Assistant Manager - Statutory Accounting and Financial Reporting

Assistant Manager- Managed Services Finance and Accounting (STAT Accounting)

The position in discussion is with the Managed Services team, part of our Consulting team.

The KPMG Global Services (KGS) Consulting team is a diverse team of more than 6,400 professionals. We provide consulting services to KPMG Firms worldwide to support clients’ business transformation journeys across various industries. With capabilities such as Technology Enablement, Corporate Services, Customer and Operations, Cross Functional Services, Risk Services and Managed Services, our team is a varied mix of professionals with extensive skills and expertise.

Through your work, you’ll build a global network and unlock opportunities that you may not have thought possible with access to great support, vast resources, and an inclusive, supportive environment to help you reach your full potential.

As a firm, we are deeply committed to diversity, inclusion and equity at our workplace. We offer a safe and inclusive environment built on trust, where all our colleagues can bring their authentic selves to work and know that their uniqueness is valued. 

We prohibit unfair treatment of applicants and employees and discrimination on any ground, including but not limited to, caste, religion, color, ancestry, marital status, medical condition, sex, gender identity and/or expression, sexual orientation, age, nationality, cultural origin, family or parental status, defense veterans, physical, mental or sensory disability or any other status or characteristic protected by applicable Indian laws and regulations.

AM  –will be expected to deliver against targets for both productivity and quality, managing your own pipeline and taking onboard feedback from oversight who are responsible for service delivery

Preparing and filing the annual and quarterly statements for state regulators, adhering to statutory accounting principles (SAP).

 

Analyzing and documenting complex reinsurance agreements to ensure proper accounting treatment and risk transfer.

 

Calculating and applying penalties for overdue reinsurance recoverable or uncollateralized balances from unauthorized reinsurers

Collaborating with different teams to gather necessary data (premiums, losses, collateral information) for comprehensive reporting

Data Reporting & Filing: Capturing and reporting all assumed and ceded reinsurance transactions, including premiums and losses, as required for the NAIC Annual Statement.

Penalty Calculation: Calculating the "Schedule F Penalty" (Provision for Reinsurance), which accounts for overdue payments from reinsurers or amounts owed by unauthorized/slow-paying reinsurers

Educational qualifications

Bachelor’s degree in Accounting, Finance, or a related field.

Proven experience of 7+ years in insurance accounting or financial reporting, specifically within the P&C insurance industry. Prior experience with NAIC statutory reporting is essential

 

Mandatory  technical & functional skills

•Deep understanding of NAIC Schedule F requirements and the complexity of reinsurance accounting•Strong command and ease of business English (spoken and written), native preferred•Familiarity with Statutory Accounting Principles (SAP) and NAIC reporting software/systems•Proficiency in data analysis and reporting tools (e.g., Excel, specific insurance reporting software). 

Key Skills & Qualifications

Expertise in Statutory Accounting Principles (SAP): Deep understanding of SAP as it differs from GAAP, specifically regarding reinsurance credit.

Technical Knowledge: Familiarity with the NAIC Financial Examiners Handbook and specific reporting "blanks" for P&C, Life, or Health insurers

Analytical Skills: Ability to evaluate the financial strength of reinsurers and the effectiveness of risk transfer within contracts

 

Key behavioral attributes/requirements

•Analytical and problem-solving skills and the ability to use information to generate creative solutions to benefit the business. Ability to be customer focused and drive results.•Ability to lead the team and developing others.•Presentation and Project Management skills. Focus on results-led management.

Experience Level

Mid Level