MARJORIE NGWENYA
DOING WONDERS IN THE COMPLEX FIELD OF ACTUARIAL SCIENCE
Actuarial science, a difficult profession, is a discipline that assesses financial risks in the insurance and finance fields using mathematical and statistical methods. Practitioners use probability and statistics mathematics to define, analyse and solve the financial implications of uncertain future events.
Actuarial examinations at university colleges typically last three to five hours and require extensive preparation. It may take a decade or more to become an actuary.
Marjorie Ngwenya, a British-born Zimbabwean actuary, rose through the ranks to become the first black African to be appointed president of the United Kingdom’s Institute and Faculty of Actuaries (IFoA), making her the youngest president in the organization’s 160-year history. She is also the third woman to have held that position and the first president of IFoA to be based outside the UK.
The IFoA is a membership organization that educates and regulates over 31,000 members. Marjorie was appointed to the prestigious position in June 2016 after working for the organization for eight years. She attained the highest level of qualification in the organization when she became a fellow of the IFoA.
In September 2022, she was appointed to the Bank of England’s Prudential Regulation Committee (PRC) by the House of Commons Treasury Committee where she is serving a three-year term.
Commenting on the PRC appointment UK Chancellor of the Exchequer, Rishi Sunak, now the British Prime Minister, said Marjorie’s experience in international financial services would add value, insight, and expertise to the committee.
Governor of the Bank of England, Andrew Bailey, was delighted to welcome Marjorie to the PRC saying “she brings a wealth of experience on the insurance side and will make a valuable contribution to the work of the committee.”
“Her senior leadership experience, including her role as president of the (IFoA), will be invaluable for our work on the Solvency II reforms and the future regulatory framework. I look forward to working with her in the coming years,” said Bailey.
Marjorie is an independent non-executive director at Tangerine Life in Nigeria and its holding company Tangerine Financial, registered in the United Kingdom.
She has held various global leadership positions that include tax advisor and actuarial manager with Deloitte, Senior Risk Actuary with Swiss Re in London, director Mazars in London, Chief Risk Officer of Old Mutual Africa in Johannesburg and as Group Strategy Executive at Liberty in South Africa. From 2009 to 2011 she was Editor of The Actuary magazine which has a worldwide readership of over twenty thousand.
Between 2019 and 2020 Marjorie briefly served on the Monetary Policy Committee of the Reserve Bank of Zimbabwe.
“As an actuarial consultant, I assist clients with solving financial, risk-related or strategic challenges to meet their specific goals. My job is to evaluate what-if scenarios by monitoring and assessing current trends and likely future changes,” said Marjorie.
She says her work has been wide-ranging covering financial modelling, pricing and product design, designing risk and control frameworks, strategy development and execution and due diligence for mergers and acquisitions.
“I have a clear understanding of how assets and liabilities interact with each other and how to provide sound advice in the management of capital. The earlier part of my career was largely spent in the UK and I have a working knowledge of doing business on the African continent, “she said.
Marjorie Ngwenya was born in the United Kingdom but was raised in Zimbabwe. Her paternal ancestors are of the Mokoena family from Lesotho. Her great-grandfather is said to have adopted the surname Ngwenya and the family later settled in Zimbabwe. Marjorie’s father was a metallurgist while her mother was a psychiatric nurse.
Ngwenya attended Chisipiti High School in Harare, where she did her A Level studies. She says she initially intended to train as a pilot before she was admitted to study Actuarial Science at the London School of Economics. She dropped out due to financial challenges. She then started working as a tax adviser at Deloitte, which turned into an actuarial role. She resumed her studies and completed a taxation qualification with the Association of Taxation Technicians (ATT) in the UK.
Marjorie who was a recipient of a Siloan scholarship is a holder of a Sloan Masters of Leadership and Strategy from the London Business School. The course focuses on strategy, leadership and change, and globalisation.
It covered a blend of technical and organisational behaviour topics to provide a solid grounding in the tools, frameworks and analytical skills to effectively lead change and drive the performance of an organisation.
“There were only about five actuaries in Zimbabwe at the time. The appeal was that it was challenging, rare and had something to do with math, which was a natural strength of mine,” Marjorie told an Actuary magazine reporter.
She has also completed the Channel Leadership Program at INSEAD Business School for the World which is committed to developing the next generation of global leaders who will change the world.
She sits on several boards that include the risk and actuarial committee at Bidvest Life Limited, Actuarial subcommittee at Rand Mutual Assurance, South African Maths Foundation, Common Purpose International, board of trustees of the Legal Resources Trust in South Africa.
As an actuary who is passionate about continuous development, she has given her time to teach undergraduate and postgraduate actuarial students at universities in the UK, Kenya and Armenia. She has also delivered actuarial lectures and training in the UK, Bulgaria, India, Ghana, Zimbabwe, Kenya, Uganda and Nigeria.
As an actuarial consultant, motivational speaker and professional with a strong commitment to educating, servicing and volunteering Marjorie has delivered papers at several industry conferences globally.
Some topics she has covered are the growth and development of actuarial science, the roles actuaries play in business and society, as well as encouraging youth to consider becoming actuaries.
“It is vital for the actuarial profession that we discuss and encourages growth and development while nurturing the minds of tomorrow,” she says.
As an author, she has produced a four-part series book for children titled Shumba the Lion and Friends. She authored Living with Purpose, a workbook for young adults she also wrote ReelGet Hooked on Something Real which is meant for adults.
Marjorie is a linguist and speaks four languages, English, Shona, French and Dutch.
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