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Financial Planning & Analysis, Corporate Vice President
New York Life Insurance
New York, NY, United States
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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 Financial Planning & Analysis (FP&A) team for the Insurance & Agency Group (“I&AG”) is responsible for the coordination of management reporting of financial results, the multi-year financial planning process and the financial support for the strategic and tactical needs for insurance and annuity businesses within the group. This Corporate Vice President (CVP) position reports to the head of I&AG FP&A team and will closely collaborate with other finance and business teams on a variety of projects.
Role Overview:
Provide financial support to various strategic business initiatives, development of management package/analytics for actual/plan financial results, and involvement in expense/budgeting analysis.
Responsibilities:
• Drive and coordinate reporting of financial results and multi-year planning process within I&AG organization; act as a liaison between internal and corporate FP&A teams on various deliverables
• Develop analytics and key messages around business performance and link financial results to business strategies; focus on management reporting and analysis of key performance indicators and metrics (e.g., sales, earnings, value of new business, capital, etc.) to enable in-depth discussion of the key elements and drivers of the business performance
• Communicate financial results to finance and business partners
• Support the development of the strategic direction of the finance organization to meet the business demands; drive continuous improvement to analytical framework to support business decision making and measurement of strategic goals
• Partner with Management Reporting team in the Financial Services Organization to produce timely, accurate and insightful financial reporting packages
• Partner with Expense Analytics team to develop and deepen understanding of expense trends and variance analysis to support/enhance analytical framework for expense management
• Handle special projects including strategic metric reporting, Board presentations and ad-hoc financial data request from business partners
Qualifications:
• Minimum 5-years of financial management experience in insurance industry
• Strong sense of ownership and ability to manage projects independently
• Ability to multi-task with shifting priorities, with a high degree of urgency under tight deadlines
• Deep understanding of insurance company’s products, financials and operations; familiarity with company expenses, budgets, and cost allocations.
• Ability to build relationships and collaborate with a wide range of teams across the organization
• Strong and effective communication skills, both written and verbal; ability to convey technical concepts to non-technical audience
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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.