Job Description

My client in the global insurance space based in the Northern suburbs of Johannesburg is seeking a Financial Accountant to be part of their dynamic team.

This company is a global organization listed on the German stock exchange, making waves in the insurance industry. The successful candidate will need to be well-rounded with IFRS 17 exposure and be able to perform the day to day basic accounting functions for the business.

Duties and Responsibilities:

• Group reporting
• Regulations reporting
• Budgets and forecast
• Process income tax per client onto the general ledger
• Pay reinsurers and submit reinsurance bordereaux
• Prepare Balance Sheet reconciliations per client

IFRS 17 Accounting Policy and Methodology Papers:

• Drafting IFRS 17 position papers for insurance entities
• IFRS 17 outlines specific accounting policy choices an entity is required to make to set its methodology
• Premium allocation approach eligibility
• Liability for Remaining Coverage (LFRC) adjusted for financial risk and time value of money where a significant financing component exists
• Liability for Incurred Claims (LIC) adjusted for time value of money and financial risk where claim settlement delays exceed one year
• Presentation & Disclosure: Disaggregation of Insurance finance income and expense (P/L vs OCI)
• Recognition of acquisition cash flows (expense vs capitalise)
• Presentation & Disclosure: Determine the reporting frequency
• Risk adjustment: Disaggregation of risk adjustment (Insurance service result vs insurance finance income or expenses)
• Reinsurance: Presentation of income / expenses from reinsurance contracts held (present gross vs net)
• Identification and classification: Fixed fee service contracts
• Level of Aggregation: Defining the level of aggregation (Cohorts)

Skills and Qualifications:

• CA(SA) - Newly qualified
• 2 years of experience from an insurance space is essential
• Advanced Excel knowledge

For more information please contact:

Bhaviksha Manilall

Network Recruitment