Senior Associate, Accounting Operations in New York, New York | DiversityInc Careers
 
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Senior Associate, Accounting Operations

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.

 

The candidate will report directly to the Head of the Accounting Operations Division and be responsible for managing the close for the New York Life parent company on a GAAP and Statutory basis. They will be responsible for managing 2 NYL junior level staff and overseeing our co-sourced partners in Noida (India).

 

Responsibilities:

·        Review and approve journal entries prepared by junior staff and co-sourced resources.

·        Manage day to day functions of junior level staff with oversight of co-sourced staff

·        Review and finalize variance analysis, coordinating with business areas

·        Review and approve account reconciliations

·        Preparation and/or review of various management reports

·        Prepare journal entries as needed

·        Provide sign-off on results to reporting teams

·        Coordinate with business areas to understand and advise on accounting transactions

·        Contribute to the goal of accelerating the close process

 

Qualifications of a Successful Candidate:

·        B.S. in Accounting

·        7+ years relevant experience

·        Knowledge of GAAP and Statutory Accounting Principles

·        Strong understanding of financial controls

·        Willingness to seek innovative efficiencies

·        Strong leadership and collaboration skills

·        Ability to manage onsite and offsite team

 

 

 

 

EOE M/F/D/V

 

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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016.  See http://fortune.com/fortune500/  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.