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American International Group, Inc
Seoul, South Korea
14 days ago
American International Group, Inc
Seoul, South Korea
20 days ago
American International Group, Inc
Seoul, South Korea
20 days ago
Willis Towers Watson
Seoul, South Korea
27 days ago
American International Group, Inc
Seoul, South Korea
14 days ago

Description

Who we are

American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security.

Get to know the business

General Insurance is a leading provider of insurance products and services for commercial and personal insurance customers. It includes one of the world's most far-reaching property casualty networks. General Insurance offers a broad range of products to customers through
a diversified, multichannel distribution network.

Your future team

AIG's underwriters develop insurance solutions that address the exposures of companies and individuals, and embody AIG's tradition of innovation, bringing to market groundbreaking insurance solutions for our changing world. AIG's underwriters help to find insurance solutions for risks from a range of areas including life insurance, aviation, financial lines, casualty, environmental, catastrophic events, high net worth individuals, and boardroom liabilities.

Your contribution at AIG

As a Leader, you are respected for your deep technical expertise and/or ability to oversee programs and processes. You balance the needs of multiple stakeholders, making sound decisions using data, analysis, experience, and judgment, along with a risk mindset. Ultimately, you take ownership for key outcomes.

About the role:

Role and Responsibilities
  • The Head of Corporate Actuarial is responsible for managing all members of Corporate Actuarial;
  • Responsible for all aspects of actuarial input for financial reporting under local statutory requirements / K-IFRS including statutory reserving of both long-term and short-term portfolios; IBNR calculations; UEPR review; Risk Loss Ratio calculations; liability adequacy testing; Prophet modeling and best estimate assumptions;
  • Responsible for all aspects of actuarial input for financial reporting under US-GAAP (including management reporting), including long-term reporting (Active Life Reserve and the future Liability for Policyholder Benefits and DAC); Prophet modeling; Net Cost of Reinsurance; Best Estimate Assumptions and IBNR calculations for long-term and short term books;
  • Complete Development of the US-GAAP Long Duration Targeted Improvements by following globally agreed processes for implementation and ultimately provide clear explanations to management on movements and P&L impacts;
  • Serve as the technical expert and supervise the technical aspects of long-term portfolio valuation;
  • KIDI data verification and following-up FSS requests as required
  • Provide necessary actuarial support to the IFRS 17 project, especially with Prophet models
  • Work collaboratively with Personal Insurance and Commercial profit centers in the Product Development process, including the review of pricing assumptions (and working with Pricing Actuaries to ensure alignment); Review of VONB for New product; and attendance at Product Development Committee meetings
  • Support development and maintenance of a production data and calculation environment for the valuation model, Prophet with a focus on minimizing the use of spreadsheets, and have a robust control infrastructure;
  • Maintenance of a robust, auditable control infrastructure related to for long-term portfolio valuation;
  • Support the technical aspects in developing the life reporting infrastructure with an emphasis on building repeatable processes with built-in review capability.
  • Work with internal and external auditors in their periodic reviews
  • Assist in review, understand, and interpret results. Provide technical expertise in formally explaining variations in earnings vs. the best estimate expectation; budget and prior periods;


Candidate Profile
  • The ideal candidate will have significant technical experience and expert-level knowledge in Korea K-IFRS, IFRS 17 and US-GAAP and Tax liability valuation and considerable knowledgeable in assumption-setting, economic risk, reinsurance and statutory and GAAP accounting aspects for US long duration individual insurance
  • Excellent communication skills, and the ability to interact with business partners and business unit actuaries effectively in a team environment;
  • A desire to improve process efficiency and appearance of final work product.


Experience and Qualifications
  • An undergraduate degree is required
  • Master of Actuary, a Certified Insurance Actuary or CPA is a plus.
  • This individual will be preferred to be a Fellow of the Society of Actuaries (FSA) or similar designation, or an Associate of the Society of Actuaries (ASA)
  • 10+ years of progressively more responsible actuarial experience in the insurance industry
  • Leadership experience in a large actuarial or insurance organization
  • Deep technical understanding of solvency, management, and economic valuation regimes especially Korea statutory requirements / K-IFRS and US GAAP
  • Proven track record of standing up new or improving valuation systems
  • Experience with product development or pricing and/or reinsurance
  • Demonstrated success working in cross-functional collaborative teams and in working with senior management
  • Proficient with MS Word, Excel, non-Excel tools, and database software
  • Proficiency with Profit modeling software


Personal Characteristics
  • Goal oriented and well-organized, with the ability to develop and manage disciplined processes
  • Excellent written and oral communication skills, English skills would be highly advantageous
  • Strong project management and organizational skills
  • Solid interpersonal and influencing skills
  • Desire to deliver a complete work product
  • Highly motivated, results-oriented and strong analytical skills


Actuarial Credentials:

• Fellow (preferred) or Associate of the Society of Actuaries, and a Member of the American Academy of Actuaries or equivalent

We are an Equal Opportunity Employer

American International Group, Inc., its subsidiaries and affiliates are committed to be an Equal Opportunity Employer and its policies and procedures reflect this commitment. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories such as sexual orientation. At AIG, we believe that diversity and inclusion are critical to our future and our mission - creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.

To learn more please visit: https://www.aig.com/about-us/diversity-equity-and-inclusion

AIG is committed to working with and providing reasonable accommodations to job applicants and employees with physical or mental disabilities. If you believe you need a reasonable accommodation in order to search for a job opening or to complete any part of the application or hiring process, please send an email to candidatecare@aig.com . Reasonable accommodations will be determined on a case-by-case basis.

Functional Area:
AC - Actuarial

Estimated Travel Percentage (%): Up to 25%

Relocation Provided: No

AIG Korea Inc. (South Korea)

Job Information

  • Job ID: 63863126
  • Location:
    Seoul, South Korea
  • Position Title: Head of Corporate Actuary
  • Company Name For Job: American International Group, Inc
  • Job Function: Other
  • Job Type: Full-Time
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