Manager, Investment Accounting

Overview

At Banner Life Insurance Company, we lead with heart and ambition. Every day, we transform purpose into progress, guided by our unwavering commitment to be better for our customers, clients, and communities, not just today but long-term as well. Our people are the driving force behind everything we achieve. Their passion, purpose, and pursuit of innovation empower us to deliver cutting-edge solutions that support those we serve, ensuring we are here for you, here for good and striving for better.

 

We’re a forward-thinking company energized by our work and how we show up for one another. Our culture is built on meaningful impact and genuine enjoyment, because we believe great work and great experiences should go hand in hand.

By offering career development opportunities, comprehensive benefits, and programs that support your wellbeing, we help you thrive personally and professionally. We are here for you, here for good and here for better.

 

The Manager, Investment Accounting is responsible for accurate accounting of all investment asset classes (focus areas include public credit, private credit, real estate investments (residential and commercial), limited partnerships, hedge funds, structured products, derivatives (exchange-traded and OTC), collateralized financing transactions, and other alternative investments)) for Meiji Yasuda North American Holdings, Inc. (MYNAH) and subsidiaries under US Statutory, International Financial Reporting Standards (IFRS), US GAAP, and Bermuda Statutory accounting bases. Manage the ongoing data integrity processes to ensure the accuracy of the securities system and its associated financial processing routines in recording the assets, income, and gains and losses of invested assets.  Consider and refine as needed internal controls associated with existing investment reporting policies and procedures and associated with new initiatives.  Develop investment reports for the MYNAH and subsidiary Boards of Directors and MYNAH Asset Liability Committee (ALCO).  Lead all Clearwater and other investment system upgrades and/or implementations and interface with general ledger system, ensuring operational readiness and accounting support for complex investment strategies and new asset classes.

Responsibilities

• Direct the preparation and review of the monthly, quarterly, and annual investment reporting close under four possible bases of accounting: United States statutory, International Financial Reporting Standards (IFRS), United States GAAP (during and post-conversion from IFRS), (GAAP), and/or Bermuda statutory.  Direct the preparation of investment schedules for all insurance subsidiaries.
• Provide advice on investment accounting matters such as impact of new or newly relevant to MYNAH accounting pronouncements or classification of transactions for Balance Sheet or Income Statement presentation for US Statutory, IFRS and GAAP bases of accounting. Coordinate the preparation of position papers by the Accounting Policy team for new asset classes (including derivatives, private credit, structured securities, alternative investment funds, and other complex investment structures) and/or new investment accounting standards (ex: IFRS 9).  Direct implementation of changes in policies and procedures as a result of findings, as necessary.
• Lead the accounting oversight and operational readiness for alternative investments and derivative products from initial investment through ongoing accounting, valuation, reporting, and financial close.
• Serve as the subject matter expert for accounting treatment of complex investment transactions including derivatives, hedge accounting, collateral management, embedded derivatives, valuation considerations, and alternative investment structures. 
• Oversee valuation methodologies, income recognition, impairment analysis, capital activity, and financial reporting for alternative investments and derivative instruments.
• Partner with Outsourced CIO Office, Risk, Actuarial, Tax, and external service providers in support of all asset classes.
• Ensure investment accounting systems, data feeds, and operational processes appropriately support complex investment structures and derivative lifecycle events.
• Direct implementation or monitor maintenance of robust internal control practices and procedures as regards all facets of Investment Reporting.
• Direct the preparation of and review L&G required monthly, quarterly, annual, and/or ad hoc reporting, including monthly solvency reports, assets under management reports, collateral holdings reporting, and other requested reports, as required by L&G.
• Direct response or respond to internal and external audit and actuarial consultant requests on MYNAH and operating entity investment reporting and related internal controls. 
• Hire, train, and mentor Investment Reporting staff (see details below). Conduct timely staff performance reviews and provide on-going performance feedback. 
• To effectively manage the governance of assigned vendors and their relationships in compliance with MYNAH’s Vendor Management Policy and Program Procedures; as well as to ensure that commercial, contractual, and performance obligations are adhered to and maximized. 
• Other duties as assigned by management.

Qualifications

Education

• Bachelor’s Degree, preferably in accounting or finance
• CPA preferred

 

Experience/Knowledge

• 5-8 years cumulative progressive accounting experience
• Demonstrated experience accounting for alternative investments, private markets, and derivative instruments within an insurance company, asset manager, or financial institution.
• Experience supporting investment accounting platforms (including implementation and conversions) and accounting process design for complex asset classes preferred
• Experience onboarding new asset classes.
• Public accounting experience preferred
• Insurance industry reporting preferred

 

Skills

• Knowledge of the Purpose and Procedures Manual of the NAIC SVO
• Knowledge of GAAP, IFRS, & Statutory Investment Accounting Principles
• Detail oriented with strong organizational and presentation skills
• Strong Interpersonal skills
• Strong financial analytical and problem-solving skills
• Facility with software reflecting technical requirements of position
• Ability to manage multiple priorities
• Strong knowledge of insurance investment accounting across traditional and alternative asset classes.
• Knowledge of derivative accounting, hedge accounting, collateral management, and valuation methodologies.
• Knowledge of NAIC statutory reporting for derivatives and alternative investments.

What’s in it for you?

 

The expected hiring compensation range for this position is $109,900 - $140,000 annually. This position is remote eligible.

 

The total compensation package for this position may include other elements, such as a sign-on bonus, long term incentives, and annual bonuses.  This role is eligible to participate in the Annual Incentive Plan. The current target payment for the position is 20% of base salary, modified for corporate and individual performance. Bonuses are pro-rated based on start date.  This role has 20 vacation days and 10 sick days that are accrued on a bi-weekly basis. Employees also have 9 paid holidays throughout the calendar year.

 

We have a competitive compensation and benefits package focused on your overall wellbeing.  Employee benefits include health, life, and dental insurance; 401K with company match up to 6% as well as a pension package; generous time off; and wellbeing initiatives throughout the year (we like doing fun stuff).  We’re big on professional development and we’ll support and mentor you in your career progression and expect you to help us pay it forward by helping us develop tomorrow's leaders and growth-focused professionals. We value our teams and our communities and believe in giving back. Enjoy time off to volunteer for those causes that matter most to you!

 

If hired, employee will be in an “at-will position” and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors. The Company reserves the right to change benefits plans at any time.

 

We are an equal opportunity employer and value diversity at our company. We do not discriminate based on race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform essential job functions, and receive other benefits and privileges of employment. Please contact us to request accommodation.