Head: Sanlam Retail Mass

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 Financial Officer on regular basis

2. Retail Mass SAM reporting
Review and approval of SAM results for SDM, Safrican and African Rainbow Life licences on a regular reporting basis (quarterly)
Co-ordinate SAM results with Sanlam Group
Review and approve stress and scenario testing results

3. Retail Mass product & business investigations
Review and update of valuation basis
Investigate viability of new ventures and provide ongoing actuarial support to business development initiatives

4. Balance Sheet management
Investigate enhancing value of in-force book
Implement Reinsurance strategy
Implement Investment strategy (mandates, unit pricing, asset-liability matching)
Consider TCF implications - including legacy book review
Implement proposed actions relating to Smoothed Bonus Product review

5. Retail Mass business support
Contribute to implementation of strategic initiatives set by Retail Mass Exco
Provide relevant management information for business decision-making
Provide and maintain strategic focus areas for the Retail Mass actuarial team
Responsible for policy value calculations to Retail Mass product range and input into Retail Mass’s legacy product review

6. People management
Ensure adequate training and development of staff members
Ensure continued performance management of staff
Perform regular administrative duties of line manager
Working closely with Retail Mass Exco team to provide strategic direction
Working closely with the Retail Mass Finance team to ensure all reporting deliverables are met
What will make you successful in this role?

**Role Requirements**:Qualifications**:
An Actuarial Fellowship qualification

**Experience & Knowledge**:
Minimum 5 year’s post qualification experience
Strong interpersonal and people management skills
Experience in an actuarial reporting including IFRS, EV and SAM bases
Experience on an Exco level would be an advantage
Good knowledge of Retail Mass’s products would be an advantage
Good knowledge of SAM specifications and processes would be an advantage

**Personal attributes and Competencies**:
Strategic thinking
Strong technical and operational ability
Strong operational process focus
Good attention to deta