Actuarial Supervisor

About the Role :

The main exposure shall cover Individual Life and Health Insurance in different regions.

Supervising and supporting life actuarial modelling in line with the IFRS 17 accounting standards including measurement of insurance contract liabilities under GMM and VFA.

Responsibilities :

• Supervising and supporting life actuarial modelling in line with the IFRS 17 accounting standards including measurement of insurance contract liabilities under GMM and VFA.
• Perform actuarial analysis to explain movements in financial results, including CSM and risk adjustment
• Support the development of the Group Actuarial Policies, Procedures, and Guidelines for the long-term life business
• Collaborate with finance to ensure alignment between actuarial and accounting outputs, including statutory disclosures
• Review and support experience studies to validate assumptions used in IFRS 17 valuation
• Provide actuarial support to group companies and internal business units across life insurance reporting and analysis
• Support product development activities by providing actuarial analysis and input on long-term life business within the group

IFRS 17 Actuarial Assessments and Valuations:

• Support in the development of a robust governance framework for all life calculations
• Assist group companies in their calculations and valuation processes, ensuring consistency across entities
• Review and challenge assumptions and methodologies used in life cashflow modeling
• Ensure consistency of the actuarial assessments (e.g., Onerousity assessments, Loss Components, Risk Adjustment, Coverage units’ determinations, and the CSM amortization patterns)
• Develop and enhance the group actuarial reports and regulatory disclosures, supported with detailed reviews, timely indicators, and insightful summaries
• Validate the group’s life results and provide the necessary recommendations
• Ad-hoc group requirements (shareholders’ requests and/or group’s acquisitions)

Financial and Business Units’ Support:

• Develop a process to actively monitor Assets and Liabilities and any potential mismatches
• Monitor and track the solvency position of the organization, reporting any material movements and establish process to ensure that the corrective actions are taken
• Assist the finance team in preparing the frequent financial statements, and to explain any material movement
• Assist the finance team in building the budgeting process and financial projections, to ensure accuracy and reasonableness of the assumptions
• Assist the ERM team in the Capital Modeling approaches and optimization plans
• Assist the finance team in preparing the designated funds and related activities
• Assist the investment team in reviewing and assessing the investment policies and strategies
• Assist the underwriting teams in reviewing the adequacy of the underwriting policies
• Assist the claim teams in reviewing the adequacy of the claims policies and procedures

Reinsurance:

• Assist in reviewing the adequacy of the group’s reinsurance programs and RI optimization strategies

Regulatory:

• Assist the appointed actuary and the Group’s Chief Actuary in completing all the statutory requirements

Qualifications :

• Holds a post-graduate actuarial degree (e.g., master’s degree or associate of an Actuarial Organization) that has an examinations-based qualification (adequate alternative qualifications shall be considered).
• Strong Communication, Interpersonal and Leadership Skills with a high teamwork orientation
• Well-organized with the ability to oversee multiple tasks / projects simultaneously (effective time management)
• Excellent planning and analytical skills for ongoing and ad-hoc assignments
• Excellent in Reporting and Presentation skills
• Proficiency in formal English is necessary (Arabic is a plus)

Experience:

• Minimum of 5 years of experience in a formal actuarial environment
• Experience in financial analysis and management reporting
• Familiarity or experience in IFRS 17 is necessary
• Familiarity or experience in Technical / Actuarial software is a plus
• Familiarity or experience in Programming is a plus