Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in Mombasa in 1937. Jubilee Insurance has spread its sphere of influence throughout the region to become the largest Composite insurer in East Africa, handling Life, Pensions, general and Medical insurance.
Job Ref. No.
HRJIC647
Role Purpose
Responsible for the development of financial reporting under IFRS17 for Jubilee Life Companies in the Group.
Main Responsibilities
1. IFRS17 transition and reporting
- Technical implementation plan, budgeting, and project management.
- Gap analysis, business & financial impact analysis.
- IFRS17 methodology position papers: On options & recommendations under non-prescribed technical decisions e.g., Level of aggregation, contract boundaries, risk adjustment, investment components, reinsurance contracts approach etc.
- Preparing papers for management & board approval for transition approach, budget, system requirements etc.
- Disclosure preparation under IFRS17 reporting requirements
- Develop controls and documentation around estimates and judgement in IFRS17 implementation for data & results consistency, completeness, and accuracy.
- Determination of transition method from full retrospective, modified retrospective and fair value approaches.
- Model Jubilee financial statements under IFRS17 basis and comparatives to IFRS4.
2. System Set-Up
- Setting up of the general ledger for the reporting on IFRS17 and OFA software
- Training other members within the regional teams
- Mapping of accounts, development of accounting reports/disclosures, documentation, and communication
3. Projections and Budgeting
- Budget and control all IFRS17 costs
4. Financial & Regulatory reporting
- FRS17 inputs to regulatory reports i.e., Quarterly returns to IRA and tax computations for KRA
- Support stakeholders on all financial inputs and outputs (Actuarial, Finance, appointed actuary and audit/assurance teams) on IFRS17 reporting within monthly, quarterly & end year reporting timelines
5. Profit testing
- Work with the actuarial team on the profit-testing of the products under IFRS17 and give recommendations on optimal treatment of onerous contracts
- Risk assessment, management, and reporting under IFRS17 reporting
- Any other duties as maybe assigned from time to time
Key Competencies
- Visionary Entrepreneurial Spirit
- Customer Focus
- Continuous Innovation
- Ownership & Commitment
- Team Spirit
Qualifications
- Bachelor’s Degree in a Business-Related Field.
- CPA-K/ACCA Qualification
Relevant Experience
- Minimum of five years relevant experience in the insurance industry, two of which must be in financial reporting. Experience in the implementation of IFRS17 will also be an added advantage.
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