Head of Actuarial: OMART Life

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Job Description

Old Mutual Alternative Risk Transfer Limited (OMART Life) is looking for a suitably qualified individual for a role as Head of Actuarial. This position within OMART Life, offers you the opportunity to form part of the senior management team of a diverse, growing business that enables and support the launch of 1st and 3rd party life insurance cell captives.

OMART is a dynamic life insurance company and regularly interacts with various specialist areas within Old Mutual, both within and outside this business unit.

Being a separately managed company with various internal and external clients, the Head of Actuarial will play an important role in the reporting requirements, product & pricing approvals and governance framework of OMART Life and its clients. This role presents the opportunity to manage OMART’s relationships with a variety of internal and external stakeholders, get a full overview of running a life insurance company while driving innovation and transformation of the South African life insurance market.

Key Result Areas / Outputs:

• Responsible for risk management and governance as per the Prudential standards under the Insurance Act, including ORSA and Risk Policy oversight.

Responsible for owning all actuarial reporting deliverables, processes, and methodologies, including the specific areas listed below:

• Producing and presenting reports to the OMART Life Board and Board Committees

• Assisting the Head of Control Functions with reports and information requests

• Capital Management, including OMART Life representation on Capital Management Committee, engagement with Balance Sheet Management, and ownership of OMART Life Dividend policy, calculation, and recommendation for declaration to the OMART Board

• Regulatory Solvency methodology and calculation

• Valuation process and methodology for published statutory and tax reporting purposes

• Prudential authority engagement, submissions, and information requests

• Management of the development/maintenance of actuarial valuation models

• Experience investigations and product monitoring

• Data management in support of reporting requirements and monitoring deliverables

• Reinsurance process owner

• Business planning and forecast submissions

• Member of the Cell selection and onboarding Committee

• Responsible for monitoring and updating OMART Life and client investment mandates

• Liaise with a wide range of internal and external stakeholders on actuarial matters

• Manage communication of actuarial changes to external stakeholders

• Manage a team of actuarial specialists

Qualifications, Skills and Experience:

• Qualified Actuary with extensive actuarial experience

• Valuation experience is essential

• IFRS 17 experience is essential

• Management Experience

The following would also be advantageous:

• Cell captive experience

• CERA qualification

• Experience in presenting and engagement with senior stakeholders, including Boards of Companies

• Experience with Prophet and/or DCS or similar actuarial modelling packages

• Experience in process improvement and optimisation

• Local life insurance knowledge

Personal attributes:

• Self-starter who shows initiative and can drive projects to completion with minimal guidance.

• Ability to work on a wide range of deliverables at once.

• Strong sense of ownership.

• Strong communication skills, both written and verbal.

• The ability to work with detail yet maintain a “big picture” perspective

• Ability to gather a wide range of information, filter, and then use it in making sound and balanced decisions.

• Strong business acumen

 

Skills

Action Planning, Adaptive Thinking, Agile Project Management, Data Compilation, Data Controls, Executing Plans, Financial Acumen, Identifying Customer Needs, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Negotiation, Policies & Procedures, Risk Management, Workflow Management

Competencies

Balances Stakeholders

Builds Effective Teams

Builds Networks

Business Insight

Communicates Effectively

Decision Quality

Ensures Accountability

Financial Acumen

Education

Honours Degree (Hons): Actuarial Science

Closing Date

06 July 2026 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

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