Actuary - Life Pricing & Product Development at the African Reinsurance Corporation (Africa Re)

The African Reinsurance Corporation (Africa Re) is the leading African reinsurance company with headquarters in Lagos (Nigeria). Africa Re has six regional offices: Casablanca (Morocco), Abidjan (Côte d'Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius). The Corporation equally has two subsidiaries: African Reinsurance Corporation South Africa Ltd in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt) and one Local Office in Addis Ababa (Ethiopia).

Africa Re has a broad-based shareholding comprising 41 African member States, the African Development Bank (AfDB), 114 African insurance and reinsurance companies and three non-regional shareholders, including leading global insurers and reinsurers. The Financial Strength and Credit Rating of Africa Re is A by A.M. Best and A – by Standard & Poor’s.

We are recruiting to fill the position below:

Job Title: Actuary - Life Pricing & Product Development

Location: Lagos, Nigeria

Job Responsibilities

• The successful candidate shall report to the Director of Life Operations and will be responsible for pricing and product development of the life reinsurance portfolio across the corporation.
• The incumbent will also act as marketing actuary, providing support to life underwriters.
• The holder of this position will be required to have in-depth knowledge of the life reinsurance market across most African countries, including awareness of the legal and regulatory framework

Job Duties / Details
The main duties of the job holder shall comprise, amongst others, the following:

• Contribute to product development, design, and expansion
• Actuarial support for the life department including development of pricing bases and actuarial process improvement analyses and tools.
• Review/monitor the profitability of business lines and recommend strategic actions as necessary (products, pricing basis, etc.).
• Provide input into reserving for the life portfolio.
• Provide input to other functions (underwriting, other actuarial functions, finance, claims etc.) as relates to the life portfolio.
• Provide support on retrocession needs analysis, perform data analyses and assist with decision-making on retrocession purchases for the life portfolio.
• Support the development and execution of the Life team’s strategy.
• Monitor the performance of the life portfolios and improve governance standards.
• Assist cedants with design and development of new Life insurance products & client presentations.
• Develop eye for business in order to become a source of technical knowledge and advice for life reinsurance across the Corporation.
• Participate actively in market initiatives regarding mortality tables, pricing and other standard setting initiatives.
• Perform any other duty that may be assigned by Supervisors or Group Management.

Qualification and Experience
Applicants shall be holders of:

• First Degree in Mathematics, Actuarial Science, Statistics or other related numerate fields with a minimum of 7 years actuarial experience in a Life insurance or reinsurance company or actuarial consulting firm OR at least 3 years of experience working in a life pricing or product development role.
• Associate or substantial progression to achieving Associateship / Fellowship of an internationally recognized actuarial examining body.
• Experience working in an international insurance or reinsurance company AND experience in Life re/insurance treaty pricing, portfolio profitability analysis and costing model and tool development will be an added advantage.

Main Competencies:

• Deeply knowledgeable about life insurance and know-how to implement technical solutions and products.
• Commercially minded.
• Client-centric and experience working with external parties.
• Proficient in MS Excel. Programming experience in VBA, Python, C#, SQL and/or R is beneficial.
• Able to present complex topics clearly to a variety of stakeholders
• Enthusiastic about working with international colleagues in a multi-cultural environment.
• Experience in pricing/monitoring a range of life products, good understanding of GAAP, IFRS and also capital solutions would be a plus.
• Committed to quality, accuracy and speed.

Additional Requirements:
Applicants must have:

• Effective communication and interpersonal skills for collaboration and clear presentation.
• Commercial awareness and client-centric approach for product development.
• Deep understanding of life insurance concepts and regulations to develop technical solutions.
• Enthusiastic about multicultural collaboration and proficient in MS Excel and programming languages.
• Commitment to quality, accuracy, and adaptability in dynamic industry environments.
• Strategic thinking and problem-solving abilities for portfolio analysis and strategy execution.
• Attention to detail and analytical mindset for data analysis and governance improvement.
• Continuous learning mindset to stay updated on industry trends and methodologies.
• Proficient in English communication; French proficiency is an added advantage.

Salary and Benefits
The successful candidate shall have the following benefits:

• Competitive Basic Salary
• Variable pay (Annual Performance Bonus)
• Joint contribution to the Provident Fund (7% of the basic salary paid by staff and 14% by the employer)
• Housing Allowance
• Medical cover for staff and family
• Home leave to country of origin every year paid by the employer, if non-national
• Children education subsidy for each child up to 26 years (maximum 4 children)
• Duty Post Differential (Cost of Living Allowance), that may increase or decrease depending on the economic situation and result of surveys

Application Closing Date
21st May, 2024.

How to Apply
Interested and qualified candidates should:
Click here to apply online

Note

• Africa-Re is an equal-opportunity employer and offers a good working environment commensurate with international organizations.
• The Corporation reserves the right to appoint at the advertised grade level or at any other level that may suit the profile, qualifications, and experience of the successful candidate.