Actuarial Internship (Summer 2024)

Job Family

Administrative Services

About Us 

 

At Transamerica, hard work, innovative thinking, and personal accountability are qualities we honor and reward. We understand the potential unleashed by leveraging the talents of a diverse workforce. We embrace an environment where employees enjoy a balance between their careers, families, communities, and personal interests.  

 

Ultimately, we appreciate the uniqueness of a company where talented professionals work collaboratively in a positive environment — one focused on helping people look forward and plan for the best life possible while providing tools and solutions that make it easier to get there. 

    

Transamerica is a part of Aegon, an integrated, diversified, international financial services group. The Aegon companies employ over 21,500 people and have approximately 31.7 million customers.* For more information,  visit www.transamerica.com. 

 

Who We Are 

  

Transamerica has been making financial services available to the many, not just the few, for more than 100 years. We’re a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Transamerica’s dedicated professionals focus on helping people live their best lives through saving, investing, and protecting their loved ones. Transamerica is dedicated to building America’s leading middle market life insurance and retirement company, providing a broad range of quality individual life insurance policies, workplace supplemental insurance benefits, workplace retirement plans, individual retirement accounts, and investment products, including mutual funds, annuities, stable value solutions, as well as investment management services. 

 

What We Do 

 

Transamerica is organized by lines of business (Life Insurance, Annuities, Mutual Funds, Retirement Plans, and Employee Benefits), which are supported by Transamerica Corporate (Corporate Development; Finance; Internal Audit; Legislative, Regulatory & Policy; Office of the CEO; People and Places; Brand; Corporate Affairs; Risk; and Technology). 

Job Description Summary

Transamerica's actuarial internship program is a growing and evolving program that provides college students the opportunity to gain true business experience in a hands-on working environment. Annually, actuary teams employ around 35 interns. This is a temporary position of approximately 12 weeks duration, typically starting in late May.

Job Description

Typical assignments in the Actuarial function include an introduction to the business, product development, financial reporting, and risk management. Projects may include:

• Compile data for experience analyses and prepare related reports

• Assessing current and new product designs for feasibility in the marketplace

• Translating product specifications into valuation assumptions for new products

• Pricing of new and existing product designs to ensure that Division profit goals are met

• Assisting in statutory, GAAP, and tax valuation and other miscellaneous reserving requirements

• Assist with quarterly ALM risk profiles, investment income budget, regulatory reserve adequacy testing and determination, and other actuarial valuation

• Building and running computer asset/liability models using actuarial modeling software

• Conversion of existing actuarial systems to new platforms

• Automate processes by writing programs or macros

Qualifications:

We are looking for Freshmen, Sophomores, and Juniors enrolled as full-time students, ideally majoring in Actuarial Science, Mathematics, or Statistics. Most interns will have already passed at least one SOA exam by the time of their internship. Candidates must not require sponsorship for employment now or in the future. Desired skills include:

• Strong mathematical skills, analytical skills, initiative, and attention to detail.

• Strong written and oral communication skills.

• Desire to work in a team environment.

• Knowledge of MS Excel or other spreadsheet applications.

• Knowledge of at least one computer programming language and/or Visual Basic.

• Knowledge of R, Python, or similar database applications.

• Familiarity with MS Access or other database applications is preferred.

• Previous or current leadership experience is preferred.

• Must be eligible to work in the US & not require sponsorship for Visa Employment Status.

Working Conditions

• Office Environment

This job descripti