Actuarial Specialist At Jubilee Insurance


Actuarial Specialist At Jubilee Insurance 1 Position
Jubilee Insurance Company Ltd

Nairobi, Kenya

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Project / Programme Management
Posted 1 month ago

Job Description

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

Job Ref. No.



IFRS17 Actuarial Specialist


Role Purpose

The specialist will lead the regional IFRS17 sub-workstream, with responsibility for technical modelling and actuarial computations, business & financial impact analysis, implementation planning & execution within strict timelines, IFRS17 methodology position papers, dry run & go live.

Main Responsibilities

  1. IFRS17 transition and reporting
    1. Technical implementation plan, budgeting, and project management.
    2. Gap analysis, business & financial impact analysis.
    3. IFRS17 methodology position papers: On options & recommendations under non-prescribed technical decisions.
    4. Technical modelling and actuarial computations under IFRS17 methods: GMM, PAA, VFA.
    5. Develop governance controls, validation and documentation around estimates and judgement in IFRS17 implementation for data & results consistency, completeness, and accuracy.
    6. Determination of transition method from full retrospective, modified retrospective and fair value approaches.
    7. Model Jubilee financial statements under IFRS17 basis and comparatives to IFRS4.
    8. Test products to examine their technical & operational feasibility under IFRS17.
    9. Obtain management & board approval for transition approach, budget, system requirements etc.
  2. System Set-Up
    1. Set up product models and reporting on actuarial & IFRS17 software
    2. User Acceptance Testing & go live
    3. Model validation, audit trails, documentation, and communication
    4. Take lead on training other members within the regional teams
  3. Projections and Budgeting
    1. Projected actuarial cash flows under IFRS17 budgets
  4. Financial & Regulatory reporting
    1. Inputs to regulatory reports i.e., Financial Condition Report, Solvency, Risk Based Capital reports
    2. Support stakeholders with actuarial inputs: Finance, appointed actuary and Audit/ assurance teams on IFRS17 reporting within monthly, quarterly & end year reporting timelines
  5. Profit testing
    1. Profit-test products under IFRS17 and recommendations on optimal treatment of onerous contracts
    2. New product development & reporting: Technical analysis & model changes under IFRS17
  6. Actuarial analysis
    1. Analysis of Jubilee’s value of new business, embedded value & Asset Liability Management valuations
    2. Risk assessment, management, and reporting under IFRS17 reporting
  7.  Supervising, mentoring, and coaching actuarial staff
  8.  Any other duties as maybe assigned from time to time

Key Competencies

  1. Leadership & project management
  2. Customer Focus
  3. Continuous Innovation
  4. Ownership & Commitment
  5. Teamwork


  1.  Bachelor’s Degree in Actuarial Science/Mathematics/Statistics or any other related field.
  2. Professional Actuarial Exams (fully/nearly qualified actuary under IFOA/SOA or equivalent)
  3. Accounting Qualification will be an added advantage

Relevant Experience

  1. Minimum of five years relevant experience, two in a supervisory level. Excellent communication & presentation skills. Analytical, actuarial modelling & software skills. IFRS17 implementation experience – added advantage.

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Jubilee Insurance Company Ltd
Jubilee Insurance Company Ltd

Nairobi, Kenya

300 - 10000 people

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