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Reinsurance Group of America, Incorporated (NYSE: RGA) is a leading global life and health reinsurance company, with approximately $3.7 trillion of life reinsurance in force and assets of $97.6 billion as of December 31, 2023. Founded in 1973, RGA provides specialized solutions and expertise to help insurance companies manage risk and optimize capital. With operations in 27 countries including the United States, Canada, Europe, Asia, and Australia, RGA supports clients with a diverse range of products and services.
Business Lines: The company’s core business lines include individual life reinsurance, health reinsurance, long-term care reinsurance, group reinsurance, and financial solutions. RGA is a global leader in facultative underwriting, having processed nearly 5 million facultative cases since 1979. Additionally, RGA offers product development, risk management, e-underwriting solutions, and client training opportunities.
Recent Achievements and Partnerships: Recently, RGA announced a groundbreaking collaboration with LIBRA Insurance Partners and DigitalOwl. This partnership leverages DigitalOwl's AI technology to enhance RGA’s facultative underwriting program, significantly improving the efficiency of the life insurance case submission process. Another major milestone is a $5.8 billion reinsurance deal with Manulife Financial Corporation, marking the largest Universal Life reinsurance transaction in Canada's insurance industry.
Financial Condition: RGA remains financially robust with a substantial asset base and a significant volume of life reinsurance in force. The company’s solid financial foundation enables it to engage in large-scale transactions and forge strategic partnerships.
Global Reach and Impact: With operations spanning across continents, RGA is dedicated to making financial protection accessible globally. The company’s relentless pursuit of innovation and client-focused approach positions it as a trusted partner in the reinsurance industry.
To learn more about Reinsurance Group of America, Incorporated, visit www.rgare.com or follow RGA on LinkedIn and Facebook.
Reinsurance Group of America (NYSE: RGA) has launched its FAC Optimization solution, utilizing Amazon Textract to enhance its underwriting processes. This integration of machine learning and optical character recognition (OCR) aims to improve efficiency and accuracy in risk assessment, supporting RGA’s leadership in facultative reinsurance. Senior Vice President Dave Rengachary emphasized innovation as key to delivering competitive offers. AWS's Tony Jacob noted the technology's role in streamlining processes and improving customer experience. RGA manages approximately $3.5 trillion in life reinsurance.
Reinsurance Group of America, Incorporated (RGA) will release its fourth quarter earnings on February 3 at approximately 4:15 p.m. Eastern Time. A conference call will follow on February 4 at 10 a.m. Eastern Time to discuss the results. Interested participants can join through a dedicated phone line or via a live audio webcast on RGA's website. As of September 30, 2021, RGA had approximately $3.5 trillion of life reinsurance in force and $91.4 billion in assets. RGA specializes in various reinsurance sectors and has been operational since 1973.
Reinsurance Group of America (NYSE: RGA) has announced the election of George Nichols III to its Board of Directors, effective January 1, 2022. Nichols, with extensive experience in the insurance sector, is currently the President and CEO of The American College of Financial Services. His past roles include executive positions at New York Life and Kentucky's insurance commissioner. RGA's leadership highlights Nichols' expertise in regulation and education as crucial for capitalizing on growth opportunities.
Reinsurance Group of America, Incorporated (NYSE: RGA) has completed a longevity reinsurance transaction with Aegon, covering an in-force portfolio in the Netherlands with approximately €7 billion in underlying reserves. This partnership aims to assist Aegon in managing risk and capital more effectively. The transaction, effective December 31, 2021, reflects RGA’s commitment to providing tailored solutions and highlights its strong relationship with Aegon. RGA is a leading provider of life reinsurance, with around $3.5 trillion in force as of September 30, 2021.
Reinsurance Group of America (NYSE: RGA) will conduct a virtual conference for institutional investors and analysts on December 9, 2021, from 8:30 a.m. to 11 a.m. Eastern time. Participants can access the presentation materials and webcast through www.rgare.com on the day of the event. A recording will be available post-event. RGA, a Fortune 500 firm, has $3.5 trillion in life reinsurance in force and $91.4 billion in assets as of September 30, 2021, specializing in life and health reinsurance and financial solutions.
Reinsurance Group of America reported a third quarter net loss of $22 million or $0.32 per diluted share, a decline from a net income of $213 million or $3.12 per diluted share in the prior year. Adjusted operating loss was $75 million ($1.11 per diluted share), impacted by COVID-19 claims costing approximately $500 million. Despite challenges, net premium growth was up 9.5%, totaling $3.1 billion. The company deployed $140 million into transactions and executed $46 million in share buybacks, ending the quarter with excess capital of around $1 billion.
Reinsurance Group of America (RGA) plans to announce its third quarter earnings on November 4 at 4:15 p.m. ET. A conference call to discuss the results will follow on November 5 at 10 a.m. ET, accessible via phone or live webcast on RGA's website. As of June 30, 2021, RGA holds approximately $3.5 trillion in life reinsurance and has assets totaling $88.9 billion, reflecting its position as a leading global provider in the life reinsurance sector.
AM Best has affirmed the Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Ratings of aa- (Superior) for RGA Reinsurance Company and its subsidiaries. The outlook for these ratings is stable. RGA's balance sheet strength is assessed as very strong with a solid risk-adjusted capitalization, improved by a $500 million stock offering. Despite some volatility in earnings due to COVID-19 impacts, RGA's innovative solutions and leading market positions globally, with 45% of revenues from international operations, support its favorable profile.
Reinsurance Group of America (NYSE: RGA) has launched FAC Exchange, a new electronic platform for carriers to send facultative cases and receive quotes from multiple reinsurers. This replaces the previous FAC Console, which had been the industry standard for over 20 years. FAC Exchange integrates with carrier systems, utilizing standardized data formats, enhancing efficiency and risk assessment. The new service is available without licensing fees and aims to continually evolve based on client feedback. Support for FAC Console ends on June 30, 2023.
Reinsurance Group of America (NYSE: RGA) announced a successful completion of a longevity reinsurance transaction with Athora Netherlands, covering 46,000 individual annuity policies with total reserves of approximately EUR 3.3 billion. This deal, effective since July 1, 2021, aims to transfer longevity risk to RGA, reflecting its commitment to developing customized reinsurance solutions. RGA continues to expand its longevity business in Europe, building on previous successful transactions in the Netherlands, France, and the UK.
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