Financial Accountant - Insurance Experience is Crucial

Talent Trace; Rosebank; On-site; ZAR 30 000 - 60 000; Full time

Job summary

An established industry player is seeking a detail-oriented financial accountant to join their dynamic Financial Accounting and Reporting Department. This role involves preparing financial statements, managing statutory reporting, and ensuring compliance with IFRS standards. The ideal candidate will have a strong background in financial management, excellent communication skills, and a passion for problem-solving. You will engage with various stakeholders, including senior management and external auditors, while promoting teamwork and embodying the company's culture. If you thrive in a fast-paced environment and have a knack for financial reporting, this opportunity is perfect for you.

Qualifications

• 2-5 years in financial or project accounting, preferably in insurance.
• Solid knowledge of IFRS, including IFRS17 for insurance accounting.

Responsibilities

• Prepare financial statements and manage external audits for annual reports.
• Compile month-end finance packs and submit quarterly reports.

Skills

Financial Management & Reporting

Strong Financial Acumen

Effective Communication

Problem Solving

Statutory Reporting expertise

Knowledge Management

Strategic Thinking

Education

CA(SA)

Honours degree

Tools

SAP

Job description

The role holder will join the company's Financial Accounting and Reporting Department and assist with accounting and reporting tasks in line with the company's, shareholder, and statutory requirements. The role entails effective reporting, monitoring, and control measures in an ethically and technically correct manner, aligned with IFRS requirements.

Key Accountabilities

1. Functional Management
2. This role reports to the Head of Statutory Reporting and covers all legal entities within the Group.
3. Process IFRS 17 accounting journals from the Actuarial team, ensuring timely recording and completing IFRS 4 to 17 reconciliations according to IFRS and Group reporting standards.
4. Prepare investment accounting journal entries for money market accounts, equities, and bonds, ensuring timely and compliant recording.
5. Post other head office journal entries to ensure accurate and timely recording in line with IFRS and Group requirements.
6. Prepare entity balance sheet reconciliations.
7. Compile month-end finance packs for both consolidated and individual entities, adhering to reporting timelines (IFRS 4 and 17).
8. Submit quarterly reports to the Fairfax Group via the OneStream System by the 12th calendar day post quarter-end.
9. Support actuarial team with quarterly and annual SAM submissions for statutory and regulatory reporting to the Prudential Authority.
10. Complete statutory returns, including C68 Forms to SARB, and handle other financial ad-hoc requests.
11. Calculate income tax and deferred tax, and complete direct tax submissions such as provisional payments, annual returns, and withholding tax.
12. Assist in managing external audits for annual financial statements and related processes.
13. Prepare financial statements for all entities and support subsidiary financial accounting processes.
14. Maintain internal control compliance related to financial reporting.
15. Engage with stakeholders including the Head of Statutory Reporting, CFO, finance teams, external auditors, and Fairfax Group.
16. Promote effective teamwork within finance, actuarial, and related teams, embodying the company's principles and culture, and acting as a culture ambassador.

Stakeholder Management

Stakeholders include:

• Head of Statutory Reporting (Line Manager)
• Finance Management Committee (Management Reporting, Reinsurance, Actuarial, Projects)
• CFO
• Finance Team (Management Reporting, Reinsurance, Actuarial, General Ledger, Operations)
• External Auditors
• Fairfax Group

Education and Experience

• CA(SA)
• 2-3 years relevant experience
• Experience in insurance (life, general, reinsurance) preferred
• Solid knowledge of IFRS, including IFRS17 for insurance accounting
• Familiarity with SAM solvency legislation and reporting requirements

Competencies

• Financial Management & Reporting
• Strong Financial Acumen
• Results and deadline-oriented
• Effective Communication
• Problem Solving
• Knowledge Management
• Strategic Thinking (Process Improvements)
• Organizational Governance

Desired Skills

• Insurance experience essential
• Statutory Reporting expertise
• CA(SA) qualification
• Short Term Insurance experience
• Proficiency in IFRS17 and SAM legislation
• Experience with SAP
• Ability to manage multiple financial statements simultaneously
• Experience auditing financial statements using IFRS17

Desired Work Experience

• 2-5 years in financial or project accounting

Desired Qualification Level

• Honours degree