Reinsurance Accountant

Old Mutual; Johannesburg; On-site; ZAR 600,000 - 800,000; Full time

Job summary

A leading financial services company in Johannesburg is seeking a detail-oriented Financial Accountant specializing in reinsurance. The role requires a deep understanding of reinsurance accounting principles, strong financial reporting skills, and the ability to manage complex reconciliations. Candidates should have at least 5 years of experience, an accounting degree, and advanced Excel capabilities. This position offers an opportunity to develop robust financial controls and ensure compliance with regulatory standards.

Qualifications

• Minimum of 5 years of experience in a financial reporting environment.
• Minimum of 2 years of direct experience in a reinsurance accounting role.
• Intermediate to Expert level proficiency in Microsoft Excel.

Responsibilities

• Own monthly and quarterly Balance Sheet reconciliations for reinsurance accounts.
• Conduct detailed cash reconciliations and prepare management accounting journals.
• Act as a subject matter expert in reinsurance accounting.

Skills

Accounting

Budget Management

Financial Analysis

Data Controls

Financial Auditing

Education

Bachelor's degree in Accounting, Finance or related field

Professional qualification like CA(SA), CIMA or ACCA

Tools

Sapiens reinsurance environment

Microsoft Excel

Power BI

Job description

Overview

naWe are seeking a detail-oriented and experienced Financial Accountant to join our dynamic finance team, specializing in reinsurance. The ideal candidate will be responsible for the integrity of reinsurance financial data, ensuring accurate reporting, robust controls, and compliance with regulatory standards like IFRS 17 and SAM. This role requires a professional with a deep understanding of reinsurance accounting principles who can take ownership of the month-end and year-end close processes, manage complex reconciliations, and contribute to system improvements and data visualization initiatives.

Financial Control & Reporting

Prepare and own the monthly and quarterly Balance Sheet reconciliations for treaty, facultative, and inwards control accounts.

Conduct detailed cash reconciliations, comparing source system data, bank statements, and the General Ledger (GL).

Prepare and post all necessary management accounting journals for month-end and year-end close.

Assist in the quarter-end and year-end close-off process for all reinsurance balances, ensuring timeliness and accuracy.

Perform key reinsurance controls within set timelines.

Monitor and report on the aging of reinsurance balances, escalating overdue items as required.

Liaise with internal and external auditors, providing necessary documentation and resolving audit queries related to reinsurance balances.

Regulatory & Technical Accounting

Prepare and submit R2 statements for the Solvency Assessment and Management (SAM) framework.

Read, interpret, and apply accounting standards related to reinsurance, with a primary focus on IFRS 17.

Prepare detailed quarterly balance splits for IFRS 17 portfolios to support technical accounting and disclosure requirements.

Lead engagements with OMI’s tax team resolving any Reinsurance related VAT queries.

Business Partnering & Systems

Act as a subject matter expert, assisting the reinsurance team in resolving complex queries on Balance Sheet reporting and accounting treatments.

Assist the reinsurance team in building a modern reporting framework that visualizes data using dashboards.

Participate in system testing and development, providing financial accounting input for upgrades and new implementations.

Qualifications & Experience

Bachelor’s degree in Accounting, Finance, or a related field. (A professional qualification like CA(SA), CIMA, or ACCA would be advantageous).

A minimum of 5 years of experience in a financial reporting environment.

A minimum of 2 years of direct experience in a reinsurance accounting role is essential.

Technical Skills

Reinsurance Expertise: Solid understanding of reinsurance treaty structures (e.g., Quota Share, Surplus, Excess of Loss) and their associated accounting policies.

System Proficiency: Hands-on experience with a reinsurance accounting system is required, preferably the Sapiens reinsurance environment.

MS Excel: Intermediate to Expert level proficiency in Microsoft Excel (VLOOKUPs, Pivot Tables, SUMIFs, complex formulas).

Data Visualization: Basic Power BI capabilities for creating and maintaining dashboards.

IFRS Knowledge: Strong ability to read and interpret accounting standards, particularly IFRS 17.

Skills

Accounting, Budget Management, Business Requirements Analysis, Data Controls, Evaluating Information, Financial Accounting, Financial Acumen, Financial Analysis, Financial Auditing, Financial Modeling, Legal Practices, Management Accounting, Policies & Procedures, Report Review

Competencies

• Business Insight
• Communicates Effectively
• Ensures Accountability
• Financial Acumen
• Manages Complexity
• Optimizes Work Processes
• Organizational Savvy
• Plans and Aligns

Education

NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent

Closing Date

22 September 2025 , 23 : 59