Head: Sanlam Retail Mass : Actuarial

2 years ago2961 views
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General Details
Advertised By:Agency
Job Type:Contract
Description

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Location: Bellville, Western Cape, South Africa

Who are we?

Sanlam Developing Markets (SDM) (a wholly-owned subsidiary of Sanlam Life Limited) is one of the top financial services providers in the South African entry-level and emerging middle market. It aims to understand the unique requirements of clients and offers a wide range of simple and affordable financial solutions that cover needs such as funeral insurance, savings for education, life cover and personal accident plans. In terms of the Sanlam Group Governance Policy, SDM is managed by the SA Retail Mass cluster, which is part of the Sanlam Life and Savings cluster within the Sanlam Group. The cluster focusses on retail porducts, as well as group schemes.

Business Description:

The Sanlam Retail Mass cluster is responsible for Sanlam’s entry level market business in South Africa. SLS provides clients across different market segments (entry-level, middle-income, affluent, professional market and business owners) with a comprehensive range of appropriate and competitive financial solutions. These include traditional life insurance risk and savings products, investment, retirement, health and fiduciary services. Designed to facilitate long-term wealth creation, protection and niche financing, these solutions are engineered around client needs. 

To allow clients to live with confidence, we believe in creating and cultivating a positive, energised working environment that gives you every opportunity to achieve success. Sanlam is committed to transformation and embracing diversity. This commitment is what drives us to achieve a diverse workplace with employment equity as a key goal to create an inclusive workforce, representative of the demographics of our society as well as people with disabilities.
 

What will you do?

Output/Core Tasks:
The Retail Mass business currently generates approximately R1bn of operating profit and R950m of VNB per annum. It is a key contributor to the SLS and Sanlam Group results. You will be responsible for the Actuarial Reporting function producing these results as per the following detailed responsibilities:

1. Retail Mass IFRS and EV reporting 
Review and approval of IFRS, SVM and EV results for 2 life licences within the Sanlam Group – SDM and Safrican/African Rainbow Life licences - on a regular reporting basis (monthly/quarterly)
Review and approval of management and statutory reporting results
Provide relevant information and feedback to auditors/management/finance
Perform Analysis of Surplus and Analysis of Change in VNB for management purposes
Review and propose bonus declarations on Retail Mass smoothed bonus products
Review and approve EV and VNB calculations for Safrican business
Review and approve Budget results on VNB and Operating profits
Engage and discuss results with Statutory actuary and Chief Financ

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