The Statutory Finance Unit, a part of the Corporate Controllers Department, is responsible for the coordination and production of the Regulatory (Statutory) financial statements in accordance with statutory accounting principles for Prudential's domestic insurance companies. The group has responsibility for coordinating financial results from the business units, analyzing financial results for presentations with senior management, as well as preparing various regulatory filings for the National Association of Insurance Commissioners (NAIC) as well as various state insurance departments.
The Senior Financial Reporting Associate will have statutory reporting responsibilities for some of Prudential’s domestic insurance companies. Specific responsibilities include:
Assist with the coordination of the production and preparation of the various quarterly and annual statutory financial statements, which are filed with each state insurance department and the NAIC. This includes the balance sheet, income statement, cash flow, and various investment, insurance, and reinsurance exhibits and schedules.
Analyze on-going financial results and coordinate the writing of variance analysis on statutory statement results, which is used to compile the Statutory MD&A (Management’s Discussion & Analysis) and other internal/external analysis, as well as presentations on statutory results for senior officers and subsidiary board meetings.
Work with our external auditors (PwC) closely in the preparation of the annual statutory audited financial statements and footnotes. In addition to the coordination of the audit process, this individual may be involved in the engagement and relationship management of PwC and our business partners throughout the year.
Support the preparation of Company responses to letters from various State and other regulators asking about certain variances, etc. within the Statutory Financial Statements.
Participate in the coordination of the ongoing maintenance of the statutory statement Oracle reports that support most statutory statement pages, exhibits, and schedules. Work with systems area (ESFS) to create and improve statutory reports as appropriate.
Partner effectively and develop close working relationships with peers in each of the applicable Business Unit Finance areas, Financial Shared Services, Actuarial Departments, ESFS, Tax Department, Investment Reporting (ALM), Investment Operations, Corporate Accounting Policy and Treasurers.
Research statutory accounting issues and assist in the implementation of new statutory accounting pronouncements.
Support management reporting needs by responding to various ad hoc requests from senior executives and areas outside statutory finance.
Support special projects designed to improve the efficiency of the financial reporting process.
Undergraduate degree in Accounting or Finance
1-3 Years of experience in accounting, financial reporting or analysis