Director - Life Insurance Business Line
AC - Actuarial
Estimated Travel Percentage (%): Up to 25%
Relocation Provided: Yes
American General Life Insurance Company
DSA 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 DSA Re entity in 2017 was an important early step in achieving that objective. AIG continued the DSA Re strategy by announcing a strategic partnership with The Carlyle Group to achieve the long-term vision for DSA Re. DSA Re currently re insures $36 billion of AIG's Legacy Life and Annuity and General Insurance liabilities. DSA 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 DSA Re into a standalone platform with financial strength that complements its strategically differentiated capabilities.
In this role, you will be responsible for the P&L of the DSA Re Life business composed of 2 million Term, Industrial Life, ISWL and UL policies and $8.9 billion of GAAP Reserves. This includes oversight of work performed in investments, operations, actuarial and other areas which affect the profitability of the Life business.
Primary responsibilities and accountabilities include all aspects of the P&L for the life business. You will be expected to recommend ways in which the life results can be improved, review any new blocks of life products being considered for acquisition, and provide oversight of all relevant areas as well as provide strategic direction as to future efforts to improve profitability. The Life business includes the Whole Life, ROP Term, Sun America, and EIWL sub-lines. Position can be based in Nashville, TN, Houston, TX or Jersey City, NJ.
- Manage business P&L - $8.9B of US based reserves on GAAP and Bermuda Monetary Authority basis.
- Recommend changes to, in coordination with AIG Core, the non-guaranteed elements of DSA's life contracts including setting dividends on par policies, credited interest rates, and changes in COI Charges.
- Understand and explain movements in the life financials and likely future trends in earnings. Determine factors causing unexpected financial results, what corrective action is needed and likely impact on future earnings of the book.
- Determine root causes or unusually adverse or good mortality/lapse results (agent activity, underwriting, sales techniques), quantify impact and recommend changes in assumptions, reserves, or other corrective action where appropriate.
- Manage/minimize expenses for the life line of business.
- Provide oversight of actuarial / finance initiatives that impact the P&L including review of all assumptions (Bermuda and US) related to reserving or valuing the life books of business.
- Track and influence the investment strategy/income and component assets allocated to the Life business line.
- Review and provide input to the Life operations, covering the admin systems managed by CBSC as well as relevant TPA's. Monitor Key Performance Indicators of the Operations group.
- Support the Head of Inforce Management, Life and Annuity in a range of projects.
- Bachelor's degree and 10+ years of relevant experience.
- The successful applicant will need to possess a sound knowledge of all types of Life insurance, UL, WL, EIWL, ROP, term, etc. including
- Actuarial items such as reserves
- Product characteristics and risks
- Insurance company investment portfolios and risks
- Experience Studies and drivers of results
- Ability to review new business being considered for this line, both to ensure it is a good fit financially and operationally and where possible to provide feedback to assist with business acquisition.
- Experience with complex financial structures where business is moved and managed between several companies in various domiciles.
- Ability to review proposed actuarial assumptions and provide input to assumption setting.
- CFA, FSA, or CPA would be advantageous.
- Experience in reinsurance structuring as a financial tool.
- Relevant experience with respect to older U.S. life product designs is desirable.
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.