Job Description
The Reporting Accountant - Life, plays a critical role in ensuring the accuracy,
compliance, and timeliness of financial reporting for the Life business. This
role involves preparing financial statements, managing regulatory submissions,
reconciling accounts, and supporting financial planning and forecasting.
Additionally, the role ensures adherence to internal controls, facilitates
audits, and collaborates with key stakeholders to maintain financial integrity.
Responsibilities
Financial Reporting & Compliance:
- Prepare accurate and timely financial reports
(monthly, quarterly, and annual) in line with regulatory requirements and
internal policies.
- Ensure timely preparation of audited financial
statements, finance board papers, and key reporting packs, including
consolidation packs, HFM submissions, and segment reports.
- Maintain compliance with IFRS standards,
including IFRS 9, IFRS 16, and IFRS 17.
- Ensure timely preparation and submission of
regulatory returns (monthly, quarterly, and annually) to the Insurance
Regulatory Authority (IRA).
- Support external and internal audits by managing
deliverables, reconciling schedules, and ensuring audit findings are
addressed within required timelines.
Reinsurance Accounting:
- Liaise with underwriting and finance teams to
ensure accurate recording and reconciliation of reinsurance transactions
in the general ledger.
- Ensure timely submissions of quarterly
reinsurance accounts and prompt payment to reinsurers.
- Prepare annual profit commission statements and
ensure proper recognition in financial records.
- Monitor and track cash call collections and
adherence to reinsurance credit control policies.
Financial Planning & Analysis:
- Support business planning, budgeting, and
forecasting by providing accurate expense data and financial insights.
- Assist in monitoring and controlling
expenditures by reviewing requisitions and ensuring budget adherence.
- Reconcile investment portfolios against asset
managers’ and custodians’ records and ensure accurate investment income
postings.
Month-End Close & General Ledger
Management:
- Oversee month-end closure activities, ensuring
adherence to reporting timelines.
- Perform reconciliations of general ledger
accounts, including investment-related accounts, premium receipts, and
asset records.
- Ensure revenue recognition is timely and
accurate by reconciling premium receipts with source systems.
System Implementation & Internal
Controls:
- Support implementation and testing of financial
systems to enhance reporting efficiency.
- Maintain and update the fixed asset register,
ensuring proper accounting for acquisitions, disposals, and transfers.
- Ensure adherence to internal financial controls
and best practices in accounting processes.
Other Duties:
- Facilitate IRA licensing applications and
approvals for new managers and directors.
- Undertake any additional responsibilities as
assigned by management.
Qualifications
- Bachelor’s degree in Finance, Accounting, or a
related field.
- CPA(K), ACCA, or an equivalent professional
qualification.
- Minimum of 1-year relevant experience in
financial reporting or accounting.
- Strong knowledge of life insurance products and
industry regulations (e.g., Kenyan Insurance Act).
- Proficiency in ERP systems and accounting
software (e.g., Thought Express, Microsoft Dynamics AX).
- Experience with IFRS standards (IFRS 17, IFRS 9,
IFRS 16).
Skills & Competencies
- Financial Analysis & Reporting: Strong ability to analyze financial data
and produce clear reports.
- Attention to Detail: Ensures accuracy in financial reporting
and reconciliations.
- Time Management: Ability to work under pressure and meet
tight deadlines.
- Problem-Solving: Strong analytical skills to identify and
resolve accounting discrepancies.
- Integrity & Reliability: Upholds the highest ethical standards in
financial reporting.
- Collaboration & Communication: Works effectively with cross-functional
teams and presents financial insights clearly.
- Adaptability: Ability to adjust to evolving regulatory
requirements and business needs.
How to Apply
