Senior Assistant Actuary, Valuation

Banner Life Insurance Company; Frederick (MD); On-site; USD 127,500 - 159,400; Full time

Benefits offered by this job

20 vacation days

10 sick days

401(k) with company match up to 6%

Health, life, and dental insurance

Job summary

Banner Life Insurance Company is looking for a Senior Assistant Actuary to join the Valuation team in Frederick, Maryland. This role is vital in overseeing IFRS reserves and coordinating valuation processes, which supports our pension risk transfer business.

The ideal candidate will have significant actuarial experience, strong analytical skills, and the ability to work independently while mentoring team members. We offer a comprehensive compensation and benefits package along with career development opportunities.

Qualifications

• 6+ years of pension risk transfer/life insurance/actuarial experience, including valuation.
• Understanding of life insurance products and related risks; preferred experience with PRT business.
• Detailed knowledge of IFRS17 and/or US GAAP reporting frameworks.

Responsibilities

• Oversee IFRS valuation processes and coordinate with stakeholders.
• Maintain documentation of valuation processes and ensure compliance.
• Identify areas for process improvement and implement strategic solutions.

Skills

Actuarial analytical skills

Problem-solving capabilities

Actuarial software skills (Moody’s AXIS)

Spreadsheet and database skills (Excel, VBA, SAS, SQL)

Proficient communication skills

Ability to multi-task

Education

BS/BA in Actuarial Science, Mathematics, Statistics, Economics

FSA, Advancing ASA, or Career ASA with 12+ years experience

Tools

Moody’s AXIS

Excel

VBA

SAS

SQL

Job description

Overview

At Banner Life Insurance Company, we lead with heart and ambition. Every day, we transform purpose into progress, guided by our unwavering commitment to be better for our customers, clients, and communities, not just today but long‑term as well. Our people are the driving force behind everything we achieve. Their passion, purpose, and pursuit of innovation empower us to deliver cutting‑edge solutions that support those we serve, ensuring we are here for you, here for good and striving for better.

We’re a forward‑thinking company energized by our work and how we show up for one another. Our culture is built on meaningful impact and genuine enjoyment, because we believe great work and great experiences should go hand in hand.

By offering career development opportunities, comprehensive benefits, and programs that support your wellbeing, we help you thrive personally and professionally. We are here for you, here for good and here for better.

The Senior Assistant Actuary will be a member of the Valuation team, responsible for production, analysis, and review of IFRS reserves and related financial information (including Best Estimate Liabilities (BEL), Risk Adjustment (RA) and Contractual Service Margin (CSM)) for Banner Life and affiliated entities with a focus on its pension risk transfer (PRT) business. In this role, you will be viewed as a subject matter expert in valuation processes and will coordinate with both internal and external stakeholders to maintain, enhance, and modify as necessary, those processes. Additionally, you will support the design, recommendation and implementation of significant and sophisticated changes to relevant processes to reflect specific requirements with respect to the Company’s upcoming transition to US GAAP.

Responsibilities

IFRS valuation processes

• Comprehensive understanding of the underlying reporting framework and relevant concepts (e.g., BEL, RA and CSM).
• Comprehensive understanding of individual and team responsibilities regarding all monthly, quarterly, and annual valuation requirements, and managing and performing assigned processes independently within specified deadlines. Responsibilities may include directing the work of others.
• Valuation oversight for the development and calculation of the IFRS Valuation Interest Rate (VIR), including review and analysis of assets used in the VIR, preparation of materials documenting the VIR for external and internal consumption, and coordination with key stakeholders.
• Act as the team’s subject matter expert for Investment Variance (IV) and Operating Profit analyses for Banner Life’s pension risk transfer (PRT) business, working directly with other departments and company leadership for these reviews.
• Support the modification and implementation of reporting processes to reflect the specific requirements with respect to the Company’s upcoming transition to US GAAP.
• Understand Moody’s AXIS models and associated SQL processes to produce reserves and related financial metrics (e.g., BEL, RA, CSM, stress & scenario testing (SST)) according to IFRS requirements and actuarial principles, perform model evaluations, review results, conduct relevant analyses, and compile information for regulatory disclosures.

Documentation & stakeholder engagement

• Maintain and enhance documentation of valuation processes, procedures, and controls.
• Produce management information regarding reserves and related financial metrics, and present analysis and review results to relevant stakeholders (including non‑technical audiences).
• Prepare materials for internal and external audit requests.

Control environment & process improvements

• Ensure continuing model appropriateness and accuracy of IFRS systems, and compliance with applicable control frameworks.
• Proactively identify areas for process improvement (e.g., process flows, actuarial analysis & review methodologies) and implement strategic solutions with broader impacts on the business.
• Engage directly with key stakeholders across Finance, IT, and external parties to make changes to processes and controls impacting the IFRS valuation.

Other duties

• Comply with relevant professional development requirements and guidelines.
• Lead and direct the work of others on the team as necessary.
• Promote company culture by demonstrating Banner Life’s core behavioral competencies: collaborative, purposeful, and straightforward.
• Proactively support additional or cross‑functional projects as required.

Qualifications

Education

• BS/BA in Actuarial Science, Mathematics, Statistics, Economics, or related field.
• FSA, Advancing ASA, or Career ASA with 12+ years experience.

Experience/Knowledge

• 6+ years of pension risk transfer/life insurance/actuarial experience, including valuation.
• Understanding of life insurance products and related risks; preferred experience with PRT business.
• Detailed knowledge of IFRS17 and/or US GAAP reporting frameworks.
• Experience maintaining controlled production processes.

Skills

• Strong actuarial analytical skills and problem‑solving capabilities.
• Actuarial software skills (Moody’s AXIS experience preferred).
• Spreadsheet and database capabilities (Excel, VBA, SAS, SQL), including programming.
• Proficient written and oral communication skills.
• Ability to convey technical concepts to non‑technical audiences.
• Comfortable with changing demands/priorities.
• Strong self‑motivation and attention to detail.
• Ability to multi‑task in a deadline‑oriented environment.
• Ability to work independently and collaboratively.

Benefits

The expected hiring compensation range for this position is $127,500 – $159,400 annually.

The total compensation package for this position may include other elements, such as a sign‑on bonus, long‑term incentives, and annual bonuses. This role is eligible to participate in the Annual Incentive Plan. The current target payment for the position is 20% of base salary, modified for corporate and individual performance. Bonuses are pro‑rated based on start date.

This role includes 20 vacation days and 10 sick days that are accrued on a bi‑weekly basis, along with 9 paid holidays throughout the calendar year.

We offer a competitive compensation and benefits package focused on your overall wellbeing. Employee benefits include health, life, and dental insurance; 401(k) with company match up to 6% as well as a pension package; generous time off; and wellbeing initiatives throughout the year. We’re big on professional development and will support and mentor you in your career progression. We value our teams and our communities and believe in giving back. Enjoy time off to volunteer for the causes that matter most to you.

If hired, the employee will be in an at‑will position and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors. The Company reserves the right to change benefits plans at any time.

We are an equal opportunity employer and value diversity at our company. We do not discriminate based on race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. Please contact us to request accommodation.