Senior Associate, Strategic Expense Partner

  • Competitive
  • New York, NY, USA
  • Permanent, Full time
  • New York Life Insurance Company
  • 19 Jan 18 2018-01-19

Senior Associate, Strategic Expense Partner

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.

Position Summary
The Strategic Expense Partner will play the role of both expense strategist and catalyst for our Foundational Insurance Business. The successful candidate will partner with key business and finance stakeholders to understand expense drivers based on the current business model and future business enhancements. The candidate will use this understanding to build out driver based expense metrics for the decision-making process by business leaders. This candidate will also assist in consolidating data for benchmarking surveys, perform various strategic ad/hoc analysis, build out expense transparencies, and create forward looking scenario expense modeling.

Major Responsibilities

  • Partner with the Retail Life and Annuities and FP&A business units to build future year expense budgets/forecasts and report on current year actual results by creating driver based metrics
  • Monthly analysis and reporting related to Individual Life's deferred acquisition costs
  • Assist in the monthly and quarterly reporting expense package creation for the Foundational Insurance Businesses
  • Build a model that allows us to track, report, and predict labor trends
  • Work closely with expense consolidations to build and analyze data for industry benchmarking surveys
  • Perform ad-hoc analysis as requested

  • Bachelor's degree in Finance, Accounting, Economics; Masters or equivalent professional designation (ie CFA, CPA) preferred
  • Minimum 3-5 years' experience
  • Strong Excel and PowerPoint skills; able to take large datasets and analyze/summarize for consumption by business and finance leadership
  • Experience presenting results to mid-level management



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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 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.