Head of Actuarial
Description
- Equity Bank is one of the region’s leading banks whose
purpose is to transform the lives and livelihoods of the people of Africa
socially and economically by availing them modern and inclusive financial
services that maximize their opportunities. With a strong footprint in
Kenya, Uganda, Tanzania, Rwanda, South Sudan and DRC Congo, Equity Bank is
now home to over 12 million customers – the largest customer base in
Africa. Currently the Bank is seeking additional talent to serve in the
role outlined below.
- Reporting to the Managing Director, the Head of Actuarial
will support in actuarial valuations, financial reporting, preparation of
management information, experience investigations and balance sheet
management.
Job Responsibilities
- Perform actuarial valuations and solvency calculations.
- Support in preparation of financials and management
information.
- Undertake experience investigations to aid in business
decision making.
- Provide technical actuarial expertise in IFRS 17
implementation.
Key Accountabilities
Balance Sheet Management
- Solvency Management: perform timely calculation of current
and projected solvency positions and providing recommendations on ways to
best manage solvency.
- Budgeting/Planning: participate in the budgeting and planning
process by providing actuarial projections of liabilities, premiums,
claims, investment income, customer numbers, Value of New Business/New
Business Profit etc.
- Reinsurance Management: carry out reinsurance analysis for
the business to explore ways to optimize reinsurance arrangements.
Responsible for reinsurance arrangement with Reinsurers and getting
regulatory approval.
- Asset liability matching: perform assessment on extent to
which the business assets and liabilities are matched and provide
recommendations.
- Sensitivity, stress and scenario testing: Perform these on
actuarial liabilities, plan/budget to identify inputs with significant
impact to the business.
Actuarial Valuation and
Financial Reporting
- Lead the execution of accurate and timely calculation of
technical provisions.
- Accurate and timely calculation of Value of New Business/New
Business Profit and Embedded Value
- Ensure the appropriateness of the methodologies and
underlying models used as well as the assumptions used in the calculation
of technical provisions.
- Assess the sufficiency and quality of the data used in the
calculation of technical provisions.
- Compare best estimates against experience/Analysis of
profitability/ Analysis of Surplus/Analysis of Embedded Value.
- Lead the coordination and managing the year-end valuations
with all stakeholders.
- Engage with external auditors and appointed actuaries. Reviewing
appointed actuary’s valuation reports, Financial Condition Report (FCR)
and other statutory reports.
- Provide technical support in the implementation of IFRS 17
and IFRS 9.
Experience Investigations
- Perform experience investigation to inform business decision
making, assumption setting for reserving, pricing, profitability analysis
etc.
- Ensure complete and accurate data are produced and used in
experience analysis.
- Apply recommended changes from the analyses.
Financial Reporting &
Management Information
- Produce decision-making information to other business
functions, management, board, and other stakeholders.
- Prepare required regulatory returns (including solvency) and
industry bodies on a quarterly basis or on ad-hoc basis.
- Preparation and presentation of Board Papers and valuation
reports.
General functions
- Building effective relationships with key stakeholders and
business partners in cross-functional projects and act as a consultative
business partner in influencing business decisions.
- Provides ongoing advice and counsel to other top executives.
- Play a key role in developing and implementing the company’s
operating policies and long-term strategies.
Qualifications and
Experience
- At least 6 years’ experience in life actuarial valuations and
financial reporting
- Advanced progression with actuarial exams (minimum of 10).
- University Degree in Actuarial Science or equivalent
(Preference given to Second Class Upper Division & Above)
Competencies
- Strong problem-solving, analytical, and oral and written
skills to clearly communicate recommendations.
- Confident with good interpersonal and communication skills.
- Conversant with emerging trends in insurance including IFRS 9
& 17.
- Ability to manage multiple projects and competing priorities
without missing deadlines.
- Strong Organizational Skills.
Closing Date: Jun 16, 2023
How to Apply
