Manulife has appointed Sinéad O’Connor (pictured) as chief actuary, effective October 12, filling a senior role left vacant by the sudden death of Stephanie Fadous last month.

O’Connor will report to president and CEO Phil Witherington and join Manulife’s executive leadership team. She will lead the insurer’s Actuarial, Inforce and Reinsurance teams.

“Sinéad’s strategic expertise, deep knowledge of our enterprise, and ability to lead highly engaged teams will make her an incredible Chief Actuary for Manulife,” Witherington said.

A 19-year insider

O’Connor joined Manulife in 2007. Most recently, she was global head of inforce management, responsible for the financial and risk profile of the company’s global inforce business and its legacy closed blocks of business. Earlier, she was deputy chief actuary, head of group actuarial, and US IFRS chief actuary, and held leadership roles in annuities, long-term care and finance. She has also overseen Manulife’s Canadian IFRS reporting.

O’Connor said she would focus on rigorous inforce management and reinsurance strategy while pursuing new approaches for the industry.

Her background in inforce and legacy blocks is relevant to how Manulife has been running its business. The insurer has used reinsurance and block transactions in recent years to reduce exposure to legacy products, particularly long-term care. O’Connor’s inforce role put her at the centre of that work. Manulife will name a new global head of inforce management in due course.

Appointed actuary role split for now

O’Connor holds fellowships from the Institute and Faculty of Actuaries in the UK and the Society of Actuaries in the US, and is working toward Canadian FCIA accreditation. Until she completes it, Derek Houle will serve as Manulife’s appointed actuary.

The appointed actuary is a statutory role for federally regulated Canadian insurers. That person provides an opinion on the adequacy of the company’s policy liabilities and reports to the board, and must be a Fellow of the Canadian Institute of Actuaries. Splitting the chief actuary and appointed actuary roles while a new chief actuary completes Canadian accreditation lets the company keep meeting that requirement during the transition.

For advisors and distribution partners, the appointment isn’t expected to change product or pricing in the near term. Over time, though, the chief actuary’s views on reserving, reinsurance and inforce management shape the capital Manulife has available for new business and the products it chooses to offer.