Actuary (Level 2) - Annuities ALM and Modeling

Cedar Rapids, IA, USA Professional Diversity Network

Transamerica

Job FamilyActuarial

About Us

At Transamerica, hard work, innovative thinking, and personal accountability are qualities we honor and reward. We understand the potential of leveraging the talents of a diverse workforce. We embrace an environment where employees enjoy a balance between their careers, families, communities, and personal interests.

Ultimately, we appreciate the uniqueness of a company where talented professionals work collaboratively in a positive environment - one focused on helping people look forward and plan for the best life possible while providing tools and solutions that make it easier to get there.

Who We Are

We believe everyone deserves to live their best life. More than a century ago, we were among the first financial services companies in America to serve everyday people from all walks of life.

Today, we're part of an international holding company, with millions of customers and thousands of employees worldwide. Our insurance, retirement, and investment solutions help people make the most of what's important to them.

We're empowered by a vast agent network covering North America, with diversity to match. Together with our nonprofit research institute and foundation, we tune in, step up, and are a force for good - for our customers and the communities where we live, work, and play. United in our purpose, we help people create the financial freedom to live life on their terms.

What We Do

Transamerica is organized into three distinct businesses. These include 1) World Financial Group, including Transamerica Financial Advisors, 2) Protection Solutions and Savings & Investments, comprised of life insurance, annuities, employee benefits, retirement plans, and Transamerica Investment Solutions, and 3) Financial Assets, which includes legacy blocks of long term care, universal life, and variable and fixed annuities. These are supported by Transamerica Corporate, which includes Finance, People and Places, General Counsel, Risk, Internal Audit, Strategy and Development, and Corporate Affairs, which covers Communications, Brand, and Government and Policy Affairs.

Transamerica employs nearly 7,000 people. It's part of Aegon, an integrated, diversified, international financial services group serving approximately 23.9 million customers worldwide.* For more information, visit transamerica.com.

Job Description SummaryTransamerica is searching for a creative, recent FSA to join our Annuity team! This role will focus on the modeling of Variable Annuities and Registered Index Linked Annuities for the purpose of valuation reporting, projections and hedging.

Job Description

Responsibilities:

Performs responsibilities as model owner of the valuation and hedging models: test implementation of new products/product features or enhancements, review/understand proposed assumption and/or methodology changes, research issues and develop requirements through an understanding of variable annuities and registered index linked annuities.

Performs administrative responsibilities as model owner, including planning quarterly implementations, updating estimated financial impacts (EFIs), researching model issues impacting all VA/RILA models, leading testing and validation of model changes, and working with Risk with regard to audits of the models.

Coordinates the quarterly updates with model owners and developers, while ensuring that change management and governance is followed.

Ensures economic and policyholder behavior assumptions and modeling methods are thoroughly defined for implementation into the annuity models, representing the models and collaborating with other teams as needed (i.e. developers, model owners, inforce creation, experience studies, etc.).

Finds creative solutions to modeling issues as participant on cross functional/cross product teams.

Collaborates across different areas of the organization through project work, including modernizing/automating the valuation process.

Monitors and analyzes developments in actuarial techniques, laws and regulations applicable to company operations, and competitive developments in the marketplace. Recommends appropriate reactions to these developments.

May supervise a team of employees.

Qualifications:

FSA or equivalent professional designation along with Bachelor's Degree in Actuarial Science, Mathematics, Statistics, Economics or related field and 7 years of relevant experience.

In lieu of Bachelor's, will accept Master's in a listed discipline and 5 years of relevant experience.

In lieu of FSA will accept ASA or equivalent professional designation and 10 years of relevant experience.

Demonstrates high quality leadership, judgment, organization and prioritization skills.

Effectively communicates, both verbally and in writing, advanced mathematical and analytical concepts to various audiences.

Works well under pressure and within time constraints to effectively accomplish individual and team objectives. Excellent computer skills.

Preferred Qualifications:

Knowledge of actuarial modeling systems and Variable Annuity guarantees preferred

Knowledge of Registered Index Linked Annuities

Knowledge of VA/RILA Statutory and IFRS17 guidelines

Working Conditions:

Office environment or remote/hybrid as applicable (Baltimore, MD; Cedar Rapids, IA; or Philadelphia, PA)

Compensation:

The Salary for this position generally ranges between $140,000 - $160,000 annually. Please note that the salary range is a good faith estimate for this position and actual starting pay is determined by several factors including qualifications, experience, geography, work location designation (in-office, hybrid, remote) and operational needs. Salary may vary above and below the stated amounts, as permitted by applicable law.

Additionally, this position is typically eligible for an Annual Bonus based on the Company Bonus Plan/Individual Performance and is at the Company's discretion.

This job description is not a contract of employment nor for any specific job responsibilities. The Company may change, add to, remove, or revoke the terms of this job description at its discretion. Managers may assign other duties and responsibilities as needed. In the event an employee or applicant requests or requires an accommodation in order to perform job functions, the applicable HR Business Partner should be contacted to evaluate the accommodation request.

What We Offer

For eligible employees, we offer a comprehensive benefits package designed to support both the personal and financial well-being of our employees.

Compensation Benefits

Competitive Pay

Bonus for Eligible Employees

Benefits Package

Pension Plan

401k Match

Employee Stock Purchase Plan

Tuition Reimbursement

Disability Insurance

Medical Insurance

Dental Insurance

Vision Insurance

Employee Discounts

Career Training & Development Opportunities

Health and Work/Life Balance Benefits

Paid Time Off starting at 160 hours annually for employees in their first year of service.

Ten (10) paid holidays per year (typically mirroring the New York Stock Exchange (NYSE) holidays).

Be Well Company holistic wellness program, which includes Wellness Coaching and Reward Dollars

Parental Leave - fifteen (15) days of paid parental leave per calendar year to eligible employees with at least one year of service at the time of birth, placement of an adopted child, or placement of a foster care child.

Adoption Assistance

Employee Assistance Program

College Coach Program

Back-Up Care Program

PTO for Volunteer Hours

Employee Matching Gifts Program

Employee Resource Groups

Inclusion and Diversity Programs

Employee Recognition Program

Referral Bonus Programs

Inclusion & Diversity

We believe our commitment to diversity and inclusion creates a work environment filled with exceptional individuals. We're thrilled to have been recognized for our efforts through the Human Rights Campaign Corporate Equality Index, Dave Thomas Adoption Friendly Advocate, and several Seramount lists, including the Inclusion Index, 100 Best Companies for Working Parents, Best Companies for Dads, and Top 75 Companies for Executive Women.

To foster a culture of inclusivity throughout our workforce, workplace, and marketplace, Transamerica offers a wide range of diversity and inclusion programs. This includes our company-sponsored, employee-driven Employee Resource Groups (ERGs), which are formed around a shared interest or a common characteristic of diversity. ERGs are open to all employees. They provide a supportive environment to help us better appreciate our similarities and differences and understand how they benefit us all.

Giving Back

We believe our responsibilities extend beyond our corporate walls. That's why we created the Aegon Transamerica Foundation in 1994. Through a mix of financial grants and the volunteer efforts of our employees, the foundation supports nonprofit organizations focused on the things that matter most to our people in the communities where we live and work.

Transamerica's Parent Company

Aegon acquired the Transamerica business in 1999. Since its start in 1844, Aegon has grown into an international company serving more than 23.9 million people across the globe.* It offers investment, protection, and retirement solutions, always with a clear purpose: Helping people live their best lives. As a leading global investor and employer, the company seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion and diversity.

* As of December 31, 2023

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