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Madison Group Limited
Actuarial Services Manager

Madison Group Limited

Nairobi | Full Time | Banking / Financial Services

Closing in 1 day from now

Key Responsibilities:

Actuarial Valuation and Regulatory Reporting

  • Complete the internal implementation of the IFRS 17 standard.
  • Lead the timely and accurate monthly valuation of actuarial liabilities.
  • Ensure sufficient quality of valuation data used to calculate actuarial liabilities through data checks and clean-up.
  • Ensure the methodologies implemented in the valuation are robust and best practice.
  • Perform solvency calculations.
  • Review the appointed actuary’s results and statutory reports.
  • Provide timely and accurate regulatory reporting inputs.
  • Present the various actuarial reports to the board.

Experience Analysis

  • Perform investigations on mortality, lapse, expense and investment returns.
  • Perform analysis of surplus to investigate deviations of the actual experience from the expected experience.
  • Incorporate the findings from the experience analysis in updating assumptions on expected experience, and provide advice to relevant stakeholders.

Strategy and Budgeting

  • Provide projections for actuarial liabilities, premiums, claims and investment income that are consistent with the experience and business strategy.
  • Monitor the actual experience vs the budget to identify the causes of any deviations.
  • Advise management on the impact of inputs on the overall strategy.

Product Development and Monitoring

  • Engage management on prospective products to develop.
  • Conduct pricing of new products ensuring profitability.
  • Regularly monitor profitability of existing products based on current experience, and reprice if necessary.
  • Assist business development in pricing of group life products to ensure profitability.
  • Develop and update comprehensive quotation models for the sales team.
  • Engage with the regulator on product approvals.

Balance Sheet Management

  • Develop the Asset Liability Matching Policy and regularly monitor the extent to which the company’s assets match its liabilities.
  • Conduct solvency projections to advise management on asset portfolio structuring.
  • Perform reinsurance analysis to optimize reinsurance arrangements.
  • Perform sensitivity, scenario and stress testing on the actuarial liabilities to identify the key assumptions for pricing and key inputs that the business should monitor.

Academic and Professional Qualifications required

  • University Degree in Actuarial Science or any other related field.
  • A Master’s degree in Actuarial Science or related field will be an added advantage.
  • Advanced progression with actuarial exams minimum of 11.
  • At least 10 years’ experience in an Actuarial function with experience in valuations, IFRS 17 and product development.

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