Senior Actuarial Associate (Hybrid)

Prudential Financial • Newark, NJ

16d • Hybrid

About The Position

At Prudential, we believe talent is key to achieving our vision. When you join Prudential, you’ll unlock a motivating and impactful career – all while growing your skills and advancing your profession at one of the world’s leading financial services institutions! The Senior Actuarial Associate will act as a point of contact for actuarial and general transaction activities in support of Prudential's International Reinsurance (IR) efforts, which is the international component of Prudential’s rapidly growing Pension Risk Transfer business. This individual will be actively engaged in live non-U.S. Reinsurance transactions supporting the Transaction Lead. In particular, they will aid the business team’s preparation for discussions with market intermediaries and counterparties on certain live transaction opportunities focusing on benefits, data, and liability modeling, and will also participate in transaction closing and on-boarding activities. The successful candidate will support the team’s efforts to achieve aggressive business growth while maintaining an appropriately controlled operating environment. The current employee work arrangement for this position is hybrid and requires your on-site presence on a reoccurring basis as determined by your business. Your manager will provide additional details relative to the specific number of days you are expected to be on-site.

Requirements

• Bachelor’s degree in actuarial science or related field.
• Minimum of 3 years of actuarial or related work experience preferably in retirement and/or insurance.
• Several exams passed and desire to pursue ASA/FSA designations.
• Strong technical skills (Microsoft Excel, SQL and PowerPoint) and ability to understand complex quantitative concepts and models.
• Good communication skills, particularly in presenting technical results to senior executives and non-technical audiences.
• Ability to work independently with excellent project management skills and ability to juggle multiple urgent priorities.
• Creative problem-solver, particularly in areas with very little clarity or precedence.
• Highly motivated and ability to thrive in a fast-paced, results-oriented environment with high quality standards.
• Fast learner with ability to collaborate with multiple teams on complex transactions.

Nice To Haves

• Experience with pension industry is highly preferred but not required.

Responsibilities

• Provide an analysis and concise summary of pension plan provisions and proposed benefit structure as part of the presales process, identifying any new or unusual risks as well as specific benefit and transaction features that present pricing, onboarding or implementation challenges.
• Review client Request for Quotations (RFQ) documents alongside the transaction lead and ensure that the Business, Underwriting, Pricing and Administration teams interpret these documents correctly and consistently.
• Analyze raw data files and run the transaction data query process for purposes of constructing a reinsurance transaction benefits model.
• Work with counterparty actuaries to reconcile pension benefit and cash flow modeling.
• Work with the Pricing Team to independently replicate Pension and Annuity cash flows using the Best Estimate assumptions along with all reserving and capital scenarios in order to validate the liabilities used in our pricing models.
• Review reinsurance Term Sheets and draft/review legal document language relating to the benefit characteristics that underlie our premiums and fees.
• Actively engage as a member of the transaction team from initial evaluation and quotation, through the on-boarding process.
• Participate in general business transaction support activities.

Benefits

• Market competitive base salaries, with a yearly bonus potential at every level.
• Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave.
• 401(k) plan with company match (up to 4%).
• Company-funded pension plan.
• Wellness Programs including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs.
• Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
• Education Benefit to help finance traditional college enrollment toward obtaining an approved degree and many accredited certificate programs.
• Employee Stock Purchase Plan: Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period), after one year of service.
• Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level