At Genworth, we empower families to navigate the aging journey with confidence. We are compassionate, experienced allies for those navigating care with guidance, products, and services that meet families where they are. Further, we are the spouses, children, siblings, friends, and neighbors of those that need care-and we bring those experiences with us to work in serving our millions of policyholders each day.
We apply that same compassion and empathy as we work with each other and our local communities. Genworth values all perspectives, characteristics, and experiences so that employees can bring their full, authentic selves to work to help each other and our company succeed. We celebrate our diversity and understand that being intentional about inclusion is the only way to create a sense of belonging for all associates. We also invest in the vitality of our local communities through grants from the Genworth Foundation, event sponsorships, and employee volunteerism.
Our four values guide our strategy, our decisions, and our interactions:
- Make it human. We care about the people that make up our customers, colleagues, and communities.
- Make it about others. We do what's best for our customers and collaborate to drive progress.
- Make it happen. We work with intention toward a common purpose and forge ways forward together.
- Make it better. We create fulfilling purpose-driven careers by learning from the world and each other.
Director & Actuary, LTC Valuation
This position is available to Virginia residents as Richmond, Virginia in-office applicants or remote applicants residing in states/locations under Eastern or Central Standard Time: Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington DC, Vermont, West Virginia or Wisconsin.
We are seeking a skilled and highly motivated Valuation Actuary to join our LTC Valuation team. As a Valuation Actuary, you will be responsible for supporting our AVP, LTC Valuation Actuary with the management of our Statutory reserves for our LTC insurance products. You will play a pivotal role in ensuring the accuracy and integrity of our financial statements, while also collaborating with other teams to accomplish key Company initiatives. Your work will be instrumental in ensuring our Company's financial stability, regulatory compliance, and strategic decision-making.
What you will be doing
Valuation and Reserving: Calculate, review, and document Statutory reserves for the LTC insurance block using GGY AXIS actuarial models, SAS models, and actuarial techniques. This includes reserve analysis, reserve trending, and attribution analysis.
Financial Reporting & Documentation: Prepare and validate statutory financial reports, financial statements, and documentation to meet regulatory requirements. Ensure compliance with accounting standards and regulations. Maintain comprehensive documentation of all reserving processes, assumptions, and methodologies. Prepare reports for internal and external stakeholders, including regulators and auditors.
Reinsurance Reporting: Lead external financial reporting and communication with our reinsurance partners.
Assumption Setting: Support the development and maintenance of our DLR actuarial assumption setting process for reserving and modeling, while continuously monitoring and updating assumptions as needed.
Model Governance: Support peer reviews of GGY AXIS model updates performed by our Model Development team.
Professional & Regulatory Development: Stay updated on industry trends, actuarial methodologies, and regulations. Stay current with changes in insurance regulations and accounting standards related to Statutory accounting standards and ensure the company's practices remain in compliance.
Communication: Present findings and recommendations to senior management, both in written reports and through verbal communication. Effectively communicate complex actuarial concepts to non-actuarial stakeholders.
Continuous Improvement: Propose and implement process improvements to enhance efficiency and accuracy.
Collaboration: Work closely with colleagues in the Valuation Actuarial team and other cross-functional teams, such as Model Development, Projections, and IT, to ensure alignment with key company initiatives.
What you bring
BS / BA degree in actuarial science, mathematics, statistics or related major
5+ years of experience in the actuarial field or commensurate experience
2+ years of experience in Valuation, Reserving, and Financial Reporting
FSA, Career ASA, or commensurate experience
Experience with GGY AXIS Valuation and Projection modeling
Ability to manage concurrent deadlines and multiple priorities
Strong communication and interpersonal skills to collaborate effectively with various teams.
Excellent analytical and problem-solving skills.
Detail-oriented with a commitment to accuracy and compliance.
Ability to adapt to changing regulatory and accounting standards.
Strong LTC actuarial work experience and understanding of LTC products
Experience with SQL, SAS, or Power BI
Understanding of Statutory Accounting
Highly motivated and self-driven
Experience with Financial Reporting and Statutory Annual Statement preparation
Experience with LDTI
Employee Benefits & Well-Being
Genworth employees make a difference in people's lives every day. We're committed to making a difference in our employees' lives.
Competitive Compensation & Total Rewards Incentives
Comprehensive Healthcare Coverage
Multiple 401(k) Savings Plan Options
Auto Enrollment in Employer-Directed Retirement Account Feature (100% employer-funded!)
Generous Paid Time Off - Including 12 Paid Holidays, Volunteer Time Off and Paid Family Leave
Disability, Life, and Long Term Care Insurance
Tuition Reimbursement, Student Loan Repayment and Training & Certification Support
Wellness support including gym membership reimbursement and Employee Assistance Program resources (work/life support, financial & legal management)
Caregiver and Mental Health Support Services
The base salary pay range for this role starts at a minimum rate of $118,000 up to the maximum of $170,000. In addition to your base salary, you will also be eligible to participate in an incentive plan. The incentive plan is based on performance and the target earning opportunity is 20% of your base compensation. The final determination on base pay for this position will be based on multiple factors at the time of this job posting including but not limited to geographic location, experience, and qualifications to ensure pay equity within the organization