Location Designation:
Employer: New York Life Insurance Company
Job Title: Senior Actuarial Associate, Life Projections
Location: This position reports to the NY Life headquarters in New York, NY. Applicants may work from a home office within a commutable distance of New York, NY.
Offered Wage: $145,330/year
Duties: Sets Management Statutory (MSTAT) Earnings and Statutory (STAT) Free Surplus financial plans for the year as well as seasonalized versions for each quarter. Performs quarterly Source of Earnings and Variance analysis on MSTAT and STAT financials. Monitors new business activity, assumption changes, and emerging accounting standards that affect the Retail Life line of business. Collaborates with the Finance Service Organization (FSO) to analyze actuarial liabilities and assets such as reserves and Deferred Acquisition Cost (DAC). Performs deep data analysis on mortality claims, lapse, investment, expense, and tax trends using Tableau Data Hub, SAP ledger, and other resources. Collaborates with the Financial Planning and Analytics (FP&A) team to produce quarterly business reviews, planning decks, all corporate earnings plans, and actual MSTAT and STAT deliverables and presents plan-related materials to senior leaders. Analyzes actual financial results and understands the limitations and accuracies of actuarial models.
Education & Experience Requirements:
Bachelor's degree in Actuarial Science, Mathematics, Statistics, Finance or Economics (willing to accept foreign education equivalent) and 3 years of experience performing actuarial services for life insurance or annuity products
Required Certifications & Skills:
- Must have passed all 6 exams required for Associate of the Society of Actuaries (ASA) certification
Experience must include 2 years in each of the following skills:
1) Modeling life insurance products and cash flows, manipulating large datasets, and performing actuarial analysis and visualizations leveraging Prophet, SQL, Excel, and VBA programming;
2) Analyzing data, developing actuarial assumptions, and performing actuarial calculations according to professional Actuarial Standards of Practice (ASOP);
3) Performing actuarial liabilities pricing and modeling for Whole Life, Term, Variable Universal Life or Universal Life products, and maintaining pricing and regulatory testing models;
4) Analyzing income statements, source of earnings, and profitability metrics according to statutory accounting standards; and,
5) Interfacing with, senior management, Product Managers, Valuation Actuaries, Pricing Actuaries, Experience Studies Actuaries, and IT to clarify technical actuarial topics to both technical and non-technical audiences.
Eligible for Employee Referral Program
Overtime eligible: Exempt
Discretionary bonus eligible: No
Sales bonus eligible: No
Click here to learn more about our benefits. Starting salary is dependent upon several factors including previous work experience, specific industry experience, and/or skills required.
Please note: At this time, employees of Group Benefit Solutions can be considered for open positions within Group Benefit Solutions only. Applications from Group Benefit Solutions employees for open positions within other New York Life businesses are unable to be considered.
Working at
New York Life Insurance Co
New York Life Insurance Company is a highly respected and renowned insurance provider with a rich history that spans over 175 years. As one of the largest mutual life insurance companies in the United States, New York Life is committed to helping individuals and families secure their financial futures. As an actuary at New York Life Insurance Company, you'll be part of a distinguished team that plays a vital role in assessing and managing risks. Actuaries at New York Life utilize their expertise in statistical analysis, risk assessment, and financial modeling to evaluate risks, develop pricing strategies, and ensure the financial stability of the company's insurance offerings. Collaborating with cross-functional teams, actuaries at New York Life provide valuable insights that inform strategic decision-making. Actuaries analyze complex data, forecast trends, and develop innovative solutions that meet the evolving needs of customers while maintaining the company's financial strength. New York Life values professional growth and provides actuaries with ongoing training and development opportunities. Actuaries can enhance their skills, stay at the forefront of industry advancements, and contribute to the company's continued success. Join New York Life Insurance Company's esteemed actuarial team and embark on a rewarding career where you can apply your actuarial expertise, make a meaningful impact on securing individuals' financial futures, and enjoy competitive benefits in a supportive work environment.