Senior Actuary - Appointed Actuary Team

Transamerica; Philadelphia (Philadelphia County); Hybrid; USD 165,000 - 200,000; Full time

Benefits offered by this job

Pension Plan

401k Match

Medical Insurance

Dental Insurance

Vision Insurance

Employee Discounts

Career Training & Development

Job summary

Transamerica is seeking a Senior Actuary to function as a technical expert on capital, asset adequacy, and regulatory developments. You will lead AG 53/AG 55 filings and manage C3P1 RBC production, controls, and testing, interfacing with Actuarial, Risk, ALM, Investments, and Tax.

The role offers exposure to multiple product lines and requires a degree in Actuarial Science or related field with FSA/ASA or equivalent, along with 8+ years of relevant experience.

Qualifications

• FSA or ASA designation with 8+ years of relevant experience (or ASA with 14+ years).
• Strong leadership, judgment, organization and prioritization skills.
• Excellent written and verbal communication of advanced mathematical concepts.

Responsibilities

• Prepare AG 53 and AG 55 regulatory filings and analyses.
• Own RBC C3P1 quarterly production, controls and field testing.
• Support actuarial regulatory projects (PBR, CFT, C3P1, C3P2).
• Coordinate field tests, surveys and annual regulatory changes.
• Monitor actuarial developments and provide pricing/modeling guidance.

Skills

FSA or ASA

Leadership

Communication

Time management

Education

Actuarial Science / Mathematics / Statistics / Economics

Job description

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.

Job Family Actuarial

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 Summary The Senior Actuary will report to the Director, Actuarial and have significant exposure to the Appointed Actuary. The Senior Actuary will serve as a technical subject matter expert on capital, asset adequacy, and regulatory developments. The Senior Actuary will be responsible for C3P1 reporting and evolving U.S. Statutory regulatory filings, including Actuarial Guideline (AG) 53 and AG 55 covering complex assets and asset-intensive reinsurance transactions.

Responsibilities

• Preparation of Actuarial Guideline 53 (AG 53) and Actuarial Guideline 55 (AG 55) regulatory filings and analysis
• Ownership of US Risk-Based Capital C-3 Phase 1 (RBC C3P1) quarterly production, controls, and field testing
• Support of actuarial regulatory projects including principle-based reserves (PBR), cash flow testing (CFT), C3P1, C3P2, and related
• Coordination of field tests, industry surveys, and annual regulatory changes
• Monitor developments in actuarial techniques, laws, and regulations applicable to company operations, and competitive developments in the marketplace
• Provide guidance and advice regarding pricing rates, modeling methodology, or reserving and related matters
• Support Pricing and Underwriting Risk Committee (PURC) special projects
• Role has high level exposure to all Transamerica product lines and functional areas
• Act as a trusted partner to Actuarial, Risk, ALM, Investments, and Tax

Qualifications

• FSA or equivalent professional designation along with Bachelor's Degree in Actuarial Science, Mathematics, Statistics, Economics or related field, and 8 years of relevant experience. In lieu of Bachelor's, will accept Master’s in a listed discipline and 6 years or relevant experience. In lieu of FSA will accept ASA or equivalent professional designation and 14 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.

Preferred Qualifications

• Proficient knowledge of Asset Adequacy Testing, C3P1, AG53, and AG55
• Proficient knowledge of asset liability management (ALM) concepts
• Familiarity with various General Account asset structures, modeling methodology, and assumptions
• Extensive experience in the insurance industry, knowledge of regulatory frameworks, and thorough understanding of financial markets.

Working Conditions

• Hybrid Office Environment

Compensation

• The Salary for this position generally ranges between $165,000 - $200,000 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.

Applicants must possess legal authorization to work for our company in the U.S. without the need for immigration, sponsorship or otherwise serving as an employer of record for immigration employment purposes. At this time, this role is not eligible for immigration-related employment authorization sponsorship.

This is a hybrid position requiring three days in office per week in one of our hub locations (Cedar Rapids, Baltimore, Philadelphia, Denver). Relocation assistance will not be provided for this position.

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
• 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.

Giving Back 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