Associate actuary insurance

Chicago Office: 71 S. Wacker Drive, 31st Floor, Chicago, IL 60606, USA

The Chicago office of Milliman Inc. is looking for bright, enthusiastic and qualified candidates to work in their life consulting practice.

S. life insurance and annuity industry, Milliman is the leading actuarial advisor for mergers & acquisitions, corporate restructuring, and other transaction activity. In addition to a wide variety of M&A consulting, our services span broadly into areas of asset‑liability management, enterprise risk management, financial modeling, and actuarial technology modernization. Our clients include some of the biggest and well‑known financial services companies.

We hire the best in the business and offer a work environment that is client‑focused and encouraging of creativity and problem solving to meet and exceed our clients’ expectations. It's about personal responsibility, creativity, and flexibility. Our culture is highly collaborative with value placed on high quality work and client service.

We are a team of consultants with deep actuarial subject matter expertise in individual life and annuity insurance products. Combined with our expertise in technology, financial modeling and analysis, this enables us to provide our clients with advanced analytics and insights required to develop a comprehensive understanding of the business, and to make informed decisions.

The successful candidate would potentially be involved in a wide variety of assignments in the area of mergers & acquisitions, asset liability management, cash flow testing, valuation, financial reporting, and financial modeling. Modeling and financial projections for actuarial appraisals.

Development and analysis of experience studies and actuarial assumptions.

Asset adequacy analysis and cash flow testing.

Actuarial due diligence for M&A transactions, including review of financial metrics, assumptions, risks and operations of the business.

Risk and capital assessment, including RBC and economical capital frameworks.

Implementation of Milliman’s financial modeling and technology solutions, focused on our proprietary MG-ALFA and Integrate platform‑based solutions.

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

Society of Actuaries (SOA) ASA status.

Minimum of 2 years of full‑time work experience in an actuarial role (excluding time spent in internship roles).

Proficiency in Excel, VBA and SAS.

Insurance product modeling experience and MG‑ALFA and Integrate experience, in particular, would be an asset.

Ability to analyze and apply creative problem solving both independently and within a team.

Proven ability to handle multiple projects and tasks, prioritizing and meeting deadlines.

Prior consulting experience or a background in individual life insurance a plus, but not necessary.

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 July 31, 2026.

A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc.

We offer a comprehensive benefits package designed to support employees’ health, financial security, and well‑being. Medical, Dental and Vision - Coverage for employees, dependents, and domestic partners.

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

Discretionary Bonus Program - Recognizing employee contributions.

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

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 observed holidays per year.

Family Building Benefits - Includes adoption and fertility assistance.

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

Short‑Term and Long‑Term Disability - Fully paid by Milliman.

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.

This employer is required to notify all applicants of their rights pursuant to federal employment laws.