IFRS 17 ACTUARIAL SPECIALIST

Job Ref. No. JHIL012

Position: IFRS 17 Actuarial Specialist

Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in

Mombasa. Jubilee Insurance has spread its sphere of influence throughout the region to become the largest Composite

insurer in East Africa, handling Life, Pensions, General and Medical Insurance. Today, Jubilee is the number one insurer

in East Africa with over 450,000 clients. Jubilee Insurance has a network of offices in Kenya, Uganda, Tanzania, Burundi

and Mauritius. It is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi

Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange. Its regional offices are

highly rated on leadership, quality and risk management and have been awarded an AA- in Kenya and Uganda, and an

A+ in Tanzania. For more information, visit www.JubileeInsurance.com.

We currently have an exciting career opportunity for IFRS 17 Actuarial Specialist within Jubilee Health Insurance

Limited. The position holder will report to the Head of Actuarial and will be based at Head Office in Nairobi.

Role Purpose

The role holder will lead the IFRS17 sub-workstream, with responsibility for technical modelling and actuarial

computations, gap analysis, business & financial impact analysis, implementation planning & execution within strict

timelines, IFRS17 methodology position papers, system set-up, user acceptance testing, dry run & go live.

Main Responsibilities

1. IFRS17 Transition and Reporting
2. a) Technical implementation plan, budgeting, and project management.
3. b) Gap analysis, business & financial impact analysis.
4. c) IFRS17 methodology position papers: On options & recommendations under non-prescribed technical decisions

e.g., Level of aggregation, contract boundaries, risk adjustment, investment components, reinsurance contracts

approach etc.

1. d) Obtaining management & board approval for transition approach, budget, system requirements etc.
2. e) Technical modelling and actuarial computations under IFRS17 methods: GMM, PAA.
3. f) Develop controls, model audit trails, validation and documentation around estimates and judgement in IFRS17

implementation: for Data & results consistency, completeness, and accuracy.

1. g) Determination of transition method from: Full retrospective, modified retrospective, fair value approaches.
2. h) Modelling Jubilee financial statements under IFRS17 basis and comparatives to IFRS4.
3. i) Testing products to examine their technical & operational feasibility under IFRS17.
4. System Set-Up
5. a) Setting up product models and reporting on actuarial & IFRS17 software
6. b) User Acceptance Testing
7. c) Model validation, audit trails, documentation, and communication
8. Projections and Budgeting
9. a) Projected actuarial cash flows under IFRS17 budgets
10. Financial & Regulatory Reporting
11. a) IFRS17 inputs to regulatory reports i.e., Financial Condition Report, Solvency, Risk Based Capital Reports
12. b) Support stakeholders on all actuarial inputs and outputs ( Finance, appointed actuary and audit/assurance

teams) on IFRS17 reporting within monthly, quarterly & end year reporting timelines.

5. Profit Testing
6. a) Profit-testing of products under IFRS17 and recommendations on optimal treatment of onerous contracts
7. b) New product development & reporting: Technical analysis & model changes under IFRS17
8. Actuarial Analyses
9. a) Analysis of Jubilee’s technical reserves.
10. b) Risk assessment, management, and reporting under IFRS17 reporting
11. Supervising, mentoring, and coaching actuarial staff

Key Competencies

1. Visionary Leadership
2. Entrepreneurial Spirit
3. Market Awareness
4. Team Spirit
5. Customer Focus
6. Ownership and Commitment
7. Continuous Innovation

Qualifications

1. Bachelor’s Degree in Actuarial Science, Statistics, Mathematics, or any other related field.
2. Professional Actuarial Examinations Qualification is required (Complete or nearly complete)
3. Accounting Qualification will also be an added advantage

Relevant Experience

1. Minimum of five years relevant experience, two of which are in a supervisory role