Senior Actuarial Specialist – General Insurance at Old Mutual April, 2022


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Job Description


To provide a technical and fit-for-purpose actuarial service to Old Mutual Africa’s General Insurance (GI) entities [i.e. entities in Botswana, Namibia, Nigeria, Zimbabwe and the UAP-OM Group (operating in Kenya, Rwanda, Tanzania, Uganda and South Sudan)].

Key Results Area:

Management Reporting

Maintain and refine a reporting process to ensure timely and accurate distribution of relevant management information to RoA countries, Old Mutual Africa (OMA) and Old Mutual Limited (OML)
Produce any other risk metrics as required by the Group, for example Earnings at Risk (EaR)
Support the Corporate Actuary and the Finance Actuary in performing their oversight functions across the RoA entities

Capital Management

Calculate and coordinate the calculation of SAM capital requirements, for consolidation into the wider OML Group’s results, and explain the results compared to local regulatory requirements
Provide support in developing appropriate capital management metrics and a capital management framework for the GI entities within the Group
Provided actuarial support during the business planning process
Provide support to the Risk Management Function, including the ORSA


Produce results for Technical Provisions (IBNR, IBNER, OCR, UPP and cash-back reserves; as applicable) on IFRS and regulatory bases. Specifically for Botswana and Namibia a full annual valuation is completed (including valuation report submitted to the Board) as well as quarterly roll-forward analysis including an “actual vs. expected analysis”.
Provide support in the implementation of IFRS17 across the various RoA entities

Reinsurance Support

Provide actuarial support, as applicable, in structuring reinsurance for entities in the Group

Business Support

Assess the sufficiency and quality of the data used for the various actuarial work

Maintain effective people practices

Empower emerging leaders and specialists to achieve technical excellence and innovation

Skills, Qualifications & Experience Required:

Relevant bachelor’s degree in Actuarial Science
Senior actuarial student making good progress with exams (exceptional candidates who don’t meet this requirement may be considered)
At least 3 years actuarial experience
Strong technical and problem-solving skills
A strong sense of accountability
Ability to work under pressure
VBA, ResQ and/or SAS experience would be an advantage
An interest in learning new things and exploring alternative ways of completing tasks
Travel is a requirement




Bachelor of Commerce (BCom): Actuarial Science (Required), Bachelor of Science (BSc): Actuarial Science (Required)

Closing Date

04 May 2022


Old Mutual Limited has adopted a mandatory Covid-19 vaccination policy requiring its workforce to be fully vaccinated against Covid-19 by 1 April 2022. All prospective employees are required to disclose their vaccination certificates or cards as part of the recruitment process.

If you have an objection to taking the Covid-19 vaccination, you will be required to produce a negative PCR test (at your own cost) on a weekly basis as an alternative to vaccination. Prospective employees must inform the recruiter of their election prior to start date.

Please refer to the Old Mutual policy for further detail. Old Mutual reserves the right to amend this policy from time to time.