Junior Specialist: Actuarial at Absa Group Limited (Absa)

Job Summary

• Support the actuarial and insurance risk management functions through technical analysis, process automation, and data validation, ensuring consistency and alignment between internal models, financial systems, and regulatory reporting. Work cross-functionally with pricing, reinsurance, and governance teams to deliver high quality risk management outputs on time.

Job Description

Insurance Risk Reporting

• Draft EC sections of the monthly insurance risk profile to support insurance risk management and decision-making.
• Assist with RWA and EC projection calculations for MTP and ACS processes.

Automate Data Validation Using Software Tools

• Use software tools to match Quantitative Reporting Template (QRT) values with management account data and Group Returns across all insurance entities.

Reinsurance Adequacy Analytics and Reporting

• Conduct in-depth analysis of reinsurance data to assess the adequacy and effectiveness of reinsurance arrangements, particularly for entities without a solo Head of Actuarial Function (HAF).
• Calculate reinsurance concentration and credit quality metrics to evaluate counterparty exposure.
• Coordinate and analyse stakeholder input by distributing questionnaires, collecting and collating responses, and providing summarized insights to support actuarial and finance functions.
• Identify and investigate material variances between reinsurance data sets (e.g., system outputs vs. expected values or prior year comparisons).
• Trace discrepancies to their source (e.g., data input errors, structural changes, or timing mismatches) and collaborate with data owners and technical teams to resolve or explain variances.
• Summarise analytical outcomes and variance investigations in clear reports for actuarial, risk, and finance teams. Reports should highlight:
• Areas of over- or under-concentration with specific reinsurers
• Data quality issues or anomalies
• Insights on alignment between reinsurance structures and business risk appetite
• Recommendations for improving data accuracy, consistency, or reinsurance strategy

Financial Soundness Reviews

• Support the AFS Group HAF in conducting bi-annual reviews of regulatory returns, including:
• Replication of ARO SCR calculations for material SAM components, ensuring alignment with actuarial methodologies and assumptions
• Review of the G5 schedule, including analysis of Absa Life linked and non-linked assets, look-through applied, and G5 classifications

Capital Allocation

• Request, collate, format, and validate data inputs into the AFS capital allocation mode

Education

• Bachelor of Science (Honours) in Actuarial Science (essential)
• Fellowship with a recognized actuarial body (ASSA,) will be an added advantage

Education

• Bachelor Honours Degree: Actuarial Science (Required)

End Date: August 22, 2025