Associate Actuary, Statuatory Valuation - International Insurance - Prudential - Newark, NJ
Prudential International Insurance (PII) continues to be one of Prudential’s fastest growing and most profitable business groups. PII has operations in eleven countries around the world (Japan, South Korea, Taiwan, India, China, Brazil, Argentina, Mexico, Poland, Italy, and Malaysia) and is looking to fill an Associate Actuary position in the Actuarial department in Newark, New Jersey. It is possible to work partialy in Ft Washing.
The individual will be a key member of the team responsible for U.S actuarial reporting and modeling for business reinsured into PICA from Japan and other country subsidiaries. The U.S. actuarial reporting functions include U.S. statutory and tax valuation, Asset Adequacy Testing (AAT), RBC C-3 Phase I, forecasting, and PICA stand-alone GAAP valuation. The business currently reinsured to PICA consists of U.S. dollar-denominated life insurance issued by two subsidiaries in Japan (Prudential of Japan and PGFL), and excess risk YRT assumed from various PII operations. The individual will participate in all of the reporting functions, by running models, analyzing results, and/or performing peer review. As the PII Asset Adequacy Testing models are undergoing Model Affirmation and Model Review this year under the company’s model risk management process, the individual will play a role in strengthening model documentation and performing model testing. The individual will also contribute to User Acceptance Testing of model enhancements performed by the PII Actuarial Modeling team.
Responsibilities include :
Performing modeling and analysis in quarterly actuarial valuation and forecasting processes, for US statutory, tax, and PICA stand-alone GAAP
Performing modeling and analysis in semi-annual Asset Adequacy Testing
Participating in documentation efforts, as part of the Model Affirmation and Model Review exercise
Performing User Acceptance Testing for several planned model enhancements to be performed by the PII Actuarial Modeling team
Preparing presentation materials on AAT results for use in meetings with Corporate Actuarial
Assisting in writing AAT and RBC C-3 Phase Memoranda
Managing the team’s Model Audit Rule (MAR) control set implementation, including communication with PII Risk Management
Communicating effectively with partners in PII Actuarial Modeling, PII Finance, Corporate Actuarial, and actuaries in PII local operations Associate of the Society of Actuaries (ASA), Certified Enterprise Risk Analyst (CERA), or near-ASA.
3+ years of actuarial work experience
Valuation and modeling ability
Experience with PolySystems, GGY or other actuarial software a plus
Strong skills with Microsoft Office Excel and VBA. Access DB a plus
Ability to interpret and explain actuarial modeling results, and communicate analyses to other actuaries and financial professionals
Strong interpersonal and communication skills, including the ability to communicate effectively with associates in local PII operations
Willingness to display flexibility and initiative, in order to fully contribute to PII objectives
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