IFRS17 Actuary at Old Mutual South Africa

Job Description

• This role presents the opportunity to shape the new IFRS17 reporting standard by providing leadership in embedding IFRS17 reporting within OMART and having oversight of the entire reporting process.
• Old Mutual Alternative Risk Transfer Limited (OMART) is looking for a suitably qualified individual for a role as a Senior Actuarial Supervisor. This position within OMART, offers you the opportunity to form part of the actuarial team of a diverse, growing business that enables innovation in Insurance through Old Mutual and InsureTech companies.
• OMART is a dynamic life insurance company, and regularly interacts with various specialist areas within Old Mutual, both within and outside this business unit.
• Being a separately managed company with various internal and external clients, the successful candidate will play an important role in the reporting requirements, product & pricing approvals and governance framework of OMART and its clients.
• This role provides you with the opportunity to interact with a variety of internal and external stakeholders, get a full overview of running a life insurance company while driving innovation and transformation of the South African life insurance market.

The successful incumbent could be based in Cape Town or Johannesburg.

Performing and reviewing technical actuarial work, using data, processes and complex systems with minimal guidance. This includes the following:

• Managing output of actuarial specialists in producing valuations on an IFRS17 basis, providing insights into results and drafting valuation reports.
• Supporting with alignment between IFRS17 and SAM Regulatory solvency calculations
• Reviewing calculations for dividend declarations, board reports, product sign-offs and ad-hoc requests.
• Producing regular and ad-hoc experience/financial reports.
• Driving IFRS17 implementation and embedding processes within the business.
• Responsible for the technical accuracy and implementation of work, including managing output of actuarial students
• Liaising with stakeholders within OMART, including the OMART MD and board
• Liaising with stakeholders within the Old Mutual group, such as OMART’s Head of Actuarial function, legal and compliance advisers and other Group Actuarial Functions.
• Liaising with external stakeholders such as cell captive clients, reinsurers and the Prudential Authority
• Support the OMART team with new cell and product launches, particularly in considering the impact of IFRS17 and how these products should be valued.
• Translate market, client and financial data analysis results into client-friendly reports and presentations.

Requirements:

• Senior actuarial student making good exam progress
• Substantial actuarial experience
• IFRS 17 or Regulatory Solvency valuations experience
• Strong technical skills and attention to detail
• Good interpersonal skills and the ability to work in a team and across teams
• Ability to plan and prioritise, make decisions, and deliver on time
• Ability to work on multiple deliverables and manage expectations
• Motivated self-starter who takes accountability, takes initiative and innovates
• Ability to influence stakeholders to achieve delivery
• Good interpersonal and communication skills
• Proficiency in Microsoft Office (Word, Excel, Powerpoint, Access)
• Enthusiasm to learn and grow

The following will be an added advantage:

• Programming skills (Visual Basic)
• Prophet and DCS skills
• Management experience

Skills

• Communication, Financial Analysis and Reporting, Interpersonal Communication, Management Reporting, Prioritization, Process Improvements, Reporting Processes, Teamwork

Education

• Bachelors Degree (B): Actuarial Science (Required), Fellow Of Actuarial Society Of South Africa (FASSA)

Closing Date

28 April 2023