The IFRS 17 Accountant is responsible for supporting the preparation, processing, reconciliation, and reporting of insurance contract accounting under IFRS 17 within a short-term insurance environment.
The role bridges finance and actuarial functions, ensuring that actuarial valuation outputs are accurately reflected in the financial records, reconciled to the general ledger, and reported in line with International Financial Reporting Standards and internal control requirements.
Key Responsibilities
IFRS 17 Accounting & Processing
- Process IFRS 17 journals and postings relating to:
- Liability for Incurred Claims (LIC)
- Liability for Remaining Coverage (LRC)
- Reinsurance contracts held
- Post actuarial outputs into finance systems accurately and timeously
- Assist in maintaining the IFRS 17 sub-ledger and mapping to the general ledger
Actuarial-Finance Reconciliations
- Reconcile actuarial valuation outputs to finance records
- Investigate and resolve differences between:
- Actuarial systems
- Sub-ledgers
- General ledger balances
- Prepare movement analyses for key IFRS 17 balances
Financial Reporting Support
- Support preparation of IFRS 17 financial statement disclosures
- Assist with monthly, quarterly, and annual reporting under IFRS
- Provide supporting schedules and working papers for:
- External audit
- Internal audit
- Management reporting
Reinsurance Accounting (IFRS 17)
- Process and reconcile IFRS 17 reinsurance balances
- Support reconciliation of reinsurance recoverables and related movements
- Assist with analysis of reinsurance results under IFRS 17
Data Integrity & Controls
- Perform reconciliations including:
- IFRS 17 sub-ledger to general ledger
- Insurance contract balances
- Technical accounts
- Ensure completeness and accuracy of IFRS 17 data inputs
- Follow internal controls and maintain proper documentation of processes
Audit & Compliance Support
- Assist in preparation of IFRS 17 audit files and supporting documentation
- Respond to audit queries relating to IFRS 17 accounting entries and reconciliations
Ensure compliance with accounting policies and internal procedures
Continuous Learning & Process Improvement
Develop understanding of IFRS 17 principles and insurance accounting
- Identify opportunities to improve IFRS 17 processes and reporting efficiency
- Assist with documentation of IFRS 17 accounting procedures
Minimum Qualifications & Experience
- BCom Accounting Degree (or equivalent)
- Completed SAICA or SAIPA articles
- 1-3 years post-articles experience in:
- Financial services OR
- Insurance OR
- IFRS technical reporting roles
- Working knowledge of IFRS 17 is advantageous
Technical Competencies
- Strong understanding of accounting principles and IFRS
- Interest in technical accounting and insurance finance
- Ability to work with large data sets and complex reconciliations
- Good Excel skills (pivot tables, lookups, data analysis)
- Understanding of financial systems and sub-ledgers
