Job Summary
The Specialist, Financial Reporting (Actuarial) is responsible for the timely, accurate and compliant execution of actuarial valuations, financial reporting, regulatory reporting and management information for the life insurance business. The role performs actuarial analysis, modelling, experience investigations and reporting activities; supports product profitability, budgeting and forecasting; and operates robust data, model and reporting controls. The role prepares and quality-assures outputs for review by the Manager, Capital Management and Reporting and escalates material issues, judgements and exceptions through the approved governance process.
Key Responsibilities
Financial Reporting and Valuation
Support delivery of statutory, regulatory and management actuarial valuations within agreed timelines.
Coordinate assigned actuarial reporting processes and ensure results are accurate, complete, reconciled and appropriately documented.
Prepare and review actuarial reports and inputs for monthly, quarterly and annual financial reporting cycles.
Analyse actuarial results against prior periods, budgets, forecasts and business expectations and prepare clear movement commentary.
Work with Finance to reconcile actuarial and financial reporting outputs and resolve differences on a timely basis.
AIFRS 17 Reporting
Produce, analyse and report IFRS 17 results and disclosures in accordance with approved methodologies and controls.
Calculate and review Fulfilment Cash Flows, Risk Adjustment and Contractual Service Margin where applicable.
Analyse movements in IFRS 17 balances and explain material drivers for management and financial reporting.
Prepare actuarial information required for annual financial statements and external reporting.
Support responses to IFRS 17 audit and stakeholder queries, maintaining complete working papers and evidence.
Actuarial Liability Management
Perform calculations and analysis supporting valuation of insurance liabilities for group and individual life business.
Review actuarial assumptions and investigate variances in valuation results.
Validate actuarial data, assumptions and valuation outputs and escalate material issues to the Manager, Capital Management and Reporting for review and approval routing.
Monitor actuarial reserves and emerging experience trends and recommend further investigation or action.
Experience Investigations and Profitability Analysis
Conduct mortality, withdrawals, expense and claims experience investigations.
Monitor trends affecting product profitability and actuarial assumptions.
Analyse the performance and profitability of existing and newly launched products.
Provide actuarial insight and recommendations to support business decision-making.
Investigate business performance variances and emerging actuarial risks.
Product Development and Pricing Support
Participate in product development through actuarial modelling, profitability analysis, pricing support and sensitivity testing.
Assess the financial implications and sustainability of new product proposals.
Support product reviews to assess continued competitiveness, customer value and profitability.
Assist with user acceptance testing and actuarial validation of products configured in administration and valuation systems.
Monitor product performance and recommend enhancements through the Manager.
Expense Analysis, Budgeting and Forecasting
Monitor expense allocations and per-policy expense levels across products.
Perform expense investigations and variance analysis to identify emerging trends and risks.
Support review of expense assumptions used in pricing and valuation models.
Provide actuarial projections and analysis for budgeting, forecasting and business planning.
Contribute actuarial input to long-term financial projections and scenario analysis.
Regulatory Reporting and Compliance
Prepare actuarial returns and regulatory submissions required by the Insurance Regulatory Authority and other relevant authorities for review and approval.
Operate in accordance with the Insurance Act, applicable actuarial and financial reporting standards, regulatory requirements and internal policies.
Support implementation of regulatory and reporting changes affecting assigned activities.
Provide information to the external or appointed actuary and internal stakeholders through the Manager.
Support responses to regulatory reviews and information requests.
Data Governance and Quality Assurance
Perform data validation, reconciliation and quality-assurance checks for actuarial reporting.
Investigate and resolve data anomalies affecting calculations and reporting, escalating material or recurring issues.
Maintain evidence of data checks, controls, exceptions and resolution.
Recommend improvements to actuarial data quality, ownership and governance.
Model Governance and Controls
Maintain, test and enhance actuarial models used for valuation, pricing and financial reporting within approved access and change controls.
Comply with model governance standards, documentation requirements and independent review arrangements.
Participate in model testing, validation and controlled implementation of changes.
Identify and escalate model risks, limitations and control weaknesses.
Investment-Linked Fund Administration Support
Review unit pricing calculations and supporting controls in accordance with approved governance processes.
Verify the accuracy and completeness of unit pricing information before submission through the approval process.
Investigate pricing exceptions or discrepancies and document resolution.
Adhere to established mandates, controls and escalation requirements for investment-linked fund administration.
Audit, Risk and Governance
Support internal and external audits relating to actuarial and financial reporting activities.
Implement assigned audit recommendations and corrective actions within agreed timelines.
Identify, assess, document and escalate actuarial, reporting and operational risks.
Maintain documentation supporting actuarial review, audit and regulatory inspection.
Promote adherence to actuarial governance standards, company policies and internal controls.
Collaboration and Continuous Improvement
Work closely with Finance, Risk, Investments, Operations, IT and Data teams to deliver integrated and reliable reporting.
Provide technical guidance to analysts or colleagues where delegated, without assuming formal people-management accountability.
Identify opportunities to automate and simplify reporting while preserving appropriate review and controls.
Maintain current technical knowledge and share relevant learning with the actuarial team.
Qualifications
Bachelor’s degree in actuarial science, Statistics, Mathematics, Engineering or a related quantitative discipline.
Progress toward qualification with a recognised actuarial professional body such as IFoA, ASSA, SOA or equivalent.
Minimum seven actuarial examinations pass or an equivalent level of progress toward professional qualification.
Demonstrated experience in actuarial valuations, financial reporting and experience investigations.
Exposure to regulatory reporting, actuarial governance, modelling and reporting systems.
Experience
Minimum 5 years of relevant actuarial experience in life insurance, financial services or actuarial consulting.
Competencies
Technical Competencies
Financial Reporting and IFRS 17
Actuarial Valuation
Experience Investigations
Data Analysis and Interpretation
Product Profitability and Pricing Analysis
Regulatory Reporting
Actuarial Modelling and Scenario Testing
Risk, Governance and Control Awareness
Behaviourial Competencies
Analytical Thinking
Attention to Detail
Commercial Acumen
Problem Solving
Accountability
Stakeholder Management
Planning and Organizing
Effective Communication
Team Collaboration
Continuous Improvement
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Minimum qualifications
BA/BSc/HND , Professional Certificate
Requirements
If you meet the above requirements, you are encouraged to forward your application and updated CV to
vacancies@heritage.co.ke
by
24th September 2026
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