Actuarial Intern – Winter 2026 Internship/Co-Op (January 2026 Start) – FRM, Life

Actuarial Intern – Student Opportunity

The Chicago office of Milliman Inc. is looking for enthusiastic and qualified candidates to join its Life, Financial Services, and Life Technology Solutions (LTS) practice for an internship/co-op work term. The candidate will be assigned to work in either the Mergers and Acquisitions or the Financial Risk Management group. The two groups work closely together on mergers and acquisitions projects and other assignments such as risk-based capital impact analysis.

Mergers & Acquisitions

Milliman is the industry leader in merger and acquisitions; we have been either on the seller or buyer side of all major transactions for the last 20 years. When it comes to sorting through the complexities of insurance industry mergers and acquisitions, Milliman offers unparalleled experience. We have been involved in all successful life M&A transactions in the past five years, representing value in excess of $100 billion. Our sophisticated financial models are relied upon to deliver accurate projections and valuations of company assets. Because we never serve as a broker, we are a trusted source of independent analysis on a proposed deal’s valuation, merits and weaknesses. In many cases, the deal valuation is only the beginning and we are brought on to consult management on implementation and post-transaction action plans

Financial Risk Management

We have a focused, multi-disciplinary team of actuaries, financial engineers / capital markets professionals and software developers working together to develop risk management solutions for the financial services industry. We currently advise some of the world’s largest insurance companies in areas such as hedging strategy and operations, portfolio risk management, capital requirements, and mergers and acquisitions.

About Milliman

Milliman is among the world’s largest providers of actuarial and related products and services. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. We are owned and managed by our principals-senior consultants whose selection is based on their technical, professional and business achievements. Milliman is the preeminent Life and Financial Services practice in the United States, and we are rapidly establishing our presence in the global market. With more than 60 years of actuarial experience, Milliman’s Life and Financial Services practice is well positioned to help clients analyze, understand, and mitigate risk in an era of regulatory change financial uncertainty.

Job Responsibilities

Mergers & Acquisitions

The Mergers and Acquisitions role would potentially be involved in the following type of projects:

• Merger and acquisition projects, covering a range of valuation metrics and functions including pricing, modeling, asset liability management, cash flow testing, statutory, tax, and GAAP valuation.
• Merger and acquisitions due diligence including review of assumptions, risks and operations of the business.
• Evaluating the appropriateness of modifying product features in reducing a company’s risk exposure
• Other projects including development of new products for financial services companies, risk-based capital impact analysis and developing economic capital models under various frameworks

Financial Risk Management

The Financial Risk Management role would potentially be involved in the following types of projects:

• Designing and executing scalable dynamic hedging programs to manage equity guarantee risk and meet strategic risk management objectives
• Pricing and developing new products for financial services companies
• Building stochastic models for hedging, GAAP, statutory valuation, and/or appraisals of Variable Annuities and/or Fixed Indexed Annuities business
• Merger and acquisitions due diligence including review of assumptions, risks and operations of Variable Annuities and/or Fixed Indexed Annuities business
• Evaluating the appropriateness of exotic derivatives in reducing a company’s risk exposure
• Determining the impact of various risk management programs with respect to M&A transactions

Life Technology Solutions

The intern will receive on-the-job training that will allow them to build models currently used in the industry, taking into consideration practical issues not described in textbooks. These models will be used to solve real world problems facing insurance companies. One-on-one training will be provided by the direct supervisor and colleagues across various topics. The training will include the following:

• Development and implementation of valuation solutions for multiple applications (Statutory VM-21, GAAP LDTI, BMA EBS)
  
• Financial projection and actuarial modeling using MG-ALFA
  
• Development, validation, and execution of data transformation processes using IDM”

Skills & Attributes

Required:

• Currently enrolled in a Bachelors or Masters level academic program in Actuarial Science or another program of study similarly focused on mathematics, quantitative analysis and/or programming
• Completion of at least one Society of Actuaries (SOA) exam and actively pursuing the FSA, FRM, or CFA designation

Desired:

• One, or more, prior internships, preferably with a focus on learning and applying technical skills
• Strong quantitative background with actuarial modeling experience in life insurance, risk management or investments
• Understanding of capital markets and modern finance concepts (option pricing, portfolio theory, etc.)
• Proficiency in Excel and VBA. Knowledge of SAS, C++, C#, and other programming languages a plus
• Experience with MG-ALFA or other actuarial valuation software would be an asset
• Ability to analyze and apply creative problem solving both independently and within a team
• Excellent project management skills, including communication and time management skills
• Self-motivated individual with a sense of intellectual curiosity and a results-oriented work ethic

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.

Compensation

The salary range for this role is $25 – $45 per hour depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

Benefits

We offer competitive benefits which include the following based on plan eligibility:

• Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges.
• 401(k) Plan – When an employee reaches 1,000 hours worked within 12 consecutive months, they become eligible for a 401(k) plan that includes a company matching program and profit-sharing contributions.
• Paid Time Off (PTO) – Begins accruing on the first day of work; Interns, Temporary, and Seasonal Employees will earn PTO each pay period, based on 1 hour for every 30 hours worked.
• Transportation – Pre-tax savings for eligible transit and parking expenses.

Equal Opportunity

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