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The Pension Risk Transfer markets present significant growth opportunities for Prudential Retirement. Prudential has established leadership positions in these markets by launching new products in these markets last year and is poised for additional growth and strategic investment in these businesses. To support this business growth, Prudential Retirement has created a new actuarial position in the Actuarial Team of the Financial Reporting Unit in Woodbridge, NJ that perform the financial reporting functions of all the non-traditional group annuities, including separate account buy-in annuities, UK longevity reinsurance products and other jumbo "innovative" deals being developed.
This position will work closely with the Actuarial team to act as a liaison between Actuarial and Pension Risk Transfer and to provide a solid interface between Actuarial and other cross-functional areas, including Finance, Operations and Valuation, in order to perform all the financial reporting requirements of these innovative deals / products as mentioned in the preceding paragraph.
Primary job responsibilities include:
- Maintain interim modeling spreadsheets to calculate the monthly reserve and reserve roll forwards for each new UK Longevity Reinsurance contract until the final policy data file is loaded in the system.
- Assist in data reviews, assumptions validation and cash flows reconciliation for each new UK Longevity Reinsurance contract.
- Prepare quarterly client reports for each Separate Account Buy-in Group Annuity contract. This includes calculating reserve, analyzing gain & loss and communicating results to the Pension Risk Transfer team.
- Perform the surrender values of the termination options provided in a Separate Account Buy-in Group Annuity contract, if needed.
- Assist in system design and the business acceptance testing of the system enhancements needed to perform the monthly financial reporting of these products (as mentioned in the first paragraph). This includes reviewing sample life reserve calculations generated by the system and developing modeling spreadsheet to ensure that the reserve and Source of Earnings generated by the system are accurate.
- Provide support on the financial reporting functions for these products (as mentioned in the first paragraph), which includes:
- Prepare monthly and quarterly actual financial results on GAAP and Statutory bases. This includes performing analyses of Reserves and Source of Earnings in a timely manner. Analyze and explain results to management.
- Prepare year-end Statutory exhibits and schedules for the Annual Statement.
- Perform earnings forecast (GAAP and Statutory).
- Maintain Model Audit Rule binders.
- Ensure the Standard Operating Procedures and all the audit related documents are up to date.
- This function may extend to all the non-participating, general account, tax qualified group annuity products, depending on the experience of the candidate being hired and how quickly he / she learns our products and systems.
- Degree in actuarial science, mathematics, finance or other quantitative field
- At least 3 years of experience in actuarial or finance field
- Progress towards actuarial credential such Associate of the Society of Actuaries
- Proficient in MS Excel, including knowledge of Excel Macros / Visual Basics. Knowledge of Access would be a plus.
- Ability to apply basic actuarial principles to calculate reserves.
- Strong Analytical or mathematical skills.
- Creative problem solver and quick learner.
- Effective written and oral communication skills.
- Process and result oriented, with strong attention to details.
- Ability to successfully work on multiple projects and deliver timely results.
- Ability to work independently and in a team environment