| 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.
Work closely with manager on all facets of finance activities within the Product, Marketing, and Underwriting department in support of the Marketing organization activity, including all budgetary and accounting functions, Accounts Payable, Accounts Receivable, External Contracts, project detail expense management and reporting. This position will partnering with Procurement to enable vendors in the Ariba Purchasing System.
- Support of manager - a Marketing budget and expense analyst
- Produce monthly status budget and quarterly analysis reports to leaders (includes Amex, P-cards, car service, travel, etc.)
- Monthly and quarterly reconciliation of budget including variances, accruals, and journal entries
- Research expense issues where necessary
- Analyze and research any incorrect postings to cost centers and general ledger accounts as required
- Analyze actual expenses to projections and seasonal budgets
- Help make decisions around budget allocations
- Ensure appropriate delegation of authority (DOA) rights for each area are properly set and request updates in SAP as needed
- Drive analysis of budget spend/ trends and help drive decisions/recommendations around vendors used and how to approach optimizing budget dollars spent with vendors (within area and in parallel New York Life business lines)
- Evaluate and manage external suppliers and supplier contracts - in conjunction with Procurement
- Develop best practices for budget development and support driving a zero based budget approach
- Interpret data, identifies trends, and develop insights regarding budget spends
- Reconcile invoices to purchase orders processed in both Ariba and Aprimo
- Upload financial entries into Sharepoint and handle certifications
- Oversee the invoice process in Readsoft including, coding invoices and data entry into Aprimo
- Provide financial admin support in Aprimo including but not limited to: budget set- up and allocation, activity and vendor set-up, creating and maintaining reports, and monthly financial and year-end close
- Oversee the SAP to Aprimo Error Processing and Invoice Data Entry
General skills needed
- Good understanding of Ariba and SAP systems
- Familiarity with GAAP accounting principles, and accrual based principles
- Comprehensive knowledge of budget procedures, expense control and function cost allocations
- Analytical in nature with an eye towards simplifying and summarizing data
- Independent decision making with supervision in preparation of data, analysis and/or reports
- Excellent presentation skills for monthly and quarterly budget and expense reporting
- The ability to convert data to easily consumable charts and graphs is required
- Expertise in MS Excel, MS Access, Workflow management software, SAP, Business Objects, Crystal Reports or other database reporting software
- 7-10 years of experience preferred
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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.