Evidence of actuarial hiring: IRDAI-registered insurer (Appointed Actuary required) (source). Checked 10 Nov 2026.
About Magma General
Magma General Insurance began in 2012 as Magma HDI General Insurance, a joint venture between Magma Fincorp and Germany's HDI. In 2021 control passed to Poonawalla group entities, and HDI later exited, leading to the shorter Magma General name. In July 2026 IRDAI approved its sale to a consortium led by Patanjali Ayurved together with the DS Group, with the Poonawalla-linked Sanoti Properties as the seller. It is not listed.
The company's registered office is in Kolkata, with a large corporate presence in Mumbai, where most specialist functions sit. Its book has historically been weighted towards motor, especially commercial vehicles, along with health and commercial lines.
For an actuary, Magma is a smaller insurer under new ownership, so priorities may shift as the new owners set strategy. A small team gives wide exposure across pricing and reserving.
Also known as: Magma HDI General Insurance
What the actuarial team does
- Motor pricing, including commercial vehicles
- Health and commercial lines pricing support
- IBNR reserving and the Appointed Actuary's statutory reports
- IRDAI product filings
- Solvency and capital planning under new ownership
- Reinsurance analysis
How students get in
Magma lists jobs on its careers page (magmainsurance.com/career) and on job portals. Actuarial roles are advertised occasionally, mainly in Mumbai or Kolkata; papers required are not published, but core-paper passes are the usual baseline. A named trainee scheme, internship programme or exam-support policy is not published. Given the change of ownership in 2026, hiring patterns may change, so check the careers page regularly.
Roles this employer has advertised:
Questions students ask
Which papers does Magma ask for?
Not published; CS1, CS2 and CM1 are a sensible baseline.
Where is the actuarial team?
Mainly Mumbai (approx.); the registered office is in Kolkata.
Are internships offered?
Not published.
