SAZ: Head of Actuarial Function

Role Introduction

• Sanlam's Group Actuarial, Risk and Balance Sheet Management team is recruiting a Head of Actuarial Function for SanlamAllianz SAZ. The role is based at Sanlam's offices in Bellville or Sandton.
• The SAZ HAF role is a second line of defence role, relying heavily on the SAZ in-country and South African first line actuarial function to carry out responsibilities. The role reports to the Sanlam Group HAF.

Role Activities

Review and attest to the reliability and adequacy of the insurance liabilities and capital requirements of SAZ and a number of its insurance businesses, including by:

• Assessing the appropriateness of the methodologies and models used and assumptions made;
• Reviewing the sufficiency and quality of the data used in the calculations;
• Comparing best estimates against experience when evaluating liabilities;
• Overseeing approximations used in the calculations of liabilities and the capital requirement;
• Expressing an opinion on the asset-liability management policy;
• Expressing an opinion on the underwriting risk management policy;
• Expressing an opinion on the reinsurance and other forms of risk transfer policy and the adequacy of the reinsurance arrangements;
• Expressing an opinion on the actuarial soundness of premiums, benefits and any other values thereof, including the awarding of bonuses to policyholders. Ensure customer interests are protected during product design and pricing, bonus declarations, etc.

Role Activities

• Participation in and adding value to in-country actuarial committees and product committees.
• Act as the statutory actuary for life insurers where required and permitted by local regulatory requirements. Engage with the external statutory actuary where relevant.
• Provide input and feedback to local industry bodies, regulators, and other stakeholders on actuarial matters – e.g. regulatory engagements on capital requirements.

Implement and facilitate consistency of actuarial principles and standards between insurers in the Group:

• Actuarial assumptions
• Model standards and governance
• Some travel required, especially where appointed as the statutory actuary.

Qualifications

• Fellow of the Actuarial Society of South Africa or similar qualification.
• A practising certificate issued by the Actuarial Society of South Africa. Alternatively, the candidate must be in a position to be issued one.

Knowledge

• Knowledge and understanding of actuarial best practices and frameworks, and their practical application.
• Valuation methodologies, in particular Solvency Assessment and Management SAM, embedded values, IFRS 17 and IFRS 9.
• The candidate will need to know, or learn, product design, product rules, capital regimes, etc. of African jurisdictions outside of South Africa.
• Ability to communicate in French would be an advantage.

Experience

• Appropriate valuation experience.

Competencies

• Strategic decision making
• Analytical thinking
• Excellent verbal and written communication skills in English
• Influencing / gaining commitment: The SAZ HAF relies heavily on the SAZ in-country and South African first line actuarial function to carry out responsibilities.
• Environmental awareness / business acumen
• Negotiation

Closing date for applications: 28 October 2026.