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Job Title:   Actuarial Manager – Life Uganda

Organisation: UAP Old Mutual Insurance

Duty Station:  Kampala, Uganda

 

About the Company:

The UAP Old Mutual Group is an integrated Financial Service business comprising Faulu Microfinance Bank, UAP and Old Mutual. The Group, which is operational in East Africa services to more than 1.2 million customers across Kenya, Uganda, Tanzania, Rwanda and South Sudan. The UAP Old Mutual Group now comprises of three key players as a result of the acquisition of a controlling stake in Faulu in 2014 and UAP in 2015 by Old Mutual. The acquisitions resulted in Old Mutual Kenya UAP Holdings and Faulu Microfinance Bank, forming one of the largest financial services groups with a growing footprint in East and Central Africa. UAP and Old Mutual have been major players in the financial services market in East Africa for decades. The two entities have vast experience in Insurance, Investment, Asset Management and Banking, and are passionate about helping our customers achieve their financial goals.

Key Duties and Responsibilities:

Ensure provision of Actuarial Services to Old Mutual Assurance Uganda Limited by working closely with Group Functions to meet business needs. This includes reserving, pricing, product reviews, experience reviews and solvency and capital management

Conduct accuracy checks, and analyses data to draw conclusions and make recommendations

Generate actuarial reports on various technical issues to Group Actuary, Senior Management and Board of Directors.

Technical Actuarial Support; Conduct and/or review internal actuarial liability valuations, analysis of profitability/surplus, calculation and analysis of embedded value using Prophet and MS Excel.

Audit support; Review of external actuaries’ report and collaboration with the appointed actuaries to produce the Financial Condition Report.

Product Profitability Review; Perform profitability analysis, experience analysis, and other relevant actuarial investigations to inform business decisions and product development.

Solvency and Capital management; Carry out solvency computation for the entity on a risk-based capital basis including solvency stress tests.

Financial Modelling; assist with financial modelling of business scenarios/projects to inform business decision making.

Strategy and Business Planning Support; assist with business planning financial projections and solvency projections. Perform stress and scenario analysis on the plan numbers.

Reinsurance Support; Carry out a reinsurance analysis to explore ways to optimize on reinsurance arrangements.

Reporting and Documentation; Presentation of results and reports to the board committees. Preparation of Board Papers and regulatory solvency and valuation reports.

Risk Management support; assist the Business and Risk Department in identifying, quantifying risk (insurance, market, credit risks etc.) where appropriate.

Investment Strategy support; Develop/formulate appropriate investment strategies and/or review and monitoring of investment strategies the business.

Other reasonable duties that may be assigned by Executive management and Board.

 

Qualifications, Skills and Experience:

Qualifications

Bachelor of Actuarial Science or other related finance or mathematics degree

Minimum 6 years actuarial experience

Actuarial Knowledge: Qualified actuary or nearly qualified with a minimum of 10 papers having been sat and passed.

Knowledge & Experience

Familiar with the current Insurance Regulations of Uganda, Capital markets and Central Bank regulations

Exposure to other prudential regulations in other Eastern and Southern Africa markets is an added advantage.

Strong actuarial technical skills

Good understanding on the application of IFRS 17 Insurance Contracts accounting standard

Knowledge of Prophet Software or other reserving software

Strong analytical and reporting skills

Strong data programming skills

Demonstration of strong team management skills

Good stakeholder engagement skills.

Skills: Actuarial Services, Audit Support, Business, Business Decisions, Business Needs, Capital Management, Decision Making, Drawing, Embedded Value, Executive Relationship Management, Exploration, Financial Modeling, Investment Strategies, Management Support, People Management, Product Profitability, Profitability, Profitability Analysis, Reinsurance, Risk Management, Scenario Analysis, Solvency, Strategic Support

 

How to Apply:

All suitably qualified candidates are encouraged to submit your application and complete Curriculum Vitae by applying online through visiting Old Mutual’s e-recruitment jobs portal at the web link below.

 

Click Here

 

Deadline: 9th October 2024

 

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