Senior Accountant, Financial Reporting at Jubilee Insurance

Main Responsibilities

• 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 and comparatives to IFRS4.

System Set-Up

• Setting up of the general ledger for the reporting on IFRS17 and OFA software.
• Training other members within the Company.
• Mapping of accounts, development of accounting reports/disclosures, documentation, and communication.

Projections and Budgeting

• Budget and control all IFRS17 costs.

Financial & Regulatory Reporting

• IFRS17 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.

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.

Financial Reporting and Operations

• Preparing and maintaining monthly, quarterly, and annual returns to the Insurance Regulatory Authority 
• Preparing and reporting of management accounts (MKF) in line with IFRS 17.
• Assisting in annual budgetary process.
• Assist in the preparation of annual financial statements for statutory audit and external audits in line with IFRS 
• Preparing board presentations and documents

Key Competencies

• Ownership & Accountability
• Commitment
• Team Spirit
• Customer Focus
• Integrity
• Continuous Innovation

Qualifications

• Bachelor’s Degree in Commerce, Finance, Accounting, Economics, or any other related field.
• CPA-K or ACCA Qualification.
• Well versed with key accounting computer systems operations plus working on spreadsheets.
• Good understanding of IFRS 17 and experience in the implementation of IFRS 17 will be an added advantage.
• Good presentation and communication skills

Relevant Experience

• Minimum of five years relevant experience in the Financial Services Sector and 5 years’ experience in external audit at a supervisory level 
• Experience in reviewing and addressing gaps in insurance operations.