Actuarial Student Internship at General Reinsurance

General Reinsurance Africa Ltd., a member of the Berkshire Hathaway group operating globally as Gen Re, invites ambitious graduates to apply for the Actuarial Student Internship based at their regional offices in the V&A Waterfront, Cape Town. This structured, one-year contract opportunity is situated within the Life Australia, UK, SA, and Canada division, specifically embedded in the high-performing life pricing team. As an intern, you will step into an empowering corporate setting that fuses rigorous on-the-job training with structured professional learning phases alongside seasoned actuarial professionals.

In the evolving South African financial services and risk management landscape, reinsurance forms the critical backbone of solvency and life insurance underwriting. Gen Re is widely recognized across global markets for its exceptional financial strength and cutting-edge analytical standards. Joining this programme provides exceptional exposure to international actuarial practices, international portfolio dynamics, and local regulatory environments. Candidates looking to establish a formidable career in the actuarial space can explore further vocational pathways through our directory of internships in South Africa to navigate opportunities across leading financial institutions.

Key Responsibilities & Day-to-Day Operational Duties

• Group Life Quotations & Reinsurance Reviews: Prepare accurate, competitive quotations for new business ventures while conducting formal reviews of existing business within the group life portfolio.

• Portfolio Risk Analysis & Assessments: Assist the pricing team with comprehensive data assessments and in-depth analyses of group life reinsurance portfolios for internal risk management, experience investigations, capital planning, and premium quotations.

• Management Information (MI) Compilation: Monitor, compile, and distribute timely management information statistics and operational tracking reports to support strategic decision-making.

• Pricing Guidelines & Model Maintenance: Support the maintenance, calibration, and enhancement of internal company pricing guidelines, analytical models, and proprietary tools.

• Client & Stakeholder Interaction: Participate in professional communications and collaborative engagements with group life insurance clients and cross-functional reinsurance teams.

• Technical & Analytical Collaboration: Work closely with qualified actuaries across multiple functional disciplines, learning international standards, regulatory benchmarks, and industry methodologies.

Minimum Requirements & Eligibility Criteria

• Academic Qualification: Completed a relevant university degree involving actuarial studies (e.g., BSc / BCom in Actuarial Science or related mathematical discipline).

• Numerical & Methodical Rigour: Demonstrated ability to work in a methodical, structured manner with exceptional numerical accuracy and quantitative analytical skills.

• Deadline Management: Proven capability to multitask effectively and manage high-pressure deliverables while adhering strictly to internal and external reporting deadlines.

• Problem-Solving Capabilities: Strong critical thinking and problem-solving aptitude, with adaptability when handling novel technical situations or client-facing requirements.

• Software Proficiency: Advanced familiarity with Microsoft Office, specifically demonstrating high proficiency in Microsoft Excel.

• Communication Competence: Superior verbal and written English communication skills suitable for complex business reporting and professional stakeholder liaison.

• Employment Equity: Preference will be given, but not limited to, candidates from designated groups in alignment with the Employment Equity Act and corporate equity policies.

Core Skills, Workplace Readiness & Interview Preparation

Securing a competitive actuarial internship requires candidates to blend theoretical statistical knowledge with commercial business acumen. Successful applicants must demonstrate strong statistical modelling comprehension, data validation habits, and an eagerness to pursue professional actuarial examinations (ASSA or IFoA). Beyond raw calculation capabilities, interviewers will assess your ability to explain complex quantitative concepts with clarity and confidence. Prospective candidates are encouraged to prepare using the YouthNextStep South African job interview preparation guide and simulate real corporate scenarios with the AI Interview Simulator to refine behavioral answers and analytical explanations prior to formal evaluations.

Training, Mentorship & Career Progression in South Africa

This 12-month internship serves as a direct pipeline toward qualifying as an actuary in South Africa and internationally. Interns at Gen Re receive continuous guidance from credentialed actuaries, obtaining deep immersion in treaty structuring, pricing models, and international reinsurance risk dynamics. By working across multi-jurisdictional portfolios spanning South Africa, the UK, Canada, and Australia, you will build technical foundations that position you favorably for permanent actuarial analyst roles. Those seeking ongoing academic development and student financing for advanced honours or conversion degrees can also research available funding options via our guide on South African bursaries and funding opportunities.

Estimated Salary Range (Market Benchmark)

The hiring employer has not officially published a salary or stipend figure for this vacancy. Based on South African labour market data and sector benchmarks for a graduate actuarial internship position, typical monthly compensation ranges between R22,000 and R35,000 per month. You can use the YouthNextStep SARS Tax & Take-Home Pay Calculator to estimate net monthly earnings. Please note that this figure is an independent market benchmark; actual remuneration is determined solely by the employer according to qualifications, experience, and internal grading scales.

How to Apply & Submission Checklist

• Online Application Link: Submit your formal candidacy directly via the Gen Re corporate recruitment portal: Click here to apply online on the official portal.

• Reference Identification: Please note the official requisition code for this posting is req1101 (Requisition ID: 1101).

• Office Location: General Reinsurance Africa Ltd., 2nd Floor, Waterway House North, V&A Waterfront, Cape Town, 8002, South Africa.

• Required Application Documents: Prepare a comprehensive CV, certified copy of your South African Identity Document (or passport), complete official academic transcripts, and university degree certificate.

• Resume Optimization: Ensure your curriculum vitae clearly highlights completed actuarial board exemptions, mathematical course scores, and advanced Excel skills by creating an ATS-optimized profile through our free ATS-friendly CV Builder.

• Closing Date: No explicit closing date has been published; candidates are strongly advised to apply immediately to ensure consideration before the requisition closes.

You can also explore more verified vacancies in Western Cape.

• Completed a recognized university degree involving actuarial science or actuarial studies.

• Demonstrated methodical working approach backed by strong quantitative, numerical, and analytical capabilities.

• Capacity to manage multiple assignments, work under pressure, and satisfy rigid internal and external deadlines.

• Robust problem-solving aptitude, particularly when encountering unfamiliar technical scenarios or interacting with reinsurance clients.

• Advanced computer literacy with comprehensive working knowledge of Microsoft Office applications, specifically Microsoft Excel.

• Strong interpersonal, written, and spoken English communication skills.

• Alignment with the Employment Equity Act and company Employment Equity policy (preference to designated groups).

• Submission of a comprehensive CV, certified ID, and certified academic transcripts.