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Salary data for country: Nigeria
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Insurance

Salary for position Actuary in Nigeria

Gross salary in Nigeria is
An employee's salary is influenced by several factors, primarily the region in which they work, length of experience, company size, and more.
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80% of people earn:
214K - 718K NGN
10% earn less lthan 214K NGN
10% earns more than 718K NGN
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Salaries in the survey are expressed in gross.

Based on the Paylab.com salary survey, 80% of people on the Actuary position in the Nigeria earn between 214,216 NGN and 717,673 NGN monthly gross.

10% of employees earn less than 214,216 NGN and 10% of people earn more than 717,673 NGN.

The survey is based on data from employees, cleaned of extreme and duplicate values. By taking a free, anonymous survey, you will get a more accurate salary comparison with other people working in the same position as you.
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What kind of work does Actuary typically do

  • Monitoring the insurance market, developing new products and proposing changes of existing products.
  • Formulating insurance contracts, insurance conditions and special arrangements.
  • Determining premium tariffs, the amount of technical provisions in life insurance and supplementary insurance.
  • Preparing and updating technical business plans and manuals.
  • Preparing documents for the implementation of changes related to product innovation in the information system.
  • Creating and updating computer programs for distribution networks, pricing, taxation and technical changes in life insurance.
  • Testing the profitability of products.
  • Preparing personalised insurance offers.
  • Preparing documents for the assessment of non-standard changes in life insurance.
  • Performing and ensuring activities related to financial funds in investment life insurance.
  • Preparing documentation and participating in conducting methodological trainings for distribution networks.
  • Preparing documentation for accounting, the National Bank of Slovakia, auditors, shareholders and other entities, preparing periodic reports for the reinsurer.
  • Providing expert consultation on life insurance products to other units of the company.

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The most common career path of an employee

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Position Actuary in the labour market

In the salary ranking,
the job position takes

101. place

Women representation in position

n/a

Average age of respondent by position

n/a

703. place

Nursery School Teacher Assistant

Education, Science & Research

Salary group 1

90,978 - 195,455 NGN

102. place

Mechanization Manager

Mechanical Engineering

Salary group 2

243,465 - 673,697 NGN

101. place

Actuary

Insurance

Salary group 2

214,216 - 717,673 NGN

100. place

Frontend developer

Information Technology

Salary group 2

221,874 - 707,133 NGN

1. place

Software Engineer

Information Technology

Salary group 3

551,091 - 2,935,300 NGN

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Frequently asked Questions

Frequently asked questions and answers about the salary for the position Actuary.

The total gross salary for the position Actuary ranges between 177,663 NGN and 1,252,690 NGN per month. For an accurate comparison, we recommend checking your salary through the questionnaire on Paylab.com to get a more precise view of the salary, considering the region where you work.

The highest-earning employees in the position Actuary have a total gross salary of at least 717,673 NGN per month.

10% of the highest-earning employees in this position have a total gross salary higher than 717,673 NGN per month, and 10% of the lowest-earning employees in this position have a total gross salary lower than 214,216 NGN per month. By participating in our salary survey, you will get an accurate comparison of your salary with the market average, considering the region where you work.

After working for 5 years, the position Actuary earns 520,470 NGN per month gross.

You need to be well prepared for salary negotiations. During salary negotiation, we recommend focusing on the following aspects:
  • find out the current market value of the position – on Paylab.com you can check it for free and anonymously
  • highlight your experience and achievements – it is good to time the salary discussion well
  • expanded responsibilities – if you work beyond your role and assigned duties
  • prepare alternatives – if a salary increase is not possible, there are other options (bonuses, extra vacation, etc.)

The salary data comes from a pay survey where everyone can anonymously compare their salary with other employees working in the same position. We clean and process this data according to our methodology. For the position Actuary, we currently have less than 20 verified respondents collected.