligned with business objectives.
Primary Key Responsibilities
Model Development
Model Testing
- Liaise with model users, developers, and stakeholders to understand business requirements across both model development and operational components.
- Translate business needs into technical specifications that align with the existing model architecture and operational framework.
- Design, develop, and unit test enhancements to RAFM models, ensuring alignment with actuarial principles and business objectives.
- Maintain a robust audit trail and comprehensive documentation for all model changes.
- Develop and maintain the in-house Assumption Management System (Excel/VBA-based) to support assumption governance.
- Support and enhance Unify, a VBA and Python-based automation tool for streamlining model production processes.
- Build and maintain data creation and result extraction tools for each model release cycle.
- Collaborate with stakeholders to define and execute testing and validation strategies for model and operational changes.
- Ensure accuracy, consistency, and reliability of model outputs and operational tools.
- Propose and implement process improvements across both development and operations to enhance efficiency, transparency, and scalability.
- Ensure all changes—whether in RAFM models or operational tools—are well-documented with clear version control and audit trails.
- Adhere to governance standards and contribute to maintaining model integrity and compliance.
- Understand the nature and scope of model changes or enhancements made in RAFM.
- Collaborate with model developers and stakeholders to gather context and expected outcomes of changes.
- Perform Functional Testing (Model Baselining) to validate the correctness of RAFM model coding changes.
- Conduct End-to-End Testing to ensure the full results production process functions as intended, comparing outputs with development or previous production results.
- Demonstrate a strong understanding of the balance sheet and P&L, and explain the financial implications of model changes.
- Perform step-through analysis to reconcile movements from previous results and support overall financial impact assessments using standardized tools.
- Proactively identify, document, and communicate defects or unexpected results to relevant teams (e.g., Modelling, Assumptions, Data).
- Retest and validate fixes to ensure resolution of identified issues.
- Maintain comprehensive documentation of testing activities, results, and financial impact analysis to support audit and approval processes.
- Ensure traceability and transparency of all testing and analysis performed.
- Continuously seek opportunities to enhance testing frameworks, automation, and documentation standards.
- Propose and implement process improvements to increase efficiency and reduce manual effort.
Additional Responsibilities :
Key Stakeholder Management
Internal
Mumbai leads,
Other functions/ teams for liaising,
Delivery Leads,
Modelling leads,
Concerned UK stakeholders/ leads,
Governance/ Internal Audit team,
External Auditors via stakeholders.
External
External Auditor
Willis Towers Watson (WTW)
Knowledge, Skills, Experience & Educational Qualification
Knowledge & Skills (Must Have) :
Knowledge & Skills (Additional) :
Experience:
Educational Qualification:
We have a diverse workforce and an inclusive culture at M&G Global Services, regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.
M&G is a savings and investments company that manages money for individuals and institutions. It offers a range of investment products, including mutual funds, where many investors pool their money to buy a fixed mix of assets chosen by the fund manager. The funds are then managed to try to grow wealth and provide long-term returns, with investors’ money divided into shares or units based on the fund’s rules. M&G differentiates itself through its long history as an asset manager, its status as an independently listed company after the demerger from Prudential, and its focus on serving the UK and European markets with a broad lineup of funds and investment strategies. Its goal is to help people save and invest for the long term by providing access to professionally managed portfolios and investment options that suit different risk tolerances and goals.
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