Staff Actuary - LTC Valuation

Transamerica; Philadelphia (Philadelphia County); Hybrid; USD 100,000 - 125,000; Full time

Benefits offered by this job

Pension Plan

401k Match

Employee Stock Purchase Plan

Tuition Reimbursement

Medical Insurance

Dental Insurance

Vision Insurance

Paid Time Off

Job summary

Transamerica is seeking an experienced actuary to lead pricing, reserving, and modeling efforts. You will organize research, develop assumptions, and communicate results to management.

The role requires strong analytical skills, ASA designation, and the ability to manage multiple projects under deadlines. Hybrid in-office work supported with a broad benefits package is provided.

Qualifications

• Bachelor's degree in actuarial science, math, statistics, economics or related field.
• ASA or equivalent designation.
• Strong communication of advanced mathematical and analytical concepts.
• Works well under pressure and within time constraints.
• Advanced computer skills.

Responsibilities

• Develops actuarial assumptions to use in pricing, reserving or modeling.
• Coordinates, prepares, and performs actuarial analyses for pricing strategies and risk management.
• Develops and maintains profit studies and GAAP/IFRS actuarial items.
• Prepares actuarial portions of financial reports and regulatory filings.
• Communicates actuarial research results to management.
• Develops computer-based programs and documents model validation.
• Maintains documentation of actuarial research and analyses.
• Provides consultation on actuarial models and risk issues.
• Coordinates and directs special actuarial projects.
• May supervise Actuarial Analysts or Technicians.

Skills

ASA designation

Communication skills

Analytical skills

Programming skills

Education

Bachelor's Degree in Actuarial Science, Mathematics, Statistics, Economics or related field

Master's degree in a listed discipline

Tools

Advanced computer skills

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

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.

Who We Are

We believe everyone deserves to live their best life. More than a century ago, we were among the first financial services companies in America to serve everyday people from all walks of life.

Today, we’re part of an international holding company, with millions of customers and thousands of employees worldwide. Our insurance, retirement, and investment solutions help people make the most of what’s important to them.

We’re empowered by a vast agent network covering North America, with diversity to match. Together with our nonprofit research institute and foundation, we tune in, step up, and are a force for good — for our customers and the communities where we live, work, and play. United in our purpose, we help people create the financial freedom to live life on their terms.

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

Initiates, organizes, and directs actuarial research, experience studies, statistical analyses, calculations and audits.

Responsibilities

• Develops actuarial assumptions to use in pricing, reserving or actuarial modeling, including experience studies in support of assumptions.
• Coordinates, prepares, and performs actuarial analyses to develop pricing strategies, valuation approach or risk management strategies.
• Develops and maintains profit studies, non-forfeiture values and Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) actuarial items, reserve programs, rate files, procedures and/or similar processes.
• Prepares actuarial portion of financial reports or other documents (e.g. state insurance department filings, rating agency survey forms, internal management reports, etc.).
• Communicates actuarial research results to business unit management.
• May develop, maintain and document computer-based programs, Sarbanes-Oxley procedures and model validation.
• Maintains documentation of actuarial research and analyses.
• Provides consultation and clarification on actuarial models and risk issues.
• Coordinates and directs special actuarial projects.
• May supervise one or more Actuarial Analysts, Actuarial Students or Actuarial Technicians.

Qualifications

• Bachelor's Degree in Actuarial Science, Mathematics, Statistics, Economics or related field and 5 years of relevant experience.
• In lieu of Bachelor's, will accept Master's in a listed discipline and 3 years of relevant experience.
• ASA or equivalent professional designation.
• Demonstrates high quality 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.
• Advanced computer skills.

Preferred Qualifications

• Programming skills.

Working Conditions

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

Compensation

The salary for this position generally ranges between $100,000 - $125,000 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 of 12.5% based on the Company Bonus Plan/Individual Performance and is at the Company’s discretion.

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 believe our responsibilities extend beyond our corporate walls. That's why 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