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Jubilee Insurance – IFRS17 Actuarial Associate.

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Job Ref. No. JLIL059

Position: IFRS17 Actuarial Associate

Employment Terms: Permanent and Pensionable

Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in Mombasa. Jubilee Insurance has spread its sphere of influence throughout the region to become the largest Composite insurer in East Africa, handling Life, Pensions, General and Medical Insurance. Today, Jubilee is the number one insurer in East Africa with over 450,000 clients. Jubilee Insurance has a network of offices in Kenya, Uganda, Tanzania, Burundi and Mauritius. It is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange. Its regional offices are highly rated on leadership, quality and risk management and have been awarded an AA- in Kenya and Uganda, and an A+ in Tanzania. For more information, visit www.JubileeInsurance.com

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

  1. Technical modelling, actuarial computations, and reporting under IFRS17 methods.
  2. Develop controls, model audit trails, validation and documentation around estimates and judgement in IFRS17 implementation for data & results consistency, completeness, and accuracy.
  3. Modelling Jubilee financial statements under IFRS17 basis and comparatives to IFRS4.
  4. Testing products to examine their technical & operational feasibility under IFRS17.

2) System set-up

  1. Setting up product models and reporting on actuarial & IFRS17 software
  2. User Acceptance Testing

3) Projections and Budgeting

  1. Projected actuarial cash flows under IFRS17 budgets

4) Financial & regulatory reporting

  1. Inputs to regulatory reports i.e., Financial Condition Report, Solvency, Risk Based Capital reports
  2. 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

  1. Profit-testing of products under IFRS17 and recommendations on optimal treatment of onerous contracts
  2. New product development & reporting: Technical analysis under IFRS17

6) Actuarial analyses

  1. Analysis of Jubilee’s value of new business, embedded value & Asset Liability Management valuations
  2. 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.

If you are qualified and seeking an exciting new challenge, please apply via Recruitment@jubileekenya.com quoting the Job Reference Number and Position by 21st July 2022. Only shortlisted candidates will be contacted.

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