Job Opening at Old Mutual South Africa

Job Description

Key focus of the role:

In this Cape Town based role, you will work as part of a small a team tasked with consolidating and explaining the SAM technical provisions and IFRS life profits for the Old Mutual Emerging Markets group (South Africa, Rest of Africa, Latin America and Asia) in all aspects of reporting: monthly management reports, forecasting, business planning, half-yearly external reports and quarterly reports to the regulators. You will also get exposure to projects revolving around Old Mutual’s managed separation.

You will work closely with the OMEM Statutory Actuaries and the OMEM Actuarial & Risk Director. You will also be required to network across the actuarial and finance space to align direction and resolve issues pertaining to the actuarial financial results of the OMEM group.

The core responsibilities include:

• Financial and Monthly reporting
• Review the actuarial content of the regulatory returns, including SAM QRT’s and current long-term insurance returns.
• Perform an analysis of change in OMEM and OMLAC(SA) own funds.
• Consolidating technical provisions on a quarterly basis and explaining results to the Office of the Chief Actuary.
• Oversee the consolidation of OMEM life business unit actuarial results on an IFRS basis.
• Draft the commentary on the drivers of consolidated OMEM life profits for the Group Planning & Business Insights team.
• Draft OMEM and OMLAC(SA) Board and Committee papers explaining the analysis of life profits on an IFRS basis.
• Coordinate and draft the OMEM and OMLAC(SA) Board and Committee papers explaining the impact of methodology and assumption changes on actuarial financial results.

Business Planning

• Understand the drivers, risks and management actions implicit in the business plan, with a particular emphasis on IFRS life profits.
• Draft the commentary on the consolidated IFRS life profit of the business units.
• Thought leadership for actuarial reporting
• Interact with experts in business units and own team to ensure accuracy of actuarial results.
• Interpret and implement changes in SAM Prudential Standards and related guidance, pertaining to life technical provisions.
• Assist with the transformation of embedded value reporting under SAM.
• Represent Old Mutual on certain FSB SAM Task Groups.
• Represent Old Mutual on certain ASSA Sub-Committees.
• Support the development of the IAIS Insurance Capital Standard as it relates to actuarial liabilities.
• Continuous improvement of existing processes.
• Assist with ad hoc regulatory requests and project work relating to IFRS17 and SAM reporting.

An individual who has strong analytical skills, excellent communication skills and the ability to interact effectively with people at all levels of the organisation are invited to apply for this role. This role requires a highly motivated and energetic self-starter who is good at working with complex tasks under tight deadlines.

Role requirements:

• Qualified actuary or actuarial student with 11 exam credits.
• At least 4 years’ work experience, although exceptional candidates with more years of experience may be considered.
• Valuation experience, strong business acumen and a good understanding of the different business units in OMLAC (SA) will be a distinct advantage.