Actuarial Expert

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Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

An exciting opportunity exists within the Actuarial Finance team in the Personal Finance segment to oversee financial reporting and provide related business support. The Personal Finance business is a leading provider of personal financial advice as well as investment, risk and retirement solutions in the South African retail affluent market.

The successful candidate will form part of a high-performing team and will be supporting the production of the Financial, Capital and Risk reporting output for Published as well as Regulatory Reporting.  The role will provide exposure and the opportunity to develop in-depth knowledge of valuation of OM products

Key Result Areas

• Financial & risk reporting: Work with actuarial teams in preparation of financial, capital, and other risk metrics for published, regulatory and internal reporting with appropriate supporting analysis and commentary.  Present results at a senior level with key findings and issues, including reasons for variances to forecasts and prior periods.

• Understanding the capital risk drivers for retail products

• Understanding the SAM SCR guidelines

• Understanding of EV principles

• Business partnering: Extract insights and understand the drivers of key financial metrics for business consideration. Effectively collaborate with business and other specialised areas.

• Reporting capability: Critically review existing processes and models to ensure that these are robust, efficient and fit for purpose.  Drive synergies, standardisation and ensure the control environment is adequate and effective.

• Projects: Support the delivery of relevant project objectives as these arise.

Requirements: Skills, Qualifications and Experience required

• Qualified Actuary or nearly qualified actuary

• Minimum 6 years actuarial experience

• Financial reporting and/or actuarial modelling experience

The following would also be advantageous:

• Knowledge of IFRS 17 and Regulatory Solvency standards

• Experience in life insurance valuations

• Prophet, DCS and advanced Excel skills, including VBA experience.

Key behavioural skills and attributes required to fulfil this role:

• Self -motivated and energetic individuals who enjoy the challenge of tackling complex issues.

• Good interpersonal and communication skills, including the ability to collaborate across teams, influence stakeholders outside his/her immediate area

• Ability to gather a wide range of information, filter and then use in making sound and balanced decisions

• Good organisational and planning skills

• Strong sense of ownership

• Strong detail orientation coupled with the ability to see the “big picture”

• Able to complete tasks within agreed timelines and drive projects to completion with minimal guidance

Overview

Examines and summarizes statistical data by applying mathematical and statistical knowledge to unpaid claim liability, trend analysis, rate formula, forecasting, and premium analysis. Participates in the preparation of annual statements, calculation of tax related issues, and drafting of business coverage forms. OML roles mapped to this profile are: Senior Specialist Actuarial, Fund Actuary, Actuarial Expert and Senior Specialist: Reinsurance Analytics.

ResponsibilitiesActuarial Analysis, Assumptions and Insights

Create and present high-quality actuarial analyses, assumptions, insights, and reports to support business decision-making and/or business performance evaluation. Perform complex statistical analysis to enable data analysis.

Actuarial Financial Reporting

Produce complex actuarial financial information, ensuring the accurate completion of a key strand of the process to contribute to the production of statutory and non-statutory reports and other disclosures.

Actuarial Model Creation and Maintenance

Develop and maintain complex actuarial models, ensuring that the underlying structure of the actuarial assumptions are fully validated and that the models can be integrated into wider business models to enable actuarial analysis, financial reporting, and regulatory compliance.

Actuarial Product Development & Management

Develop proposals for new products and for the improvement and management of existing products that create competitive advantage, that are viable in relation to the organization's risk appetite and financial objectives, and that meet regulatory requirements.

Organizational Risk Management

Develop and/or deliver a contingency plan for significant aspects of the risk and financial management and/or control process.

Actuarial Calculation of Funding Requirement

Evaluate funding contributions, like employee benefit schemes, and develop recommendations for future funding contribution levels.

Compliance

Monitor and review performance and behaviors within area of responsibility to identify and resolve non-compliance with the organization's policies and relevant regulatory codes and codes of conduct.

Improvement/Innovation

Identify shortcomings and suggest improvements to existing processes, systems and procedures, then delivers a plan for a small element of a change management program.

Skills

Analytical Thinking, Computer Literacy, Data Compilation, Data Controls, Decision Making, Executing Plans, Finance, Financial Risk, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Market Analysis, Numerical Aptitude, Risk Management, Teamwork

Competencies

Balances StakeholdersBuilds NetworksBusiness InsightCollaboratesCommunicates EffectivelyCultivates InnovationDecision QualityDrives Results

Education

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

Closing Date

14 April 2025 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

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