Company Description

Legal & General (L&G) is a leading UK financial services group and major global investor. 

We’ve been safeguarding people’s financial futures since 1836, and strive to build a better society, while improving the lives of our customers and creating value for shareholders. 

We are one of the world’s largest asset managers and provide powerful asset origination capabilities. Together, these underpin our retirement and protection solutions: we are an international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. 

L&G Institutional Retirement looks after around 700,000 institutional customers who have their retirement benefits secured with us. Operating continuously in the UK market from our entrance in 1987, we are the UK’s longest-running insurer. 

Our Institutional Retirement business is the UK’s longest-serving active bulk annuity provider.

Who we are 

Institutional Retirement is the only insurer to have been operating continuously in the UK market from our entrance in 1987 to the present day. Our UK retirement annuity book stands at an estimated £86.1 billion at 31 December 2023. 

Across our retail and institutional retirement businesses, we look after more than 1 million customers, around c.700,000 of whom are institutional customers who have had their retirement benefits secured with us. 

Job Description

We are looking for a Senior Market Risk Manager to join our Group Risk team, supporting the Institutional Retirement business on a 12-month FTC basis. This role plays a key part in providing independent oversight, challenge and advice across market, credit and liquidity risks arising from a complex investment portfolio, including private credit and other fixed income assets.

You will work closely with senior stakeholders across Risk, Investments and the wider business, helping to shape investment decisions, strengthen risk management practices and support robust, well‑governed outcomes in a collaborative and inclusive environment.

What you'll be doing:

• Providing independent oversight of market, credit and liquidity risks across the investment portfolio
• Advising on Matching Adjustment eligibility and wider Solvency II investment requirements
• Assessing risks associated with large and complex asset transactions and new investment proposals
• Delivering clear risk opinions, challenge and recommendations to inform senior decision making
• Validating due diligence and underwriting methodologies used by first line investment teams
• Collaborating closely with asset origination teams to support effective pipeline management
• Supporting senior risk leaders, committees and Boards with robust insight and challenge
• Developing and embedding strong risk governance, processes and controls

Who we're looking for:

• Experience in a first or second line investment‑focused role within the insurance industry
• Strong knowledge of Matching Adjustment principles and fixed income asset classes
• Experience assessing complex investment risks, including private credit or structured transactions
• Understanding of UK insurance investment regulation, including Solvency II
• Sound knowledge of risk management frameworks, policies and risk appetites
• Ability to communicate clearly and influence effectively with senior stakeholders
• Strong analytical, judgement and report‑writing skills
• A collaborative and inclusive approach, with confidence operating in complex environments

Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer:

• The opportunity to participate in our annual, performance -related bonus plan and valuable share schemes
• Generous pension contribution
• Life assurance
• Healthcare Plan (permanent employees only)
• At least 25 days holiday, plus public holidays, 26 days after 2 years’ service. There’s also the option to buy and sell holiday
• Competitive family leave
• Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice (permanent employees only)
• There are the many discounts we offer – both for our own products and at a range of high street stores and online
• We’re creating net‑zero carbon workplaces by 2030 by investing in our sustainable, modern offices across the UK, all designed to bring people together and elevate the in‑person experience

Qualifications

Additional Information

At L&G, we believe it's possible to generate positive returns today while helping to build a better future for all. 

If you join us, you’ll be part of a welcoming, inclusive culture, with opportunities to collaborate with people of diverse backgrounds, views, and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.

We care passionately about outcomes rather than attendance and are therefore open to discussing all kinds of flexible working options including part-time, term-time and job shares. Although some roles have limited flexibility due to customer demand, we accommodate requests when we can. 

It doesn’t matter if you don’t meet every single criterion in this advert. Instead, think about what you excel at and what else you can bring in terms of strengths, potential and connection to our purpose.