The small university department that produced many of South Africa’s top finance leaders
The University of Pretoria’s Department of Actuarial Science has produced numerous leaders who occupy the highest positions in the insurance and investment industries.
The Department of Actuarial Science began offering actuarial courses as a dedicated programme in 1988, less than 40 years ago.
It quickly became known for its excellent standards and quality actuarial training, with many of its graduates qualifying as actuaries in record time.
Although the department is best known for its actuaries, it also produced many of South Africa’s top financial engineers.
They work at banks, investment institutions, and insurance companies, assisting with asset management, developing new financial products, and devising strategies to manage credit risk.
“We count among our alumni highly respected and senior businesspeople in top positions not only in South Africa, but also internationally,” the department states.
These business leaders include many of South Africa’s most respected chief executives and company founders, including Hillie Meyer, Willem Roos, Nicolaas Kruger, and Sumarie Greybe.
Hillie Meyer served as the chief executive of Momentum Group from 1996 to 2005 and later returned to lead the company until 2023. He continues to serve as a board member.
Nicolaas Kruger was appointed CEO of Momentum in 2009 and subsequently became CEO of MMI Holdings in 2010, following the merger between Metropolitan and Momentum.
Kruger also serves as a director of Sanlam Group, Afrimat, Gen Re Africa, Granor Passi, VKB Beleggings, Brenn-O-Kem, and WeBuyCars.
Willem Roos co-founded OUTsurance in 1998 and served as its chief executive from 2001. At just 29, Roos was one of the youngest leaders of a large financial institution ever.
In 2017, Roos left OUTsurance to join the mobile operator Rain as chief executive. He led the company until 2021.
Sumarie Greybe is the co-founder of Naked Insurance, which utilises artificial intelligence to develop innovative insurance processes and experiences for its customers.
Apart from these high-profile leaders, many other graduates from the department serve as board directors or lead specialist divisions in financial institutions and financial regulators.
Collectively, the department’s alumni network plays a significant role in shaping South Africa’s financial system.
Considering that the University of Pretoria’s Department of Actuarial Science is relatively small, it stands out for producing so many top industry leaders.
The man behind the University of Pretoria’s Department of Actuarial Science
The University of Pretoria’s Department of Actuarial Science head, Professor Conrad Beyers, is also a graduate from this department.
After completing his BCom in Actuarial Science at the University of Pretoria, he transitioned into the field of mathematics.
He completed a BSc Honours, an MSc, and a PhD degree in mathematics, and worked as a lecturer in UP’s mathematics department.
However, his passion for the actuarial field led him to join the Department of Actuarial Science, where he now serves as its head.
As a Fellow of the Institute and Faculty of Actuaries and the Actuarial Society of South Africa, as well as being a Chartered Enterprise Risk Actuary, he is well qualified for the position.
He maintains strong industry ties, including collaborations with National Standard to deliver complex assignments to clients in the banking and enterprise risk management sectors.
Since 2013, Professor Beyers has served as the ABSA Chair in Actuarial Science, strengthening collaboration with one of the world’s most respected banks.
His department collaborated with Oxford Professor Dimitrios Tsomocos to develop a macroeconomic banking model for South Africa.
BusinessTech asked Professor Beyers what makes his department unique, enabling it to produce so many top industry leaders.
Beyers explained that the key lies in the way actuarial science training helps shape both thinking and character.
“Actuarial science is a unique blend of technical mastery and business acumen. The syllabus can be gruelling, and only the most committed students qualify as actuaries,” he said.
“That intensity produces graduates who are not only comfortable with complexity, but also capable of clear judgment under pressure – exactly the qualities you need in a CEO.”
He said their graduates are recognised for their technical proficiency, as well as their work ethic and softer skills such as leadership, teamwork, and innovation.
“That rare combination is what propels them into senior leadership positions,” Beyers told BusinessTech.
He added that while his department is relatively small compared to larger disciplines, its influence is felt throughout the financial services sector.
It has close relationships with many major institutions, including FirstRand, Absa, Discovery, Liberty, Momentum, OUTsurance, and the South African Reserve Bank.
Their students are exposed to the realities of the industry throughout their studies, and companies are eager to engage with them.
This means that it is rare for the Department of Actuarial Science’s Honours graduates to leave without strong job offers in hand.
“The unifying factor across teaching, research, and industry engagement is a culture of resilience and excellence,” he said.
“We are not a production line for number-crunchers. We are a finishing school for decision-makers.”
University of Pretoria’s Department of Actuarial Science graduate photos
Loading ...