SAZ: Head of Actuarial Function

Sanlam Limited; Bellville; On-site; ZAR 1,800,000 - 2,600,000; Full time

Job summary

Sanlam Limited in South Africa seeks a Head of Actuarial Function for SAZ, based in Bellville or Sandton. The role is a second line of defence, working with in-country actuarial teams to attest liabilities and capital requirements and to advise on ALM, underwriting, and reinsurance policies.

You will participate in actuarial committees, act as statutory actuary where required, and engage with regulators. Strong English communication, strategic thinking, and stakeholder influence are essential;

Qualifications

• Fellowship or equivalent actuarial qualification.
• Practising certificate issued by the Actuarial Society of South Africa, or eligible to obtain one.
• Experience in life insurance and risk management is advantageous.

Responsibilities

• Review liabilities and capital requirements for SAZ and related insurers.
• Assess methodologies, data quality and assumptions used in calculations.
• Provide input on asset‑liability management and underwriting risk policies.
• Ensure consistency of actuarial principles and standards across Group insurers.

Skills

Strategic decision making

Analytical thinking

English communication

Influencing

Negotiation

Environmental awareness

Education

Fellow of the Actuarial Society of SA

Practising certificate (ASSA)

Job description

Sanlam was established as a life insurance company in South Africa but has since transformed into a diversified financial services group that operates across the African continent, India, and Malaysia, with listings on the Johannesburg, A2X and Namibian stock exchanges. In 2018 the Sanlam Group celebrated its centenary as well as 20 years since demutualisation and listing in South Africa and Namibia. Sanlam has presence in 31 countries and has the biggest non-banking financial services footprint on the African continent.

The Sanlam Group's five business clusters (Sanlam Fintech, Sanlam Life and Savings, Sanlam Investment Group, Sanlam Allianz and Santam) house the Group's business operations. The Group Officeprovides strategic direction and support to the five clusters, assisting them in realising their strategies and meeting their business objectives. The Group Office is responsible for governance and for the Group's centralised functions, which includes: Finance, Actuarial and Risk Management, Strategy, Human Capital, Market Development and Sustainability.

Role Introduction

Sanlam's Group Actuarial, Risk and Balance Sheet Management team is recruiting a Head of Actuarial Function for SanlamAllianz (SAZ). The role is based at Sanlam's offices in Bellville or Sandton.

The SAZ HAF role is a second line of defence role, relying heavily on the SAZ in-country and South African first line actuarial function to carry out responsibilities. The role reports to the Sanlam Group HAF.

Role Activities

• Review and attest to the reliability and adequacy of the insurance liabilities and capital requirements ofSAZ and a number of its insurance businesses, including by:
  • Assessing the appropriateness of the methodologies and models used and assumptions made;
  • Reviewing the sufficiency and quality of the data used in the calculations;
  • Comparing best estimates against experience when evaluating liabilities;
  • Overseeing approximations used in the calculations of liabilities and the capital requirement;
  • Expressing an opinion on the asset-liability management policy;
  • Expressing an opinion on the underwriting risk management policy;
  • Expressing an opinion on the reinsurance and other forms of risk transfer policy and the adequacy of the reinsurance arrangements;
  • Expressing an opinion on the actuarial soundness of premiums,benefitsand any other values thereof, including the awarding of bonuses to policyholders.Ensure customer interests are protected during product design and pricing, bonus declarations, etc.

Role Activities

• Participation in (and adding value to) in-country actuarial committees and product committees.
• Act as the statutory actuary for life insurers where required and permitted by local regulatory requirements. Engage with the external statutory actuary where relevant.
• Provide input and feedback to local industry bodies, regulators, and other stakeholders on actuarial matters – e.g. regulatory engagements on capital requirements.
• Implement andfacilitateconsistency of actuarial principles and standards betweeninsurersin the Group:
  • Actuarial assumptions
  • Model standards and governance
• Some travel required, especially where appointed as the statutory actuary.

Qualifications

• Fellow of the Actuarial Society of South Africa or similar qualification.
• Apractisingcertificate issued by the Actuarial Society of South Africa. (Alternatively, the candidate must be in a position to be issued one.)

Knowledge

• Knowledge and understanding of actuarial best practices and frameworks, and their practical application.
• Valuation methodologies, in particular Solvency Assessment and Management (SAM), embedded values, IFRS 17 and IFRS 9.
• The candidate will need to know, or learn, product design, product rules, capital regimes, etc. of African jurisdictions outside of South Africa.
• Ability to communicate in French would be an advantage.

Experience

• Strategic decision making
• Analytical thinking
• Excellent verbal and written communication skills in English
• Influencing / gaining commitment: The SAZ HAF relies heavily on the SAZ in-country and South African first line actuarial function to carry out responsibilities.
• Environmental awareness / business acumen
• Negotiation

Closing date for applications: 28 October 2026.