Assistant Actuary, Life Valuation
AC - Actuarial
Estimated Travel Percentage (%): No Travel
Relocation Provided: Yes
Fortitude Group Services, Inc
Assistant Actuary, Life Valuation Fortitude Re - Valuation and Financial Reporting
American International Group, Inc. (AIG) is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
Fortitude Re: In 2016, AIG created a third reporting segment, Legacy, to manage non-core assets and liabilities, and businesses in run-off, with the objective of balancing the benefits of return of capital or capital redeployment, with potential near-term reductions in book value. The launch of the Fortitude Re entity in 2017 was an important early step in achieving that objective. AIG continued the Fortitude Re strategy by announcing a strategic partnership with The Carlyle Group to achieve the long-term vision for Fortitude Re. Fortitude Re currently reinsures $36 billion of AIG's Legacy Life and Annuity and General Insurance liabilities. Fortitude Re's diversified risk portfolio, strong claims operation, and efficient administration capabilities provide the foundation for a platform that can be scaled over time to offer unique solutions to external parties. AIG and Carlyle plan to build Fortitude Re into a standalone platform with financial strength that complements its strategically differentiated capabilities. For more information, please visit http://www.aig.com/investor-relations.
Travel: 0% to 15%
Experience: Minimum of 3 years
Actuarial Credentials: ASA
Reporting Relationships and Organizational Scope
This role will report to the Director and Actuary, Life Valuation, Fortitude Re. The Assistant Actuary will drive and support financial reporting, analysis, and ad hoc projects on business assumed by Fortitude Re. This role will be responsible for determining life insurance liability reserve calculations and financial reporting for and solely dedicated to Fortitude Re.
Role and Responsibilities
- Perform the technical aspects of the life valuation to update, run, and report on all US GAAP, Stat and Tax liabilities for contracts assumed by Fortitude Re.
- Develop and maintain the production data and calculation environment for the valuation model, Moody's Analytics Axis. The environment will be data centric, minimize the use to spreadsheets, and have a robust control infrastructure. The data environment will tie to the Fortitude Ledger or values reported to ceding companies.
- Own and maintain the robust control infrastructure for Life valuation.
- Work alongside the Fortitude Re Axis production Life modeling team to migrate valuation systems to Moody's Analytics Axis.
- Perform the technical aspects in developing the life reporting infrastructure with an emphasis on building repeatable processes with built-in review capability.
- Work with internal and external auditors (e.g. FCU, PwC) in their periodic reviews.
- Prepare analytics and analysis of financial results
- Perform coding and testing updates and new inputs to the Axis valuation system
The ideal candidate will have significant proficient technical experience and solid working knowledge of US Statutory, GAAP and Tax liability valuation. This individual will have experience with and knowledge in assumption-setting, economic risk, reinsurance and statutory and GAAP accounting aspects for US individual life. The candidate must have excellent communication skills, and the ability to interact with business partners and business unit actuaries effectively in a team environment. The successful candidate must have a desire to improve process efficiency and appearance of final work product.
An undergraduate degree is required. This individual will have attained Associate of the Society of Actuaries (ASA).
- Bachelor's degree in Actuarial Science, Mathematics, or related field.
- Associate of the Society of Actuaries (ASA)
- 3+ years of progressively more responsible actuarial experience
- Excellent mathematical, analytical and problem solving skills with attention to detail
- Actuarial knowledge, computer and actuarial software skills, analytical
- Problem solving and a basic business sense of financial, accounting and economics aspects of business. Technical understanding of solvency, management, and economic valuation regimes including but not limited to US Statutory and US GAAP accounting
- Significant technical experience and expertise with US valuation systems
- Experience with financial reinsurance, product development, or reinsurance
- Demonstrated success working in cross-functional collaborative teams and in working with senior management
- Proficient with MS Word, Excel, and SQL
- Actuarial competency related to valuation and modeling of Life, including Non-par Whole Life, Par Whole Life, ROP Term, and EIWL products.
- Coding experience, experience with Tableau or Alteryx is a plus
- Goal oriented and well-organized, with the ability to develop and manage disciplined processes
- Desire to work in a ‘start-up' and team environment
- Excellent written and oral communication skills
- Strong project management and organizational skills
- Solid interpersonal and influencing skills
- Desire to deliver a complete work product
- Highly motivated and results-oriented
- Strong analytical skills
- Ability to work independently and across geographies
- Desire to eliminate manual and spreadsheet-based processes
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.