| 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 2015 operating earnings of $1.875 billion. Total assets under management at year end 2015, with affiliates, totaled $528 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 8/11/15).
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 & Agency Group (I&AG) Controllers team focuses on ensuring sound financial reporting of I&AG results, which consist of the following business units: Individual Life (Agency Distribution), Long Term Care, Direct (Marketed) Insurance, Group Membership Association Division, and Seguros Monterrey (Mexican subsidiary). Our main responsibilities include general accounting and reporting, consistency of accounting treatment among business units, understanding our products and supporting business needs, including numerous strategic initiatives in motion and M&A opportunities, and an emphasis on streamlined processes and robust internal controls.
- Oversight of internal financial reporting for Insurance and Agency Group (l&AG) Individual Life (IL) business on both STAT and GAAP basis
- Consolidation of l&AG results in quarterly Controller's Book, including key balance sheet analysis
- Continuously assess processes and procedures for efficiency and to ensure compliance with MAR/SOX
- Manage day to day activities with respect to financial reporting on IL business, including DI and Modco agreements and Valuation support (DAC and reserves)
- Directs, manages, plans and oversees the operational and administrative activities of staff in the assigned area
- Ensures that activities of the team are aligned with related functions and initiatives.
- Lead the team to achieve higher levels of competency, effectiveness and internal process improvement
- Provide ongoing development and coaching of staff, developing both their technical expertise and behavioral competence.
- Production of the quarterly Controller's Book, which is a compilation of individual l&AG financial statements, consolidated l&AG financial statements and key trends
- Through coordination with Co-Sourcing Finance resources, drive the delivery of standardized and automated financial reports that leverage available technology
- Primary support person for l&AG IL CFO analysis and project requests
- Support Internal Audit , external auditor and State regulators requirements, as needed
- Maintain an exceptionally strong internal controls environment.
- Maintain a strong grasp of emerging accounting issues to anticipate and provide solutions to complex finance, accounting, and regulatory issues.
- Promote consistency in accounting policies across business units.
- Provide leadership, insight, and guidance to the company's Finance Transformation process
- Identifies opportunities for business process improvements, working with key stakeholders to implement improvements as needed
- Supervision of 2 to 3 staff
- Assist with staff development
- CPA required.
- 4 year college degree in Accounting or Finance.
- Minimum of 10 years of relevant financial reporting experience in insurance or reinsurance industries
- Minimum of 2 years in public accounting
- MBA or other industry credentials a plus
- Maintains current knowledge of industry and business process trends and is able to apply that knowledge to existing business processes with a focus towards process improvement.
- Experience with Sarbanes-Oxley and Model Audit Rule compliance requirements
- Interaction with Independent Auditors on control issues and potentially State Insurance Department regulators
- Understanding of SAP and GAAP accounting and compliance processes for insurance and non- insurance companies
- A sound knowledge of insurance is required and utilized to formulate appropriate questions and commentary on financial results and confidently engage in discussion of both operational and financial performance.
- Strong computer skills; require a working knowledge of SAP G/L (or equivalent), Microsoft Excel, Word and Powerpoint
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* Based on revenue as reported by "Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 15, 2015. See http://fortune.com/fortune500/2015/ for methodology.
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.