Manulife

AVP & Actuary, US Finance Business Partner

Boston, Massachusetts Full time

The Opportunity

The AVP & Actuary, US Finance Business Partner will lead a team of 5-6 responsible for supporting the US Insurance business from a Finance perspective. Accountabilities include financial support and analysis of US Insurance initiatives, US new business profitability planning, reporting and forecasting, US sales reporting and forecasting, US Sales Incentive Plans (SIP), and US Segment IFRS planning and forecasting. To succeed in this role, the AVP & Actuary will not only oversee planning, forecasting, and reporting but will also actively identify and drive opportunities to improve US segment results and be a key Finance business partner for the Head of US Insurance.

Key Accountabilities

Leadership

  • Lead, manage, develop, and motivate a diverse, professional team of 5-6
  • Demonstrate leadership and influence as a key member of the US Finance Leadership Team and US Insurance Leadership Team
  • Financial support and analysis of US Insurance and other growth initiatives
    • Act as Finance Business partner to Head of US Insurance, supporting key initiatives from a financial perspective
    • Contribute financial support and advice for the development and prioritization of business strategies and plans, client proposals and other business activities
    • Provide financial review of new product initiatives including assumptions and pricing reports
    • Work with Pricing and Inforce Management teams to develop strategies to maximize capital and tax efficiencies
    • Represent US Finance as a member on the US Insurance Leader Team (ILT)
    • Partner with US Strategy to review and sign off on the financial aspects of business cases in the Book of Work
    • Review and approve value of initiatives attributed to AI and Digital

US New Business Profitability Planning, Reporting, and Forecasting

  • Collaborate with Pricing to prepare annual New Business Plan for products open to new business
  • Lead new business profitability (i.e. NBV, NB CSM, LROC) reporting and forecasting
  • Perform Macro/Portfolio Level New Business Profitability Analysis
  • Identify and drive opportunities to improve new business growth and profitability

US Sales Reporting and Forecasting

  • Oversee New Business sales reporting including the production of the executive-facing Daily Production Report, month end sales reports, and quarterly sales reports (such as external submissions for LIMRA sales reporting)
  • Manage monthly sales forecasting process, including policies and applications

US Sales Incentive Plan (SIP)

  • Manage financial aspects of the US Sales Incentive Plan (SIP), including modeling of plan design, calculating monthly advances and quarterly/annual true ups, and populating quarterly statements for employees.
  • US Segment IFRS Planning and Forecasting (Includes all business lines: Life, LTC, Variable Annuities, Fixed Annuities)
    • Collaborate with FP&A team to deliver:
      • Annual Business Plan
      • Monthly financial forecasts to produce financial projections of earnings, CSM, and new business metrics
    • Monitor business performance against plan / forecast and provide quality analysis with key drivers of business results as well as recommendations to help drive company growth (including collaboration with ALM and Investments to understand and improve the Net Investment Result)
    • Develop relevant documents to drive business plan discussion and approval
  • Improve processes: make tasks automated and more efficient while strengthening controls and reducing risk, including championing the use of AI
  • Fulfill ad hoc requests for the JH CFO, as well as other teams and Senior Management 

Job Requirement:

  • Strong finance background
  • 10+ years of experience in the insurance industry
  • Fellow of the Society of Actuaries (FSA) or equivalent
  • Strong organizational and priority management skills with the ability to lead multiple projects and manage the work of others to achieve high quality results under deadline pressure
  • Excellent communication and interpersonal skills to deal with both technical and non-technical audiences and customers.
  • Ability to step back from the details and take a bigger picture view of the business to identify hidden risks and opportunities.
  • Expertise in the Company’s key measures of profitability on both an IFRS and US Statutory basis, including Core Earnings, Return on Equity (ROE), Contractual Service Margin (CSM), New Business Value (NBV), and Lifetime Return on Capital (LROC).
  • Strong understanding of John Hancock’s product portfolio, in particular products open to new business.
  • Knowledge of Canadian and US financial reporting and regulatory standards.
  • Analytical and problem-solving ability combined with strong technical actuarial skills.

                                                              

      

When you join our team:

  • We’ll empower you to learn and grow the career you want.

  • We’ll recognize and support you in a flexible environment where well-being and inclusion are more than just words.

  • As part of our global team, we’ll support you in shaping the future you want to see.

                                                        

The role being advertised is an existing vacancy.

About Manulife and John Hancock

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. To learn more about us, visit https://www.manulife.com/en/about/our-story.html.

Manulife is an Equal Opportunity Employer

At Manulife/John Hancock, we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour, ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.

It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process. All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies. To request a reasonable accommodation in the application process, contact hr@manulife.com.

Referenced Salary Location

Boston, Massachusetts

Working Arrangement

Hybrid

Salary range is expected to be between

$156,700.00 USD - $290,900.00 USD

Employees also have the opportunity to participate in incentive programs and earn incentive compensation tied to business and individual performance. The actual salary will vary depending on local market conditions, geography and relevant job-related factors such as knowledge, skills, qualifications, experience, and education/training. If you are applying for this role outside of the primary location, please contact hr@manulife.com for the salary range for your location.

Manulife/John Hancock offers eligible employees a wide array of customizable benefits, including health, dental, mental health, vision, short- and long-term disability, life and AD&D insurance coverage, adoption/surrogacy and wellness benefits, and employee/family assistance plans. We also offer eligible employees various retirement savings plans (including pension/401(k) savings plans and a global share ownership plan with employer matching contributions) and financial education and counseling resources. Our generous paid time off program in the U.S. includes up to 11 paid holidays, 3 personal days, 150 hours of vacation, and 40 hours of sick time (or more where required by law) each year, and we offer the full range of statutory leaves of absence.

We use data and analytics technologies, such as artificial intelligence (AI), and automated processing tools, to analyze and process the information you provide to us or third parties in the application process. For more information, please refer to our personal information collection statement.

Know Your Rights I Family & Medical Leave I Employee Polygraph Protection I Right to Work I E-Verify

Company: John Hancock Life Insurance Company (U.S.A.)