Head: Long-Term Corporate Actuarial - Parktown at Hollard Insurance

Job Advert Summary    

The role is responsible for managing the Corporate Actuarial function of the business. This includes management of a team responsible for Life Insurance IFRS Valuations and Assumption setting; Life Insurance Actuarial Regulatory Reporting; Life Actuarial Systems and Modelling and Life Insurance Solvency Capital Management and Reporting. The function is further responsible for reporting of actuarial business metrics for the Life Licences.  Candidates with the right experience will also be expected to manage the group actuarial team, that is responsible for all group reporting, group regulatory reporting, submissions to all Committees within Hollard, as well as running the internal Actuarial governance forums.

Key Responsibilities

• Through leadership driving delivery in all Corporate Actuarial functions of the business which includes solvency and capital, ORSA scenarios and projections, reinsurance, regulatory reporting, reserving, EV and VNB calculations, budgeting, risk and capital management.

Oversee and accountable for Actuarial Valuations

• Monthly reserving calculations for two life subsidiaries;
• Monthly embedded value and VNB calculations and reporting for life subsidiaries;
• Regular experience investigations and basis setting for actuarial valuations;
• Provision of budget support for life subsidiaries;
• Implementation of IFRS17 actuarial workstream.

Oversee and accountable for Solvency

• Calculate the solvency position of the Life Licences quarterly to ensure that we operate within the bounds as determined by the shareholder risk appetite.

Minimise the capital strain on the group through refining solvency calculation

• The solvency calculation is imperative in the risk management strategy which highlights key risks to the business
• Oversee all quantitative aspects of the ORSA for the life licences.
• Contributing to the Investment strategy of Hollard Life including Asset Liability Matching
• Optimise solvency through methodology and/or other measures

Oversee and accountable for EV and VN
Quarterly EV calculations assess long-term value creation, highlighting deviations from the long-term business plan

• Monthly calculation of Value of New Business, reporting on the results to Business, highlighting experience variance and required focus areas.
• Oversee and accountable for Budgets

Preparation of Budget Models, projection of Income Statement (underwriting components), EV, VNB and other actuarial metrics

• Projection of SAM balance sheet, SCR and budget scenarios
• Stakeholder management and collaboration with other teams 
• Oversee and accountable for Actuarial System Development

Ensure and enable development of appropriate actuarial systems to perform actuarial modelling

• Implement modelling policy and ensure compliance
• Oversee and accountable for Regulatory Requirements

Provide input into solvency reporting to the prudential authority

• Required reporting to the Financial Services Conduct Authority
• Manage the transition to IFRS17
• Operate as key stakeholder of the Head of Corporate Actuarial Function
• Engage with Hollard HAF
• Business Insights and Enablement

Provide Exco and senior management with management information and business insigths

• Provide guidance to business on management actions required to enhance profitability and achievement of new business profitability and ROC targets
• Advise business on financial aspects of new ventures and potential transactions
• Oversee and accountable for Group Solvency

Review Group Own Funds

• Calculate the solvency position of the Group to ensure that we operate within the bounds as determined by the shareholder risk appetite.
• Responsible for setting and managing group solvency range

Reporting

• Aggregating and provide all reporting to Group Finance and into the various forums
• Support to Group Finance for results interpretation
• Forecasting, budgeting, KPI’s and ORSA support to the group
• Responsible for pack submissions into Board committees

Required Knowledge and Experience    

• A minimum of 10 years relevant actuarial experience and a minimum of 5 years post-qualification experience (exceptionally strong candidates with a proven track record but less experience will be considered)
• Must have prior Life Insurance valuation experience or alternatively managed IFRS17 implementations
• Stakeholder management – ability to manage individuals providing support in subsidiaries; holding key discussions with executive management.
• Exceptional business acumen and broad business knowledge
• In-depth knowledge of financial accounting, actuarial and related processes
• People leadership
• Legislation and regulation in all operating environments
• Excellent interpersonal communication skills
• Analytical thinking skills

Educational Requirements    

• FASSA (or international equivalent, preferably specialising in Life or Investments).