Actuary

GROUP RISK MANAGEMENT: QUANTS AND CAPITAL MODELLING – CORPORATE ACTUARY

This position forms part of the Quants and Capital Modelling team in the Group Risk Management department. The jobholder will be a qualified actuary (with at least 1-4 years PQE) with strong technical and interpersonal skills and experience in capital calculations.

The jobholder will report to a Senior Actuary in the Quants and Capital Modelling team and will work in a highly specialised team of actuaries and actuarial analysts who regularly interact with senior actuaries and executives across the Discovery Group. The jobholder will primarily be required to fulfil the deliverables of the Discovery Group Corporate Actuarial Function, which serves as the first line technical team relating to all actuarial matters at a Discovery Group level, including:

• Building, reviewing and running various models to calculate and project the Group’s funding position, regulatory and economic solvency position, as well as risk appetite metrics. This includes the calculation of the embedded value for Discovery Health and Discovery Vitality, performing the Discovery Group embedded value consolidation, and preparing the published embedded value statement.

In addition, the jobholder will be expected to support the other deliverables of the team as and when required:

• Group Actuarial Function - Review of various calculations and reports on behalf of the Head of the Actuarial Control Function for the Group as a whole and the relevant South African insurance entities, in particular, to support the Head of the Actuarial Function for Discovery Life.
• Group Risk Management Function – To support in the execution of the risk management function for the South African insurance entities; to perform and review measurements of risk exposures against Risk Appetite statements; to identify, scope and perform stress and scenario tests for the purposes of risk understanding and management, statutory reporting and business planning; to contribute to the preparation and review of the Own Risk and Solvency Assessment (“ORSA”) process and reporting.

Responsibilities

The jobholder’s responsibilities will include, but not be limited to, the following key activities:

• Act as part of the first line of defence against group-specific actuarial risks. This includes performing quantitative analyses against said risks and recommending sounds strategies for mitigation and management.
• Coordinating and recommending Group capital and funding requirements to the Group Executive Committee (via the Finance and Capital Committee, where appropriate) and the Board, including capital allocation decisions based on risk-adjusted performance measures.
• Developing and maintaining the Group and business-unit specific Operating Model Frameworks, including setting targets for growth, cash flow, capital management, and shareholder value metrics.
• Maintaining appropriate models and perform the necessary calculations for the Group level ORSA Calculations. The ORSA Calculations include regulatory capital calculations (current and projected), economic capital calculations (current and projected), risk appetite calculations, and stress and scenario testing.
• Contribution to other actuarial aspects of the Group and solo entity ORSAs.
• The calculation of the embedded value for Discovery Health and Discovery Vitality.
• Consolidation and preparation the Group Embedded Value Statement.
• To contribute as required to the Group’s full compliance with the requirements of the Insurance Act (and associated Prudential Standards) and international equivalents.
• Perform ad hoc qualitative and quantitative work relating to the Group Corporate Actuarial Function.

Key Performance Measures

• Work is conducted on time and accurately, with minimum rework and hands on guidance.
• Evidence of genuine thought leadership and implementation of improvements.
• Contribute meaningfully to the development and ongoing operation of the Group Corporate Actuarial Function.
• Production of regular and ad hoc analyses and reports relating to the Group Corporate Actuarial Function.
• Timely production of all required reports to the relevant governance structures within the organisation.

Skills and abilities

The successful candidate must demonstrate the following skills and abilities:

• Able to use technical and business knowledge to understand the risks inherent across all Discovery’s businesses.
• Able to comprehend, challenge, analyse, and develop complex actuarial models.
• Able to interpret, rationalise, and communicate the results of own work.
• Ability to communicate efficiently and effectively with business at all levels, both verbally and in writing.
• A good technical grounding in the concepts of valuations, capital requirements, and business projections for long- and short-term insurance and banking businesses.
• Delivery focussed, practical and pragmatic where necessary. Sound judgement of material and immaterial issues in relation to own work. Delivers work required on time and to a high standard with minimal rework.
• Good team player, able to work with other team members and independently to deliver the objectives of the team.

Qualifications and Experience

• Qualified Actuary (with at least 1-4 years PQE).
• Good knowledge of capital calculations and management in the insurance and/or banking industry.
• Knowledge of actuarial modelling tools (preferably Prophet) and coding experience (Python) will be beneficial.
• Sound knowledge of relevant legislation, including the Insurance Act, Prudential Standards, Solvency II, Basel, IFRS, as well as ASSA’s Advisory Practice Notes and Standards of Actuarial Practice.