Actuarial Manager: Absa Financial Services

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Job Summary

Leverage your actuarial skills to support the submission of the Absa Financial Services Insurance Groups’ SAM return and ORSA, as well as other actuarial processes to deliver sound management of business performance and financial risk. This role involves developing and maintaining models for risk appetite, capital management and regulatory reporting.
Responsible for the delivery and oversight of AFS Group actuarial valuation and capital management processes, ensuring compliance with regulatory requirements under the Solvency Assessment and Management (SAM) framework, Insurance Act, and Prudential Standard. The role includes capital management, solvency monitoring, ORSA processes, strategic business initiatives, financial risk management, and supporting executive decision-making through insightful actuarial analysis and reporting.

Job Description

SAM - Lead the actuarial production and governance of Group solvency reporting, ensuring compliance with applicable regulatory requirements and internal risk management frameworks.

• Own the end-to-end SAM reporting process for the insurance group.
• Calculate and review: Solvency Capital Requirement (SCR), Eligible Own Funds, and Intragroup transaction adjustments
• Prepare and review Quantitative Reporting Templates (QRTs) and supporting narrative disclosures.
• Perform actuarial analyses supporting regulatory applications submitted under the Insurance Act.
• Assess solvency and liquidity implications of dividend proposals and capital management actions.
• Evaluate capital impacts of strategic initiatives and business decisions.
• Drive capital efficiency and optimisation initiatives across the insurance group.
• Ensure consistent interpretation and application of Prudential Standards across legal entities.
• Support internal and external audit engagements, as well as reviews by the Head of Actuarial Function (HAF).

ORSA - Lead the development, production and continuous enhancement of the Group Own Risk and Solvency Assessment (ORSA) framework.

• Produce annual and ad hoc ORSA calculations and actuarial analyses.
• Conduct solvency forecasting and stress-testing exercises.
• Develop and maintain risk appetite metrics and limits.
• Develop and maintain the Contingent Funding Plan.
• Support strategic planning through forward-looking capital management analysis.
• Maintain and enhance capital planning, projection and risk modelling tools.
• Provide actuarial input into ORSA reports for management, Board and regulatory stakeholders.

Strategic Initiatives

• Lead the actuarial valuation and reserving processes for a strategic insurance entity, ensuring reserves are calculated using appropriate methodologies, assumptions and governance standards.
• Oversee the preparation and submission of all actuarial and regulatory returns required by the Prudential Authority and other regulatory stakeholders.
• Monitor solvency, capital coverage and liquidity positions, as well as provide recommendations to management where required.
• Support internal and external audit engagements, as well as reviews by the Head of Actuarial Function (HAF).
• Coordinate actuarial inputs into annual business planning, forecasting and strategic initiatives.
• Prepare and present actuarial analysis and reserving results to management committees, Boards and other governance forums.

AFS Investments & ALM Committee

• Provide support to the AFS investment & ALM Committee, including the assessment of investment strategy, asset allocation and investment mandate changes.
• Support the preparation of reporting by monitoring investment-related risk exposures, risk appetite metrics, liquidity positions and asset-liability matching outcomes

Other responsibilities

• Communication of valuation results to key stakeholders
• Production of monthly management information
• Coordinate inputs from Finance, Risk, Investments and Business Units to ensure timely delivery of regulatory and financial reporting requirements.
• Build strong relationships with internal and external stakeholders.
• Maintain effective actuarial controls across valuation and capital management processes.
• Monitor compliance with governance standards and control frameworks.
• Review and improve actuarial methodologies, assumptions and processes.
• Ensure appropriate documentation of models, methodologies and reporting processes.
• Drive continuous improvement initiatives to enhance efficiency and automation.

People Leadership

• Manage and develop a team of actuarial professionals.
• Set priorities, allocate work and monitor delivery against deadlines.
• Provide technical guidance and quality assurance of actuarial work.
• Foster a culture of accountability, continuous improvement and professional development.
• Coordinate cross-functional teams to deliver strategic business outputs within strict reporting timelines.

Skills and Competencies

Technical Skills

• Advanced knowledge of:
  • Solvency Assessment and Management (SAM)
  • Insurance Act and Prudential Standards
  • Capital management and optimisation
  • ORSA frameworks and methodologies
  • Solvency projections and stress testing
  • Insurance risk modelling
• Advanced spreadsheet modelling and financial analysis.
• Strong actuarial valuation and reporting expertise.

Leadership and Behavioural Competencies

• Strategic thinking and commercial acumen.
• Strong analytical and problem-solving capability.
• Excellent stakeholder management skills.
• Excellent written and verbal communication skills.
• Ability to communicate complex technical concepts effectively.
• Strong project management and coordination skills.
• Attention to detail and commitment to governance.
• Excellent time management skills with the ability to prioritise deliverables.

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