Director, Market Risk and Hedge Strategy

Lincoln Financial • Radnor, PA

30d • Hybrid

About The Position

We are seeking a Director of Market Risk Strategy, in Market Risk and Hedge Strategy team, to help shape and advance the firm’s approach to market risk, hedging, and capital efficiency for annuity products with embedded guarantees, with an emphasis on Variable Annuities (VA) and RILA, as well as other life/annuity products with embedded guarantees.

This is a strategy role grounded in reality. Success requires more than policy design or highlevel oversight — the role demands the ability to form, test, and refine hedging and risk strategies using real products, real models, and real constraints. The Director will operate at the intersection of capital markets, actuarial modeling, and product economics, influencing how risks are identified, measured, hedged, and monetized over the life of the business.

This role is ideal for someone who brings both actuarial depth and quantitative problem solving, and who can translate complex model dynamics into actionable risk and hedging decisions.

Requirements

• 7+ years of experience in market risk, hedging, actuarial, or quantitative risk roles within life insurance / annuities
• Demonstrated depth in VA and/or RILA products, with a clear understanding of embedded guarantees and market risk profiles
• Strong working knowledge of VM21, including stochastic cash flow projections and how liability behavior drives hedge outcomes
• Proven experience forming risk or hedging views based on stochastic modeling, scenarios, and sensitivities, not just deterministic summaries
• Solid understanding of derivatives, Greeks, and hedge instruments, sufficient to engage meaningfully on hedge construction and performance
• Experience working with complex actuarial or financial models (pricing, valuation, forecasting, hedging)
• Ability to navigate large datasets and model output efficiently
• Programming experience in Python, VBA, C++/C#, or similar, used to analyze models, results, or hedge performance (depth matters more than syntax)

Nice To Haves

• Experience in annuity pricing, valuation, or inforce management
• Handson exposure to annuity hedging programs or market risk functions
• Understanding of statutory capital, GAAP accounting, and hedging impacts
• Credentials such as FSA/ASA, CERA, CFA, or equivalent practical experience

Responsibilities

• Lead the design, evaluation, and evolution of hedging strategies for VA and RILA, etc. products, with a clear link between liability behavior, hedge objectives, capital impacts, and financial outcomes
• Develop and assess hedge strategies using stochastic projections, scenario analysis, and sensitivity analysis, with attention to effectiveness, stability, and cost
• Challenge and refine hedge targets as products, markets, and capital frameworks evolve
• Identify opportunities to improve hedge efficiency, including synergies across products, hedge instruments, and risk exposures
• Apply a deep understanding of VM21 cash flow projections, liability convexity, and tail risk behavior to inform hedge design and interpretation of results
• Assess tradeoffs between hedging outcomes, statutory capital, earnings profiles, and long term value creation
• Partner with actuarial, finance, trading, reporting, and model teams to ensure hedging strategies are economically sound and aligned with broader capital objectives
• Provide market risk leadership and advisory support to product design and review, ensuring market risks are understood, priced, and managed intentionally
• Influence product structures so that market risks can be internally offset, reused, or efficiently hedged
• Collaborate with product, pricing, and modeling teams on next generation VA/RILA designs and risk management solutions
• Work directly with largescale actuarial and financial models, not just outputs — understanding cash flows, assumptions, limitations, drivers, and sensitivities
• Translate complex model behavior into clear insights for senior stakeholders
• Identify model enhancements needed to better support hedging and risk decision making

Benefits

• Clearly defined career tracks and job levels, along with associated behaviors for each of Lincoln's core values and leadership attributes
• Leadership development and virtual training opportunities
• PTO/parental leave
• Competitive 401K and employee benefits
• Free financial counseling, health coaching and employee assistance program
• Tuition assistance program
• Work arrangements that work for you
• Effective productivity/technology tools and training

What This Job Offers

• Job Type: Full-time
• Career Level: Director
• Education Level: No Education Listed