ACTUARIAL SERVICES MANAGER
Madison Life Assurance Kenya Limited, a subsidiary of Madison Group Limited, is a well-known provider of life assurance, group schemes and pension administration in Kenya. The Group also provides through two other subsidiaries, general insurance underwriting as well as fund management services.
The Company is recruiting for the position of Actuarial Services Manager reporting to the Managing Director. The job holder will be based at its Head Office in Madison House, Nairobi.
Key Responsibilities:
1. Actuarial Valuation and Regulatory Reporting
- Complete the internal implementation of the IFRS 17 standard.
- Lead the timely and accurate monthly valuation of actuarial liabilities.
- Ensure sufficient quality of valuation data used to calculate actuarial liabilities through data checks and clean-up.
- Ensure the methodologies implemented in the valuation are robust and best practice.
- Perform solvency calculations.
- Review the appointed actuary’s results and statutory reports.
- Provide timely and accurate regulatory reporting inputs.
- Present the various actuarial reports to the board.
2. Experience Analysis
- Perform investigations on mortality, lapse, expense and investment returns.
- Perform analysis of surplus to investigate deviations of the actual experience from the expected experience.
- Incorporate the findings from the experience analysis in updating assumptions on expected experience, and provide advice to relevant stakeholders.
3. Strategy and Budgeting
- Provide projections for actuarial liabilities, premiums, claims and investment income that are consistent with the experience and business strategy.
- Monitor the actual experience vs the budget to identify the causes of any deviations.
- Advise management on the impact of inputs on the overall strategy.
4. Product Development and Monitoring
- Engage management on prospective products to develop.
- Conduct pricing of new products ensuring profitability.
- Regularly monitor profitability of existing products based on current experience, and reprice if necessary.
- Assist business development in pricing of group life products to ensure profitability.
- Develop and update comprehensive quotation models for the sales team.
- Engage with the regulator on product approvals.
5. Balance Sheet Management
- Develop the Asset Liability Matching Policy and regularly monitor the extent to which the company’s assets match its liabilities.
- Conduct solvency projections to advise management on asset portfolio structuring.
- Perform reinsurance analysis to optimize reinsurance arrangements.
- Perform sensitivity, scenario and stress testing on the actuarial liabilities to identify the key assumptions for pricing and key inputs that the business should monitor.
Academic and Professional Qualifications required
- University Degree in Actuarial Science or any other related field.
- A Master’s degree in Actuarial Science or related field will be an added advantage.
- Advanced progression with actuarial exams (minimum of 11).
- At least 10 years’ experience in an Actuarial function with experience in valuations, IFRS 17 and product development.
Key Competencies
- Good Project management and report writing skills.
- Good knowledge of insurance industry and emerging trends.
- Strong analytical and problem-solving skills.
- Good communication skills.
- Ability to work well in a team.
Qualified candidates are requested to forward their CV, Cover letter and details of their current renumeration to [email protected] not later than 5 th September 2025 stating the Role as the Subject of the email.
Your privacy matters to us at Madison Group Limited, as part of our hiring process your personal data will be processed in line with our Recruitment Privacy Notice, which is available at https://www.madison.co.ke/careers/.
Madison Life Assurance Kenya Limited is an equal opportunity employer, committed to diversity and inclusion in the workplace. All qualified applicants will receive fair consideration for employment based on merit, skills and experience.
