Associate Director - Finance Actuarial, Individual and Group Retirement
AC - Actuarial
Estimated Travel Percentage (%): Up to 25%
Relocation Provided: No
American General Life Insurance Company
Position based in Houston, TX or Woodland Hills, CA
AIG Life & Retirement is a unique franchise that brings together a broad portfolio of retirement and life insurance products offered through multiple distribution networks. It holds long-standing, leading market positions in many of its U.S. product lines, and its global footprint provides the opportunity to pursue international growth opportunities selectively in countries with attractive markets. With its strong capital position, customer-focused service, innovative product development capabilities and strong distribution relationships across multiple channels, Life & Retirement is well positioned to provide clients with the products they need delivered through the channels they prefer.
Reporting Relationships and Organizational Scope
This position will report to the Director, Finance Actuarial and will be the lead actuary responsible for model assumption governance of fixed annuity and group variable annuity actuarial models. This position will have regular interaction across the Individual and Group Retirement Business Unit (BU) actuarial functions supporting both the finance team and the valuation unit. This position will be highly visible to the business leaders of the organization.
Roles and Responsibilities
- Lead the development of a model assumption governance framework for experience-based assumptions used by various actuarial models within the Group Retirement and Individual Retirement-Fixed Annuity lines of business.
- Work with BU-specific resources across various actuarial functions (pricing, valuation, cash flow testing, experience studies) to identify considerations for setting assumptions, to develop the rationale for differences between models, and to recommend assumption changes for annual and ad hoc unlocking exercises and pricing model updates
- Enforce adherence to assumption setting standards, including the AIG “Playbook” and relevant actuarial standards of practice.
- Prepare actuarial memorandums documenting model assumptions to be used during the review and challenge process.
- Liaise with the experience studies team to ensure timely and relevant delivery of experience results to the model stakeholders
- Support the Director, Finance Actuarial on other projects as needed
The candidate will be able to show their ability to effectively lead others and will be able to display excellent analytical skills as well as written and oral communication skills. Ideally, the candidate will have a strong background in actuarial modeling with specific experience in developing and setting actuarial assumptions for annuity pricing and/or valuation models. Overall, the candidate will be highly motivated and results-oriented.
- Bachelor's Degree and FSA or ASA with 5+ years of experience post ASA
- 5+ years of progressively more responsible actuarial experience
- 3+ years of actuarial modeling experience with some experience in setting assumptions
- Excellent analytical skills
- Excellent written and oral communication skills
- Strong knowledge of pricing and valuation (US Statutory, GAAP, and DAC) requirements, especially regarding fixed and variable annuity products
- Background in model and/or assumption governance
- Experience with development of actuarial modeling assumptions
- Project management experience
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
We consider qualified applicants with criminal histories, consistent with applicable law.