Head of Finance

Job Purpose:

Responsible for overseeing the IFRS 17 reporting workflow, ensuring data validation, accuracy, and regulatory compliance. Leads the preparation and updating of financial statements and disclosures. Provides strategic support on board reports, regulatory submissions, and internal control oversight.

Company: CIC General Insurance (U) Ltd

Number of Positions: 1

Duty Station: Kampala

Primary Responsibilities:

 IFRS 17 Compliance & Financial Reporting:

1.  Lead the preparation of monthly IFRS 17 finance data and coordinate with the actuarial team to validate accuracy and completeness.
2.  Oversee the preparation of IFRS 17-compliant management and statutory financial reports, ensuring alignment with applicable standards.
3. Review and approve IFRS 17-compliant Risk-Based Supervision (RBS) returns to the regulator.
   Ensure accurate and timely submission of statutory and regulatory returns on a monthly, quarterly, and annual basis.

Financial Controls & Compliance:

1. Evaluate the adequacy of operational and financial controls across systems, processes, and teams, and provide recommendations for improvement.
2. Monitor adherence to the company’s investment policy in compliance with the Insurance Act, and guide fund management accordingly.
3. Ensure the completeness and accuracy of the asset register and its alignment with the company’s accounts.
4. Take leadership in the coordination of internal and external audits and ensure the timely implementation of audit recommendations.

Strategic Financial Management:

1. Review and approve management and financial reports, and ensure the preparation of board papers on a monthly and quarterly basis, respectively.
2. Lead the preparation of the company’s annual budget and perform monthly variance analysis against budget targets.
3. Drive expense management and austerity measures to achieve cost savings of at least 10% and maintain an overall expense ratio below 40%.
4. Approve payments and ensure all accounting entries are posted accurately to the appropriate cost centers.

 Credit Control & Receivables Management:

1. Develop and oversee the implementation of credit management strategies and policies aligned with corporate objectives.
2. Convene and provide leadership to the credit control committee, ensuring execution of its resolutions.
3. Set cash collection targets and ensure the timely collection of outstanding premiums in line with policy terms.
4. Present debtor ageing and bad debt provision reports to senior management and recommend necessary actions.

Cash Flow & Stakeholder Management:

1. Manage the company’s cash flows, ensure liquidity, and take corrective actions where necessary.
2. Liaise with external stakeholders such as banks, the Uganda Revenue Authority (URA), and the Insurance Regulatory Authority (IRA) to support and enhance company operations.

Other Responsibilities:

1. Carry out any other tasks or responsibilities as may be assigned from time to time by executive management or the board.

Academic Qualifications

1. Bachelor’s degree in Accounting, Finance, or Business Administration with a  bias in accounting
2. A master’s degree is a must

Professional Qualifications

1. Professional Qualification, such as; ACCA or CPA a must

Experience

1. Minimum of Seven (7) years relevant experience, Four (4) must have been at a supervisory level.

Essential Knowledge/Skills and Experience Required:

1. Strategic thinker
2. Distinctive analytical skills
3. Superior negotiating skills
4. Excellent communication skills
5. Strong management and leadership skills
6. Relationship management
7. Excellent customer care

Essential Behavioral Competencies:

1. People management
2. Good coaching skills
3. Commercial awareness
4. Strong leadership skills
5. Outstanding cross-functional coordination ability
6. Ability to “constructively dissent”
7. Ability to build strong relationships across the organization

How to Apply:

Submit your application, CV, and copies of your professional and academic certificates as a single document to careers@ug.cicinsurancegroup.com no later than 28th July 2025. 

Please note that only shortlisted candidates will be contacted.

CIC Insurance Values:

CIC Insurance Group is committed to providing excellent service, spurring further growth, and employees are required to align their behavior to the following core values, as critical to driving their performance.

1. Integrity- Be fair and transparent
2. Dynamism- Be passionate and innovative
3. Performance- Be efficient and results-driven
4. Co-operation- Live the Co-operative spirit