AC - Actuarial
Estimated Travel Percentage (%): Up to 25%
Relocation Provided: No
American General Life Insurance Company
OVERVIEW OF DEPARTMENT/WORK GROUP'S PRIMARY FUNCTIONS
Life Chief Finance Actuary (CFA) department is charged with:
- Overseeing and assisting Global Life valuation, experience studies and internal capital and asset liability management (ICALM)
- Providing checks and balances to product pricings via Life Pricing Committee
- Coordinating and providing analysis for Global Life line of business actuarial projects
- Cooperating with reinsurance department and reviewing life reinsurance treaties
- Assisting and advising Life CFO
- Supporting requests from ERM
- Evaluating potential M&A activity
- Administering universal life Interest Crediting Committee
- Facilitating quarterly Life Business Line Actuarial Briefings (BLAB)
- Reviewing GAAP earnings and life insurance projections
- Forming finance actuarial judgments
Detailed Description of work to Be Performed / MAJOR RESPONSIBILITIES / PROJECT
With respect to the above department responsibilities, the employee's expectations are outlined below.
Overseeing and assisting Global Life valuation, experience studies and ICALM
These finance actuarial departments may have development needs, busy times or other resource constraints. Under direction of manager the employee should provide assistance to both the domestic and international teams in need to help ensure the areas are meeting actuarial goals.
Providing checks and balances to product pricings via Life Pricing Committee
The Life Pricing Committee approves or rejects product additions or changes based on a product approval package and an associated walkthrough with stakeholders. The employee will help to coordinate pricing committee meetings, distribute materials and notes, consolidate pricing assumptions for finance use and provide analysis of pricing packages to the Life CFA.
Coordinating and providing analysis for Global Life line of business actuarial projects
Actuarial projects can be challenging to manage given actuarial staff may have other fulltime responsibilities. The employee may provide ad hoc project support in coordination with the domestic and international actuarial functional roles (valuation, experience studies, ICALM, reinsurance) to facilitate project completion. The Actuarial Modernization project is a key projection model initiative that requires assistance in cross-department coordination, assumption development and model reviews.
Cooperating with reinsurance department and reviewing life reinsurance treaties
Reinsurance is associated with much of the life insurance block. Coordination with the reinsurance department may be required for projects or pending treaty additions or changes.
Assisting and advising Life CFO
The Life CFA department provides direct support for the Life CFO on topics such as earnings analysis, budgeting and forecasting. The employee will help provide support for requests as needed. The employee may also help design tools and produce analytics.
Administering universal life Interest Crediting Committee
The Life CFA department runs the universal life Interest Crediting Committee. The employee will help to peer and tech review memoranda prepared for these meetings as well as the delivery files of rates to IT.
Facilitating quarterly Life BLABs
Each quarter the Life BLAB brings together all key results and current and future projects for the life actuaries. The employee will assist in preparing the BLAB documents and distributing meeting notes for each quarterly meeting.
Reviewing GAAP earnings and life insurance projections
Each valuation reporting month the employee will extract GAAP income statements and provide to Life CFA team. Likewise, cash flow testing or other projection model runs may be reviewed for reasonableness with feedback provided to the Life CFA.
Forming finance actuarial judgments
Actuarial judgments are required for updates to valuation and cash flow testing models. The employee will play a role in unlocking and cash flow testing assumption development and help advise Life CFA and Life valuation actuary on any appropriate changes.
- Actuarial Development Rotation Program
- 0-2 years of actuarial experience
- Passed at least 2 Actuarial Exams
- Good communication skills
- Adept at problem solving
- Exposure to MS Access and Excel; other actuarial software packages would be plus
It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
At AIG, we believe that diversity and inclusion are critical to our future and our mission - creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.