Senior Associate, Investment Accounting & Reporting

  • Competitive
  • New York, NY, USA
  • Permanent, Full time
  • New York Life Insurance Company
  • 17 Aug 17

Senior Associate, Investment Accounting & Reporting

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.

The Senior Associate - Investment Accounting & Reporting is a critical member of the Investment Accounting area. Performs a variety of duties including Statutory and GAAP accounting (which is required) and knowledge of reporting of Limited Partnership and Other Invested Assets for the General and Separate Account portfolio. Conducts balance sheet and income statement reconciliations between the general ledger and the investment systems. In this capacity, the role ensures that all relevant reporting is accurate and compliant with internal and external accounting policies and standards/regulations. The role also provides financial analysis that explains and supports the reported results.

Responsibilities

  • Provide Statutory and GAAP accounting and reporting of the Limited Partnership and Other Invested Asset portfolio for the general and separate accounts of NYL and NYLIAC. Ensure all results are properly recorded and reported on a timely basis including Senior Management reporting, Board of Directors reporting, Investment Committee reporting, Statutory Blue Books, and Statutory Notes/Disclosures.
  • Reviews financial reporting for internal (Controller, CFO, Businesses and Board of Directors) and external (Regulatory) clients. Interacts with internal and external audit to ensure compliance to investment accounting policies and financial reporting.
  • Reviews monthly, quarterly, and annual Balance Sheet and Income Statement reconciliations between the general ledger and the investment system for all Limited Partnerships and Other Invested Assets.
  • Coordinate the preparation and review of processing all cash and equity entries related to all of the limited partnership investments in the general and separate account portfolio.
  • Ensure SOX compliance including developing, documenting, testing, and reviewing controls and procedures
  • Implement and maintain Investment Accounting Policy in accordance with Statutory standards/regulations. Involved in decisions and communication regarding new accounting pronouncements and implementation.

Qualifications
  • Bachelors degree in Accounting
  • Proficiency in Microsoft Office, with strong working knowledge of Excel
  • Strong verbal and written communication skills
  • Proven ability to multi task and complete assignments on time

SF:LI-JL1
SF:EF-JL1

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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.