JOB PURPOSE

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.

KEY 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 & EXPERIENCE

• Bachelor’s degree in Finance, Accounting, or a related field.
• CPA(K), ACCA, or an equivalent professional qualification.
• Minimum of 3 years’ 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).

KEY 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