Head of Actuarial Job in Kenya - Equity Bank

Head of Actuarial


  • 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)


  • 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