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Senior Accountant, Financial Reporting at Jubilee Insurance

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Job Ref. No. JHIL011
Position: Senior Accountant, Financial Reporting

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 Senior Accountant, Financial Reporting within Jubilee Health Insurance Limited. The position holder will report to the Chief Financial Officer and will be based at Head Office in Nairobi.

Role Purpose
The role holder will be responsible for the development and implementation of financial reporting under IFRS 17 for Jubilee Health Insurance Company and will assist in ensuring seamless financial operations and adoption of IFRS 17 for the company.

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 and comparatives to IFRS4.
  2. System Set-Up
    a) Setting up of the general ledger for the reporting on IFRS17 and OFA software.
    b) Training other members within the Company.
    c) Mapping of accounts, development of accounting reports/disclosures, documentation, and communication.
  3. Projections and Budgeting
    a) Budget and control 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) 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
    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. Financial Reporting and Operations
    a) Preparing and maintaining monthly, quarterly, and annual returns to the Insurance Regulatory Authority
    b) Preparing and reporting of management accounts (MKF) in line with IFRS 17.
    c) Assisting in annual budgetary process.
    d) Assist in the preparation of annual financial statements for statutory audit and external audits in line with IFRS 17.
    e) Preparing board presentations and documents
    Key Competencies
  7. Ownership & Accountability
  8. Commitment
  9. Team Spirit
  10. Customer Focus
  11. Integrity
  12. Continuous Innovation
    Qualifications
  13. Bachelor’s Degree in Commerce, Finance, Accounting, Economics or any other related field.
  14. CPA-K or ACCA Qualification.
  15. Well versed with key accounting computer systems operations plus working on spreadsheets.
  16. Good understanding of IFRS 17 and experience in the implementation of IFRS 17 will be an added advantage.
  17. Good presentation and communication skills
    Relevant Experience
  18. Minimum of five years relevant experience in the Financial Services Sector and 5 years’ experience in external audit
    at a supervisory level
  19. Experience in reviewing and addressing gaps in insurance operations.
    If you are qualified and seeking an exciting new challenge, please apply via
    Recruitment@jubileekenya.com quoting the Job Reference Number and Position by 1st February 2022
    Only shortlisted candidates will be contacted.

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