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Actuarial Associate - Pension Risk Transfer (PRT)

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Date Posted: Jan 11, 2023

Location(s): New York, NY, US, 10166

Company: MetLife

Job Location: United States : New York : New York 

Work Arrangement: Hybrid

 

Role Value Proposition: 

 

The Retirement & Income Solutions US Pension Pricing team is seeking an Actuarial Consultant to support its responsibilities and to assist in transforming its operating environment.  Core responsibilities include pricing of pension risk transfer transactions, mortality experience analyses and developing customized solutions for corporate clients.  This position will work with Product Management, RIS Contracts, Valuation, ALM, Enterprise Risk Management, Retirement & Income Solutions CFO, and Investments on a regular basis.  This position will also provide actuarial support for the team’s projects to enhance processes.

 

Key Responsibilities: 

 

  • Analyze case-specific Pension Risk Transfer (PRT) mortality experience (MED) and plan features to develop best estimate assumptions, present assumption recommendations to Risk and Actuarial for approval
  • Maintain/update tools used for PRT mortality development:  generic mortality, MED models, blending, etc.
  • Perform PRT annuity pricing:  Responsibilities include review of defined benefit plan documents/summary and understand plan provisions; analyze participant level data; set actuarial assumptions within company guidelines; perform actuarial calculations and sensitivity analysis; analyze profitability; review investment portfolios for appropriateness; review offer letters and contracts for consistency with pricing assumptions
  • Develop pricing financial metrics and present reports to Management
  • Provide actuarial support to internal partners (i.e. Implementation & Global Operations) on all pricing issues
  • Collaborate with the Contract team to develop a comprehensive bid letter and term sheet for each case and contracts after the sale
  • Perform post-sales pricing related functions, such as creating individual cost listing, analyzing price variance, handling amendment calculations, etc.
  • Make recommendations on refining current processes to enhance the quality of work & improve efficiency
  • Complete special projects and act as a resource to internal partners on actuarial issues
  • Supervisor Responsibilities:  None

 

Essential Business Experience and Technical Skills:

 

Required:

  • Bachelor's degree in mathematics, statistics, actuarial science or related discipline
  • 3+ years of actuarial experience
  • Must have passed 3 actuarial exams.
  • Strong computer skills (Excel, Access, Visual Basic, C++ or other programming languages)
  • Excellent analytical and spreadsheet skills
  • Good communication skills
  • High degree of business and financial acumen

 

Preferred:

  • Experience with Prophet
  • ASA preferred.

 

 

 

Assignment Category

Full time


Business Category

US Business


Number of Openings

1

 


At MetLife, we’re leading the global transformation of an industry we’ve long defined. United in purpose, diverse in perspective, we’re dedicated to making a difference in the lives of our customers.

 

MetLife:

 

MetLife, through its subsidiaries and affiliates, is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

 

We are one of the largest institutional investors in the U.S. with $642.4 billion of total assets under management as of March 31, 2021. We are ranked #46 on the Fortune 500 list for 2021. In 2020, we were named to the Dow Jones Sustainability Index (DJSI) for the fifth year in a row. DJSI is a global index to track the leading sustainability-driven companies. We are proud to have been named to Fortune magazine’s 2021 list of the “World’s Most Admired Companies.”      

 

MetLife is committed to building a purpose-driven and inclusive culture that energizes our people. Our employees work every day to help build a more confident future for people around the world.

 

The wage range for applicants for this position is $82,400 to $109,900. This role is also eligible for annual short-term incentive compensation. MetLife offers a comprehensive benefits program, including healthcare benefits, life insurance, retirement benefits, parental leave, legal plan services and paid time off. All incentives and benefits are subject to the applicable plan terms.

 

We want to make it simple for all interested and qualified candidates to apply for employment opportunities with MetLife.  For further information about how to request a reasonable accommodation, please click on the Disability Accommodations link below.

 

MetLife is a proud Equal Employment Opportunity and Affirmative Action employer dedicated to attracting, retaining, and developing a diverse and inclusive workforce. All qualified applicants will receive consideration for employment at MetLife without regards to race, color, religion, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity or expression, age, disability, national origin, marital or domestic/civil partnership status, genetic information, citizenship status, uniformed service member or veteran status, or any other characteristic protected by law.

 

MetLife maintains a drug-free workplace.

 


Nearest Major Market: New York City