The average salary for an Actuary in South Africa is R722,671.
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R254k - R1m
R10k - R281k
R986 - R335k
R267k - R2m
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Job Description for Actuary
Actuaries play a key role in insurance companies by serving as analysts who help determine whether the company should issue an insurance policy and what the premium for that policy should be. They use a great deal of statistical analysis in their work, as they examine huge amounts of data related to costing and trends. Insurance companies must always maintain their financial health, and the role of the actuary is to manage risk in the delicate balance between issuing policies (and the costs paid…Read more
- Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits.
- May ascertain premium rates required and cash reserves necessary to ensure payment of future benefits.
Job Satisfaction for Actuary
Popular Employer Salaries for Actuary
The top respondents for the job title Actuary are from the companies Liberty Group LLC, Liberty Life Group and Old Mutual South Africa. Reported salaries are highest at Liberty Group LLC where the average pay is R1,200,000. Other companies that offer high salaries for this role include Liberty Life Group and Alexander Forbes, earning around R1,140,000 and R843,293, respectively. Old Mutual South Africa pays the lowest at around R252,277. Discovery Holdings and Sanlam also pay on the lower end of the scale, paying R650,000 and R800,000, respectively.
Actuary Job Listings
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Popular Skills for Actuary
Skills in Financial Modeling, Product Development and Pricing are correlated to pay that is above average. Skills that pay less than market rate include Statistical Analysis and Data Analysis.
Pay by Experience Level for Actuary
An entry-level Actuary with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of R336,246 based on 28 salaries. An early career Actuary with 1-4 years of experience earns an average total compensation of R578,823 based on 125 salaries. A mid-career Actuary with 5-9 years of experience earns an average total compensation of R840,655 based on 114 salaries. An experienced Actuary with 10-19 years of experience earns an average total compensation of R1,160,008 based on 64 salaries. In their late career (20 years and higher), employees earn an average total compensation of R1,100,000.
Years of Experience
This data is based on 345 survey responses.