OMAR GI Finance Actuary

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Job Description

Role Details

The Finance Actuary partners with OMAR CFOs, Country Exco teams and the OMAR Exco team to strengthen reporting, profitability and capital outcomes across the P&C businesses. The role combines actuarial, finance and business partnering expertise to provide clear performance insights, improve decision-making, optimise reinsurance and capital, and support sustainable earnings growth within agreed risk appetites.

The role leads delivery of monthly and quarterly performance reporting, actuarial analytics and management insight packs that explain business performance and support action. It strengthens valuation, reserving, reinsurance and IFRS 17 controls, while improving automation and governance across reporting processes. The Finance Actuary also supports capital optimisation through solvency monitoring, model refinement, structured reinsurance solutions and actions to improve quality of capital, returns and expense efficiency.

In partnership with country and group leadership, the role translates financial and actuarial information into practical actions for underwriting, pricing, claims, expense management and capital allocation. It supports delivery of profitability targets such as RFO, RoNaV and underwriting margin, develops model and financial risk management frameworks, and helps build capability across finance and actuarial teams through mentoring, succession planning and knowledge sharing.

Key Result Areas / Outputs

1. Financial Reporting, Controls & Insights

• Lead delivery of monthly performance packs, quarterly business reviews (QBRs), and annual reports, ensuring timeliness, accuracy, and actionable insights.

• Produce and enhance Analysis of Surplus (AoS) reporting and embed it into regular performance monitoring.

• Strengthen valuation processes and controls (IFRS 17, reserving, reinsurance) and reduce audit/review findings.

• Drive and maintain the MIS automation, reducing manual reporting and improving efficiency.

• Deliver reinsurance analytics and insight packs covering cost, recoveries, exposures, and key drivers to inform management decisions.

• Define and document end-to-end actuarial and risk processes (SAM, ORSA, EaR, IFRS 17).

2. Capital Management & Optimisation

• Support and enhance SAM solvency position through model refinement, reinsurance optimisation, and management actions.

• Review and improve capital models, ensuring appropriate recognition of reinsurance benefits.

• Monitor SCR improvement actions and track delivery against agreed plans.

• Improve quality of capital, including identification and reduction of inadmissible capital.

• Evaluate and implement structured reinsurance solutions, including quantification of impacts on profitability (RFO) and return metrics (RoNaV).

• Perform expense benchmarking and optimisation reviews to improve cost efficiency.

3. Business Partnering & Performance Improvement

• Translate MIS outputs into actionable insights for underwriting, pricing, claims, and expense management.

• Deliver Product Profitability analysis for key portfolios (motor, medical) and track management actions.

• Support country teams in capital allocation, dividend decisions, and solvency management.

• Drive initiatives to improve underwriting margins, reinsurance efficiency, and expense ratios.

• Enhance forecasting models and governance, improving accuracy and reliability of business plans.

4. Financial Performance Delivery

• Support delivery of financial targets, including RONAV, RFO, underwriting margins, and expense ratios.

• Provide analysis of drivers to explain performance versus plan and identify corrective actions.

• Align financial outcomes with capital and risk constraints to ensure sustainable profitability.

5. Financial Risk & Model Risk Management

• Develop and implement a model risk management framework across IFRS 17, capital, and pricing models.

• Produce and monitor Earnings-at-Risk (EaR) and remittance-at-risk metrics at entity level.

• Support risk governance and “road-to-green” initiatives, ensuring compliance with CRO requirements.

• Deliver training and capability building across finance and actuarial teams on financial risk concepts.

6. People & Capability Development

• Build succession pipelines for critical actuarial and finance roles.

• Lead and support actuarial mentorship programmes to strengthen technical capability.

• Promote a high-performance culture, focusing on engagement, wellbeing, and retention of key talent.

• Ensure compliance with learning and development requirements and continuous upskilling.

Requirements:

• Qualified Actuary with 8 years’ experience, 4 years post-qualification.

• Proven experience in general insurance / P&C (short-term insurance) environments would be a distinct advantage.

• Strong exposure to IFRS 17, reserving, capital modelling (SAM), and reinsurance.

• Strategic thinking and business insight.

• Strong stakeholder management and influencing skills.

• Ability to operate in complex and ambiguous environments.

• Proven track record of driving results and accountability.

• Advanced financial acumen.

• Strong collaboration, communication, and leadership capability.

• Tech-savvy with a focus on process optimisation.

Skills

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

Competencies

Balances StakeholdersBuilds NetworksBusiness InsightCollaboratesCommunicates EffectivelyDecision QualityDrives ResultsEnsures Accountability

Education

Bachelor of Science (BSc): Actuarial Science (Required)

Closing Date

23 June 2026 , 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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