Actuarial Control Function Head

FirstRand Life Assurance Ltd; Johannesburg; On-site; ZAR 2,000,000 - 3,000,000; Full time

Job summary

FirstRand Life Assurance Ltd is seeking a Head of Actuarial Function to govern the risk management system and internal controls for the life insurer. You will ensure independent oversight in line with regulations and actuarial guidance and work closely with first line teams to raise the overall actuarial posture.

You will advise senior management and board committees on actuarial matters, review pricing, reserving, capital, and solvency, and manage a team of actuaries while building strong

Qualifications

• Minimum qualification: Appropriate Actuarial Degree.
• Qualified actuary with experience in valuations, capital or pricing at a life insurer or consultancy.
• Fellow of the Actuarial Society of SA and/or Life practicing certificate (or eligible).
• At least 10 years life insurance experience in financial services.
• Head of Actuarial Function experience advantageous but not required.
• Deep experience in topics like experience investigations, pricing, reserving, capital, embedded value and IFRS17.
• Experience dealing with senior stakeholders.
• Audit/validation experience advantageous.
• Strong technical, analytical and communication skills.
• Experience with Prophet valuation software advantageous.

Responsibilities

• Head of Actuarial Function for a life insurer.
• Collaborate with first line teams to improve actuarial posture.
• Advise senior management and board committees on actuarial matters.
• Model validation of pricing and reserving models (Excel and Prophet).
• Review technical provisions, capital and solvency requirements.
• Review balance sheet assumptions and solvency/pricing recommendations.
• Review Embedded Value, surplus analysis and other actuarial valuations.
• Review policies and ORSA processes.
• Produce actuarial reports for internal and Board committees.
• Ad hoc research on actuarial developments and IFRS17.

Skills

Actuarial expertise

Valuations

IFRS17 knowledge

Stakeholder management

Communication skills

Prophet

Education

Actuarial degree

Fellow of the Actuarial Society of SA

Life practicing certificate

Tools

Prophet

Job description

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

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

Important Closing Date Note

Take note that applications will not be accepted on the below date and onwards, kindly submit applications ahead of the closing date indicated below. 26/09/26

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.

FirstRand provides a comprehensive range of financial services in South Africa and certain markets in broader Africa. The group also offers certain niche products and services in the UK and India.

Listed on the Johannesburg Stock Exchange (JSE) and the Namibian Stock Exchange (NSX), FirstRand Limited is the largest financial institution by market capitalisation in Africa.

The group follows a multi-branding approach. Its portfolio of financial services businesses includes FNB, RMB, WesBank, Ashburton Investments, Aldermore, MotoNovo and DirectAxis. Many are leaders in their respective segments and markets, offering transactional, lending, investment and insurance products and services

The FirstRand Corporate Centre houses many of the critical functions required by a large and complex financial services group.

The group's track record of delivering superior returns to shareholders has been achieved through a combination of organic growth, acquisitions, innovation and the creation of completely new businesses.

The group’s purpose of delivering Shared Prosperity provides many opportunities for employees to innovate to address social and environmental challenges in our markets.

All of our businesses have successful Volunteering programmes which also allow employees to adopt and support causes close to their hearts.