Job Details

2018 Enterprise Finance Summer Internship

Company name
New York Life Insurance Company

Location
New York City, NY

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Profile

New York Life Insurance Company (New York Life or the company) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.

 

New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion.  As of year-end 2016, New York Life's surplus was $23.336 billion**.  New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).

 

Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company's decisions and actions for over 170 years.

 

 

The Enterprise Finance Summer Intern Program offers an exciting opportunity for rising seniors who are looking to gain the experience, skills, support, and exposure that they need to help launch their careers. Our summer program combines challenging work experience and the opportunity to work closely with finance professionals.  You'll receive continuous training and development through classes and weekly presentations, exposure to senior management, and social and networking events to help build relationships throughout the Company.  At the end of the summer, multiple offers will be extended for the 2018 full-time Associate program.  The internships will be located in our home office in New York City at the 51 Madison Avenue. 

 

Development, classes, and presentations.

The summer begins with an array of training classes focusing on enhancing skills in Microsoft Excel, SAP training, and introduction to Insurance and Financial Services Industry concepts. We provide significant opportunities to improve business and leadership skills that will enable advancement throughout the company. The learning continues throughout the summer in many forms:

*Weekly seminars presented by experienced professionals from Corporate Finance, Insurance, and Investments groups focusing on helping interns to understand the industry, financial functions, and our organization *Development of communication skills through presentation and writing classes *Mentor pairing with a full time Finance employee who will provide guidance and support throughout your internship *Multiple gatherings with the Senior Finance Leadership Team (SFLT) and Finance Governance Committee - events include:

o    Breakfast with NYL's Chief Financial Officer

o    Presentations by SFLT members

o    A one-on-one lunch with a finance Executive Officer 

o    Lunches with Governance Committee members who are available in an advisory capacity

*At the end of the summer, interns give a formal presentation about their experience at NYL, projects that they were involved in, and special assignments that were completed throughout the summer

Work experience.

Interns are placed across the organization in Corporate Finance, the Insurance and Agency Group, and the Investments Group. Specific functions could include: 

* Accounting Policy *Budget & Cost *Expense Management *Financial Planning & Analysis  *GAAP Accounting,   *Investment Accounting *Risk Management,  *Sales Reporting *Statutory Accounting *Treasury *Tax

Social Events & Networking.

Interns are encouraged to join full-time employees in social events ranging from post-work gatherings to multiple team building sessions. Past events have included welcome breakfasts, ice cream socials, lunch with mentors, finance engagement events, and a farewell dinner with the Senior Financial Leadership team. Other fun events have included a scavenger hunt around NYC, bowling night in Times Square, group volunteer activity, and trivia night.

 

Finance interns also participate in Corporate Intern events providing networking opportunities with peers outside of Finance.  Past events have included networking breakfasts and dinners, and communication and career planning workshops.  You'll also be placed in small groups advised by a core group mentor who will plan special events for your group.

 

General information.

Interns are scheduled to work from late May through mid-August. Generally 15 interns are placed each summer with a competitive salary, and the option for free housing.  

 

Application requirements.

We seek candidates who exhibit the following characteristics:

*Rising Senior working toward a Bachelor's degree with an accredited college or university (or in a Graduate program)

o    Preferred majors: Accounting, Finance, Economics

*Cumulative GPA of 3.0 or higher  *Strong written and oral communication, and interpersonal skills *Analytically minded *Knowledge of general accounting principles.  *Proficient in Excel

 

EOE M/F/D/V

 

If you have difficulty using or interacting with any portions of this Web site due to incompatibility with an Assistive Technology, if you need the information in an alternative format, or if you have suggestions on how we can make this site more accessible, please contact us at: (212) 576-5811.

 

*Based on revenue as reported by Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual), Fortune Magazine, June 17, 2016.  See http://fortune.com/fortune500/  for methodology.

**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.

 

1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.

 

2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.

Company info

New York Life Insurance Company
Website : http://www.newyorklife.com/

Company Profile
New York Life Insurance has been providing life insurance policies in the Big Apple since it was a tiny seed. While the top mutual life insurer in the US has branched out a bit, it retains its core business: life insurance and annuities. Its products include long-term care insurance and special group policies sold through AARP and other affinity groups and professional associations. New York Life Investments' offerings include mutual funds for individuals and investment management services for institutional investors. Through New York Life International, the firm provides life policies in overseas markets. Founded in 1841, New York Life is owned by its policyholders.

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