Director & Actuary
AC - Actuarial
Estimated Travel Percentage (%):
American General Life Insurance Company
AIG Legacy Portfolio: In 2016, AIG created a third reporting segment 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. Our business strategy is to maximize liquidity to AIG Parent and minimize book value impairments while sourcing for our insurance companies attractive assets for their portfolios. Where the assets under AIG's sole control, we expect to achieve this through a combination of unaffiliated and affiliated sales and securitizations. Legacy Portfolio includes Legacy Property and Casualty Run-Off Insurance Lines, Legacy Life Insurance Run-Off Lines and Legacy Investments.
Reporting Relationships and Organizational Scope
This role will have dual reporting to the Chief Finance Actuary Legacy and the Vice President & Actuary Insurance Capital & Asset-Liability Management (ICALM) Cash Flow Testing. The Chief Finance Actuary Legacy is responsible for aligning and managing Legacy-specific resources across multiple actuarial functions to ensure consistency across processes and facilitate teamwork, for providing independent oversight of the pricing actuarial function within the BU, and for providing any insurance risk information to the ERM team. The Vice President & Actuary ICALM Cash Flow Testing oversees the projection modeling and reporting processes for Core & Legacy business, including for Cash Flow Testing, Internal Capital, and ALM deliverables.
The Director & Actuary Legacy Actuarial Modeling role will be responsible for actuarial projection modeling for all Legacy Life, A&H, and Annuity business. This role will be accountable for supporting all projection modeling applications including Cash Flow Testing, ALM, Internal Capital, budgeting, stress testing, as well as regulatory reporting for the Bermuda Monetary Authority.
Role and Responsibilities
Manage a small team of actuaries in both the US and Bermuda to update, run, and report on all projections needs for Life, A&H, and Payout Annuity policies in the AIG Legacy SEC Reporting segment Serve as the lead in working with consultants to bring newly developed GGY Axis models into the AIG production modeling structure, including establishing repeatable processes for updating assumptions, inforce liabilities and assets, and current economic assumptions Collaborate with the ICALM team to ensure consistency in modeling approaches, where appropriate Manage creation of reporting infrastructure with an emphasis on building repeatable processes with built-in review capability Keep up to date with reporting requirements, upcoming projects needed Oversee modeling updates, including development of model specifications and assumptions Serve as point of contact for internal and external audits (e.g. FCU, PwC) Review, understand, and interpret model results. Explain variations in earnings vs the budget and prior period and reconcile results across different accounting bases. Develop processes and tools to pull and summarize data from databases, accounting systems, administrative systems, ledger systems and other sources to support model development and validation. Oversee the Bermuda actuarial team to ensure models will support needs associated with the BMA Technical provision calculation.
Candidate Profile The ideal candidate will have significant experience and expert-level knowledge in GGY Axis and considerable knowledgeable in the valuation, assumption-setting, economic risk, reinsurance and statutory and GAAP accounting aspects of actuarial modeling for US individual life, individual A&H and payout annuity businesses including structured settlements, SPIAs and TFAs. The candidate must have excellent communication skills, management skills, and the ability to interact with business partners and business unit actuaries effectively. The successful candidate must have a desire to improve process efficiency and appearance of final work product. Education An undergraduate degree is required. This individual will be a Fellow of the Society of Actuaries (FSA). Experience 10+ years of progressively more responsible actuarial experience in the insurance industry Leadership experience in a large actuarial or IT organization. Significant experience and expertise with GGY Axis Comfortable working on ad-hoc projects with ambiguous goals. Experience with business planning, stress testing and experience studies. Experience with Financial Reinsurance Demonstrated success working in cross-functional collaborative teams and in working with senior management. Proficient with MS Word, Excel, and data base software Actuarial competency related to valuation and modeling of Life, A&H, and payout annuity products including: Structured Settlements, Single Premium Immediate Annuity, TFA, Non-par Whole Life, Par Whole Life, ROP Term, Individual Cancer, Disability Income and EIWL products. Personal Characteristics Goal oriented and well-organized, with the ability to develop and manage disciplined processes. Excellent written and oral communication skills. Ability to build effective teams: blending teams when required, fosters strong team morale, ensures open dialogue Desire to deliver a complete work product Highly motivated and results-oriented. Strong analytical skills. Ability to work independently and across geographies
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.