Associate/Accounting

  • Competitive
  • Jersey City, NJ, USA
  • Permanent, Full time
  • New York Life Insurance Company
  • 22 Sep 17

Associate/Accounting

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.

Opportunity to work as finance partner to Guaranteed Products business unit and learn about the GP products and systems. Since this group is small, you will be exposed to many aspects of accounting and reporting for these products.

Responsibilities

  • Produce numerous monthly and quarterly Guaranteed Products financial reports.
  • Assists in meeting Annual Statement financial reporting requirements.
  • Help prepare and check contract Fund Reports sent annually to clients.
  • Calculate market value adjustments and discontinuance values per client request.
  • Prepare and book monthly expense journal entries.
  • Responsible for various factors, rates, and fee calculations.
  • Assist in user acceptance testing of conversion to new data warehouse.
  • Participates in other special projects as needed.
Qualifications
  • Must have analytical mind and be detail oriented.
  • Self-starter and eager to learn.
  • Proficient in Excel.
  • Work efficiently under time constraints.
  • Willing to work overtime as needed.
  • Good written and verbal communication skills.
  • AFO, SAP, and/or Sharepoint knowledge a plus.
  • Bachelor's Degree in Accounting/Finance related field a plus.
  • 1- 3 years experience a plus.

SF:LI-MD1
SF:EF-MD1
EOE M/F/D/V

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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.