Head of Reinsurance and Pricing Governance

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.

The Head of Reinsurance and Pricing Governance leads (1) Reinsurance strategy, governance, placement, and operational oversight to optimise risk transfer outcomes (financial, risk, and service); and (2) Pricing Governance to ensure robust pricing assumption setting, strong challenge, and compliance with Group requirements and relevant regulatory expectations (including MAS AA/Fair Dealing considerations where applicable).

The role combines strong actuarial leadership, rigorous governance, cross-functional stakeholder management, and delivery of high-impact initiatives across the Finance and Customer divisions.

Reinsurance

1. Reinsurance Strategy & Portfolio Optimisation

• Maintain the Reinsurance Management Strategy that sets the objectives for reinsurance (risk transfer, volatility management, underwriting capacity, financial outcomes) and the principles for all reinsurance placements.
• Lead periodic reinsurance optimisation assessments including but not limited to retention, UW/Claim authorities, reinsurance rates competitiveness across major portfolios, supported by internal/external analysis capability, and translate outcomes into executable actions.
• Review treaty structures and terms over time to reduce frictional costs, improve reviewability/termination optionality, and ensure the programme remains fit-for-purpose.

2. Governance, Approvals & Group Standards Compliance

• Own and operate reinsurance governance in line with Group delegated authorities and standards.
• Ensure all reinsurance activities are aligned with risk appetite, counterparty/credit risk standards and limit frameworks; proactively engage Risk function for early assessment of any potential risk topics.
• Ensure local governance forum e.g. Reinsurance Committee appropriately oversees reinsurance initiatives, service quality and TAT, risk/mitigations, and adherence to internal policies and regulations.
   

3. Reinsurance Placement, Tendering & Negotiation

• Lead end‑to‑end tender/RFP cycles (data, NDA, RFP packs, evaluation, negotiation, recommendation, appointment, and binding documentation), including balancing financial terms and operational support as explicit selection criteria and ensure treaties include prudent protections (e.g., termination / recapture provisions aligned to business needs)
• Maintain strong strategic relationships with key reinsurers and brokers; where appropriate, secure reinsurer support for analytics, underwriting and claims capability as part of the broader value proposition.

4. Financially Motivated Reinsurance

• Provide internal thought leadership in leverage reinsurance as a balance sheet optimization tool and stay abreast of industry development.
• Evaluate structured / financially motivated reinsurance proposals where relevant (e.g., “cash financing reinsurance”), ensuring appropriate local governance and regulatory pathways are followed.
• Ensure capital-motivated or complex reinsurance proposals meet Group frameworks and MAS expectations.
• Establish and maintain a monitoring framework for financially motivated reinsurance to ensure the arrangements perform as per expectations.
   

5. Reinsurance Operations Oversight (Administration, Settlement, Reporting, Controls)

• Oversee operational performance: treaty signing status, reinsurance booking timeliness, settlement processes and dispute management, and the end-to-end control environment for reinsurance administration.
• Own regular monitoring and MI: exposure monitoring, operational scorecards, and reinsurer credit/rating monitoring.
• Lead continuous improvement and automation for reinsurance processes and reporting (e.g., system/tool modernisation), ensuring appropriate data controls and governance are in place.

Pricing Governance

1. Lead pricing governance as the Chief Actuary’s delegate reviewer/challenger to ensure disciplined pricing decisions, Group compliance, and regulatory readiness.

• Work closely with the Pricing team to develop/refine pricing strategies and ensure alignment with Group product pricing requirements and optimized commercial outcomes.
• Provide “healthy challenge” to pricing approaches, assumptions, and models; identify and mitigate pricing risks while balancing profitability and customer outcomes.
• Ensure Product Submission Documents comply with GPAC requirements, particularly for Group Actuarial and Group Finance areas.
• Ensure required submission and valuation metrics are available and validated for product approval packs (e.g., IFRS17 onerous assessment indication, cash metrics, TEV strain, payback / hurdle-related fields as used in product submissions).
• Maintain awareness of and embed MAS Appointed Actuary expectations relevant to product & pricing governance, including demonstrated focus on Fair Dealing and suitability assessment expectations.
• Where the role interfaces with AA responsibilities, ensure governance processes support MAS expectations that AAs substantively assess and evidence product suitability and fair dealing considerations (e.g., suitability assessment statements in customer-facing documentation such as premium certificates, where applicable).
• Reinforce delivery of the five Fair Dealing outcomes in product lifecycle governance (culture, suitable products, competent reps, clear information, effective complaint handling) by ensuring pricing governance evidence and documentation support those outcomes.
• Coordinate corporate actuarial readiness to ensure new products are valuation-ready (data, model points, controls, reporting outputs) for all bases and governance needs.

Leadership & Stakeholder Management

1. Build strong partnerships with local management and Group stakeholders, and control functions to ensure clear communication of financial results, regulatory expectations, and governance outcomes.

2. Lead and develop the team; drive change, improve processes, and coach team members to deliver high standards.

Qualifications & Competencies

• Fellow of a recognised actuarial society (FSAS/FSA/FIA/FIAA or equivalent).
• Strong actuarial technical capability with deep experience in pricing governance, model/assumption review and challenge.
• Proven reinsurance leadership covering strategy, placement/renewals, retention optimisation, treaty wording/terms discipline and performance monitoring.
• Good understanding of structured/financially motivated reinsurance in the Singapore context, including governance, counterparty considerations and documentation requirements.
• Strong business and financial acumen with the ability to interpret financial statements and communicate commercial implications.
• Proven leadership and people management capability; able to coach and develop talent, drive change and strengthen processes and controls.
• Excellent stakeholder management and communication skills (written and verbal), effective across local and Group stakeholders.

Experience: 15+ years’ actuarial experience in Life Insurance, with significant experience in reinsurance and pricing/pricing governance and 7+ years’ leadership experience.

Knowledge: Insurance product knowledge; Singapore RBC2 / TEV / IFRS17 / Economic Capital.

 

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.