Background information about the job or company (e.g., role context, company overview)

Madison Group Limited is a locally owned financial services holding company that specializes in Insurance and wealth management services. The Group comprises of Madison Life Assurance Kenya Limited, Madison General Insurance Kenya Limited, and Madison Investment Managers Limited. Madison Life Assurance Kenya was originally incorporated under Kenyan Laws in 1988 as Madison Insurance Company Limited (MICK) after a successful merger between Crusader Plc (1974) and Kenya Commercial Insurance Corporation.

Responsibilities or duties

The job holder will be responsible for performing actuarial analyses, developing models and providing insights that support sound business decision-making while ensuring compliance with applicable actuarial standards and regulatory requirements.

• Lead the preparation of monthly, quarterly and annual actuarial valuations, including reserve adequacy assessments and technical reserve monitoring.
• Prepare actuarial reports for Management, Board Committees, regulators, and other stakeholders.
• Support the preparation of IFRS 17 financial results, disclosures and Financial Condition Reports (FCR).
• Prepare actuarial assumptions and IFRS 17 projections to support the Company’s budgeting, forecasting, business planning, and strategic decision-making.
• Perform capital modelling, stress testing, solvency assessments and capital optimization analyses.
• Prepare and submit statutory actuarial reports and regulatory returns within prescribed timelines.
• Coordinate actuarial audits, including data preparation, assumption setting, validation of valuation results, and implementation of audit recommendations.
• Liaise with the Insurance Regulatory Authority (IRA), external auditor, appointed actuary, and other stakeholders.
• Conduct business experience investigations, profitability analyses, pricing reviews, and portfolio performance monitoring.
• Develop, maintain and enhance actuarial models, predictive pricing models, dashboards, and reporting tools.
• Provide actuarial advice and technical support to Underwriting, Claims, Finance, Reinsurance, Risk, and Executive Management.
• Present actuarial analyses and recommendations to management and Board Committees to support business decisions.
• Supervise, mentor and develop junior actuarial staff.
• Ensure compliance with IFRS 17, actuarial standards of practice, Insurance Act requirements, IRA regulations, and internal governance policies.

Qualifications or requirements (e.g., education, skills)

Experience needed

• Minimum of 4–6 years’ relevant actuarial experience in the insurance or financial services industry.
• Relevant experience in life, general, or health insurance.
• Demonstrated experience in actuarial modelling, pricing, reserving, financial reporting and/or risk management.
• Technical actuarial expertise.
• Analytical and problem-solving skills.
• Leadership and people management.
• Business acumen and stakeholder management.
• Communication and professionalism.

Academic and Professional Qualifications required

• Bachelor’s degree in Actuarial Science, Statistics, Mathematics, or a related quantitative discipline.
• Progress towards qualification in either Institute and Faculty of Actuaries (IFoA) or Society of Actuaries (SOA).
• A member of Actuarial Society of Kenya.
• Sound knowledge of IFRS 17 and its application in insurance valuation, financial reporting, actuarial modelling and regulatory compliance.

• Lead the preparation of monthly, quarterly and annual actuarial valuations, including reserve adequacy assessments and technical reserve monitoring.
• Prepare actuarial reports for Management, Board Committees, regulators, and other stakeholders.
• Support the preparation of IFRS 17 financial results, disclosures and Financial Condition Reports (FCR).
• Prepare actuarial assumptions and IFRS 17 projections to support the Company’s budgeting, forecasting, business planning, and strategic decision-making.
• Perform capital modelling, stress testing, solvency assessments and capital optimization analyses.
• Prepare and submit statutory actuarial reports and regulatory returns within prescribed timelines.
• Coordinate actuarial audits, including data preparation, assumption setting, validation of valuation results, and implementation of audit recommendations.
• Liaise with the Insurance Regulatory Authority (IRA), external auditor, appointed actuary, and other stakeholders.
• Conduct business experience investigations, profitability analyses, pricing reviews, and portfolio performance monitoring.
• Develop, maintain and enhance actuarial models, predictive pricing models, dashboards, and reporting tools.
• Provide actuarial advice and technical support to Underwriting, Claims, Finance, Reinsurance, Risk, and Executive Management.
• Present actuarial analyses and recommendations to management and Board Committees to support business decisions.
• Supervise, mentor and develop junior actuarial staff.
• Ensure compliance with IFRS 17, actuarial standards of practice, Insurance Act requirements, IRA regulations, and internal governance policies.

• Technical actuarial expertise.
• Analytical and problem-solving skills.
• Leadership and people management.
• Business acumen and stakeholder management.
• Communication and professionalism.

• Bachelor’s degree in Actuarial Science, Statistics, Mathematics, or a related quantitative discipline.
• Progress towards qualification in either Institute and Faculty of Actuaries (IFoA) or Society of Actuaries (SOA).
• A member of Actuarial Society of Kenya.
• Sound knowledge of IFRS 17 and its application in insurance valuation, financial reporting, actuarial modelling and regulatory compliance.