Actuarial Analyst- FRM, Chicago Life, and LTS

The Department/Team:

We are a team of more than 60 actuaries with deep subject matter expertise in equity-based insurance guarantee products, providing our clients with advanced analytics required to develop a comprehensive understanding of the business, and make informed strategic and risk management decisions.

Your Role/What You’ll Do:

You will:

• Design and execute scalable dynamic hedging programs to manage equity guarantee risk and meet strategic risk management objectives


• Perform managed services for financial reporting of Variable Annuities, including GAAP and Statutory valuation


• Merger and acquisitions – due diligence including review of assumptions, risks, and operations of Variable Annuities and/or Fixed Indexed Annuities business; valuation and projection of statutory balance sheet; determine the impact of various risk management programs


• Build stochastic models for risk-based capital impact analysis


• Evaluate the appropriateness of exotic derivatives in reducing a company's risk exposure


• Price and develop new products for financial services companies


• Collaborate with non-actuarial teams within FRM, Chicago Life, or LTS to enhance our actuarial and quantitative finance models, and technology supporting the automation platforms


• Communicate with clients to understand their needs and expectations, as well as to present work product


• Develop innovative solutions to challenges affecting our clients or internal processes and seek business development opportunities to help grow the practice

Your Qualifications:

Required:

• Undergraduate degree in Actuarial Science, or a similar quantitative program of study.


• Actively pursuing the FSA designation.


• A minimum of TWO years of experience in an actuarial role (excluding internships).


• A MINIMUM of three SOA exams passed.

Location  

Candidates hired into this role will be required to work in-person in the Milliman office in Chicago, IL on a weekly basis, but flexible work arrangements will be considered. The expected application deadline for this job is April 30, 2026.

Compensation

The salary range for this role is $77,740 - $136,160, depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.  

Benefits   

We offer a comprehensive benefits package designed to support employees’ health, financial security, and well-being. Benefits include: 

• Medical, Dental and Vision – Coverage for employees, dependents, and domestic partners.


• Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges.


• 401(k) Plan – Includes a company matching program and profit-sharing contributions.


• Discretionary Bonus Program – Recognizing employee contributions.


• Flexible Spending Accounts (FSA) – Pre-tax savings for dependent care, transportation, and eligible medical expenses.


• Paid Time Off (PTO) – Begins accruing on the first day of work. Full-time employees accrue 15 days per year, and employees working less than full-time accrue PTO on a prorated basis.


• Holidays – A minimum of 10 paid holidays per year.


• Family Building Benefits – Includes adoption and fertility assistance.


• Paid Parental Leave – Up to 12 weeks of paid leave for employees who meet eligibility criteria.


• Life Insurance & AD&D – 100% of premiums covered by Milliman.


• Short-Term and Long-Term Disability – Fully paid by Milliman.

Equal Opportunity    

All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, national origin, disability, or status as a protected veteran.