Reinsurance Group of America, Incorporated
Reinsurance Group of America is a U.S.-based insurance holding company focused on life and health reinsurance. Through its subsidiaries, it provides traditional mortality, morbidity, longevity and asset-intensive reinsurance to insurance companies across the Americas, Europe, Asia Pacific, the Middle East, Africa and Australia.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueYearly renewable term, coinsurance and facultative treaties covering mortality, morbidity, disability and critical illness risk.
Reinsurance of annuities, corporate-owned life insurance and other products with significant investment risk.
Longevity, closed-block, capital management and other structured reinsurance transactions.
Funding agreements and related spread-based liabilities used to support institutional note issuance.
Customers
RGA sells primarily to life insurance companies and other insurers that want to transfer mortality, longevity, morbidity or investment risk. Its clients include large global insurers, regional life companies and, in some structures, institutional investors that participate in funding-agreement backed note programs. The business is relationship-driven and depends on insurers seeking capital relief, earnings stability, and access to reinsurance expertise.
Buy traditional life and health reinsurance to transfer mortality, morbidity and longevity risk and to support underwriting capacity.
Buy treaty reinsurance for individual and group life, disability, critical illness and superannuation-related coverage.
Buy structured reinsurance on annuities, corporate-owned life insurance and other investment-sensitive blocks.
Buy longevity, closed-block and financial solutions transactions to manage capital and runoff exposure.
Participate in FABN issuance backed by funding agreements with matching terms.
Strategy
RGA’s strategy centers on combining underwriting expertise, data analytics and investment discipline to win complex reinsurance transactions. It also emphasizes global client relationships, product innovation and capital-efficient structures that help insurers manage risk, regulation and balance sheet needs.
Broader product capability helps win large blocks and recurring treaty business.
Reinsurance economics depend on matching asset duration, currency and credit characteristics to liabilities.
Large insurers value execution certainty, service and long-term capacity from a stable reinsurer.
Geography
RGA operates through regional segments in the U.S. and Latin America, Canada, EMEA and Asia Pacific, with corporate functions supporting the global platform. Its business is geographically diversified, but local regulation, currency, and insurance market structure shape the mix of treaties and the type of reinsurance written in each region.
Risks
RGA is exposed to underwriting risk from mortality, morbidity, lapse and longevity experience, as well as investment and interest-rate risk on asset-intensive and spread-based business. It also faces counterparty, regulatory, currency and execution risks because reinsurance contracts are long-dated, highly regulated and often structured across multiple jurisdictions.
- Assumption risk in mortality, morbidity and lapse ratesImpact: HighLikelihood: Medium
Pricing depends on experience assumptions that can prove wrong over long contract lives.
Exposure: Traditional life and health treaties
- Longevity and asset-intensive spread riskImpact: HighLikelihood: Medium
Longer-than-expected policy lives or lower investment spreads can pressure economics.
Exposure - Regulatory and execution risk on large transactionsImpact: MediumLikelihood: Medium
Deals can be delayed, restructured or fail to close, affecting growth and capital deployment.
Exposure: Structured reinsurance transactions
- Foreign exchange and jurisdictional riskImpact: MediumLikelihood: Medium
Operations span multiple currencies and insurance regimes across regions.
Exposure - Counterparty and retrocession credit riskImpact: MediumLikelihood: Low
Recoveries depend on the financial strength of ceding companies and retrocessionaires.
Exposure: Claims recoverables and reinsurance receivables
Accounting
Judgemental itemsActuarial assumption changes can materially affect earnings and liabilities.
Impact: Mortality, morbidity, lapse, longevity and expense assumptions
Spread-based contracts and deposit accounting affect timing of revenue and profit emergence.
Impact: Annuities, funding agreements and closed blocks
Hedging and asset-liability management use derivatives whose fair values flow through results.
Impact: Interest-rate, currency and credit risk management
Collectability of claims recoveries depends on ceding company and retrocessionaire strength.
Impact: Balance sheet assets and loss recognition
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Last updated: 24/09/2026