Actuary – Annuity Valuation
National Life Group
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Job summary
National Life Group in Montpelier, VT seeks an experienced actuary to lead VM-22 principle-based reserving for non-variable annuities. This role provides cross-functional governance, modeling, and production readiness across actuarial, pricing, investments, and IT teams.
The ideal candidate brings extensive actuarial experience, strong communication skills, and the ability to translate complex VM-22 requirements into actionable processes for senior management.
Qualifications
- Bachelor’s degree required in Actuarial Science, Mathematics, Statistics, Finance, or related field.
- FSA professional designation or Career ASA.
- 7+ years actuarial experience, including 4+ years in annuity valuation, statutory reporting, actuarial modeling, or PBRe.
- Experience developing, testing, or implementing actuarial valuation models.
- Strong analytical and problem-solving skills and ability to communicate complex concepts.
Responsibilities
- Serve as SME on VM-22, guidance on regulatory requirements and valuation methodology.
- Lead VM-22 implementation across applicable annuity products and processes.
- Document VM-22 methodologies, assumptions, judgments, and decisions.
- Provide actuarial expertise in asset modeling, cash flows, reinvestment assumptions, and ALM interactions.
- Partner with stakeholders to define model requirements and validate VM-22 calculations.
- Perform and review model testing, sensitivity analyses, benchmarks, and reasonableness checks.
- Coordinate with governance and audit on controls and documentation.
Skills
Education
Tools
Job description
Come join one of America’s fastest-growing insurance companies. Since 1848, National Life Group has aimed to keep our promises, providing families with stability in good times and in bad. Throughout that history, we have provided peace of mind to those families as they plan their futures.
Our mission extends beyond the insurance and annuities policies that we offer. We strive to make the world a better place through our grants from our charitable foundation, paid volunteer time for our employees, environmentally sustainable and healthy workplaces, and events that promote the work of nonprofits in our own backyard.
We foster a collaborative environment with opportunities for growth and encourage our associates to live our values: Do good. Be good. Make good.
Please note that we do not offer visa sponsorship for this position.
We are seeking an actuary to play a key role in the implementation of VM-22 Principle-Based Reserving for non-variable annuity products. This role provides actuarial expertise across the design, development, testing, governance, and operationalization of the company’s VM-22 valuation framework, with a focus on establishing a well-controlled, repeatable, and sustainable valuation capability.
This position partners across Actuarial, Pricing, Investments, IT, and other stakeholders to translate VM-22 requirements into effective valuation processes. The role provides subject matter expertise across methodology and assumption development, model specifications, asset modeling, data requirements, testing, controls, documentation, and production readiness, and supports the successful transition of VM-22 from implementation into ongoing financial reporting.
The ideal candidate brings significant actuarial experience, strong technical and analytical capabilities, and the ability to communicate complex actuarial concepts and implementation considerations to technical stakeholders and senior management.
This position currently offers an onsite work schedule, with the expectation that you will be in the office four (4) days per week during onsite core days. Our current onsite core days are Monday, Tuesday, Wednesday, and Thursday. The work schedule type and core days are subject to change with advance notification and manager discretion.
- Serve as a subject matter expert on VM-22, providing technical guidance on regulatory requirements, valuation methodology, modeling considerations, and implementation decisions.
- Lead the implementation of VM-22 across applicable annuity products and valuation processes.
- Develop and document VM-22 methodologies, assumptions, actuarial judgments, and implementation decisions.
- Provide actuarial expertise in asset modeling, including asset cash flows, reinvestment assumptions, asset-liability interactions, and investment strategy.
- Partner with stakeholders to define model requirements, support model development, and validate VM-22 calculations.
- Perform and review model testing, sensitivity analyses, benchmark comparisons, and reasonableness assessments.
- Partner with the valuation team to develop key actuarial assumptions through experience analysis and financial impact assessments.
- Partner with IT to implement scalable, controlled, and reliable processes for data validation, model inputs, valuation outputs, and production reporting.
- Analyze VM-22 reserve results, key drivers, and financial impacts, and communicate findings to actuarial leadership.
- Partner with Model Governance and Internal Audit on governance, controls, documentation, and review processes supporting audit, regulatory, and financial reporting requirements.
- Coordinate with Actuarial, Pricing, Investments, IT, and other stakeholders on implementation deliverables and dependencies.
- Lead the transition of VM-22 from implementation into a controlled, repeatable, and sustainable production valuation process.
- Lead initial production cycles and resolve issues identified following implementation.
- Identify opportunities to improve efficiency, automation, analytical capabilities, and control effectiveness following implementation.
- All other duties as assigned.
- Bachelor’s degree in Actuarial Science, Mathematics, Statistics, Finance, or a related field.
- FSA professional designation or Career ASA.
- 7+ years of actuarial experience, including 4+ years of relevant experience in annuity valuation, statutory reporting, actuarial modeling, or principle-based reserving.
- Experience developing, testing, or implementing actuarial valuation models.
- Strong analytical and problem-solving skills, including the ability to investigate complex model results and identify underlying drivers.
- Experience working with actuarial modeling, data, or analytical platforms.
- Strong technical documentation skills, including the ability to clearly document methodology, assumptions, controls, and actuarial judgment.
- Strong communication skills with the ability to present complex actuarial concepts and implementation decisions to technical and senior management audiences.
- Experience with VM-22, VM-21, VM-20, or other principle-based reserving frameworks.
- Advanced proficiency with PolySystems, VBA, Databricks, and Excel.
At National Life Group, we view AI as an enablerof human potential. We use AI to help us work smarter, serve more clients, and keep our promises, while remaining a relationship-driven business where our people are our greatest strength.
- Leverage approved AI tools, where appropriate, to improve the efficiency, quality, and impact of their work.
- Stay curious and open to new AI-enabled ways of working.
- Exercise sound judgment by reviewing and validating AI-generated content.
- Maintain accountability for the accuracy, quality, fairness, and integrity of work products by adhering to National Life's AI guiding principles.
- Use AI responsibly and in accordance with company policies related to confidentiality, data privacy, security, compliance, retention, and intellectual property.
Demonstrates a client centric focus for satisfying one’s external and/or internal customers; establishes and maintains effective relationships with customers and gains their trust and respect.
Makes sense of complex information, critically evaluates, and creates solutions.
Sets performance and personal goals; Driven to meet or exceed goals and objectives.
Plans and prioritizes work to meet commitments aligned with organizational goals; Aligns people and skills to tasks and assignments; Evaluates results of work.
Enhances skills and knowledge through continuous learning; Focuses on personal results by establishing stretch goals; Seeks feedback and changes accordingly.
Builds partnerships with others to instill trust, collaborate, and meet shared objectives.
Actively listens, conveys messages to meet different audience needs, and remains open to new ideas and opinions.
Values diversity and difference in thought, experience, and perspective; Promotes an environment that embraces diversity, equity, and inclusion; Supports equal and fair treatment for all.
- Your benefits start day one and are flexible and customizable to your and your family’s specific needs. Check out the BENEFITS of a Career at National Life!
The base pay range for this position is the range National Life reasonably and in good faith expects to pay for the position taking into account the wide variety of factors, including: prior experience and job-related knowledge; education, training and certificates; current business needs; and market factors. The final salary or hourly wages offered may be outside of this range based on other reasons and individual circumstances.
The total compensation package for this position may also include a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. The successful candidate may also be eligible to participate in National Life’s discretionary annual incentive programs, subject to the rules governing such programs. If hired, the employee will be in an \"at-will position\" and National Life reserves the right to modify base salary (as well as any other discretionary payment or compensation or benefit program) at any time, including for reasons related to individual performance, company or individual department/team performance, and market factors.
National Life is accepting applications for this role on an ongoing basis and the role remains open until filled.
$138,750 - $203,500 USD
The base pay range for this position is the range National Life reasonably and in good faith expects to pay for the position taking into account the wide variety of factors, including: prior experience and job-related knowledge; education, training and certificates; current business needs; and market factors. The final salary or hourly wages offered may be outside of this range based on other reasons and individual circumstances.
The total compensation package for this position may also include a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. The successful candidate may also be eligible to participate in National Life’s discretionary annual incentive programs, subject to the rules governing such programs. If hired, the employee will be in an \"at-will position\" and National Life reserves the right to modify base salary (as well as any other discretionary payment or compensation or benefit program) at any time, including for reasons related to individual performance, company or individual department/team performance, and market factors.
National Life is accepting applications for this role on an ongoing basis and the role remains open until filled.
$138,750 - $203,500 USD
National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT – founded in 1848, Life Insurance Company of the Southwest, Addison, TX – chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. Equity Services, Inc., Member FINRA/SIPC, is a Broker/Dealer and Registered Investment Adviser affiliate of National Life Insurance Company. All other entities are independent of the companies of National Life Group.
Fortune 1000 status is based on the consolidated financial results of all National Life Group companies.
National Life Group
1 National Life Dr
Montpelier, VT 05604
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