Job Description
Senior Finance Associate (12-months contract)
XLICSE, India Reinsurance Branch
Mumbai, India
XLICSE is an Ireland domiciled insurer with branches throughout the EU, as well as Australia, Hong Kong, Singapore, India and Malaysia. 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 Senior Finance Associate/ Management Trainee 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
What you’ll be DOING
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.
What you will BRING
We’re looking for someone who has these abilities and skills:
• Degree in Accountancy &/or recognized accounting qualification CA/ ACCA/CPA/CIMA or CA Inter qualified.
• Working experience (experience in similar capacity in the General Insurance/ Reinsurance industry will be an added advantage).
• Ideally internal / external audit experience with a focus in the Insurance market, GST compliances and basic knowledge of IRDAI capital management Framework.
• Analytical skills and ability to work independently and under own initiative.
• Communication and interpersonal skills.
• Attention to detail and a meticulous eye for identifying inconsistencies or inaccuracies in data entry or data outputs
• Able to organise self (and others if applicable) including effective scheduling, prioritisation and time management skills, completing tasks to tight deadlines. Demonstrates a 'can do' attitude
• Comfortable taking ownership for own work, identifying the need for action (using initiative) whilst working effectively within a team.
• Advanced knowledge of MS Office Excel, Outlook, Word, Power Point
Who WE are
AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we don’t just provide re/insurance, we reinvent it.
How? By combining a comprehensive and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business − property, casualty, professional, financial lines and specialty.
With an innovative and flexible approach to risk solutions, we partner with those who move the world forward.
Learn more at axaxl.com
What we OFFER
Inclusion
AXA XL is committed to equal employment opportunity and will consider applicants regardless of gender, ****** orientation, age, ethnicity and origins, marital status, religion, disability, or any other protected characteristic. At AXA XL, we know that an inclusive culture and enables business growth and is critical to our success. That’s why we have made a strategic commitment to attract, develop, advance and retain the most inclusive workforce possible, and create a culture where everyone can bring their full selves to work and reach their highest potential. It’s about helping one another — and our business — to move forward and succeed.
• Five Business Resource Groups focused on gender, LGBTQ+, ethnicity and origins, disability and inclusion with 20 Chapters around the globe.
• Robust support for Flexible Working Arrangements
• Enhanced family-friendly leave benefits
• Named to the Diversity Best Practices Index
• Signatory to the UK Women in Finance Charter
Learn more at axaxl.com/about-us/inclusion-and-diversity. AXA XL is an Equal Opportunity Employer.
Total Rewards
AXA XL’s Reward program is designed to take care of what matters most to you, covering the full picture of your health, wellbeing, lifestyle and financial security. It provides competitive compensation and personalized, inclusive benefits that evolve as you do.
We’re committed to rewarding your contribution for the long term, so you can be your best self today and look forward to the future with confidence.
Sustainability
At AXA XL, Sustainability is integral to our business strategy. In an ever-changing world, AXA XL protects what matters most for our clients and communities. We know that sustainability is at the root of a more resilient future. Our 2023-26 Sustainability strategy, called “Roots of resilience”, focuses on protecting natural ecosystems, addressing climate change, and embedding sustainable practices across our operations.
Our Pillars:
• Valuing nature: How we impact nature affects how nature impacts us. Resilient ecosystems - the foundation of a sustainable planet and society – are essential to our future. We’re committed to protecting and restoring nature – from mangrove forests to the bees in our backyard – by increasing biodiversity awareness and inspiring clients and colleagues to put nature at the heart of their plans.
• Addressing climate change: The effects of a changing climate are far-reaching and significant. Unpredictable weather, increasing temperatures, and rising sea levels cause both social inequalities and environmental disruption. We're building a net zero strategy, developing insurance products and services, and mobilizing to advance thought leadership and investment in societal-led solutions.
• Integrating ESG: All companies have a role to play in building a more resilient future. Incorporating ESG considerations into our internal processes and practices builds resilience from the roots of our business. We’re training our colleagues, engaging our external partners, and evolving our sustainability governance and reporting.
• AXA Hearts in Action: We have established volunteering and charitable giving programs to help colleagues support causes that matter most to them, known as AXA XL’s “Hearts in Action” programs. These include our Matching Gifts program, Volunteering Leave, and our annual volunteering day – the Global Day of Giving.
For more information, please see axaxl.com/sustainability.
XLICSE, India Reinsurance Branch
Mumbai, India
XLICSE is an Ireland domiciled insurer with branches throughout the EU, as well as Australia, Hong Kong, Singapore, India and Malaysia. 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 Senior Finance Associate/ Management Trainee 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
What you’ll be DOING
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.
What you will BRING
We’re looking for someone who has these abilities and skills:
• Degree in Accountancy &/or recognized accounting qualification CA/ ACCA/CPA/CIMA or CA Inter qualified.
• Working experience (experience in similar capacity in the General Insurance/ Reinsurance industry will be an added advantage).
• Ideally internal / external audit experience with a focus in the Insurance market, GST compliances and basic knowledge of IRDAI capital management Framework.
• Analytical skills and ability to work independently and under own initiative.
• Communication and interpersonal skills.
• Attention to detail and a meticulous eye for identifying inconsistencies or inaccuracies in data entry or data outputs
• Able to organise self (and others if applicable) including effective scheduling, prioritisation and time management skills, completing tasks to tight deadlines. Demonstrates a 'can do' attitude
• Comfortable taking ownership for own work, identifying the need for action (using initiative) whilst working effectively within a team.
• Advanced knowledge of MS Office Excel, Outlook, Word, Power Point
Who WE are
AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we don’t just provide re/insurance, we reinvent it.
How? By combining a comprehensive and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business − property, casualty, professional, financial lines and specialty.
With an innovative and flexible approach to risk solutions, we partner with those who move the world forward.
Learn more at axaxl.com
What we OFFER
Inclusion
AXA XL is committed to equal employment opportunity and will consider applicants regardless of gender, ****** orientation, age, ethnicity and origins, marital status, religion, disability, or any other protected characteristic. At AXA XL, we know that an inclusive culture and enables business growth and is critical to our success. That’s why we have made a strategic commitment to attract, develop, advance and retain the most inclusive workforce possible, and create a culture where everyone can bring their full selves to work and reach their highest potential. It’s about helping one another — and our business — to move forward and succeed.
• Five Business Resource Groups focused on gender, LGBTQ+, ethnicity and origins, disability and inclusion with 20 Chapters around the globe.
• Robust support for Flexible Working Arrangements
• Enhanced family-friendly leave benefits
• Named to the Diversity Best Practices Index
• Signatory to the UK Women in Finance Charter
Learn more at axaxl.com/about-us/inclusion-and-diversity. AXA XL is an Equal Opportunity Employer.
Total Rewards
AXA XL’s Reward program is designed to take care of what matters most to you, covering the full picture of your health, wellbeing, lifestyle and financial security. It provides competitive compensation and personalized, inclusive benefits that evolve as you do.
We’re committed to rewarding your contribution for the long term, so you can be your best self today and look forward to the future with confidence.
Sustainability
At AXA XL, Sustainability is integral to our business strategy. In an ever-changing world, AXA XL protects what matters most for our clients and communities. We know that sustainability is at the root of a more resilient future. Our 2023-26 Sustainability strategy, called “Roots of resilience”, focuses on protecting natural ecosystems, addressing climate change, and embedding sustainable practices across our operations.
Our Pillars:
• Valuing nature: How we impact nature affects how nature impacts us. Resilient ecosystems - the foundation of a sustainable planet and society – are essential to our future. We’re committed to protecting and restoring nature – from mangrove forests to the bees in our backyard – by increasing biodiversity awareness and inspiring clients and colleagues to put nature at the heart of their plans.
• Addressing climate change: The effects of a changing climate are far-reaching and significant. Unpredictable weather, increasing temperatures, and rising sea levels cause both social inequalities and environmental disruption. We're building a net zero strategy, developing insurance products and services, and mobilizing to advance thought leadership and investment in societal-led solutions.
• Integrating ESG: All companies have a role to play in building a more resilient future. Incorporating ESG considerations into our internal processes and practices builds resilience from the roots of our business. We’re training our colleagues, engaging our external partners, and evolving our sustainability governance and reporting.
• AXA Hearts in Action: We have established volunteering and charitable giving programs to help colleagues support causes that matter most to them, known as AXA XL’s “Hearts in Action” programs. These include our Matching Gifts program, Volunteering Leave, and our annual volunteering day – the Global Day of Giving.
For more information, please see axaxl.com/sustainability.
💡 Quick Summary
Seeking a career-building opportunity? The Senior Finance Associate (12-months contract) position is now open for candidates interested in the Finance sector. This role in Mumbai offers a professional environment and growth potential.
Requirement Snapshot: Candidates should possess basic communication skills, a proactive attitude, and the ability to work in a team. Experience in Finance is a plus.
