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.
The Insurance and Agency Group (IAG) Product Risk Officer is responsible for leading the design, development, implementation, and continuous refinement of a comprehensive product risk management framework to be consistently applied across all IAG product types, spanning the spectrum of life insurance and annuity products offered at New York Life. The IAG Product Risk Officer will play an integral role in controlling the IAG risk profile and be responsible for risk identification, risk measurement, risk tolerance definition, and risk monitoring at the product level. The IAG Product Risk Officer will assess all risk types applicable at the product level including insurance, financial, operational, business, and reputational risks. The role requires exceptional thought leadership and execution skills and has significant career growth potential.
Member of the IAG Risk Management team expected to bring a risk perspective to evaluating all aspects of the product life cycle across IAG products
Design, develop, and implement product risk management framework that for each IAG product group will facilitate:
Reports on a dotted line basis to IAG's Chief Risk Officer - Strategic Insurance Businesses
Position located in NY Home Office
Minimum of 10 years relevant experience in life insurance and annuity product development, pricing, inforce management, product risk management or related business experience
Minimum 2-3 years people management experience
Deep life insurance and annuity product knowledge and understanding of embedded options
Deep understanding of life and annuity models, metrics, and their limitations
Fellow of Society of Actuaries (FSA) designation required
Relevant certifications preferred (CFA, FRM, PRM or CERA)
Superior communication skills, both written and verbal, with the ability to influence others
Inquisitive by nature to explore unidentified issues
Able to stay abreast of multiple issues, knowing when appropriate to perform a deeper analysis
Strong technical, analytical and problem solving skills
Able to work both independently and as part of a broader team
Willingness to take on new challenges
SF: Li-CC1 SF: EF -CC1
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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.