Head: Actuarial Assumption & Model Development Validation MMH

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.

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

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

• 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

• 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.

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