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

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• Company:
• Location: Nigeria
• State:
• Job type: Full-Time
• Job category:

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.

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