Valuation, financial reporting, and transformation for Enterprise Business Services Division supporting annuities.

Valuation and financial reporting for variable annuities

Directed the actuarial support of product development for the deferred variable annuity and immediate payout annuity lines including design, pricing, risk management, accounting treatment, contract/prospectus writing, state/SEC filing, administrative and illustration system implementation and launch. Provided daily oversight of the dynamic hedging program for the guaranteed minimum withdrawal benefit (GMWB) including authorizing needed derivative trades, monitoring hedge effectiveness and providing monthly reports and analysis to senior management. Set product pricing assumptions and performed pricing reviews of inforce products. Directed the actuarial aspects of the rate setting process for immediate annuities.•Designed, obtained senior management approval and implemented two GMWB riders and a dynamic hedge program. •Designed a liquidity rider for the SPIA product that allows a one-time withdrawal of a portion of future payments.•Selected, managed and coached 4 to 7 people.

As actuarial liaison with member companies in Chile and Argentina, provided guidance and peer review of pricing, reserving, GAAP financials, experience studies and acquisition issues.•Created and introduced a product development framework within the member companies that utilized checkpoints and multi discipline project teams, increasing the efficiency of product development efforts by focusing product development on ideas that furthered the vision of Principal International and required interaction between and among departments.•Facilitated the successful implementation of FAS 60 and FAS 97 GAAP financial statements in Chile and Argentina through communication, example and review with member company actuaries.

Directed the valuation of FAS 106 retiree life and health insurance benefits for group health and pension clients including analyzing each client’s retiree life and health plans, setting reasonable assumptions for retiree medical claims and medical trend, valuing benefits using Lynchval software and explaining analysis to client’s human resource personnel, accountants and auditors. Consulted with clients on ways to decrease retiree benefit liabilities. Updated health insurance and prescription drug pricing manuals. Completed pricing review of short term disability coverage. Analyzed medical trend and updated monthly pricing adjustment factors.•Coordinated the successful shutdown of the FAS 106 valuation unit after determining the long term operation of the unit was not viable. •Selected, managed and coached staff of two to four people consisting of actuarial analysts.

Completed valuation of reserves on closed block of pension business. Developed expense studies to compare fee collections to actual expenses. Analyzed and summarized results for management.•Developed an expense study for Defined Benefit pension fees and charges that analyzed various fee schedules to determine alternatives to close the gap in expense and revenue. The alternatives allowed management to choose schedules that recovered fees in a competitive and efficient manner.

Assisted with the preparation of estimated quarterly federal income tax and annual federal income tax returns. Assisted with the preparation of federal income tax impacts for the various lines of business for use in the statutory annual statement. Assisted with requests from tax auditors.