Director - Variable Annuity Pricing & Modeling - MetLife - Trenton

Job description
This position will lead the modeling team within the Variable Annuity pricing group and focus in detail on designing and creating industry-leading stochastic-on-stochastic pricing models for variable and index-linked annuities.
This role will also involve management of one or more actuarial associates on the modeling team.
These models will be in multiple modeling environments and will be used to perform analysis and sensitivities to shape both short and long-term business strategy for the Retail Retirement & Wealth Solutions line of business.

The variable annuity products are distributed by both affiliated and independent channels in the Retail individual market.
Products include non-rider variable annuities, variable annuities with riders for death, income, accumulation, and/or withdrawal guarantees (GMxBs), and index-linked annuities.


Functional Responsibilities
Responsible for creation of a stochastic-on-stochastic model structure and design from the ground up. This asset and liability model must be consistent with industry best-practices, optimize runtime and computing power, be well-controlled and documented, and provide flexibility for future enhancements and changes.
Modeling will comprehensively cover all types of variable annuity guarantees living and death benefit guarantees: GMDB, GMAB, GLWB, GMWB, and GMIB.
Strong understanding of variable annuity hedging and GAAP and Statutory reserve and capital methodology and calculations to ensure accurate and comprehensive translation of these into the model
Validation of modeling results between existing and new models and ensuring consistency of modeling logic and assumptions between all users of the models, both internal and external to the pricing group.
Communication of modeling results and analysis to management to help shape business strategy
Proper documentation and control of all work and models, including pricing assumptions, processes, methodology and results
Sensitivity analysis on impact of changes in assumptions, methodology, and capital markets on both new products and inforce, including drill-down on subsets of inforce
Coordination with other actuarial areas, including ALM, Actuarial, Finance, and Risk Management, on modeling logic and assumptions
Management of a team of one or more actuarial associates

Supervisory Responsibilities:

Full management responsibilities
Bachelor’s degree in Actuarial Science, Mathematics, Statistics or any other relevant technical degree
7 Years plus actuarial experience working with variable annuities


Preferred Qualifications

Key Competencies, Qualifications and Skills, Preferred (these are preferred, plus, desired):
Previous experience in a role focused primarily on programming and/or stochastic modeling of insurance products
Python coding experience required
Prior variable annuity experience (pricing, Statutory valuation, and/or hedging)
Prior project and/or people management experience required
Very strong computing and programming skills.
Strong actuarial and financial skills
Strong documentation and communication skills
Demonstrated ability to adapt to and manage changes in processes and priorities
Demonstrated ability to handle multiple assignments while meeting tight deadlines
Demonstrated ability to work both independently and in a team environment

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