Specialist - Insurance Investments

1. Role Purpose

Support the insurance investment function across credit underwriting, ongoing issuer surveillance, equity research, market execution and investment operations. The role will prepare decision-ready research for senior investment professionals, assist authorised dealers in execution, coordinate timely settlement with independent operations teams, support investment audits, and undertake recurring MIS, regulatory and administrative assignments. The incumbent will operate within the approved Investment Policy, Operating Guidelines, delegated authorities and segregation-of-duties framework.

2. Key Responsibilities

A. Primary Credit Research and Monitoring

• Undertake end-to-end credit appraisal of banks, NBFCs, corporates, PSUs, infrastructure issuers and structured debt opportunities proposed for the insurance portfolio.
• Analyse audited and interim financial statements, cash flows, leverage, coverage, liquidity, asset quality, ALM, contingent liabilities, promoter strength, governance, business risk and industry outlook.
• Prepare concise credit notes with business profile, financial analysis, management assessment, key risks, mitigants, covenant review, peer comparison, internal scoring / ranking and a clear investment recommendation.
• Monitor quarterly results, rating actions, stock-exchange disclosures, material news, covenant compliance, refinancing profile and early-warning indicators for portfolio issuers.
• Maintain credit files, financial models, rating migration trackers, approved / other investment classification support, watchlists and annual review calendars.
• Engage with issuers, arrangers, rating agencies and market participants for data, clarifications and credit updates; document key discussion points and follow-ups.
• Escalate deterioration, downgrade, default risk, covenant concern, governance issue or limit sensitivity promptly to senior investment personnel and the relevant control function.

B. Equity/Alternatives research and Portfolio Support

• Conduct fundamental research on listed companies using business-quality, industry, management, financial, valuation, governance and risk frameworks.
• Build and update earnings, valuation and scenario models; analyse annual reports, results, investor presentations, conference calls, peers and market developments.
• Prepare investment notes with thesis, catalysts, valuation range, upside / downside, key risks, monitoring triggers and recommendation for review by the Fund Manager / CIO.
• Monitor portfolio and watchlist companies, corporate actions, disclosures, ownership changes, earnings variance and valuation movement; maintain research dashboards.
• Assist with sector studies, thematic research, portfolio attribution, risk-return review and presentations for the Investment Committee and senior management.

C. Dealing and Market Support

• Partially support dealing in approved fixed-income, money-market and equity instruments, strictly against documented mandate, available funds, approved limits and authorised access.
• Assist with price discovery, yield / spread comparison, counterparty quotes, trade economics and market colour across instruments such as G-Secs, SDLs, T-Bills, CPs, CDs, NCDs, TREPS and permitted equities.
• Coordinate with brokers, arrangers and counterparties for quotes, confirmations and documentation while maintaining complete dealing records and confidentiality.
• Prepare daily / periodic market updates covering yields, spreads, liquidity, macro data, curve movement, primary issuances and relevant equity-market developments.
• Follow all maker-checker controls, dealing-room rules, personal trading / insider trading requirements and approved broker / counterparty norms.

D. Trade Settlement and Investment Operations Coordination

• Provide complete and accurate trade details to the independent back-office / operations team and coordinate receipt of counterparty, broker, custodian and bank confirmations.
• Track settlement status, funds and securities movement, maturity / redemption proceeds, interest / dividend receipts and open exceptions until closure.
• Assist in resolving trade mismatches, documentation gaps and settlement exceptions with front office, operations, custodian, bank, broker or counterparty.
• Maintain transaction support records, approval trail, research rationale, quotes, deal tickets, confirmations and exception logs in line with record-retention requirements.
• Support cash-flow inputs, maturity ladders and investible-surplus updates. The role will coordinate but will not independently perform both trade initiation and settlement authorisation.

E. Concurrent, Internal and Statutory Audit Support

• Act as an investment-team coordinator for concurrent, internal, statutory, ICFR, risk-management systems and regulatory reviews relating to investments.
• Compile transaction samples, approvals, research notes, quotations, confirmations, holding / valuation reports, limit evidence, MIS and policy / process documents requested by auditors.
• Maintain an audit request tracker, provide timely and accurate responses, coordinate walkthroughs with relevant stakeholders and preserve evidence of closure.
• Analyse audit observations, support root-cause assessment and corrective-action documentation, and track agreed actions to closure under supervision.
• Assist with period-end schedules, investment disclosures, board / committee packs and reconciliation support without assuming responsibilities assigned to independent control or accounting functions.

F. MIS, Governance and Other Investment Activities

• Prepare portfolio, issuer, sector, rating, duration, yield, liquidity, concentration, maturity, performance and transaction MIS as assigned.
• Support monitoring of applicable IRDAI requirements, internal limits, Investment Policy and Operating Guidelines; flag possible breaches or data inconsistencies immediately.
• Assist in Investment Committee papers, minutes inputs, presentations, action trackers, policy updates, broker / counterparty review and regulatory data submissions.
• Maintain orderly digital records, trackers, standard templates and process notes; suggest practical improvements in research, workflow, controls and automation.
• Undertake any other reasonable investment-function assignment, analysis, documentation or coordination activity allocated by the CIO / Head Investments.

Education and Experience

• CA / CFA / MBA (Finance) / PGDM (Finance) or equivalent qualification. CFA progress, FRM or relevant market certification will be an advantage.
• Preferably 36 years of relevant experience in insurance investments, mutual funds, banks, NBFCs, rating agencies, credit research, institutional broking, PMS / AIF, treasury or investment operations.
• Hands-on exposure to corporate credit analysis is essential. Equity research, dealing support, settlements or audit coordination experience is desirable.

Technical Knowledge

• Financial statement analysis, cash-flow assessment, credit ratios, banking / NBFC metrics, covenants, ratings, fixed-income mathematics, yield, duration, spreads, XIRR, NPV and valuation.
• Understanding of equities, corporate bonds, G-Secs, SDLs, T-Bills, CPs, CDs, NCDs, TREPS, mutual funds, REITs / InvITs and primary-market issuances.
• Working knowledge of insurance investment regulations, exposure / prudential limits, investment controls, audit expectations and front / mid / back-office segregation.
• Advanced MS Excel, sound PowerPoint and Word skills; ability to work with investment systems, market terminals, exchange / dealing platforms and large datasets.

Behavioural Competencies

• High analytical rigour, curiosity and independent thinking, balanced by respect for approval hierarchy and controls.
• Attention to detail, numerical accuracy, documentation discipline and ability to manage multiple deadlines.
• Clear, concise written and verbal communication; confidence to present analysis and escalate concerns.
• Integrity, confidentiality, ownership, collaboration, learning agility and calm execution in dynamic markets.