Macro Insurance Analyst, Group Investment Consulting Unit

FIND YOUR 'BETTER' AT AIA

We don’t simply believe in being ‘The Best’. We believe in better - because there’s no limit to how far ‘better’ can take us.

We believe in empowering every one of our people to find their 'better' - in the work they do, the career they build, the life they live and the difference they make. So that together we can support even more people - including our own - to live Healthier, Longer, Better Lives.

If you believe in better, we’d love to hear from you.

About the Role

The role will be responsible for macroeconomic monitoring, market analysis, capital market assumption development, thematic research, and the production of senior management and investment committee materials. The successful candidate will help translate economic, market, and policy developments into actionable insights for strategic asset allocation, portfolio construction, asset-liability management, and insurance balance sheet management.

Working closely with investment, actuarial, risk, and ALM teams, the individual will assess how macroeconomic trends, interest rates, inflation, credit conditions, and financial market developments affect insurance businesses, investment portfolios, liability profiles, and capital outcomes. The role is designed to bridge economics, financial markets, and insurance, ensuring that the Group's investment and business decisions are informed by robust economic analysis and forward-looking capital market expectations.

Roles and Responsibilities

• Capital Market Assumptions & Asset Allocation (35%). Lead the development, maintenance, and enhancement of the Group's Capital Market Assumptions (CMAs) across major asset classes, including government bonds, credit, equities, alternatives, and currencies. Develop and maintain quantitative frameworks for estimating expected returns, volatilities, correlations, and risk premia. Support strategic asset allocation exercises through scenario analysis, historical studies, and forward-looking return assessments. Research structural drivers of long-term returns, including valuation, productivity, demographics, fiscal trends, and capital market regimes. Continuously improve methodologies, models, and analytical tools supporting CMA production.

• Insurance Investment Strategy & Portfolio Insights (30%). Translate economic and market developments into implications for life and health insurance investment portfolios. Assess the impact of interest rates, yield curves, credit spreads, inflation, and market valuations on insurance investment income and portfolio performance. Support analyses related to asset-liability management (ALM), surplus generation, duration positioning, and matching-adjustment considerations. Work closely with investment, actuarial, treasury, and risk teams to evaluate strategic investment opportunities and portfolio risks. Contribute to portfolio reviews by identifying key market drivers affecting insurance balance sheets and earnings.

• Market Intelligence, Risk Monitoring & Scenario Analysis (25%). Monitor key financial market developments affecting insurance investors, including rates, credit markets, liquidity conditions, currency markets, and regulatory developments. Maintain investment dashboards and market-monitoring frameworks focused on insurance-relevant risks and opportunities. Develop market scenarios and stress tests assessing potential impacts on portfolio performance, solvency, earnings, and capital positions. Evaluate emerging investment themes and market regime shifts that could affect long-term portfolio construction. Support cross-functional projects requiring investment analytics and market intelligence.
• Investment Communication & Stakeholder Engagement (10%). Prepare Executive Committee, Investment Committee, Board, and senior management materials. Produce concise and insightful investment commentaries linking market developments to portfolio and business outcomes. Present findings and recommendations to investment and business stakeholders. Contribute to thought leadership on insurance investing, capital markets, and long-term strategic themes. Support the Group Economist on strategic projects and senior stakeholder engagements.

Minimum Job Requirements:

• Undergraduate degree in Economics, Finance, Mathematics, Statistics, Engineering, Actuarial Science, Business, or another relevant quantitative discipline.
• Strong interest in global macroeconomics, financial markets, institutional investing, insurance balance sheets, and long-term asset allocation.
• Solid analytical and quantitative skills, with strong attention to detail and data quality.
• Ability to distil complex information into clear, structured written output and presentation materials for internal stakeholders.
• Strong proficiency in Microsoft Excel for data analysis, modelling, charting, and quality control, and in PowerPoint for preparing clear, well-structured presentation materials.
• Solid understanding of fixed income, credit markets, macro-asset class linkages, portfolio construction, or insurance investment concepts
• Interest in private markets, regulatory developments, capital frameworks, and Asian insurance markets.
• Ability to use, or willingness to develop, Python and/or VBA skills for data analysis, process automation, and recurring reporting would be highly advantageous; familiarity with Bloomberg, Power BI, Tableau, R, or similar tools would be beneficial.
• Strong written and verbal communication skills in English.
• Well organised, proactive, collaborative, service-oriented, and able to manage recurring deliverables alongside ad hoc research and project work.
• Relevant work experience (typically around 5-7 years) in economics, financial markets, investment research, insurance, asset management, consulting, actuarial, or data analytics is expected.

Build a career with us as we help our customers and the community live Healthier, Longer, Better Lives.

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