CORPORATE VICE PRESIDENT & ACTUARY - Regulatory, ALM & Reinsurance

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Date: Oct 1, 2021

Location: Remote, PA, US

Company: New York Life Insurance Co

 

When you join New York Life, you’re joining a company that values development, career growth, collaboration, innovation, and diversity & inclusion. We want employees to feel proud about being part of a company that is committed to doing the right thing. Through various resources and programs, you can grow your career while developing personally and professionally.

GBS2021

 

 

Core Deliverables and Responsibilities

  • Complete annual cash-flow testing and actuarial opinion, and coordinate all actuarial annual statement deliverables
  • Perform analysis to support updates to statutory valuation assumptions which minimize capital strain while ensuring reserve adequacy and compliance
  • Perform quarterly portfolio segmentation analysis to ensure appropriate asset / liability matching and recommend valuation discount rates
  • Develop reserve projections across GAAP, statutory and tax bases to support capital plan and surplus / dividend projections
  • Oversee Reserving team’s compliance and control structure – Sarbanes-Oxley / Model Audit Rule, balance sheet inventory, model governance, peer reviews, best practices, etc.
  • Manage day-to-day reinsurance operations, including treaty renewal process, broker and reinsurer relationships, maintenance of reinsurance contract inventory, and commutations of run-out treaties
  • Ensure reinsurance financials are accurately calculated and recorded, and monitor experience of treaties

 

Stretch Deliverables / Differentiators

  • Streamline / enhance processes to complete core deliverables
  • Improve communication and collaboration on tasks involving multiple teams (e.g. annual statement)
  • Proposing enhancements to controls and best practices to ensure optimal compliance and governance
  • Better partner with corporate investment area to drive optimal investment strategies and asset liability management

 

Competencies Utilized and Developed

  • Technical skills
    • Various different modeling projects (in Excel, Access, SQL), including projection of a full model office
  • Analytical skills
    • Reviewing asset and liability characteristics to develop optimal asset allocation
    • Developing and reviewing key metrics to support recommendations for appropriate statutory valuation assumptions
  • Communication skills
    • Results of cash-flow testing and recommended changes to statutory valuation assumptions must be presented to GBS CFO and Corporate Actuarial.
    • Various modeling tasks require inputs from several different areas, demanding clear communication to ensure consistency and timeliness
  • Business knowledge
    • Develop a strong knowledge of key financial statements – income statement and balance sheet – and all aspects of the P&L by developing full end-to-end financial projections.
    • Gain an understanding of all valuation bases (GAAP, statutory, tax) and all Group products (Disability, Life, Accident, Specialty, Voluntary).
  • Leadership
    • Coordinate a number of cross-functional projects requiring project management
    • Encourage team members to partner with other areas by providing actionable insights and drive change

 

Business Partners

  • Other Reserving teams
  • Corporate Finance, Accounting and Actuarial
  • Accounting
  • External auditors, PwC (Accounting and Actuarial)
  • Cigna Investment Management

 

Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by our Foundation. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

Job Requisition ID: 84784

 

 

 


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