Job Description
Job Ref. No. JLIL059
Position: IFRS17 Actuarial Associate
Employment Terms: Permanent and Pensionable
We currently have an exciting career opportunity for IFRS17 Actuarial Associate within Jubilee Life Insurance Limited. The position holder will report to the Regional Manager-Actuarial and will be based at Head Office in Nairobi.
Main Purpose of the Job (Job Summary)
The role holder will work within the IFRS17 workstream, with the responsibility for technical modelling and actuarial computations, implementation within strict timelines, system set-up, user acceptance testing, dry run & go live.
Main Responsibilities
1) IFRS17 transition and reporting
a) Technical modelling, actuarial computations, and reporting under IFRS17 methods.
b) Develop controls, model audit trails, validation and documentation around estimates and judgement in IFRS17 implementation for data & results consistency, completeness, and accuracy.
c) Modelling Jubilee financial statements under IFRS17 basis and comparatives to IFRS4.
d) Testing products to examine their technical & operational feasibility under IFRS17.
2) System set-up
a) Setting up product models and reporting on actuarial & IFRS17 software
b) User Acceptance Testing
3) Projections and Budgeting
a) Projected actuarial cash flows under IFRS17 budgets
4) Financial & regulatory reporting
a) Inputs to regulatory reports i.e., Financial Condition Report, Solvency, Risk Based Capital reports
b) Support stakeholders with actuarial inputs: Finance, appointed actuary and audit/ assurance teams on IFRS17 reporting within monthly, quarterly & end year reporting timelines
5) Profit testing
a) Profit-testing of products under IFRS17 and recommendations on optimal treatment of onerous contracts
b) New product development & reporting: Technical analysis under IFRS17
6) Actuarial analyses
a) Analysis of Jubilee’s value of new business, embedded value & Asset Liability Management valuations
b) Risk assessment, management, and reporting under IFRS17 reporting
Key Deliverables
• Fulfill IFRS17 implementation for the region
• Appropriate pricing to achieve target profit criteria set by executive management
• Actuarial reporting for regulatory compliance & financial statements.
Academic Qualifications
• Bachelor’s Degree in Actuarial Science, Statistics, Mathematics or any other related field
• Professional actuarial exams (associate under IFOA/SOA or equivalent) is a mandatory requirement
• Accounting qualification will be an added advantage
Key Competencies
• Entrepreneurial Spirit
• Market Awareness
• Customer Focus
• Continuous Innovation
• Ownership & Commitment
• Team Spirit
Experience
• Minimum of three (3) years’ relevant experience, one (1) of which is at a supervisory level.