Darren Diergaardt

• Worked on the IFRS17 liability valuations of different products sold by Old Mutual. This ranged from GMM to PAA portfolios, and thus developed a deeper understanding of IFRS17.
• Developed an understanding of bonus declarations and the process of calculating bonuses.
• Developed a deeper understanding of the Prophet language and its application towards liability valuations.
• Drafted the minutes, as well as organized regular meetings for the investment committee of the life company.
• Conducted assessments on the market risk of the life company and thereby constructing the relevant reports.
• Trained the junior team members in the actuarial team on the processes and principles of valuations, and all other relevant tasks carried out in the department.
• Reviewed the work done by junior team members, providing guidance and feedback.
• Developed and provided guidance on Capital Adequacy Requirements (CAR) and Value of New Business (VNB) processes to the valuations team during the June 2025 valuation period.
• Conducted investigations during the valuation process on risks within the processes, and providing insights on possible areas of improvement.
• Became a member of the 2024 cohort of the Junior Executive Committee. This experience taught me to work as a team to implement actionable steps in the solution of company-wide problems.
• Formed part of the Social Committee of the Central Finance Department. Being a member of several committees taught me how to prioritize my time effectively, such that my work remains up to date and of the highest quality as possible.

In addition to the roles, functions and activities under the Graduate Trainee - Actuarial Analyst position:

Regulatory sandbox and related events

• Assisting in developing the framework for a regulatory sandbox in the Non-banking Financial Institutions (NBFIs) sector
• Meeting with representatives and experts from other countries' regulatory authorities where regulatory sandboxes have been launched
• Providing support as part of a team in the planning and implementation of annual FinTech themed events e.g., the FinTech Square

IFRS 17 implementation and readiness assessment

• Attended training on IFRS 17 implementation for insurers and medical aid funds
• Assisted in compiling a survey to assess the readiness of insurers and medical aid funds for IFRS 17, and reporting on the results

Loan amortizations and complaints analysis

• Assisting the complaints department with loan repayment calculations under dynamic conditions e.g., changing interest rates, restructuring, etc.
• Engaging in meetings and discussions with lending organizations, thus developing and maintaining relationships
• Improved the process(es) involved in complaints analysis and loan calculations

Risk-based supervision

• Attending training on regulatory risk-based supervision methodologies from the Toronto Centre
• Implementing these methodologies for the identification, measurement and management of risks faced by the regulated entities (i.e. insurance companies, pension funds, asset managers, etc.)
• Reviewing the risk management structures and frameworks of regulated entities, providing insight and guidance on areas of concern
• Reviewing and reworking the capital adequacy requirements for long and short term insurance companies, thereby reviewing and amending the Namibian capital standards
• Providing oversight, insights and guidance on the solvency position of regulated entities, in line with their risk appetites

Stress testing on insurer's solvency and capital positions

• Working on the development of a stress testing tool to assess the current and future solvency positions of long-term insurance companies
• Allowing for the assessment of solvency risk, market risk and liquidity risk under different stress testing scenarios
• Providing insights on potential areas of concern that are currently present and may arise in the future

Ad hoc requests and tasks

• Supporting the various departments within NAMFISA with queries and tasks as and when they arise
• Efficient planning to ensure that primary tasks are done well, and that ad hoc requests receive sufficient attention

Risk management

• Serving as a support function in the development of risk management tools and methodologies (e.g. risk-based supervision)

Statistical analyses of the different industries under NAMFISA's supervision

• Research, Policy and Statistics (RPS) division
• Assisting in conducting stress tests and scenario analyses on the different sectors, in order to analyze the potential implications on solvency and liquidity
• Presentation of results of analyses at regular intervals
• Involved in assessing the external and internal links between the various industries

Actuarial assistance

• Reviewing actuarial valuation reports submitted by companies from various industries (e.g. insurance, pension funds, etc.), with attention to detail
• Developed an understanding of the valuation methodologies of life insurers, non-life insurers, medical aid funds and pension funds through the review of actuarial valuation reports and financial statements
• Meeting and engaging with regulated entities, thus establishing good rapport
• Providing support and input to the supervisory divisions on various issues relating to individual companies, as well as total industries
• Conducting analyses on the effects of relevant legislation and subordinate legislation on the supervised industries

Quarterly and annual reports

• Assisting in the analysis of industry (i.e. insurance, pension funds, etc.) developments on a quarterly and an annual basis
• Editing and quality checks, thus minimizing ambiguity and correcting errors
• Organizing and maintaining records

HR support

• Assisting HR with their processes, especially with automation and streamlining

• Worked in the Research, Policy and Statistics (RPS) division, and assisted in the stress testing and data analysis of a new model
• Demonstrated flexibility working with internal team members to remedy any issues and preemptively coming up with solutions
• Organized information by studying, analyzing, interpreting and classifying data
• Learned how to use VBA in Microsoft Excel to record and process data

• Developed an understanding of the auditing process, and assisted in gathering data from financial statements
• Assisted management and the accounting team with administrative tasks