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.
Position Overview The Senior Associate - Investment Accounting & Reporting is responsible for leadership and management within the Investment Accounting area, including our co-sourcing team.
Performs a variety of duties including accounting and reporting of the Investments with NY Life's investment portfolios on a Statutory basis, financial performance reporting, month end reconciliation work, and understanding and implementing investment accounting policy.
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.
Key Responsibilities Provide accounting and reporting of NY Life's Investment portfolio (fixed income and equities) for the general and separate account.
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 Audit and PWC to ensure compliance to investment accounting policies and financial reporting.
Manages and reviews valuation materials and assists in the monitoring and control of valuation procedures.
Review monthly triangular reconciliations and asset roll-forward reports.
These reports ensure that the data is accurate between the ledger and core systems.
Coordinate and liaise with shared services all the aspects related to general ledger accounting for the applicable portfolio and ensure that all investment reconciliations are reviewed on a timely basis.
Review journal entries and general ledger to sub-ledger reconciliations.
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 impact on both General Ledger and Investment Accounting Systems.
Opportunity to interact with senior management and work on special projects.
Qualifications Bachelor's degree in Accounting or Finance CPA (P) or MBA (P) SAP knowledge (P) Proficiency in Microsoft Office, with strong working knowledge of Excel Strong verbal and written communication skills SF:
LI-JL1 SF:
EF-JL1 EOE M/F/D/V If you have difficulty using or interacting with any portions of this Web site due to incompatibility with an Assistive Technology, if you need the information in an alternative format, or if you have suggestions on how we can make this site more accessible, please contact us at:
576-5811.
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.
Senior Associate, Investment Accounting & Reporting.
Estimated Salary: $20 to $28 per hour based on qualifications.
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 Overview The Senior Associate - Investment Accounting & Reporting is responsible for leadership and management within the Investment Accounting area, including our co-sourcing team.
Performs a variety of duties including accounting and reporting of the Investments with NY Life's investment portfolios on a Statutory basis, financial performance reporting, month end reconciliation work, and understanding and implementing investment accounting policy.
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.
Key Responsibilities Provide accounting and reporting of NY Life's Investment portfolio (fixed income and equities) for the general and separate account.
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 Audit and PWC to ensure compliance to investment accounting policies and financial reporting.
Manages and reviews valuation materials and assists in the monitoring and control of valuation procedures.
Review monthly triangular reconciliations and asset roll-forward reports.
These reports ensure that the data is accurate between the ledger and core systems.
Coordinate and liaise with shared services all the aspects related to general ledger accounting for the applicable portfolio and ensure that all investment reconciliations are reviewed on a timely basis.
Review journal entries and general ledger to sub-ledger reconciliations.
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 impact on both General Ledger and Investment Accounting Systems.
Opportunity to interact with senior management and work on special projects.
Qualifications Bachelor's degree in Accounting or Finance CPA (P) or MBA (P) SAP knowledge (P) Proficiency in Microsoft Office, with strong working knowledge of Excel Strong verbal and written communication skills SF:
LI-JL1 SF:
EF-JL1 EOE M/F/D/V If you have difficulty using or interacting with any portions of this Web site due to incompatibility with an Assistive Technology, if you need the information in an alternative format, or if you have suggestions on how we can make this site more accessible, please contact us at:
576-5811.
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.
Senior Associate, Investment Accounting & Reporting.
Estimated Salary: $20 to $28 per hour based on qualifications.
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