The Senior Assistant Actuary, Non-Traditional Valuation is a strong contributor within a high performing group focused on model development and maintenance for a wide range of US and International products underlying RGA's Non-Traditional reinsurance treaties. Products include Variable and Fixed annuities, Fixed Index Annuities, SPIAs, and Longevity Swaps.
While the focus is on modeling products and regulations for reporting and planning, the role also includes some elements of production and analysis of results, including US GAAP and Statutory reserves, Tax, Solvency II, ORSA, Cash Flow Testing, Economic Capital, and Embedded Value.
The role contributes to the enhancement of the financial models and infrastructure by developing and maintaining actuarial assumptions, methods, models and processes used within the valuation team.
- Assists with development, maintenance, and/or reviews actuarial models as they relate to product features, regulations, and reporting in Prophet and other applications
- Assists with ensuring models are compliant with Statutory, Tax, and GAAP regulations for non-traditional business, including documentation.
- Adheres to the standard model governance and documentation frameworks
- Assists with troubleshooting and answering questions coming from the reporting/analysis teams on model characteristics and behavior
- Serves as a liaison with other valuation, pricing, administration, systems, accounting, audit, and finance associates
- Performs valuation work and ad-hoc department projects as needed and called upon
Education and Experience
- Bachelor's degree in Math, Finance, Actuarial Sciences, Statistics or related field
- ASA accreditation
- Pursuit of FSA designation with at least 1 FSA-level exam passed
- 4+ years actuarial experience in life insurance/reinsurance valuation and/or financial reporting (GAAP, Statutory, and Tax)
- MAAA accreditation
- Willingness to pursue FSA accreditation or equivalent
- 5+ years of actuarial experience in the life insurance/reinsurance industry
- Life insurance/reinsurance industry and product knowledge
- Familiarity with fixed income investments, understanding of asset modeling techniques and capital markets
- Experience with actuarial valuation or projection models
- Experience with stochastic modeling and/or asset liability management experience
- Familiarity with deferred and immediate annuities, including equity-indexed and/or variable annuities
- Understanding of pension and other longevity products
Skills and Abilities
- Advanced PC and technical skills, including database applications (Access, Oracle, SQL
or equivalent technology), spreadsheets, or statistical programs
• Familiarity with actuarial software such as Prophet, MoSes, MG-ALFA, Algo FM, TAS, AXIS, or equivalent
• Ability to multi-task and meet tight deadlines
• Ability to balance detail with departmental goals/objectives
• Advanced oral and written communication skills, demonstrating the ability to convey business terminology that is meaningful and well received by all stakeholders, including customers and associates
• Advanced interpersonal skills, demonstrating the ability to work effectively with different disciplines, including pricing, finance, accounting, systems, and administration.
• Competent project management skills; demonstrates an ability to evaluate project
objectives and scope for feasibility and understanding.
• Ability to model various insurance products and reinsurance structures
• Complex analytical and problem-solving skills
• Advanced knowledge of life insurance, longevity, institutional and/or annuity products
• Knowledge of GAAP, Statutory, and Tax valuation and financial reporting
• Ability to work independently and to work well within a team environment and participate in department projects
• Expertise in Prophet with experience using liability libraries such as US 360, GAAP cohort, summary, and/or ALS
• Advanced understanding of local regulatory environments and US GAAP accounting standards
Reinsurance Group of America, Incorporated (NYSE: RGA) is one of the largest global providers of life reinsurance, with offices around the world. RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, financial solutions, facultative underwriting and product development. Our mission is to enhance our clients' prosperity by supporting their financial and risk management capabilities.
State of Colorado: This information is provided per the Colorado Equal Pay Act. The pay range for this position in Colorado is $88,405 to $135,920 per year. Base pay varies depending on job-related knowledge, skills, experience and market location. In addition, RGA compensation includes an annual bonus plan that includes all roles and maintains a full range of competitive health and life insurance, retirement and other employee benefits.