Prudential Ins Co of America Director, Actuary (International Insurance) in Newark, New Jersey
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, Malaysia, India, Indonesia, China, Chile, Brazil, Argentina, Mexico, Kenya and Ghana). PII operations are going through transformative regulation and other changes, including the implementation of (Long Duration Targeted Improvements) LDTI for US GAAP reporting, IFRS 17 for local statutory reporting, and Prophet model implementation to facilitate all the new accounting regimes and initiatives. To meet these opportunities and challenges, PII is looking for a candidate who is strong in actuarial modeling to fill a Director, Actuary position.
The Director, Actuary position is responsible for taking lead or support roles in various LDTI/IFRS 17 implementation related projects around the globe, with a specific focus on Prophet modeling. This may include Prophet modeling conversion of liability cash flow in local operations, Prophet modeling for LDTI and IFRS 17, and several other LDTI/IFRS 17 implementation workstreams for example methodology impact analysis, opening balance sheet and product financial impact analyses. This position is highly visible and strategic and plays a key role in PII Actuarial by partnering with the local operations, various enterprise and domestic counterparties. This position will report to the team lead of Global Initiatives unit.
In this dynamic position you will:
Lead Prophet model development, validation and documentation of liability cash flow generation for IFRS17, USGAAP LDTI and other frameworks for various PII jurisdictions such as Kenya, Ghana, Malaysia, Brazil, Mexico, India, Indonesia etc.
Lead Prophet model development for common LDTI and IFRS 17 modules to meet corporate requirements and local needs.
Lead the actuarial efforts to support the overall goal of implementing a modernized and repeatable reporting process for the LDTI and IFRS 17 accounting framework in local operations.
Design and build out an end-to-end LDTI / IFRS 17 reporting process where the actuarial and financial reporting workflows are re-engineered to fit the future reporting and system needs. Working closely with other functional teams, in particular ESS and local operations, to ensure a repeatable, scalable, and efficient reporting infrastructure for meet the future business needs under the new regulations.
Lead or support the Prophet projects as needed in related to LDTI/IFRS 17 implementation for various PII jurisdictions
Lead or support international operations on prototype analyses of new frameworks such as LDTI/IFRS 17 methodology testing, balance sheet and income statement impact analysis, product and profitability analysis
Act as the subject matter experts within PII for emerging new regulation regimes such as LDTI, IFRS 17, IAIS ICS, PBR, etc
What we are looking for in your background:
A minimum of 5 years of actuarial modeling experience in valuation and projection in an open coding system
Broad experience in Prophet is highly preferred; Advanced Prophet modeling experience e.g. Nested Stochastic, ALS, Extended Formula, is highly desired but not required
Strong financial modeling knowledge and experience
Strong quantitative and analytics skills, including the ability to understand concepts and assess situations in a timely manner
Knowledge of economic and risk-based solvency regimes (e.g. Solvency II and IAIS ICS) and the latest developments in accounting principles e.g. IFRS 17 and US GAAP targeted improvement is a distinct advantage
Dedication to completing work thoroughly and on time under time pressure
Strong written and verbal communication skills
Broad understanding and relevant experience with Life and/or Annuity products
Experience and knowledge of major global insurance markets in Asia and Latin America is a plus
Strong project management and execution skills
FSA with 5+ years of actuarial experience is required, CFA a plus
International experience is a plus
Minimal travel may be required
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 i
Please click the link below to view the rest of the job on our career site.
Equal Opportunity Employer-minorities/females/veterans/individuals with disabilities/sexual orientation/gender identity