Banking and Insurance
Audit and Advisory
We provide actuarial audit and advisory services in the financial sector, amongst others, with actuarial expertise in life and general insurance reserving and reporting, credit risk reporting and management and the valuation of complex financial assets and liabilities.
Regulatory and financial reporting expertise
The optimal solution to financial reporting and risk management in areas of uncertainty must go beyond merely doing the maths. It must be accompanied by appropriate interpretation and the professional judgement that can be expected from actuaries to arrive at a fully informed solution. It further goes without saying that compliance with all audit and regulatory reporting requirements is not negotiable.
The combination of our actuarial skills and a deep understanding of the audit and regulatory environment, puts us in a perfect position to provide holistic solutions to our clients. A multi-disciplinary approach is followed where the actuarial team collaborates closely with the Auditors and other experts across SNG GT, with further access to global resources and expertise through the wider Grant Thornton International network of firms.
Auditors’ experts
Quantitative analysis of uncertain future events gives a full understanding of the extent of estimation uncertainty and supports the Auditor to identify potential risks of material misstatement in financial statements. The experience and expertise that this team brings to the audit engagement is of specific relevance in the financial services sector but is also invaluable in any company where there are areas of financial uncertainty, like impairment of trade debtors, intercompany loans, share-based schemes, future employee benefit obligations, etc.
Specialist advisory services
We provide actuarial advisory services to Boards, Risk Committees, HR Committees and management in general, to manage, quantify and report various financial risks.
Given our experience as auditor’s experts, we have a thorough understanding of regulatory and compliance requirements which add significant value when providing advice to our clients on any aspect that will be subject to external audit. This “Auditor’s perspective” has further given the actuarial team exposure to a wide range of clients which, in turn, provides insight into best practices across the industry to be applied to the benefit of all our clients.
What we offer
We review, develop and manage credit risk models which encompasses all areas of potential exposure to credit risk, including:
- “General” and “Simplified” Expected Credit Risk (ECL) models for wholesale and retail loan portfolios
- Cash and cash equivalent credit risk exposures
- Trade receivables and intercompany loans
- Credit and Debit Value Adjustments (CVA/DVA/XVA) on derivative transactions
Advisory services provided to support our clients with the management and reporting of their credit risks, include the following:
- ECL parameter estimation and calibration
- Conceptual model methodology reviews
- Back testing and validation of ECL models
- Credit scorecard validation
- Compliance reviews
Our team has the expertise and access to the necessary tools and financial information to perform and review the valuation of complex financial instruments, using advanced mathematical techniques, including:
- OTC options and derivatives
- Measuring Hedge Efficiency and Hedge Effectiveness
- Fair Value calculations of financial assets/liabilities (e.g. SPV’s, preference shares and other financial instruments)
- Weighted Average Cost of Capital
- Lease and Incremental Borrowing Rate (IBR) calculations (IFRS 16, IAS 17)
Our clients include a range of entities that are subject to the Long-Term Insurance Act, including:
- Long-term insurance (Life),
- Short-term insurance (General), and
- Cell captives.
Advisory services provided to our clients include, among others:
- Initial implementation and impact assessment of new regulatory reporting requirements
- Calculating or reviewing Capital Adequacy Requirements, and
- Quantifying Technical Reserves.
With more than 20 years of experience in the retirement fund industry, our retirement fund actuaries are acknowledged as industry leaders in this field. Defined Benefit Obligations that require actuarial expertise for financial reporting purposes include:
- Defined Benefit Retirement Funds,
- Post-Retirement Medical Aid Subsidies, and
- Long Service Awards & Leave Allowances.
Quantifying the value placed on employee share options & BEE schemes involves complex modelling of the factors that contribute to these schemes. We can perform or review valuation of such schemes using, amongst others, forecasted share prices, dividends and other variables on which the scheme is based.
What our client say
SNG ARGEN has been assisting our company with actuarial calculations in respect of loss of Income and loss of Support claims since 2014. They also assist our company by acting as an expert witness. Our company is totally satisfied with the quality work supplied to us by SNG ARGEN Actuarial Solutions.
SNG ARGEN has been providing our offices with accurate actuarial valuations on both loss of support and loss of earnings matters as well as excellent services, embodied with prompt response since 2015.
The office of BL Kretzmann Inc has utilized the services of SNG Argen Solutions from about 2013, mostly for services such as actuarial calculations in respect to loss of support as well as loss of income/earning capacity claims on behalf of motor vehicle accident victims/clients. We have always received professional services from SNG Argen, and we can recommend their services.
We have made use of the actuarial professional services of SNG ARGEN since 2015. The actuarial services rendered to us by SNG ARGEN include, inter alia, the preparation of actuarial valuations (calculations) in respect of loss of income and loss of support. We have no hesitation in recommending SNG ARGEN for any and all actuarial services, and the quality of their work is of the highest standard that we have ever come across. ARGEN can be described as leaders in the field.
The team
Corné Heymans
Christian Strydom
Christian, a qualified actuary with 12 years’ consultancy experience, began his career in Employee Benefits, has acted as a High Court expert witness on loss of income cases, and over the past five years has specialised in delivering credit risk solutions to Audit and Advisory clients.
Kenneth Wutoh
Kenneth is a nearly qualified actuary and Technical member of the Actuarial Society of South Africa. Kenneth has been working in a consultancy environment as a financial modelling expert since 2008. Kenneth has more than 15 years of Employee Benefit (IAS 19) experience and is further responsible for the Fair Value valuation of complex financial instruments.
Hantie van Heerden
Hantie is an experienced Senior Actuary and has worked within the financial services industry for 31 years. She is the insurance subject matter expert in the team. She was Head of Corporate Actuarial at Old Mutual Insure for 6 years and coordinated the calculation of technical provisions and capital. Hantie serves as a non-executive board member of the OUTsurance Group, was an ASSA Council member from 2021 to 2024 and serves as chair of the ASSA Professional Matters Board. Hantie’s extensive knowledge is amplified by her regulatory knowledge as she was Head of Department: Actuarial Insurance at the FSB (now Prudential Authority) for 12 years.
Anri Riekert
Anri is a Senior Actuary and has worked within the financial services industry for more than 10 years. She is the most recent addition to our team as a life assurance expert. Anri qualified as an actuary in 2016 at EY where she has gained invaluable experience in both an advisory and auditor’s expert capacity.
Annanda Steyn
Annanda started her career with the firm in 2013 and qualified as an actuary and retirement fund specialist in 2021. In 2022 Annanda switched into the insurance team where she is currently growing into the role under Hantie's guidance.
Our Clients
