New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life’s surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
New York Life is home to over 175 credentialed actuaries across our offices. We offer many opportunities for growth including the opportunity to rotate as an FSA every few years. Through monthly lunches with internal presenters and an annual reception, there are ample opportunities to network and meet actuaries throughout the company.
Open Positions will vary, potential roles could include:
Pricing positions - responsible for product development efforts for individual life, corporate life insurance products or annuity products
ALM Analytics (life and annuity) - uses asset-liability analysis to achieve a variety of financial, investment and business objectives for the Company's business
Financial Risk Management Solutions(FRMS) - FRMS is responsible for supporting Asset-Liability Modeling (ALM) and analytics on an enterprise level. FRMS performs Stochastic Required Capital (SRC), Investment Risk Budget (Free Surplus at Risk) and Embedded Value at Risk analysis.
Valuation - responsible for Stat, GAAP, Tax actuarial balances supporting the business.
Non-Traditional Roles – may include UW, Agency Compensation, Product Management and Strategy roles.
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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.