JOB DESCRIPTION- HEAD, ACTUARIAL SERVICES

Job Title: Head, Actuarial Services

Industry: Insurance & Financial Services

Location: Nigeria

Employment Type: Full-Time

Reports To: Executive Management

Remuneration: Competitive

Client Overview

Our client is a leading Nigerian insurance group offering a broad portfolio of insurance solutions across life, general and special risk businesses. The organisation is licensed to underwrite various classes of insurance, including fire and special perils, goods-in-transit, all-risk insurance and other specialised insurance solutions.

The organisation is committed to delivering sustainable value through sound risk management, technical expertise, customer-focused solutions and strong corporate governance.

Role Overview

The Head, Actuarial Services will provide strategic actuarial leadership across the organisation, ensuring that actuarial analysis, risk assessment, pricing, reserving and financial modelling support sound business and management decisions.

The successful candidate will serve as a key technical adviser to senior management, translating complex actuarial information into commercially relevant insights while ensuring compliance with applicable regulatory and professional standards.

Key Responsibilities

Actuarial Leadership

• Provide strategic direction for the actuarial function and ensure alignment with the organisation's overall business objectives.
• Establish robust actuarial methodologies, processes and governance frameworks.
• Provide expert actuarial advice to executive management and relevant business units.
• Lead the development and continuous improvement of actuarial policies and procedures.

Valuation & Reserving

• Oversee the valuation of insurance liabilities and technical provisions.
• Ensure appropriate methodologies and assumptions are applied in determining reserves.
• Review reserve adequacy and identify emerging trends that may affect the organisation's financial position.
• Provide actuarial insights into claims development, liabilities and future obligations.

Pricing & Product Development

• Lead actuarial input into the pricing of insurance products.
• Evaluate product profitability, pricing assumptions and expected financial outcomes.
• Support the development and review of new and existing insurance products.
• Monitor pricing performance and recommend adjustments where required.

Financial & Business Analysis

• Provide actuarial analysis to support business planning, budgeting and forecasting.
• Develop financial models to assess business performance and future scenarios.
• Evaluate the financial implications of strategic and commercial decisions.
• Provide management with actionable insights from actuarial and business data.

Risk Management & Capital

• Support the organisation's assessment of insurance and financial risks.
• Conduct scenario analysis and stress testing to evaluate potential exposures.
• Provide actuarial input into capital management and solvency assessments.
• Identify emerging risks and recommend appropriate mitigation strategies.

Regulatory & Governance

• Ensure actuarial activities comply with applicable regulatory requirements and professional standards.
• Prepare and review actuarial reports and submissions required by relevant regulatory authorities.
• Maintain appropriate documentation supporting actuarial assumptions, methodologies and conclusions.
• Promote strong governance and control within the actuarial function.

Data, Modelling & Analytics

• Strengthen the use of actuarial models and analytical tools in business decision-making.
• Ensure integrity, reliability and consistency of data used for actuarial analysis.
• Introduce improved modelling techniques and analytical approaches where appropriate.
• Translate complex actuarial outputs into clear business recommendations for non-technical stakeholders.

Team Leadership & Capability Building

• Lead, coach and develop the actuarial team.
• Establish clear performance objectives and technical development plans.
• Build a culture of accuracy, professional excellence and continuous learning.
• Support succession planning and development of actuarial talent within the organisation.

Key Deliverables

• Success in this position will be measured by:
• Accuracy and adequacy of actuarial valuations and reserves.
• Effectiveness of pricing and profitability analysis.
• Quality and timeliness of actuarial reports.
• Strength of actuarial risk and capital assessments.
• Compliance with regulatory and professional requirements.
• Quality of actuarial insights supporting strategic decisions.
• Development and performance of the actuarial team.

Education & Professional Qualification

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, Economics, Finance or a related quantitative discipline.
• Recognised professional actuarial qualification is required.
• Membership of a recognised actuarial professional body is an advantage.

Experience

• Significant professional experience within actuarial services, preferably within the insurance industry.
• Proven experience in actuarial valuation, reserving, pricing, modelling and financial analysis.
• Experience leading or managing an actuarial function or team.
• Strong exposure to insurance risk, capital assessment and regulatory reporting.
• Experience working with senior management and cross-functional stakeholders.

Core Competencies

• Technical
• Actuarial Modelling & Valuation
• Insurance Pricing
• Reserving & Liability Assessment
• Financial Modelling
• Risk & Capital Analysis
• Forecasting & Scenario Analysis
• Actuarial Reporting
• Leadership
• Strategic Thinking
• People Leadership
• Commercial Acumen
• Stakeholder Management
• Decision-Making
• Professional Judgement
• Communication & Presentation
• Problem Solving

Application Note: Candidates with strong experience in actuarial leadership within life, general insurance, pensions, or related financial services environments are encouraged to apply.