Head: Actuarial Assumption & Model Development Validation

Role Purpose

• To provide independent review and validation of actuarial assumptions, IFRS 17 and SAM basis setting, Prophet and ResQ model development for both IFRS 17 and SAM and other ad-hoc activities across the first-line Balance Sheet Management functions.

Requirements

Qualifications

• Fellow of the Actuarial Society of South Africa (with Life Fellowship preferable)
• Preferable – Life practicing certificate

Experience

• Minimum 10 years post-qualification actuarial experience, with at least 5 years in a senior validation, modelling, or assumption governance role.

Knowledge

• Advanced understanding of Life valuations across both IFRS 17 and SAM
• Core Prophet model development capability
• Advanced understanding of IFRS 17 and SAM standards
• Advanced understanding of financial reinsurance mechanics

Duties & Responsibilities

Responsibilities, work outputs and individual contribution

• Assumption and Model Reviews
• Prepare assumption review and model development review workplans
• Review actuarial assumptions (e.g., Lapses, Mortality, Expenses etc.) used in long contract boundary models
• Review and pressure test contract boundary assumptions across both IFRS 17 and SAM.

Modelling and Validation

• Review and validate gross and financial reinsurance Prophet modelling and associated output (existing and new models) on a SAM and IFRS 17 basis, including ORSA projections
• Review IBNR triangulation

Results and Reporting

• Provide high-level review of IFRS 17 and SAM Annual results
• Document and communicate output of reviews and validations to Balance Sheet Management Functions and broader stakeholders

Governance & Oversight

• Work with outsourced Head of Actuarial Function to provide comfort on validations performed and output thereof, feeding into Head of Actuarial Function review processes.

Competencies

• Developing Strategies: Are comfortable leading people; coordinates and directs groups; seeks to control things.
• Examining information: Analyses and processes information; asks probing questions; strives to find solutions to problems.
• Interpreting Data: Interprets data rationally by quantifying issues; applies technology as a means to evaluating data; evaluates information objectively
• Providing Insights: Is focused on continuously improving things; provides insights by identifying key issues; makes intuitive judgements.

Closing Date

• 2026/02/05