Deputy Finance Manager
XLICSE, India Reinsurance Branch
Mumbai, India
XLICSE is an Ireland domiciled insurer with branches throughout the EU, as well as Australia, Hong Kong, Singapore, Malaysia and India. It primarily writes property, casualty and specialty insurance and facultative reinsurance for large national and multinational corporations and leading insurance companies. XLICSE is part of AXA XL (a division of AXA group) which also operates in several jurisdictions worldwide.
Having obtained the certificate of registration from IRDAI to operate as a reinsurance branch located in Mumbai in 2017, the branch is well positioned to effectively develop and service clients of AXA XL in India.
As Deputy Finance Manager of the India Reinsurance branch, you will be responsible for providing support in accounting, cash management, tax, group reporting and financial regulatory reporting to internal and/or external stakeholders.
Additionally, you will perfom the middle and back office role for the investment function which is a mandatory function regulated under the Insurance Regulatory and Development Authority of India (IRDAI). The middle office role involves checking if investment is meeting all regulations. The back office role involves investment deal, interest, amortisation recording in credence.
DISCOVER your opportunity
What will your essential responsibilities include?
·Compile data and perform financial analysis to ensure data completeness and accuracy in P&L and Balance Sheet between underwriting and financial accounting system.
·Maintain accuracy in both Core and Local ledgers and provide support to all work papers, this is not limited to reviewing financial controls for operations and the work performed by Finance Operations located in Singapore and India.
·Oversee expense management and good oversight of accrual, prepayment, recharge, intercompany balance and GST prepared by fellow team members.
·Review quarterly GST and annual corporate tax returns prepared by Tax teams and ensure tax settlement, allocation and reconciliation are accurate and complete.
·Prepare, coordinate and monitor the completion of capital projection, regulatory and statutory reporting on a quarterly and annual basis and ensure the reports are prepared in accordance with the accounting standards, regulatory and other statutory requirements.
·Provide financial analysis of the consolidated insurance results for the senior leadership team
·Evaluate financial and accounting procedures including investment middle and back office activities and make recommendations for changes to procedures and control functions.
·Prepare and consolidate the annual expense budget for Finance and Facilities cost centers.
·Manage all filing deadlines and ensure compliance to procedural and reporting standards, both Group and Regulatory & Statutory requirements.
·Liaise with internal and external actuaries and auditors for actuarial and audit related matters and queries. This includes communicating with other business functions on data requirements and resolving audit issues.
·Liaise and maintain good relationship with all internal and external agencies such as IRDAI, actuaries, auditors, corporate secretary, banks and tax agents.
·Plan, supervise and coordinate the daily activities and development of direct reports and resolve issues.
·Assist in finance projects and initiatives such as IFRS 17/RBC and other new financial reporting standards, but not limited to providing solutions to reporting systems implementation such as data specifications and chart of accounts.
·Prepare other regulatory and ad-hoc reports and disclosures for management as identified by Senior Manager.
·Assist the Senior manager in preparation on forecast and budget on timely basis
You will report to the Senior Manager, Mumbai Branch.
SHARE your talent
We’re looking for a qualified financial professional, someone who are equipped with these abilities and skills:
·Degree in Accountancy &/or recognized accounting qualification CA/ ACCA/CPA/CIMA.
·Minimum 5 to 7 years of working experience (at least 1 years of experience in similar capacity in the General Insurance/ Reinsurance industry).
·Ideally internal / external audit experience with a strong focus in the Insurance market, GST compliances and basic knowledge of IRDAI capital management Framework.
·Strong analytical skills and ability to work independently and under own initiative.