Senior Actuarial Analyst - Johannesburg at Absa Group Limited (Absa)

Job Summary

Overall job purpose

• This is a non-life insurance specific role within the Corporate Actuarial team. The candidate will support the Actuarial Manager with reserve calculations, IFRS 17 implementation, capital management and regulatory reporting.

Job Description

Job Description

Reserving

• Build processes and data extracts to feed into reserving calculations, including IFRS 17 calculations
• Have a good understanding of the policy administration system and corresponding data flow into financials
• Monitoring reserve development experience and collaborating with key stakeholders to ensure understanding of trends and impacts on the business
• Communicate results to key stakeholders

Regulatory Reporting

• Operate the SAM regulatory capital model
• Maintain and further develop the Python code underlying the model
• Have a good understanding of policy administration system and data flow into financials
• Communicate results to key stakeholders
• Continuous improvement and automation of the various models

Own Risk and Solvency Management (ORSA)

• Operate the ORSA projection model
• Set and monitor quantitative risk appetite metrics
• Perform stress and scenario testing as part of the Company’s ORSA processes
• Maintain the ORSA model and identify areas of improvement
• Communication of results to key stakeholders

Education and experience required

• A Degree in Actuarial Science (Honours degree would be advantageous)
• At least 3 years actuarial work experience within the non-life insurance industry with good exam progression towards qualifying as a Fellow actuary
• Experience in extracting and transforming data and designing automated processes
• Advanced programming in SQL, Python or VBA (would be advantageous)
• Experience in non-life reserving techniques
• Good understanding of IFRS 17 requirements and experience with IFRS 17 calculations (would be advantageous)
• Good understanding of the SAM Financial Soundness Standards for Insurers (FSIs) and experience in performing capital calculations

Knowledge and skills

• Strong analytical skills with the ability to take on complex problems
• Good understanding of insurance policy administration and financial systems
• Comfortable adapting and responding to change
• Excellent time management skills with the ability to prioritise deliverables and manage stakeholder expectations

Education

• Bachelor's Degree: Actuarial Science