NIC Holdings Limited, formerly National Insurance Corporation, was established in 1964 as a government parastatal and has grown into a leading insurance and financial services provider in Uganda. In 2014, it was restructured into a Holding Company with two subsidiaries:
NIC General Insurance Company Ltd and NIC Life Assurance Company Ltd to comply with the Insurance (Amendment) Act of 2011, both maintaining the group’s strong reputation for excellence.
NIC is seeking to recruit a suitably qualified and experienced person to take up a position of Actuarial Officer.
Job Title:Actuarial Officer
Reports to : Chief Finance Officer & Chief Operations Officer
Location : Head Office
Purpose : The Actuarial Officer is responsible for providing actuarial, statistical and technical support to both NIC Life Assurance and NIC General Insurance to support sound pricing, product development, reserving, valuation and effective management of insurance risks.
The role involves conducting actuarial analyses, monitoring claims and underwriting experience, assessing portfolio performance and profitability, supporting reinsurance arrangements, and preparing actuarial reports and regulatory returns. The position will also provide data-driven insights to Management to inform product design, pricing decisions, business planning, capital management and overall financial sustainability while ensuring compliance with applicable regulatory and professional standards.
Key Result Areas:
Duties and Obligations
You will be required to do the following
Product Pricing and Development: Support the development, review and actuarial pricing of Life and General Insurance products to ensure competitiveness, adequacy and profitability.
Actuarial Valuations and Reserving: Assist in calculating and monitoring technical provisions, insurance liabilities and reserves in accordance with applicable actuarial standards and regulatory requirements.
Portfolio Performance Analysis: Analyse claims experience, mortality, morbidity, lapse rates, loss ratios and other portfolio indicators to assess business performance and profitability.
Risk Assessment and Management: Support the identification, measurement and monitoring of insurance risks, providing recommendations to strengthen underwriting and risk management practices.
Reinsurance Support: Conduct actuarial analysis to support reinsurance programme reviews, treaty negotiations, retention levels and assessment of reinsurance performance.
Financial and Regulatory Reporting: Prepare actuarial reports, statistical analyses and supporting information for financial reporting, regulatory submissions and management decision-making.
Data Management and Analysis: Ensure the accuracy, integrity and completeness of actuarial data and develop analytical models to support business forecasting and performance monitoring.
Product and Portfolio Monitoring: Conduct periodic reviews of existing insurance products, pricing assumptions and claims experience, recommending adjustments where necessary.
Business Planning and Forecasting: Provide actuarial inputs into budgeting, business planning, financial projections and assessment of the financial implications of proposed business initiatives.
Regulatory and Professional Compliance: Ensure actuarial work adheres to applicable IRA requirements, financial reporting standards, actuarial principles and relevant professional guidelines.
Technical Support and Collaboration: Work closely with Underwriting, Finance, Claims, Risk and Business Development teams across NIC Life and NIC General to provide actuarial insights and technical guidance.
Any Other Duties: Perform any other duties as may reasonably be assigned by Management in furtherance of the Company’s objectives.
Key Performance Indicators (KPIs)
A successful Actuarial Officer will be measured on:
Actuarial Accuracy: Accuracy and reliability of actuarial calculations, valuations, pricing models and technical provisions.
Product Pricing and Development: Timely completion of product pricing, reviews and actuarial support for new product development across NIC Life and NIC General.
Portfolio Performance Analysis: Timely analysis and reporting of claims experience, loss ratios, mortality, morbidity and portfolio profitability.
Reserving and Valuation: Accuracy and timely completion of technical reserves, insurance liabilities and actuarial valuations.
Regulatory Compliance: Timely and accurate submission of actuarial reports and supporting regulatory information in line with IRA requirements.
Reinsurance Support: Effective actuarial analysis and recommendations to support reinsurance arrangements, treaty reviews and retention decisions.
Data Quality and Reporting: Accuracy, integrity and timely delivery of actuarial data, reports and management information.
Risk Management Support: Identification and assessment of emerging insurance risks, with practical recommendations to improve underwriting and portfolio sustainability.
Business Planning Support: Timely provision of actuarial inputs for budgeting, financial projections and strategic business decisions.
Job Qualifications and Experience:
Academic Qualifications
Bachelor’s Degree in Actuarial Science, Statistics, Mathematics, Applied Mathematics, Economics or any other relevant quantitative discipline from a recognized institution.
Progress towards a recognized professional actuarial qualification (e.g. IFoA, SOA or equivalent) will be an added advantage.
Strong proficiency in statistical analysis, financial modelling and actuarial software applications.
Professional Qualifications
At least 4 papers progress towards professional actuarial qualification with a recognized actuarial body, such as the Institute and Faculty of Actuaries (IFoA), Society of Actuaries (SOA) or an equivalent recognized institution.
Membership or student membership of a recognized actuarial professional body will be an added advantage.
Demonstrated commitment to continuous professional development in actuarial practice and insurance.
Job skills and abilities:
Experience
Minimum of 2-3 years’ relevant experience in actuarial analysis, insurance, risk management or financial modelling, preferably within the life and general insurance industry.
Experience in insurance product pricing, technical reserving, actuarial valuations and portfolio performance analysis.
Working knowledge of claims analysis, loss ratios, mortality, morbidity and insurance risk assessment.
Experience in actuarial reporting, statistical modelling and preparation of regulatory information.
Proficiency in actuarial software, statistical tools and data analysis applications, with strong Excel skills.
Key Competencies and Skills
Strong actuarial, statistical and quantitative analytical skills.
Proficiency in financial modelling, data analysis and actuarial software.
Good understanding of Life and General Insurance products, pricing and reserving.
Strong knowledge of insurance risk assessment, claims analysis and reinsurance principles.
Excellent numerical, problem-solving and critical-thinking abilities.
Strong report writing, communication and presentation skills.
High attention to detail, accuracy and data integrity.
Ability to work collaboratively across departments while maintaining high levels of professionalism and regulatory compliance.
We are an equal opportunity organization; both male and female candidates are encouraged to apply.
Job application procedure:
If you have the aforementioned professional and academic qualifications and you are ready to execute the above mandate, kindly send your resume to the email address below indicating on the subject of your email the job title. For example: Ref: Application for Actuarial Officer
