Old Mutual Kenya is part of a larger group that offers solutions in long-term savings, asset management and investment. The Actuarial Valuation Specialist, Life is responsible for conducting and reviewing internal actuarial liability valuations for relevant insurance subsidiaries, analyzing profitability/surplus, and collaborating with external actuaries. The role covers solvency and capital management, financial modeling, and providing strategic support to business units.
Key Tasks and Responsibilities
Technical Actuarial Support: Conduct and/or review internal actuarial liability valuations for relevant insurance subsidiaries and analysis of profitability/surplus.
External Collaboration: Review external actuaries’ reports and collaborate with appointed actuaries to produce the Financial Condition Report.
Experience Investigations: Perform profitability analysis, experience analysis, and other relevant actuarial investigations to inform business decisions.
Product Profitability Review: Perform profitability analysis, experience analysis, and other relevant actuarial investigations for Old Mutual to inform business decisions.
Solvency and Capital Management: Carry out solvency computation for the BUs on a risk-based capital basis including solvency stress tests.
Financial Modeling: Assist with financial modeling of business scenarios/projects to inform business decision making.
Strategy and Business Planning Support: Assist with business planning financial projections and solvency projections for the Business Units. Perform stress and scenario analysis on the plan numbers.
Reinsurance Support: Carry out a reinsurance analysis for the Life Kenya subsidiaries to explore ways to optimize on reinsurance arrangements.
Reporting and Documentation: Presentation of results and reports to businesses and subsidiary boards committees. Preparation of Board Papers and regulatory solvency and valuation reports.
Risk Management Support: Assist the Life Business Units and Risk Department in identifying, quantifying risk (insurance, market, credit risks etc.) where appropriate. Formulate appropriate risk mitigation measures for the BUs and develop a risk register for an enterprise in CURA (Risk System).
Investment Strategy Support: Develop/formulate appropriate investment strategies and/or review and monitoring of investment strategies for Old Mutual Life businesses.
General Duties: Perform other reasonable duties that may be assigned by management.
Skills and Competencies
Analytical Skills and Problem Solving Skills.
Data Handling knowledge and proficiency in Microsoft Office packages.
Business Awareness.
Communication and Presentation skills.
Ability to prioritize and work on a wide range of deliverables at once.
Working under minimal supervision.
Good interpersonal skills.
Knowledge & Experience
Knowledge of IFRS17.
Familiar with current Insurance regulations, Capital markets, and Central Bank regulations.
Strong actuarial technical skills and data programming skills.
Minimum 5 years of actuarial experience.
Qualifications
Bachelor of Actuarial Science or other related finance or mathematics degree.
Minimum 5 years actuarial experience.
Actuarial Knowledge: Show progress with actuarial examinations, Minimum 7 papers from a recognized actuarial body.
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