Actuary/Sr. Actuary-ALM

About the role

Join one of America’s fastest-growing insurance companies. Since 1848, National Life Group has aimed to keep our promises, providing families with stability in good times and in bad. Our mission extends beyond the insurance and annuities policies we offer. We strive to make the world a better place through grants from our charitable foundation, paid volunteer time for employees, environmentally sustainable and healthy workplaces, and events promoting nonprofits.

The Actuary / Senior Actuary – ALM will report directly to the Head of the Modeling Center of Excellence (MCOE) and serve as the modeling owner of National Life Group’s asset-liability management framework. In this role, you will build, maintain, and advance the asset, liability, and scenario modeling capabilities supporting ALM analysis across all lines of business, quantifying how the interaction of assets, liabilities, product features, and investment strategy drives the balance sheet.

You will partner closely with the AVP & Actuary – Enterprise ALM Strategy, Enterprise Risk Management, Investments, Capital Management, and the broader modeling team to ensure ALM results are accurate, well-controlled, and clearly understood. You will deliver robust and innovative modeling solutions across ALM, asset adequacy testing, interest rate risk analysis, and other special project initiatives.

Responsibilities

• Own the design, development, and ongoing enhancement of the enterprise ALM model, including asset projection, reinvestment and disinvestment strategy, crediting strategy, and dynamic policyholder behavior.
• Model the general account investment portfolio including public and private fixed income, structured assets, alternatives, and derivatives, and maintain the economic scenario sets used across deterministic and stochastic ALM analysis.
• Produce, analyze, and explain ALM results, including duration, convexity, key rate exposures, cash flow matching, and earnings and surplus sensitivity under a range of interest rate and equity scenarios.
• Partner with the AVP & Actuary – Enterprise ALM Strategy to translate strategic questions into modeling specifications and turn model output into clear answers for senior leadership and ALCO.
• Support asset adequacy testing, ORSA, capital, and statutory reporting workstreams that rely on ALM modeling.
• Partner with Investments on reinvestment and disinvestment assumptions and strategic asset allocation studies, bringing the modeled liability perspective to those discussions.
• Partner with Enterprise Risk Management on ALM risk metrics, limits, and stress and scenario testing, and with Capital Management on capital and liquidity projections.
• Support modeling of the hedging program for indexed products, including option budget and index crediting strategies.
• Establish, review, and continuously improve best practices for ALM model development, production, validation, and documentation, consistent with model governance standards and applicable Actuarial Standards of Practice.
• Perform all other duties as assigned.

Requirements

• 10+ years of progressive actuarial experience for the Senior Actuary level, or 8+ years for the Actuary level, including at least 5 years in ALM, asset modeling, or asset-intensive actuarial work.
• Fellow or Associate of the Society of Actuaries (FSA or ASA).
• Bachelor’s degree in Actuarial Science, Mathematics, Finance, or related quantitative discipline.
• Hands-on experience building and maintaining actuarial projection models on an open platform (MG-ALFA preferred).
• Working knowledge of asset modeling, including fixed income cash flows, structured assets, prepayment and default assumptions, and reinvestment and disinvestment strategy.
• Understanding of interest rate risk measurement and management concepts such as duration, convexity, key rate durations, cash flow matching, and immunization.
• Experience with economic scenario generators and the design of stochastic scenario sets (a plus).
• Understanding of modeling frameworks that consume ALM output, including asset adequacy testing / cash flow testing, ORSA, RBC (including C-3), VM-20, and economic capital preferred.
• Working knowledge of Statutory regulations for Life and Annuity products with a preference for indexed products and reinsurance concepts.
• Exceptional communication and presentation skills with the ability to translate technical modeling into strategic business insight for senior management and non-actuarial partners.
• Demonstrated ability to build strong cross-functional relationships, particularly with Investments, Risk, and Finance partners.

Preferred Qualifications

• Experience modeling derivatives and hedging programs supporting indexed life and annuity products, including options, swaps, and swaptions.
• Experience modeling private credit, structured assets, or other less liquid asset classes.
• Experience presenting to an ALCO, investment committee, or similar governance forum.
• CFA designation or comparable investment credential.

AI Proficiency Expectations

At National Life Group, we view AI as an enabler of human potential. All applicants are expected to leverage approved AI tools, where appropriate, to improve efficiency, quality, and impact of their work by:

• Staying curious and open to new AI-enabled ways of working.
• Exercising sound judgment by reviewing and validating AI-generated content.
• Maintaining accountability for the accuracy, quality, fairness, and integrity of work products by adhering to National Life’s AI guiding principles.
• Using AI responsibly and in accordance with company policies related to confidentiality, data privacy, security, compliance, retention, and intellectual property.

Benefits

Your benefits start day one and are flexible and customizable to you and your family’s specific needs. Benefits may include:

• Full range of medical, financial, and other benefits (including 401(k) eligibility).
• Various paid time off benefits, such as vacation, sick time, and parental leave.
• Eligibility to participate in discretionary annual incentive programs, subject to program rules.

Pay

The base pay range for this position is $161,250 - $236,500 USD. The final salary offered may vary based on factors such as prior experience, job-related knowledge, education, training, certificates, current business needs, and market factors.