Actuary

Farmers Life Insurance Company is seeking a highly skilled Lead Actuary to oversee actuarial functions supporting product development, pricing, financial modeling, risk management, and regulatory reporting. This role is hands-on and strategic, with primary responsibility for the company’s life and annuity product portfolio and close collaboration with finance, investments, and technology teams.

• Lead the design, development, and pricing of life and annuity products, with a strong focus on:
• MYGA (Multi-Year Guaranteed Annuities)
• FIA (Fixed Indexed Annuities)
• RILA (Registered Index-Linked Annuities)
• Payout Annuities
• GLWB (Guaranteed Lifetime Withdrawal Benefit) products
• Develop pricing assumptions and models that balance profitability, competitiveness, and risk management
• Evaluate product features, riders, and crediting strategies
• Support pricing and product design for other insurance products, including Life and Accident & Health (A&H), as needed
• Develop and maintain actuarial projection models using Moody’s AXIS
• Perform detailed pro forma modeling and multi-year financial projections
• Prepare, analyze, and review income statements, balance sheets, and cash flow statements
• Support statutory, GAAP, and internal management reporting

• Conduct and oversee experience studies, including mortality, longevity, lapses, utilization, expenses, and policyholder behavior
• Analyze experience for annuity, life, and A&H products and incorporate findings into pricing and valuation assumptions
• Ensure assumptions are well documented and defensible for regulatory and audit purposes

• Lead ALM analysis and support asset-liability matching strategies
• Perform and interpret cash flow testing, including the 14 prescribed interest rate scenarios
• Evaluate interest rate, market, credit, and longevity risks and recommend mitigation strategies
• Support the structuring and evaluation of reinsurance arrangements
• Review and reconcile reinsurance settlement statements
• Partner with reinsurers to support capital efficiency and risk transfer

• Lead actuarial support for annual statement filings, including:
• Risk-Based Capital (RBC)
• Actuarial Memorandum and Actuarial Opinion support
• Supplemental and regulatory schedules
• Ensure compliance with statutory requirements and actuarial standards of practice (ASOPs)
• Support regulatory inquiries, examinations, and audits
• Utilize strong technology skills to enhance actuarial modeling, automation, and controls
• Apply advanced Excel skills for complex modeling, scenario analysis, and financial statement projections
• Collaborate with IT and data teams to improve actuarial systems and data integrity

• Serve as the actuarial subject matter lead for assigned products and initiatives
• Communicate complex actuarial, financial, and risk concepts clearly to management and cross-functional partners
• Establish and maintain actuarial documentation, controls, and best practices

• 5–10 years of actuarial experience in life insurance and annuities
• FSA preferred; ASA with strong relevant experience considered
• Extensive experience with annuity products, including MYGA, FIA, RILA, payout annuities, and GLWB
• Preferred experience with Life and Accident & Health (A&H) products
• Demonstrated expertise in product development and pricing
• Strong proficiency in Moody’s AXIS
• Advanced Excel skills, including pro forma modeling and financial statement analysis
• Proven experience conducting experience studies
• Demonstrated experience with annual statement filings, RBC, and supplemental schedules
• Strong background in ALM and cash flow testing, including the 14 rate scenarios
• Solid understanding of reinsurance structures and settlement statements
• Strong technology background with a hands‑on, execution‑oriented approach
• Excellent analytical, communication, and leadership skills