Old Mutual Insure Opens Doors to Opportunity with First-Ever Actuarial Bursary Initiative

Old Mutual Insure invests in South Africa’s next generation of actuarial talent

South Africa’s financial services sector relies on highly skilled actuaries to help organisations understand risk, develop sustainable financial solutions and make informed long-term decisions. Yet actuarial professionals remain among the country’s recognised scarce skills, with demand continuing to exceed supply across insurance, banking, investments, retirement funding and healthcare. South Africa has just under 2 400 qualified actuaries (Fellows and Associates), highlighting both the strength of the profession and the continued need to grow the country’s actuarial talent pipeline.

Recognising this need, Old Mutual Insure has launched its first Actuarial Bursary Programme to invest in talented young South Africans who will become the next generation of actuarial professionals.

The programme reflects Old Mutual Insure’s commitment to developing scarce skills while creating opportunities for academically gifted students to pursue careers in one of South Africa’s most sought-after professions.

“Actuaries play a vital role in shaping the economy by helping organisations understand and manage risk. Their ability to combine data, analytical rigour and long-term thinking enables better decisions that protect businesses, strengthen financial systems and support economic growth,” says Ricardo Govender, Chief Actuary and Risk Officer at Old Mutual Insure.

“From helping insurers and financial institutions understand and manage risk to supporting sound business decisions and product development, actuarial skills are essential to the long-term strength and sustainability of South Africa’s financial services sector. By investing in talented young people today, we are helping build the expertise the country will need for decades to come.

The inaugural bursary cohort comprises three Honours students in actuarial science: Dimpho Nunga and Defence Matwasa from the University of the Witwatersrand, and Ntokozo Kabini from the University of Cape Town. While they represent the programme’s first recipients, Old Mutual Insure intends to award bursaries annually, creating a sustainable pipeline of actuarial talent for years to come.

Bursary recipients receive comprehensive financial support covering tuition, accommodation, meals, books and allowances, together with academic and emotional support, vacation work opportunities, networking opportunities and practical industry experience.

Govender says investing in people is one of the most effective ways to address South Africa’s growing need for specialist actuarial skills.

“The actuarial profession plays an important role across many sectors of the economy, helping organisations navigate uncertainty, manage financial risk and make better strategic decisions. While some of these graduates may build their careers at Old Mutual Insure, many will go on to contribute their expertise across the broader financial services industry and the economy. Our ambition is to help strengthen South Africa’s actuarial talent pipeline by creating opportunities for exceptional students to qualify, grow and apply their skills where they are needed most,” Govender adds.

Beyond supporting individual students, the bursary programme contributes to building a stronger and more diverse actuarial profession in South Africa. By reducing financial barriers to postgraduate study and providing meaningful workplace experience, Old Mutual Insure is helping talented graduates transition successfully from university into professional practice.

As industries become increasingly data driven and risk focused, the demand for actuarial expertise is expected to continue growing. Through initiatives such as its Actuarial Bursary Programme, Old Mutual Insure is investing not only in future professionals, but also in the long-term capability of South Africa’s financial services sector.