Finance Manager

Recruiter / Employer: Jubilee Insurance
Contract: Permanent
Salary: Confidential
Status: Expired

Job Description/Requirements

Job Ref. No. HRJIC646 Position: Finance Manager

Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in Mombasa. 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. Today, Jubilee is the number one insurer in East Africa with over 450,000 clients. Jubilee Insurance has a network of offices in Kenya, Uganda, Tanzania, Burundi and Mauritius. It is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange. Its regional offices are highly rated on leadership, quality and risk management and have been awarded an AA- in Kenya and Uganda, and an A+ in Tanzania. For more information, visit www.JubileeInsurance.com. We currently have an exciting career opportunity for Finance Manager - Jubilee Life Insurance Limited. The position holder will report to the Chief Financial Officer and will be based at Head Office in Nairobi.

Role Purpose
Responsible for the oversight and development of financial reporting under IFRS17 for Jubilee Life Companies in the Group.

Main Responsibilities
1. IFRS17 transition and reporting
a) Technical implementation plan, budgeting, and project management.
b) Gap analysis, business & financial impact analysis.
c) 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.
d) Preparing papers for management & board approval for transition approach, budget, system requirements etc.
e) Disclosure preparation under IFRS17 reporting requirements
f) Develop controls and documentation around estimates and judgement in IFRS17 implementation for data & results consistency, completeness, and accuracy.
g) Determination of transition method from full retrospective, modified retrospective and fair value approaches.
h) Model Jubilee financial statements under IFRS17 basis and comparatives to IFRS4.

2. System Set-Up
a) Guide on the setting up of the general ledger for the reporting on IFRS17 and OFA software
b) Take lead on training other members within the regional teams
c) Take lead on the mapping of accounts, development of accounting reports/disclosures, documentation, and communication

3. Projections and Budgeting
a) Ensure expenditure falls within the budget and set-up controls for all IFRS17 costs

4. Financial & Regulatory reporting
a) IFRS17 inputs to regulatory reports i.e., Quarterly returns to IRA and tax computations for KRA
b) Ensure support of 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
a) Work with the actuarial team on the profit-testing of the products under IFRS17 and give recommendations on optimal treatment of onerous contracts
b) Risk assessment, management, and reporting under IFRS17 reporting
6. Any other duties as maybe assigned from time to time

Key Competencies
1) Visionary Entrepreneurial Spirit
2) Customer Focus
3) Continuous Innovation
4) Ownership & Commitment
5) Team Spirit

Qualifications
1) Bachelor’s Degree in a Business-Related Field.
2) CPA-K/ACCA Qualification Relevant Experience
Minimum of seven years relevant experience in the insurance industry, two of which must be a lead in financial reporting. Experience in the implementation of IFRS17 will also be an added advantage.

If you are qualified and seeking an exciting new challenge, please apply via [email protected] quoting the Job Reference Number and Position by 6th August 2021.

Only shortlisted candidates will be contacted.

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