Actuarial Control Function Head

Firstrand Life Assurance Ltd; Gauteng; On-site; ZAR 1 200 000 - 1 800 000; Full time

Job summary

A leading life insurance provider in South Africa is seeking a Head of Actuarial Function. You will advise management on actuarial matters, manage the actuarial team, and ensure compliance with regulatory standards. The ideal candidate has a relevant actuarial degree, at least 10 years of experience in life insurance, and strong analytical skills. This position offers a chance to significantly influence the actuarial posture of the organization.

Qualifications

• Minimum of 10 years life insurance experience in the financial services industry.
• Qualified actuary with experience in valuations, capital or pricing.
• Experience in dealing with senior stakeholders.

Responsibilities

• Advise senior management and board committees on actuarial matters.
• Model validation of pricing and reserving models.
• Review of technical provisions and solvency capital requirements.

Skills

Strong technical skills

Analytical skills

Communication skills

Experience with Prophet valuation software

Education

Actuarial Degree

Fellow of the Actuarial Society of South Africa

Job description

Description Appointment as Head of Actuarial Function for life insurer All duties and responsibilities as described in Prudential Standard GOI3 and all relevant actuarial guidance including ActuarialPractice Note.

Work closely with first line teams to raise the overall actuarial posture of the business.

Advise senior management and board committees on actuarial matters and will be expected to be comfortable engaging in such forums and to build impactful relationships.

Work with other control functions of insurer to manage risk profile of insurer.

Advise the Asset, Liability and Capital Committee and Board on actuarial matters and provide reports and outputs as required.

Model validation of pricing and reserving models (both Excel and Prophet models).

Review of technical provisions, minimum capital requirements and solvency capital requirements.

Review of balance sheet management assumptions and recommendations for solvency and pricing exercises.

Review of Embedded Value, Analysis of Surplus and other actuarial valuations.

Review of Policies.

Technical review of Own Risk and Solvency Assessments (ORSA).

Review of compliance with Prudential Standards and advise business on how standards apply for new products.

Produce actuarial reports for internal and Board committees.

Ad hoc research on Actuarial developments.

Challenge and review of actuarial models and assumptions developed for IFRS17.

Manage a team of actuaries and actuarial students to comply with results.

Raise the actuarial posture of the life insurer and provide specialist life expertise to the wider FirstRand group if required.

Qualifications and Experience Minimum Qualification : Appropriate Actuarial Degree.

Qualified actuary with experience in valuations, capital or pricing at a life insurer or consultancy.

Preferred Qualification : Fellow of the Actuarial Society of South Africa and / or Life practicing certificate (or eligible and willing to apply on appointment).

A minimum of 10 years life insurance experience within the financial services industry.

Prior experience as Head of Actuarial Function will be advantageous but not required.

Deep experience of a wide range of Actuarial topics such as experience investigations, pricing, reserving, capital, embedded value calculations and IFRS17 are required.

Experience in dealing with senior stakeholders.

Experience in audit and/or validations will be advantageous.

Strong technical, analytical and communication skills.

Experience with Prophet valuation software will be advantageous.

#Post #FNB #LI-AR2 Job Details Take note that applications will not be accepted on the below date and onwards, kindly submit applications ahead of the closing date indicated below.

02 / 12 / 25 All appointments will be made in line with FirstRand Group's Employment Equity plan.

The Bank supports the recruitment and advancement of individuals with disabilities.

In order for us to fulfill this purpose, candidates can disclose their disability information on a voluntary basis.

The Bank will keep this information confidential unless we are required by law to disclose this information to other parties.