Corporate Profile. Registration number: 2014/158680/07

Transcription

1 Corporate Profile Registration number: 2014/158680/07 1 st Quarter 2016

2 1. Introducing i3 Actuaries & Consultants i3 Actuaries and Consultants is a firm of actuaries and consultants, established to provide actuarial consulting solutions within the retirement, insurance and healthcare funding industries of Southern Africa. The company was founded in 2014 by Cape Town based Director, Nico Smit, and his Namibian counterpart, Kobus Crous. Although the business is currently in its formative stages, we intend expanding our team over time with the addition of highly qualified, like minded professionals whose values emanate with our own. 2. Core Values i3 Actuaries and Consultants was founded upon the following three core values: Independence Integrity Ingenuity Core Values and Founding Principles Nico and Kobus have worked together on various projects with high profile clients for over 15 years and continue to adhere to the same rigorous standards of service excellence with which their names have become synonymous. They are committed to providing objective, unbiased and innovative solutions, tailor made to the specific requirements and business objectives of each individual client. 3. Services Our autonomy in terms of shareholding and product independence enables us to provide our clients with unprejudiced advice on the full range of products available within the market. We deem this 1 st Quarter 2016 Page 2

3 independence from asset managers and other financial institutions to be the most important value proposition when providing advice to Trustees. i3 Actuaries and Consultants is specialised in providing a diverse suite of services within a range of actuarial and consulting disciplines, including the following: 3.1 Life Insurance Product Development for Life Insurance Companies Profitability Analyses and Experience Analysie for Life Insurance Companies Advice on Investment Structures of Life Insurance Companies Statutory Valuations of Liabilities and Assets of Life Insurance Companies Calculations of Embedded Values of Life Insurance Companies SAM Calculations and Consulting 3.2 Retirement Funds Valuations of Defined Benefit and Defined Contribution Retirement Funds Approval of Rule Amendments of Retirement Funds Approval of Transfers Between Retirement Funds Input in terms of Investment Structures of Retirement Funds Retirement Funds Services (Provided via our Namibian Office) Input in terms of Benefit Structures and Risk Benefits of Retirement Funds Consulting advice on all aspects of Fund Structures and Administration Assistance with Trustee Elections and Training Assistance to Trustees with Member Communications (for example, via Fund approved presentations and circulars, etc). Regular Rebroking of all risk benefits offered by the Fund in order to minimize costs and maximize benefits Performance of secretarial duties for Trustee (and other) meetings and assisting the Principal Officer in executing their often time consuming administrative duties 3.3 Investment Consulting (Provided via our Namibian Office) Assistance to Trustees in understanding risk/return characteristics of available investment options Asset liability Analyses Establishment and updating of Investment Policy Statements Monitoring of investment performance on a continual basis and presenting regular reports to the Trustees 1 st Quarter 2016 Page 3

4 Assistance with the selection and substitution of investment managers and the transfer of assets between portfolios Ensuring compliance with all regulatory requirements 3.4 Healthcare Regular Reviews of Healthcare Funds (Budget vs. Actual) Annual contribution and benefits reviews for Healthcare Funds Providing advice on investment structures of Healthcare Funds Providing advice on levels of re-insurance for Healthcare Funds 3.5 Accounting Valuations Valuations of Post-Employment Defined Benefit Obligations Our service offering extends to the provision of advice in terms of the administrative solutions, capabilities, infrastructure and pricing options of suppliers. 4. Staff 4.1 Nico Smit: Director B.Com (Hons), FASSA, FSAN Qualifications Nico qualified as an Actuary in 2004 through the Faculty of Actuaries in Scotland and the Actuarial Society of South Africa. Professional Memberships Actuarial Society of South Africa, Faculty of Actuaries, International Actuarial Association Health Section, International Association for Consulting Actuaries, Society of Actuaries in Namibia. Accreditations Nico is an Accredited Valuator for Defined Benefit and Defined Contribution Retirement Funds. He holds a Practicing Certificate from the Actuarial Society of South Africa, as well as a Practicing Certificate for Statutory Work on Life Insurers. Nico is the Statutory Valuator for the Life Insurance clients of i3 Actuaries and Consultants and assists them with all aspects of their operations, including statutory valuations, product design, investment strategies, mergers and acquisitions and the establishment of their capital management framework. 1 st Quarter 2016 Page 4

5 Nico has additionally been significantly involved with the Healthcare Actuarial field and has 15 years of experience in the provision of consulting and actuarial services to medical aid schemes and the calculation of healthcare related accounting liabilities. Employment Record Nico graduated from the University of Stellenbosch in 1999 with an Honours degree in Actuarial Science, following which, he commenced his career within the Actuarial Department of Jacques Malan Consultants and Actuaries (JMCA) in During his thirteen years with the firm, Nico gained extensive experience within a wide range of actuarial disciplines and was, most notably, responsible for the development of a stochastic asset/liability modelling application, which projected possible future returns for 15 different asset classes, both locally and internationally. This model was subsequently successfully utilised for a number of clients thereafter. Nico served in a variety of Managerial positions during his long period of service with JMCA, culminating with his appointment as Chief Executive Officer in 2010; at which time, the firm employed approximately 120 members of staff across 5 offices in South Africa, Botswana and Namibia. Nico held the position of CEO for three years, until JMCA s merger with NMG Benefits in January 2013; following which, Nico opted to pursue a career more specifically focussed on consulting and joined True South Actuaries and Consultants in November 2013, where he gained further valuable consulting experience. He subsequently founded i3 Actuaries and Consultants on 1 st November Special Projects Nico was additionally involved in a number of special projects, including: A project that modelled prevalence and expenses as a result of HIV/AIDS and Tuberculosis; which required the application and referencing of the Actuarial Society of South Africa s HIV/AIDS model with the client s medical expenses data. Numerous due diligence exercises; including the performance of a benefits and human resource due diligence on a mining corporation for an overseas purchaser; as well as a due diligence exercise on a component of an insurance company; which was subsequently acquired as a client. Various Post-Retirement Medical Aid Subsidy buy-out projects; during which, Nico personally advised clients in terms of reasonable buy-out offers, and provided suggestions in terms of 1 st Quarter 2016 Page 5

6 prospective pensioner allocation amounts. He also, in many cases, compiled the related member communications and performed the corresponding administration duties. Nico formed part of the team that was tasked with establishing relationships with international consultancies; including that responsible for the signing of a Third Party Provider Agreement with Mercer, a wholly owned subsidiary of Marsh & McLennan Companies Inc. with over 19,000 employees serving clients in over 180 cities worldwide. This Agreement assigned responsibility to JMCA for all Mercer s employee benefits related initiatives in South Africa. Nico was also responsible for the forging of a relationship with Buck Consultants, an ACS company based in Toronto, with over 1,500 professional employees worldwide. 4.2 Kobus Crous: Director Kobus commenced his career in in the Group Benefits Department of Sanlam in Windhoek in 1989, where he was responsible for overseeing all the administrative functions required in terms of the privatization of the Government Institutions Pension Fund. He then joined Alexander Forbes in 1992, where he was responsible for the management of their Namibian office until Kobus joined Jacques Malan Consultants and Actuaries (JMCA) Namibia, as one of its founding members, in 1995 and subsequently served as Managing Director of the Group s Namibian branch for a period of eighteen years. During this time, he was Principal Consultant to a number of large funds in Namibia, enabling him to gain a wealth of experience in all aspects of the pension fund environment. Kobus has 26 years of experience in the Employee Benefits field and has consulted to some of the largest corporate and parastatal funds in Namibia during his extensive career. He was also one of the founding members of the Retirement Funds Institute of Namibia in During his tenure with JMCA, Kobus was additionally responsible for the management of the Group s operations in Gaborone, Botswana, for a number of years. Following JMCA s merger with NMG Benefits in 2013, Kobus served on the Executive Committee of the Group of Companies and continued in his role as Managing Director of its Namibian operations until his resignation in November 2014, at which time, he was responsible for the management of 36 client portfolios with a total of members and assets amounting to N$ 19 billion. 1 st Quarter 2016 Page 6

7 4.3 Rina du Preez: Marketing and Communications Manager Rina obtained a Bachelor of Arts Degree from The University of South Africa in She possesses over 20 years of experience within the Marketing Departments of multi-national corporations, including PWC, where she was Marketing Co-Ordinator for the Western Cape Region, and Old Mutual, where she managed various projects and served as Media Representative for the South African Exhibit at the Chelsea Flower Show in London for two consecutive years. Rina also has extensive international experience; including nine months in London, where she worked within the Publishing Division of Phaidon Press; four years in Auckland, where she spent two years in the employ of the Australia New Zealand Bank; and two years in Sydney, where she was employed as a Project Manager and Editor of the quarterly Client and Staff newsletter, which had a distribution run of 3,000 copies Australia wide. Prior to joining i3 Actuaries and Consultants, Rina was employed as the Communications Specialist for Jacques Malan Actuaries and Consultants for seven years, where she was responsible for all internal and external communications and gained extensive additional experience within the financial services industry. Rina joined i3 Actuaries and Consultants in 2015 as Marketing and Communications Manager. 4.4 Maureen Shetekela: Client Manager Maureen matriculated from Otjikoto High School in Namibia in After Matric, she commenced her career at Swabou Insurance in an administrative capacity; in whose employ she remained until 2000, when she joined Welwitchia Insurers. In July 2002, Maureen became employed by Jacques Malan Consultants and Actuaries (Namibia) (Pty) Ltd (JMCA), where she worked closely with Kobus Crous and Nico Smit as an integral part of the Namibian client servicing team, for 12 years. During her time in the employ of JMCA, Maureen was responsible for servicing the likes of clients such as Namdeb, First National Bank, Namwater and Namib Mills, amongst many others. Maureen joined i3 Actuaries and Consultants in 2015 as a Client Manager and is also a shareholder in the business. 1 st Quarter 2016 Page 7

8 5. Broad Based Black Economic Empowerment Initiatives i3 Actuaries and Consultants is currently a Level 4 BBBEE Contributor. However, given that our organisation is currently in its developmental stages, we are still in the process of formulating strategies to implement our core values by actively contributing to meaningful and sustainable economic growth in Southern Africa. To this end, it is our objective to empower historically disadvantaged individuals within the financial services sector and thus intend creating such opportunities by means of preferential procurement and enterprise development initiatives, amongst others. We also aim to proactively explore opportunities in terms of developmental shareholding in order to invest in the country and its future growth. 6. Professional Indemnity Insurance i3 Actuaries and Consultants holds Professional Indemnity Insurance and the appropriate Disaster Recovery procedures in place in order to ensure that our clients are not prejudiced in the event of a potentially adverse event. 7. Contact Us South Africa 4th Floor, Earlgo Building Cnr Park Road & Kloof Street Gardens, Cape Town Tel: +27 (0) info@i3actuaries.co.za Namibia 1st Floor Cnr. Feld & Jan Jonker Roads P.O. Box 80560, Olympia Windhoek Tel: +264 (0) kobus@i3actuaries.com 1 st Quarter 2016 Page 8