Actuarial Manager: Absa Financial Services

At Absa Financial Services, a significant opportunity exists for a seasoned Actuarial Manager to play a pivotal role in safeguarding the financial health and regulatory compliance of the group's insurance operations. This position, based in Sandton, offers the chance to contribute to a forward-thinking African financial institution with a rich heritage and ambitious growth trajectory. The core of this role involves leveraging extensive actuarial expertise to ensure the accurate and timely submission of critical regulatory reports, including the Solvency Assessment and Management (SAM) return and the Own Risk and Solvency Assessment (ORSA).

The Strategic Scope of the Role

The Actuarial Manager will be instrumental in developing, maintaining, and overseeing robust models for risk appetite, capital management, and regulatory reporting. This encompasses the end-to-end delivery of the AFS Group's actuarial valuation and capital management processes, with a strict adherence to the Solvency Assessment and Management (SAM) framework, the Insurance Act, and relevant Prudential Standards. Key responsibilities will span capital management, solvency monitoring, and the intricate ORSA processes, all while supporting strategic business initiatives and contributing to executive decision-making through insightful analysis and reporting.

A significant focus will be on leading the actuarial production and governance for Group solvency reporting, ensuring full compliance with regulatory mandates and internal risk management frameworks. This includes taking ownership of the entire SAM reporting cycle for the insurance group. The role requires meticulous calculation and review of essential metrics such as the Solvency Capital Requirement (SCR) and Eligible Own Funds, as well as the preparation of Quantitative Reporting Templates (QRTs) and accompanying narrative disclosures. Furthermore, the successful candidate will conduct actuarial analyses supporting regulatory applications, assess the solvency and liquidity implications of proposed dividends and capital actions, and evaluate the capital impact of strategic business decisions. Driving capital efficiency initiatives and ensuring consistent interpretation of Prudential Standards across all legal entities will also be key. The role demands close collaboration with internal and external auditors, as well as reviews by the Head of Actuarial Function.

Driving Risk and Solvency Assessments

A crucial component of this position is leading the development, production, and continuous enhancement of the Group's Own Risk and Solvency Assessment (ORSA) framework. This involves producing both annual and ad hoc ORSA calculations and actuarial analyses, alongside conducting solvency forecasting and stress-testing exercises. The Actuarial Manager will be responsible for developing and maintaining risk appetite metrics and limits, as well as the Contingent Funding Plan. Support for strategic planning will be provided through forward-looking capital management analysis, and the role includes maintaining and enhancing capital planning, projection, and risk modelling tools. Providing essential actuarial input for ORSA reports destined for management, the Board, and regulatory stakeholders is also a primary duty.

The Actuarial Manager will also play a vital part in strategic initiatives by leading actuarial valuation and reserving processes for a strategic insurance entity. This ensures that reserves are calculated using appropriate methodologies, assumptions, and governance standards. Overseeing the submission of all actuarial and regulatory returns to the Prudential Authority and other regulators is paramount. Monitoring solvency, capital coverage, and liquidity positions, and providing actionable recommendations to management will be regular occurrences. Coordinating actuarial input into annual business planning, forecasting, and strategic initiatives, and presenting actuarial analysis and reserving results to various governance forums, including management committees and Boards, are also key functions. Support for the AFS Investment & ALM Committee will involve assessing investment strategy, asset allocation, and investment mandate changes, alongside monitoring investment-related risks, risk appetite, liquidity, and asset-liability matching outcomes.

Effective communication of valuation results, production of management information, and coordination of inputs from Finance, Risk, Investments, and Business Units are essential for timely reporting. Building strong stakeholder relationships, maintaining effective actuarial controls, and driving continuous improvement through methodology review and process enhancement are also integral to success. Finally, the role involves people leadership, including managing and developing a team of actuarial professionals, setting priorities, providing technical guidance, and fostering a culture of accountability and professional development.

In South Africa, actuarial management roles within financial services, particularly in insurance and banking, typically command competitive salaries reflecting the high level of expertise required. Common employers include the major banks, large insurance companies, and specialist actuarial consultancies. Career progression often leads to more senior management positions, including Head of Actuarial Function, Chief Actuary, or roles within risk management and finance departments.

Minimum Requirements

Qualifications:

• Fellow (FASSA or equivalent) or Nearly Qualified Actuary with good exam progression towards qualifying as a FASSA.
• Relevant actuarial, mathematics, statistics or quantitative degree (Honours degree would be advantageous).

Experience:

• At least 5 years of actuarial work experience (preferably in the insurance industry).
• Significant experience in insurance actuarial valuations and capital management.
• Proven experience managing actuarial teams and cross-functional stakeholders.
• Experience engaging with regulators, auditors, HAF and senior management stakeholders.

Education

Bachelor's Degree: Actuarial Science (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised