Patrick Cleary
Fulshear,TX
Summary
Financial Executive with proven ability to drive strategic initiatives and optimize financial performance. Leader in driving financial outcomes generating strong returns. Leadership focus on collaboration and achieving results, adaptable to changing business needs. Known for reliability and effective communication, ensuring seamless integration of financial strategies and operational goals.
Overview
22
22
years of professional experience
Work History
Independent Consultant
04.2023 - Current
- Providing Consulting Services for Financial Services Companies, Asset Management Companies and boutique Captive Reinsurers.
Head of Financial Planning and Analysis
Corebridge Financial / AIG Life and Retirement
08.2018 - 04.2023
- Oversee financial operations of $350B+ in AUA, adjusted pre-tax operating income of $3-4B annually.
- Led FP&A transformation to a new public company, setting strategic goals, prioritizing go-public strategy, designing actionable data-driven analytics, defining KPIs, accelerating profits 10%, increasing accountability of C-Suite.
- Oversaw equity analyst models for rating agency, investor day materials, defining the new Company’s value proposition.
- Cross functionally defined a new financial, liquidity and capital frameworks for the new company.
- Transformed quarterly earnings materials, overhauling press releases, earnings call slides, scripts for CEO and CFO. Focused analytics on profit drivers and best-in-class forward-looking guidance to the street.
- Disciplined cost reduction program ($300M), driving efficiencies across numerous businesses, reducing redundant costs, while prioritizing business growth initiatives expanding profit targets 15%.
- Led annual stress testing - defining risk appetites, key economic inputs, a new sensitivity model supporting capital and liquidity needs. Now issued 1000-man hours across the business, improving accuracy, reducing costs by $20M.
- Transformed business reporting processes, through data driven analytics, developing key storylines quicker, offering self-service access to C-suite, reducing costs 10%.
- Oversaw GAAP and STAT quarterly / annual strategic business reviews, including disciplined expenses management, quarterly re-forecasting key business drivers, aligning outcomes with investor expectation.
- Presented various materials to Board of Directors, C-suite, and various internal Executive Committees.
- Developed in-depth competitive analysis, aligning our results vs industry benchmarks
- Improved resource deployment by eliminating redundancies with technology enhancements: including de-commissioning redundant reporting platforms, eliminated 1000-man hours on non-value-added tasks, reducing technology debt by $10M.
Deputy CFO & Head of FP&A for Fixed Annuities and Group Retirement
AIG
08.2014 - 08.2018
- Oversaw portfolio with $300B+ in AUA, adjusted pre-tax income of over $3B annually.
- Defined business, financial, liquidity and capital frameworks for the unit, including budgeting, forecasting, quarterly business reviews for the investment community, industry benchmarks, risk and liquidity oversight.
- Set strategic objectives with KPIs for monitoring financial and non-financial business metrics, reducing costs $8M.
- Transformed new business models, marketing products across multiple distribution channels.
- Increased financial transparency, including cost reduction by consolidating planning models (+$5M savings), eliminated hundreds of support hours (+$5M in savings)
- Prepared C-suite for quarterly earnings materials, including key messaging for external customers.
- Oversaw GAAP and SAP reporting for segments.
- Reduced Fixed Annuity product pricing, resulting in $7M reduction in pricing IRR or 50 bps.
- Defined go-to-market strategy for Group Retirement resulting in improved net flows (+15%), favorable pricing outcomes, higher operating income (+15M) and ROE (+25bps)
- Developed a new bid pricing offerings; result in new group acquisitions deposits +50% year over year.
- Oversaw a vigorous SOC1 for Group Retirement, ensuring adequate performance of controls.
2nd Vice President and Controller for Retirement Solutions
Guardian Life Insurance Company
01.2010 - 08.2014
- Oversaw monthly closing process, quarterly and annual statement preparation, external audits reviews, DOI inquiries.
- Led Liquidity Management team, improving liquidity by $100M or 15% introducing an inter-company line of credit used to manage short-term market volatility.
- Completed M&A and due diligence on M&A opportunities, including developing integration strategy, developed integration and test plans. In addition, oversaw the creation of an M&A playbook for future potential M&A activity.
- Provided Shared Service support for other lines of businesses (Life, DI, Asset Management), including: wholesaler compensation and T&E, wholesaler compliance activities, accounting and reporting support.
- Revamped wholesale distribution model, achieving $8M in cost savings with increased sales of 20%.
- Replaced home grown CRM platform with Salesforce, improving integration with CONCUR, reducing wholesaler costs by 10%, improving transparency for C-Suite to monitor wholesaler performance.
- Oversaw the integration of new product introductions with external managers into the Operations Platform, as well as the Accounting and Finance Data Warehouse
- Oversaw the MAR process for the Retirement Solutions team, driving enhanced controls and testing.
- Designed and implemented the finance data warehouse supporting the entire organization, driving reporting efficiencies.
2nd Vice President and FP&A Leader
Guardian Life Insurance Company
01.2010 - 09.2011
- Created new FP&A function.
- Introduced 6-year STAT capital projection model, designing new forecasting models within six months.
- Oversaw firm-wide capital model implementation, enabling easy assessment of capital deployment alternatives.
- Defined monthly briefing package using data driven insights, creating actionable plans to align with strategic priorities.
Managing Director of Portfolio Analytics
Genworth Financial / GE Asset Management
02.2004 - 01.2010
- Several positions as FP&A Investments Manager, Investments Innovation Leader, Program Leader for the Investments Infrastructure Business Program, lastly Managing Director of Portfolio Analytics.
- As MD, developed an exposure management process geared to reduce oversized exposures by $1B or 12% of portfolio.
- Constructed portfolio review, post crisis, assessing the key rate duration impact created by the crisis
- Improved sales by 10% by overhauling pricing models for new business, adding 10bps of incremental investment returns.
- Oversaw Aladdin platform program from building the business case all the way through go-live deliverables.
- Worked cross functionally with management to rationalize legal entity structures as part of the IPO process.
- Worked cross functionally with 200+ investment professionals, multiple implementation consultants, and outsourced accounting operations, driving go-live strategy, holding units accountable for execution.
AVP Financial Reporting
New York Life Insurance Company
- 01.2004
- Prior to 2004 held positions as AVP Financial Reporting at The MONY Group, several positions at New York Life Insurance Company, notably at both companies, led several ERP evaluations, recommendations and implementation of GL, Cost Accounting, Sub-system integrations, Special Ledger and built the first Finance Data Warehouse to simplify reporting as well as putting information in key decision makers hand quicker.
Education
Bachelor of Business Administration (BBA) - Accounting
Pace University
01.1990
Skills
- Financial leadership
- SAP, Tableau, MicroStrategy, Salesforce, Peoplesoft, BlackRock’s Aladdin Constructed numerous data driven analytics and management applications, company and industry-specific systems, cloud environments, web-based applications
Timeline
Independent Consultant
04.2023 - Current
Head of Financial Planning and Analysis
Corebridge Financial / AIG Life and Retirement
08.2018 - 04.2023
Deputy CFO & Head of FP&A for Fixed Annuities and Group Retirement
AIG
08.2014 - 08.2018
2nd Vice President and Controller for Retirement Solutions
Guardian Life Insurance Company
01.2010 - 08.2014
2nd Vice President and FP&A Leader
Guardian Life Insurance Company
01.2010 - 09.2011
Managing Director of Portfolio Analytics
Genworth Financial / GE Asset Management
02.2004 - 01.2010
AVP Financial Reporting
New York Life Insurance Company
- 01.2004
Bachelor of Business Administration (BBA) - Accounting
Pace University
Deal / Project Related Experience
- Led FP&A and Finance Operations through two successful IPOs, including debt raise, stock issuance, operationalizing new FP&A organization, managing projections and relationship with investment banking deal team, and rating agency readiness reviews.
- Oversaw the outsourcing of the FP&A team to an offshore operation, developing target operating models and integration plans with onshore team.
- Led due diligence efforts for potential acquisition targets for 401k businesses including meeting with brokers, target clients, due diligence reviews, evaluation of business synergies, designing target operating model and developing management recommendations on potential targets for board members.
Hobbies and Interests
Active volunteer, including a serving in a leadership role as Executive Co-Sponsor for the Houston Disabilities Group., Published Fiction Author – I’ve published three books in November 2024.