The Life Actuary is responsible for the monthly, quarterly, half-year, and year-end valuation of Life insurance portfolios under the IFRS 17 framework and the Solvency Assessment and Management (SAM) regime, Product Development and Pricing. Experience with non-life valuations an added advantage. The role ensures actuarial valuations are accurate and timely, and well-controlled to support financial reporting, management decision-making, and regulatory compliance.
The incumbent develops, maintains and refines proxy valuation models for monthly reporting, performs bottom-up valuations at half-year and year-end and Pricing. Contributes actuarial insight to planning and forecasting processes.
Collaborate closely with Operations, Finance, and the Abacus Insurance Data Team. Present valuation findings to the Chief Actuary, Product and Valuation Approval Committee (PVAC) and External Auditors. Drive continuous improvement of pricing models, and governance. Ensure pricing projects are delivered on time while maintaining best-practice modelling standards
Key responsibilities:
- Valuation and Reporting
- Model development and enhancements
- Assumptions Setting, Review and Experience Analysis
- Quarterly / Annual returns
- Quarterly Forecasts and Planning – (GMM and PAA forecasts) / SCR Forecast
- ORSA – Scenario planning, projections and capital impact
- Ad Hoc Analytics and Insights – loss ratios, acquisitions costs etc.
- Collaboration and Cross-Functional Engagement
- Governance and Best Practice Development
- Audit and Regulatory Engagement
- Drive continuous improvement initiatives within Abacus.
- Deal with customers in a customer centric manner (Treating Customer Fairly)
- Team leadership
- Effective self-management
Requirements
Education & Experience
- Help Abacus develop Actuarial best-practice processes and strengthen its Data Governance Framework.
- Fellow (FASSA) or Associate (AMASSA) of the Actuarial Society of South Africa (ASSA) or equivalent (IFoA/SOA).
- 5–8 years’ actuarial experience spanning both Life and Non-Life portfolios.
- Minimum 2 years’ hands-on IFRS 17 GMM and PAA contracts valuation experience.
- Strong technical knowledge, understanding and working experience on IFRS 17 - Insurance Contract standard, Advisory Practice Notes (APNs), Solvency Assessment and Management (SAM) Regulatory and ECR Frameworks.
- Experience and proficiency in configuring products for valuation actuarial tools such as - Mo.net, Prophet, MoSes, Risk Integrity etc. and ability to code using SQL/Python.
- Working knowledge of SAM / ECR frameworks.
Job competencies
- Technical mastery
- Analytical Rigor
- Scenario Planning and stress Testing
- Systems & Data Competence
- Business & Commercial Insight
- Governance & Communication
- Leadership & Collaboration