South Africa Job Openings
Sanlam
Head of Actuarial Reporting: Life Insurance | Sandton
Sandton
FULL TIME
September 10, 2024
Who are we?
At Sanlam Allianz, we are proud of being the largest Pan-African, non-banking financial services organization on the continent. Our dynamic operations span across 27 African countries (excluding South Africa), and our business is focused on life insurance, general insurance, retail credit, health, bancassurance, and asset management. Our core values - Innovation, Care, Integrity and Collaboration - guide our vision of distinguishing ourselves as the most admired financial services group in Africa. We nurture a high-performance, energising and engaging culture. Why? Because we, as employees of Sanlam Allianz, understand the importance of feeling cared for, empowered, challenged to produce our best work and live with confidence.
What will you do?
The successful candidate will report to the Sanlam Allianz Executive: Finance and Actuarial of Life Insurance. This role is responsible for leading and managing the delivery of regulatory, reporting and governance requirements of the Sanlam Allianz Life Actuarial function in line with the overall Sanlam Allianz requirements and processes. Furthermore, the role is accountable for contributing towards the team vision, supporting key strategic initiatives and driving successful implementation of key focus areas for the Actuarial function within the Life business. The role will need to work in partnership with and obtain buy-in from country CFO’s, actuaries and other central support functions and is expected to support in driving business results and excellence in performance.
The role provides exposure to a wide range of actuarial disciplines, interaction with diverse stakeholders and cultures across various jurisdictions, businesses and a broad range of products within in the Sanlam Allianz Life portfolio.
The role provides exposure to a wide range of actuarial disciplines, interaction with diverse stakeholders and cultures across various jurisdictions, businesses and a broad range of products within in the Sanlam Allianz Life portfolio.
What will make you successful in this role?
The successful candidate will require a strong financial and actuarial technical background, strong interpersonal and stakeholder relationship management skills and the ability to apply this in a complex life insurance portfolio.
Key responsibilities will include:
Management and Statutory Reporting
- Manage high quality, timeous and adequate actuarial reporting for management and statutory purposes based on overall Sanlam Allianz requirements.
- Specifically, manage the delivery of actuarial valuations, value of new business, embedded value (EV) and the analysis of EV earnings, capital requirements including SAM solvency.
- Manage the delivery of asset-liability management and the delivery of experience analyses.
- Manage and report on financial soundness, specifically capital requirements and return on capital.
- Manage the delivery of actuarial content into the actuarial and life reinsurance and underwriting committees as per the annual planner.
- Participation in and oversight of local actuarial committees.
- Delivery of Group EV results and analysis.
Planning, Budgeting and Profitability Management
- Manage the actuarial delivery of the Sanlam Allianz Life planning and budgeting process in alignment with overall Sanlam Allianz requirements.
- Monitoring and managing risk, with an emphasis on financial risks.
- Actuarial Governance
- Ensure the integrity of Actuarial reporting by maintaining a robust control environment.
- Oversee local Actuarial teams in the life businesses and ensure high performance and compliance with Sanlam Allianz standards.
- Ensure that model governance requirements and standards are met.
- Maintain and improve the internal control environment within the actuarial processes.
- Oversee an effective internal and external audit execution for actuarial.
- Drive ongoing improvement of actuarial systems and processes.
Strategic Input, Direction and Alignment
- Support Sanlam Allianz Life Insurance entities through discovering and sharing insights, participating in budgeting processes, analysing key financial and performance results, and providing technical actuarial support.
- Proactively share information and expertise with internal stakeholders.
- Stay abreast of market trends, relevant legislation and events in appropriate statutory bodies.
Stakeholder Engagement and Relationship Management
- Build, develop and maximise effective relationships and manage expectations with all relevant stakeholders including in-country finance, actuarial and management teams.
- Ensure that Sanlam Allianz Life operates in accordance with relevant laws, regulation and actuarial and accounting standards applicable to its operations across all its markets and respective shareholder standards.
- Contribute to the interpretation and understanding of, as well as related adequate business responses to proposed regulatory and other external changes.
People Leadership and Management
- Provide leadership and direction to the relevant central and in-country stakeholders, teams and role players.
- Ensure that employees in the Sanlam Allianz Life actuarial function maximise their skills and commitment to personal development and the achievement of key performance areas.
- Lead by example in demonstrating the organisation’s desired values and culture.
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Drive effective performance management, talent development and succession planning for continuous growth and development at a business, team and individual level.
Qualification and Experience
- Fellow of the Actuarial Society of South Africa
- Minimum 5 years related post qualification experience in Financial Services
- Extensive experience in IFRS 9 and 17 valuations, EV, VNB and SAM bases
- A proven track record of high performance in managing self and teams
- Experience in managing complex environments and across a large portfolio of life insurance companies
Knowledge and Skills
- Deep knowledge of life insurance actuarial valuations, solvency, and products
- Expertise in financial and actuarial IT systems, reporting, and problem-solving
- Strong financial risk management skills
- Proven leadership and influence abilities
- Excellent verbal and written communication skills
- Strong business acumen, change leadership, and management capabilities
- The ability to inspire, motivate, and lead others effectively
Personal Attributes
- Drive vision and purpose with a strategic, analytical, and innovative mindset
- Collaborate effectively within and across teams, building strong relationships and managing stakeholders
- Demonstrate strong technical skills, attention to detail, and accuracy
- Navigate complexity with business and industry insights
- Lead effective teams with diplomacy and excellent communication
- Show strong personal integrity, adaptability, and perform well under pressure
- Be self-motivated, take initiative, and have a passion for achieving results with high professional standards
Core Competencies
- Cultivates Innovation
- Client Focus
- Drive Results
- Collaborates
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Flexibility and adaptability
Build a successful career with us
We’re all about building strong, lasting relationships with our employees. We know that you have hopes for your future – your career, your personal development and of achieving great things. We pride ourselves in helping our employees to realise their worth. Through its five business clusters – Sanlam Fintech, Sanlam Life and Savings, Sanlam Investment Group, Sanlam Allianz, Santam, as well as Mi Way and the Group Office – the group provides many opportunities for growth and development.
Turnaround time
The shortlisting process will only start once the application due date has been reached. The time taken to complete this process will depend on how far you progress and the availability of managers.
Our commitment to transformation
The Sanlam Group is committed to achieving transformation and embraces diversity. This commitment is what drives us to achieve a diverse, inclusive and equitable workplace as we believe that these are the key components to ensure a thriving and sustainable business in South Africa. The Group's Employment Equity plan and targets will be considered as part of the selection process.
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