Reinsurance Accountant at Old Mutual South Africa

Job Description

• We are seeking a detail-oriented and experienced Financial Accountant to join our dynamic finance team, specializing in reinsurance.
• The ideal candidate will be responsible for the integrity of reinsurance financial data, ensuring accurate reporting, robust controls, and compliance with regulatory standards like IFRS 17 and SAM.
• This role requires a professional with a deep understanding of reinsurance accounting principles who can take ownership of the month-end and year-end close processes, manage complex reconciliations, and contribute to system improvements and data visualization initiatives.

Financial Control & Reporting:

• Prepare and own the monthly and quarterly Balance Sheet reconciliations for treaty, facultative, and inwards control accounts.
• Conduct detailed cash reconciliations, comparing source system data, bank statements, and the General Ledger (GL).
• Prepare and post all necessary management accounting journals for month-end and year-end close.
• Assist in the quarter-end and year-end close-off process for all reinsurance balances, ensuring timeliness and accuracy.
• Perform key reinsurance controls within set timelines.
• Monitor and report on the aging of reinsurance balances, escalating overdue items as required.
• Liaise with internal and external auditors, providing necessary documentation and resolving audit queries related to reinsurance balances.

Regulatory & Technical Accounting:

• Prepare and submit R2 statements for the Solvency Assessment and Management (SAM) framework.
• Read, interpret, and apply accounting standards related to reinsurance, with a primary focus on IFRS 17.
• Prepare detailed quarterly balance splits for IFRS 17 portfolios to support technical accounting and disclosure requirements.
• Lead engagements with OMI’s tax team resolving any Reinsurance related VAT queries.

Business Partnering & Systems:

• Act as a subject matter expert, assisting the reinsurance team in resolving complex queries on Balance Sheet reporting and accounting treatments.
• Assist the reinsurance team in building a modern reporting framework that visualizes data using dashboards.
• Participate in system testing and development, providing financial accounting input for upgrades and new implementations.

Qualifications & Experience

• Bachelor’s degree in Accounting, Finance, or a related field. (A professional qualification like CA(SA), CIMA, or ACCA would be advantageous).
• A minimum of 5 years of experience in a financial reporting environment.
• A minimum of 2 years of direct experience in a reinsurance accounting role is essential.

Technical Skills:

• Reinsurance Expertise: Solid understanding of reinsurance treaty structures (e.g., Quota Share, Surplus, Excess of Loss) and their associated accounting policies.
• System Proficiency: Hands-on experience with a reinsurance accounting system is required, preferably the Sapiens reinsurance environment.
• MS Excel: Intermediate to Expert level proficiency in Microsoft Excel (VLOOKUPs, Pivot Tables, SUMIFs, complex formulas).
• Data Visualization: Basic Power BI capabilities for creating and maintaining dashboards.
• IFRS Knowledge: Strong ability to read and interpret accounting standards, particularly IFRS 17.

Skills

• Accounting, Budget Management, Business Requirements Analysis, Data Controls, Evaluating Information, Financial Accounting, Financial Acumen, Financial Analysis, Financial Auditing, Financial Modeling, Legal Practices, Management Accounting, Policies & Procedures, Report Review

Competencies

• Business Insight
• Communicates Effectively
• Ensures Accountability
• Financial Acumen
• Manages Complexity
• Optimizes Work Processes
• Organizational Savvy
• Plans and Aligns

Education

• NQF Level 7 - Degree, Advance Diploma or Postgraduate Certificate or equivalent

Closing Date

• 22 September 2025