Actuarial Control Function Head

FirstRand Limited; Johannesburg; On-site; ZAR 1,800,000 - 3,200,000; Full time

Job summary

FirstRand Limited invites applications for the role of Head of Actuarial Function in Johannesburg. You will provide governance over risk management and internal controls, advise senior management and board committees, and lead actuarial valuation, pricing and reserving activities.

You will validate pricing models, review technical provisions and capital requirements, and guide IFRS17 implementations while managing a team of actuaries and students.

Qualifications

• Minimum qualification: Actuarial degree.
• Qualified actuary with experience in valuations, capital or pricing at a life insurer or consultancy.
• Preferred: Fellow of the Actuarial Society of South Africa and/or Life practicing certificate (or eligible and willing to apply).
• At least 10 years life insurance experience within financial services.
• Prior experience as Head of Actuarial Function is advantageous but not required.
• Deep experience in topics such as experience investigations, pricing, reserving, capital, embedded value calculations and IFRS17.
• Experience dealing with senior stakeholders; audit/ validations experience advantageous.
• Strong technical, analytical and communication skills.
• Experience with Prophet valuation software will be advantageous.

Responsibilities

• Appointment as Head of Actuarial Function for a life insurer.
• Work with first-line teams to raise actuarial posture and advise senior management and board committees.
• Model validation of pricing and reserving models (Excel and Prophet).
• Review technical provisions, capital requirements, solvency capital, embedded value and IFRS17 related outputs.
• Manage a team of actuaries and actuarial students; provide actuarial reports for internal and Board committees.

Job description

## Actuarial Control Function HeadApply: Johannesburg: Full time: Posted Today: End Date: September 26, 2026 (15 days left to apply): R53441# **Job Description**To provide appropriate governance over the risk management system and system of internal controls, an insurer must establish and adequately resource the control functions as set out in regulations and actuarial guidance. Control functions are a critical part of an insurer’s checks and balances and must provide an independent perspective on risks and breaches of legal or regulatory requirements**Hello,** future Actuarial Control Function Head**Role Purpose:**To provide appropriate governance over the risk management system and system of internal controls, an insurer must establish and adequately resource the control functions as set out in regulations and actuarial guidance. Control functions are a critical part of an insurer’s checks and balances and must provide an independent perspective on risks and breaches of legal or regulatory requirements**Job 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 Actuarial Practice Note 106.* 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.