Posted on: May 25, 2023
Actuarial - Actuarial
The GAAP Valuation team within the Individual Life Insurance (ILI) Valuation function is responsible for preparing the actuarial portion of the GAAP results and the underlying earnings story of the Individual Life business. The team is seeking an Associate Actuary to help drive execution of the quarterly reporting process and produce insightful analytics that crisply explain results to business partners and management. The ideal candidate will have a focus on, and ownership mentality of, all reporting-related tasks and a passion for developing insights for business partners and ILI management to drive business outcomes.
--- Complete quarterly production tasks in a timely manner to support reporting of various GAAP balances (DAC, URR, SOP03-1, Cost of Reinsurance, Loss Recognition, and FAS133 Embedded Derivative), which may include review of inputs received from business partners, valuation system runs, and preparation of reports and analytics
--- Provide key support to non-production Valuation activities, including quantification of annual assumption updates, and periodic Sensitivities analysis
--- Analyze GAAP valuation results to enhance insights for management and stakeholders, leveraging available technology (e.g. PowerBI, Python, SQL) to link balance changes to underlying business drivers and forecast upcoming financial impact
--- Exhibit an ownership mentality with business partner deliverables (Finance, Forecasting) to thoroughly understand downstream uses to drive insights and outcomes.
--- Contribute to continuous improvement of business process enhancement initiatives and analytics
--- Work closely with Modeling associates to perform user acceptance testing of enhancements to ILI valuation system and Liability Data Warehouse to ensure accuracy of amounts booked to ledger accounts and monthly attributions of GAAP balances.
--- Strong organizational and project management skills coupled with a high degree of curiosity on current processes and systems
--- Strong analysis skills and ability to critically review own work and work product of other team members
--- Ability to collaborate to develop creative yet practical solutions to challenging problems in order to meet the needs of customers
--- Ability to partner effectively with colleagues across multiple time zones, business groups, and corporate areas
--- Excellent oral and written communication skills
--- ASA designation and progress toward FSA preferred
--- The following are a plus, but not required:
o Some coding experience (Python, C++, vba, etc) or actuarial model experience (PolySystems, MG-ALFA, Prophet, Moody's AXIS, etc.)
o Experience with Tableau, Power BI, or other demonstrated execution of manipulating, summarizing, and visualizing large data sets
o Prior GAAP reporting experience and/or familiarity with individual life insurance products
--- Open to remote/virtual location outside of commutable Newark, NJ location
Note: Prudential is required by state specific laws to include the salary range for this role when hiring a resident in applicable locations. The salary range for this role is from $111,400.00 to $165,800.00. Specific pricing for the role may vary within the above range based on many factors including geographic location, candidate experience, and skills. Roles may also be eligible for additional compensation and/or benefits. Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance. In addition, employees are eligible for standard benefits package including paid time off, medical, dental and retirement.
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.
We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit www.prudential.com to learn more about our values, our history and our brand.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status , medical condition or any other characteristic protected by law.
The Prudential Insurance Company of America, Newark, NJ and its affiliates.
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Keywords: Prudential, Newark , Associate Actuary, Accounting, Auditing , Newark, New Jersey
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