IFRS 17 Reporting Lead

Munich Re of Malta p.l.c. – IFRS 17 Reporting Lead (m/f/d)* 

Company

Munich Re

Location

Valletta , Malta

Munich Re of Malta p.l.c. (MRoM) is a subsidiary of the Munich Re Group with a portfolio of more than € 4 billion premium and a corresponding large balance sheet. The book of business stems from group-internal retrocessions and third-party reinsurance in life, health, and non-life from markets all over the world and is written in close cooperation with various units in the Munich Re Group. MRoM is a fast growing, extremely efficient company looking for a qualified professional who is highly motivated to support our Finance Team’s implementation work for the new accounting standard for insurance contracts. 

In May 2017 the International Accounting Standards Board (IASB) issued the international IFRS Standard for insurance contracts (IFRS 17) effective from 1 January 2023. While MRoM has been reporting under IFRS 17 since Jan 1, 2023, the reporting regime has completely changed the existing IFRS measurement, accounting and disclosure processes and reporting for insurance contracts. MRoM is looking to further develop and optimize work processes, and the formalization of this role is part of that effort.

The candidate, in close cooperation with local colleagues and the MR Group supporting departments as well as in the local Finance team will contribute to the IFRS 9/17 close and reporting processes and be part of the cross functional, semi-virtual IFRS 17/9 close team.

The successful candidate will be occupying a role providing excellent opportunity for development within the fields of reinsurance accounting in a first-class international organization. In-/external training will be supported and provided where required. 

The position is in Malta.

Your job:

• Contribute to the production of financial analysis and commentary in support of financial statements, footnotes, and ECON submissions that are compliant with IFRS 17 requirements for the Company.
• Coordinate the IFRS 17/9 close process, making essential connections between the valuation and analysis of data across key stakeholders including Reinsurance Accounting, Actuarial, Tax, MR Group, and Business stakeholders.
• Reconciling IFRS 17 data submissions and ensuring data quality requirements are met. Work with local and group internal stakeholders to address data quality issues that emerge. 
• Performing test activities and related data quality assurance via validation and analysis of data.
• Assist with the management of “On Top Adjustments” (OTA’s) that may be needed as part of the reporting process due to data cut off /timing and quality issues. 
• Supporting the development and automation of quality standards for all accounting, system, and reporting processes under IFRS 17.
• Support the production, validation, and analysis of data as well as the analytics to explain the quality issues. 
• Develop presentation information that can be used to help management understand performance results. This includes both ad-hoc and financial impact analysis for various stakeholders.
• Implementing the local processing, closing, and reporting process enhancements to leverage fully automation and opportunities to streamline quality assurance mechanisms and reports under IFRS 17.
• Ensuring a robust internal and financial controls framework is in place.
• Other general accounting, close, and reporting duties as assigned by management.
• Project work as assigned by management.

Your profile:

• University Degree in accounting or an equivalent qualification; ACCA, preferable.
• Strong technical accounting and reporting capabilities under IFRS reporting and reinsurance. Intermediate knowledge of IFRS relevant to insurance companies (e.g., IFRS 17, IFRS 9).
• Several years of working experience in the insurance and / or reinsurance accounting and reporting area.
• Advanced expertise of quarterly and annual closing processes as well as of accounting and reporting applications and relevant solutions for the insurance / reinsurance industry (e.g., SAP).
• Strong proficiency in SAP applications for the insurance/reinsurance industry, like SAP FSRI / FSCD, and intermediate to advanced experience in Microsoft Office and other data manipulation tools.
• Exposure to project work and a track record in implementing accounting and reporting standards.
• Quick to grasp concepts and inter-relationships between different components.
• Assertiveness in a group-wide environment with several cross-functional interfaces and stakeholders.
• Strong quantitative and analytical skills and attention to detail.
• ‘Ready for the next step’-mentality to take over more responsibility, positive attitude, and capable of working independently, collaborating cross functionally, and working well within a team.
• Fluent business English and ability to communicate with people at all levels.

For any further information or clarification on this position please do not hesitate to contact Sandra Anglin-Caldwell directly at SAnglin-Caldwell@munichremalta.com

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