Actuarial Control Function Head

Job Description

Responsible for performing all functions of the Head of Actuarial Control Function (HAF) as set out in regulations and actuarial guidance.

Deep experience of a wide range of Actuarial topics such as experience investigations, pricing, reserving, capital, embedded value calculations and IFRS17 are required.

Work closely with first line teams to raise the overall actuarial posture of the business.

Advise senior management and board committees on actuarial matters and will be expected to be comfortable engaging in such forums and to build impactful relationships.

Hello Future, Actuarial Control Function Head,

Welcome to FNB, the home of the #changeables. We design for the shapeshifters and deliver products and services that make us incredibly proud of people that make it happen.

As part of our team in FR Life Assurance, you will be surrounded by unique talents, diverse minds, and an adaptable environment that lives up to the promise of staying curious. Now's the time to imagine your potential in a team where experts come together and ignite effective change.

• Appointment as Head of Actuarial Function for life insurer
• All duties and responsibilities as described in Prudential Standard GOI3 and all relevant actuarial guidance including Actuarial Practice Note 106
• Work with other control functions of insurer to manage risk profile of insurer
• Advise the Asset, Liability and Capital Committee and Board on actuarial matters and provide reports and outputs as required
• Model validation of pricing and reserving models (Excel, Prophet models etc)
• Review of technical provisions, minimum capital requirements and solvency capital requirements
• Review of balance sheet management assumptions and recommendations for solvency and pricing exercises
• Review of Embedded Value, Analysis of Surplus and other actuarial valuations
• Review of Policies
• Technical review of Own Risk and Solvency Assessments (ORSA)
• Review of compliance with Prudential Standards and advise business on how standards apply for new products
• Produce actuarial reports for internal and Board committees
• Ad hoc research on Actuarial developments
• Challenge and review of actuarial models and assumptions developed for IFRS17
• Manage a team of actuaries and actuarial students to comply with results
• Raise the actuarial posture of the life insurer and provide specialist life expertise to the wider FirstRand group if required

Qualifications

• Appropriate Actuarial Degree
• Fellow of the Actuarial Society of South Africa
• Life practising certificate (or eligible and willing to apply on appointment).

Experience and Skills

• Qualified actuary with experience in valuations, capital or pricing at a life insurer or consultancy.
• Prior experience as Head of Actuarial Function will be advantageous but not required
• Experience in dealing with senior stakeholders
• Experience in audit and or validations will be advantageous.
• Experience with Prophet valuation software will be advantageous
• Strong technical, analytical and communication skills
• Strategic thinking capability and leadership
• Relationship management and collaboration at multiple levels
• Strong conflict management and facilitation skills
• At least 10 years life insurance experience

Job Details

Take note that applications will not be accepted on the below date and onwards, kindly submit applications ahead of the closing date indicated below.

12/11/25

All appointments will be made in line with FirstRand Group's Employment Equity plan. The Bank supports the recruitment and advancement of individuals with disabilities. In order for us to fulfill this purpose, candidates can disclose their disability information on a voluntary basis. The Bank will keep this information confidential unless we are required by law to disclose this information to other parties.