Corporate Vice President, Financial Planning & Analysis
- New York, NY, USA
- Permanent, Full time
- New York Life Insurance Company
- 10 Dec 17 2017-12-10
Corporate Vice President, Financial Planning & Analysis
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.
Corporate Vice President, Insurance & Agency Group Financial Planning & Analysis
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.
- Drive and coordinate processes for the reporting of actual financial results and multi-year plan within I&AG organization; act as the primary liaison between individual business unit and corporate FP&A teams on various deliverables
- Oversee all management reporting activities at I&AG level and coordination with Corporate team
- Develop analytics and key storylines at I&AG consolidated level around key performance indicators (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 at senior management level.
- Partner with BU FP&A teams to understand the business/profit drivers, and interpret existing data to apply in various financial analytics at the I&AG consolidated level (e.g., earnings analysis, capital use, product profitability, etc.) to support strategic discussions across businesses.
- Manage and be the gatekeeper of financial data across business units; partner with Management Reporting team in the Financial Services Organization to produce timely, accurate and insightful financial packages and dashboards
- Drive continuous improvement to reporting and FP&A capabilities across business teams in terms of processes and analytical framework
- Handle special projects including strategic metric reporting, Board presentations and ad-hoc financial data request from business partners
- Possibility to manage one direct report depending on team staffing
- Minimum 10-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.
- Strong Business Partnering skills with the ability to build relationships and collaborate with a wide range of teams across the organization
- Strong organization and project management skills
- Strong and effective communication skills, both written and verbal; ability to convey technical concepts to non-technical audience
- Ability to drive change as we move toward the future state for FP&A
- Strong Finance Technology skills, including the ability understand and drive sourcing information from various financial Platforms & strong Excel skills
- Understanding of Business Intelligence Platforms a plus
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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.