Economic Capital Senior Manager

Aviva provides around 31 million customers worldwide with insurance, savings and investment products. We are the UK’s largest insurer and one of Europe’s leading providers of life and general insurance. We combine strong life insurance, general insurance and asset management businesses under one powerful brand. We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.

Aviva’s a new global operating model for Finance, based on shared services supporting the markets and a leaner corporate centre consists of four pillars.

The four pillars of this global operating model are:

  • Aviva Finance Markets (AFM): a commercial team who will be a co-pilot to the market CEOs and business leadership teams.

  • Aviva Finance Operations (AFO): a highly effective and agile team managing resources and providing excellent services to the rest of our function.

  • Aviva Finance Technical (AFT): a team of Finance experts who will leverage our global technical expertise in areas like investments, tax, hedging, re-insurance and actuarial advisory to provide “solutions” which are consistent across Finance.

  • Aviva Finance Corporate (AFC): an insight-oriented team who will own headquarter functions such as Investor Relations, Capital Allocation, Treasury, Financial Planning & Analysis, and Mergers & Acquisitions.

    The Team

    This role is part of the Aviva Finance Operations (AFO) team: a highly effective and agile team managing resources and providing excellent services to the rest of Aviva’s Finance function. This team, under the leadership of our global process owners, will be responsible for our core Finance operational and reporting processes.

    The AFO Financial Reporting team generates the IFRS financial statements and notes, Solvency II QRTs and narrative reports. In addition, it runs the Group consolidation process and produces analysis reports.

    The Group Economic Capital Reporting (EC) team is responsible for

  • The production, aggregation, and monitoring of the group Solvency II position

  • Explaining the main drivers of the group Solvency II surplus and coverage ratio to key stakeholders

  • ‘What if’ analysis on SII KPIs as required by the wider Finance function and the business

  • Collaborating to enhance the Group wide economic capital methodology, systems and processes in line with Finance’s better, cheaper and faster aspiration.     

    The Person

    The EC senior manager provides oversight and ownership of the key inputs and outputs to the Group EC results and messaging of the main drivers of group SII results. The role includes providing expert advice as well as influencing changes to all aspects of Group EC framework with the end customer in mind. 

    The role requires a thorough knowledge of the application of EC methodology, systems, processes as well as group’s structure (and associated capital implications).

    Duties & Responsibilities

    Support the senior managers in:

    The main activities are:

  • Production of economic capital reports and analyses (annually, quarterly, monthly, weekly) to internal and external parties. Provide clear explanations of key items.

  • Review and challenge of material drivers of the group economic capital position using knowledge of businesses and technical insights.

  • Identify opportunities and influence continuous improvement and change in EC Reporting and wider as required

  • Development and maintenance of appropriate processes and controls. Improving the efficiency of group processes, keeping a clear audit trail. Embedding developments to the group economic capital model into AFO processes.

  • Operational management including coaching and mentoring more junior team members

  • The scope is all Group EC processes and EC systems and all markets that feed the Group SII aggregation process. 

  • However all members of Finance will be expected to support resource fluidity as required to support priority deliveries

    Skills & Experience required


  • Degree level or equivalent.

  • Qualified actuary with significant economic capital or Solvency II experience.


  • Analytical review skills.

  • Proven track record of process delivery to a very high standard.

  • Good business / market knowledge.

  • Strong stakeholder management, communication skills and cultural awareness.

  • People management even if in a non-formal structure.

  • Strong analytical and problem solving skills

  • Strong communication and particularly written skills with ability to communicate complex issues simply

  • Strong team working skills and ability to collaborate effectively with other colleagues from different disciplines

  • Proactive and willing & able to operate successfully in a fluid resource environment on multiple deliverables with appropriate prioritisation.


  • Expert knowledge of economic capital methodology.

  • Prior experience of Financial Reporting or capital modelling in a complex insurance environment, knowledge of best practice and emerging developments in similar multinational organisations.

  • Strong controls focus to avoid financial misstatement and messaging errors, ensuring own work is adequately reviewed.

    Location: York

    Ref 43

    Additional Information

    Bring to Aviva what makes you different and we’ll support you to do the best work of your life. We encourage applications from everyone who wants to help us achieve our purpose of helping our customers to Defy Uncertainty.

    Becoming a more inclusive and diverse organisation is a business imperative. 87% of our people feel that people from diverse backgrounds can succeed at Aviva. We are accelerating our strategy through innovative practices and expert partners.

    One of Aviva’s core values is Care More, and this is brought to life through the flexible ways we like to work. This may include working from home some of the time, of flexible work schedules to accommodate parent and career responsibilities, further studies and hobbies.