Actuarial Analyst at FEM

Job Description

The Federated Employers Mutual Assurance Company (RF) Proprietary Limited (FEM) was established as a mutual insurer in 1936 and on the introduction of the Workmen’s Compensation Act 1941, was granted a license to continue to transact workmen’s compensation insurance for the building and construction industry. This insurance compensates employees or their dependents following an injury arising from an occupational accident and illness occasioned by industrial diseases.

FEM’s operations are essentially confined to the insurance of employers in the building and construction industry against their liabilities under the Compensation for Occupational Injuries and Diseases Act 1993 (COIDA). FEM operates under license from the Minister of Employment and Labour and is also registered as a non-life insurer. 

FEM is looking to appoint an Actuarial Analyst at its Head Office within the Finance Department based in Rosebank. The overall objective is to review and interrogate data and reports relating to actuarial and investment aspects of the business, and to oversee FEM’s IFRS 17 implementation projects.

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The successful incumbent’s responsibilities will include but not be limited to the review of data extracted from the operating system which will be used by our external actuarial team in calculating the year end and half-year actuarial reserves, following which a detailed review of these calculated reserves and supporting reports is required.  Similarly, to review and analyze the investment portfolio on a quarterly basis, and assess the investment returns verses benchmarks, as well as performing a more detailed analysis on unlisted investments.

In addition, the incumbent will coordinate and lead relevant activities related to the finance work-stream implementation of IFRS 17. The incumbent will participate as a   member of the IFRS 17 Project SteerCo by ensuring that industry best practice is applied which includes managing all stakeholders and ensuring implementation timelines are met. Other aspects of the role include interaction in the annual work performed on the ORSA and the reinsurance renewal.

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The minimum requirements of the position are a bachelor’s degree with a major in Statistics, Actuarial Science or similar. A minimum of 3 years prior work experience in financial services, insurance and/or related industries will be advantageous. Exposure to life or non-life insurance reserving and/or IFRS 17 is ideal. Meticulous attention to detail, quality orientation, excellent customer focus, the ability to work with strict deadlines, reliability and excellent communication complete our requirements.

In exchange for the candidate’s successful services, FEM offers a competitive total cost to company remuneration with good benefits.

We have regional offices in Cape Town, Durban, and Johannesburg. This position will be based at the head office in Rosebank.

Candidates are invited to submit a detailed CV by close of business on 23 June 2023.  

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Applications may not be considered if the minimum criteria of the position are not met. People with disabilities are welcome to apply. FEM promotes the principles of Employment Equity and the appointment of this candidate is at FEM’s sole discretion.

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