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2023 ReportPeers and competitors of Reinsurance Group of America:
Hansard Global PlcMaking
financial
protection
accessible
to all
2023 Annual Review
What sets RGA apart is the depth of
our technical expertise, our strong and
disciplined risk culture, and our relentless
focus on creating success together with
our clients.
RGA 2023 Annual Review 1
What sets RGA apart is the depth of
our technical expertise, our strong and
disciplined risk culture, and our relentless
focus on creating success together with
our clients.
Overview
2 Message from the CEO
3 Message from the Board Chair
4
6
Financial Overview
Strategic Approach
Worldwide Operations
8
Americas
10 Asia Pacific
12
EMEA
Products and Solutions
14
Risk Solutions
16
18
Financial Solutions
Investments
Company Culture
20 Sustainability
22 Diversity, Equity, and Inclusion
25 Talent Development
Leadership
26 Executive Committee
28 Board of Directors
Appendix
30
Use of Non-GAAP Financial Measures
33 Forward-Looking Statements
Strong financial
performance
as of December 31, 2023
Total Assets
$97.6B
Book Value Per Share
Market Capitilazation
rgaannualreview.com Visit our interactive 2023 Annual Review website
for a closer look at a remarkable year at RGA.
$138.39
$10.6B
Message From the CEO
Message From the Board Chair
RGA 2023 Annual Review 2
RGA 2022 Annual Review 2
RGA 2023 Annual Review 3
Our vision is clear, our foundation
is strong, and our commitment
is unwavering. We are in the
ideal position to reach our full
enterprise potential, with fantastic
opportunities ahead.”
As a global leader providing a
unique fusion of expert capabilities,
RGA brings insights and solutions
that matter. Trusted partner. Proven
results. This isn’t just our tagline — it
is the pledge we live by every day.”
As we look back on a highly successful 2023, I am honored
Most Admired Companies and was rated #1 by life and health
As we look back over the past year, RGA’s record-breaking financial
to greet you as the third CEO in RGA’s history and to lead this
insurers on NMG Consulting’s Global All Respondents Business
performance is a testament to the hard work, strategic foresight,
extraordinary company.
Capability Index for the 13th consecutive year. In addition, RGA’s
and dedication to excellence from all our teams worldwide. During
I want to first thank Anna Manning for her leadership over
Board of Directors was selected as a winner in the 2023 National
RGA’s 50th anniversary year, we strengthened our foundational
the past seven years. She led RGA to new heights in financial
Association of Corporate Directors (NACD) Diversity, Equity, and
commitment to driving innovation, achieving results, and creating
success, business growth, and industry leadership and set a
Inclusion Awards. Such recognition reflects our company values
long-term value for our clients, partners, and shareholders.
visionary course for our future. It is humbling to follow in the
and the trust our clients and partners place in us, which inspires
Our values form the bedrock of every decision we make. In
footsteps of Anna, and of her predecessor, Greig Woodring.
our work every day.
pursuing RGA’s purpose to make financial protection accessible
Together with RGA’s talented global workforce, I am eager to
As we embrace the possibilities of 2024, we recognize that
to all, we innovate to reach the underserved and uphold the
build on the special culture and growth engine we have created.
our success is deeply rooted in our consultative platform
principles of diversity and responsibility at every level of the
We have much to be proud of. Our year-end financial results
backed by a strong balance sheet, the diversity of our people
organization. We were truly honored to be recognized by the
exceeded expectations, we have delivered on our priority
and the culture of care they embrace, our collaborative
National Association of Corporate Directors (NACD) for our
initiatives, and we have created strategic value for our clients,
partnerships, and our purpose to make financial protection
commitment to cultivating a diverse and inclusive culture.
partners, and shareholders. The record growth in new business
accessible to all. This framework is integral to our innovative
At the end of 2023, Anna Manning retired as Chief Executive
value, our proactive capital management strategies, and the
solutions and the fulfillment of our clients’ goals.
Officer (CEO). Her extraordinary leadership for the past seven
relentless innovation within our diverse business lines position us
Our vision is clear, our foundation is strong, and our
years, her success in building upon RGA’s legacy, and her
as pioneering industry leaders.
commitment is unwavering. We are in the ideal position to reach
strategic vision for our global enterprise have made RGA a
My optimism for the future is fueled by ongoing success in
our full enterprise potential, with fantastic opportunities ahead.
stronger organization in every way.
our areas of notable growth: longevity and pension risk transfer,
Trusted partner. Proven results. That is RGA. As we embark
Welcoming Tony Cheng as our President and CEO promises
Asia traditional segment, Asia asset-intensive business, U.S.
on the next 50 years, we are committed to building on this core
an exciting new chapter for RGA. His deep understanding of our
traditional segment, and the collective group of all our other
identity and upholding this fundamental promise.
business and passion for realizing this company’s full potential
businesses. Our unwavering leadership across these areas is
a reflection of RGA’s greatest strength: a consistent presence
of market-leading teams that elevate our service to clients
globally, distinguishing RGA in the industry. We intend to build
on our strong momentum and create new growth opportunities
across the organization.
During our 50th anniversary year in 2023, our outstanding
efforts were recognized by various industry organizations.
RGA was named to Fortune magazine’s list of the World’s
Tony Cheng
President and Chief Executive Officer
contributing to our success in 2023. Your efforts are essential, and I
look forward to what we will achieve together in the years ahead.
Stephen T. O’Hearn
Board Chair
make him the right person to lead RGA into the future and
toward the many opportunities we see ahead.
As a global leader providing a unique fusion of expert
capabilities, RGA brings insights and solutions that matter.
Trusted partner. Proven results. This isn’t just our tagline – it is
the pledge we live by every day.
I want to thank every member of our global RGA family for
RGA 2023 Annual Review 4
RGA 2023 Annual Review 5
Financial Overview
With a diversified global platform,
well-balanced risk profile, and
strong new business momentum
across our diverse geographies
and business lines, we are primed
to capitalize on opportunities and
deliver attractive returns to our
shareholders.”
Todd Larson
Senior Executive Vice President,
Chief Financial Officer
In 2023, Reinsurance Group of America, Incorporated (NYSE: RGA)
generated strong financial results, reporting record adjusted operating
earnings per share of $19.88.* Outstanding performance across
geographies and business lines produced $1.7 billion in pre-tax adjusted
operating income* in 2023, representing an increase of 40% over 2022.
RGA combines deep risk management expertise with a distinctive
entrepreneurial spirit to create innovative solutions and strengthen the
underlying earnings power of the business, producing total revenues
of $18.6 billion, compared to $16.2 billion in 2022. Strong momentum
and record value of new business drove attractive premium growth.
Premiums totaled $15.1 billion, an increase of 16% on a constant currency
basis over 2022, including $1.5 billion in premiums from U.S. pension risk
transfer transactions.
RGA’s capital and liquidity positions remain strong as we continue to
actively deploy capital into attractive growth opportunities in our organic
flow and in-force block transactions. In 2023, RGA deployed a record $933
million in capital into in-force transactions and returned $419 million of
capital to shareholders through dividends and share repurchases. RGA
repurchased $200 million of common shares and ended the year with an
excess capital position of approximately $1.0 billion.
In December 2023, RGA announced the launch of Ruby Reinsurance
Company (Ruby Re), a Missouri-domiciled third-party life reinsurance
company targeting U.S. asset-intensive business. In line with RGA’s long-
term capital management strategy, Ruby Re provides RGA with access
to alternative capital, expanding the organization’s capacity to provide
attractive contract terms and to assume large in-force transactions that
benefit RGA’s clients and Ruby Re investors alike.
RGA introduced a new financial metric, the value of business subject
to Long Duration Targeted Improvements (LDTI), that reflects the expected
unrealized underwriting margins of our LDTI-subject business and
illustrates the substantial expected long-term value of the business. In
2023, this metric increased to approximately $27 billion, a 15% year-over-
year increase primarily due to strong new business activity. While the
value metric does not consider investment income or general expenses,
the underwriting margins are expected to significantly contribute to
future earnings. This advancement in reporting reinforces RGA’s strategic
approach to financial transparency and solidifies our commitment to
cultivating enduring value for clients and shareholders.
RGA’s financial strength, sound operating model, and diversified
global platform drove extraordinary performance in 2023, a clear
indicator of the organization’s robust momentum and earnings potential,
and positions RGA for continued growth in the years to come.
Operating Subsidiary Financial Strength Ratings
RGA Reinsurance Company, RGA’s U.S.-based operating subsidiary,
receives high ratings for its claims-paying ability based on the
company’s financial condition and earnings. Its ratings as of
December 31, 2023:
S&P Global Ratings
A.M. Best Company
AA-
Very Strong
A+Superior
Moody’s Investors Service
A1Good
RGA Americas Reinsurance Company, Ltd.,
RGA Atlantic Reinsurance Company Ltd.,
RGA Global Reinsurance Company, Ltd.,
RGA International Reinsurance Company dac,
RGA Life and Annuity Insurance Company,
RGA Life Reinsurance Company of Canada,
RGA Reinsurance Company (Barbados) Ltd.,
RGA Reinsurance Company of Australia Limited, and
RGA Worldwide Reinsurance Company, Ltd.
each have a financial strength rating of AA- from S&P Global Ratings.
Omnilife Insurance Company Limited has a financial strength rating of A+
from S&P Global Ratings.
RGA Americas Reinsurance Company, Ltd.,
RGA Life and Annuity Insurance Company,
Aurora National Life Assurance Company,
RGA Atlantic Reinsurance Company Ltd., and
RGA Life Reinsurance Company of Canada
each have a financial strength rating of A+ from A.M. Best Company.
Proven Strategy
Delivers Record
Results
RGA, a Fortune 500 company, is a leading global provider of life reinsurance and financial
solutions, with approximately $3.7 trillion of life reinsurance in force as of December 31, 2023.
Net Premiums
$ in billions
Total Revenues
$ in billions
Total Assets
$ in billions
.
6
8
1
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7
6
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9
2
9
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9
4
8
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6
7
9
100
90
80
70
60
50
40
30
20
10
0
2021
2022
2023
2021
2021
2021
2021
2021
2021
Pre-Tax Adjusted Operating Income*
$ in millions
Adjusted Operating Earnings Per Share*
Total Stockholders’ Equity, Excluding AOCI*
$ in billions
9
9
6
,
1
7
1
2
,
1
1800
1600
1400
1200
1000
800
600
400
200
0
4
1
7
8
8
9
1
.
9
6
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4
6
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20
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7
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2022
2023
2021
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2021
2021
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2021
*View “Use of Non-GAAP Financial Measures” RGA’s Quarterly Financial Supplement for the Fourth Quarter of 2023
Strategic Approach
RGA 2023 Annual Review 6
Strategic Approach
RGA 2023 Annual Review 7
In 2022, RGA launched and began executing a five-year
enterprise growth strategy focused on delivering meaningful,
long-term value to all our stakeholders. At the heart of the
strategy is RGA’s purpose: to make financial protection
accessible to all. The strategy consists of four pillars that
articulate RGA’s future-focused mindset and outline a
practical approach to successful execution.
Create
Combine product
Deliver unique insights to gain
Leverage underwriting, data,
development, innovation, and
competitive advantage and
analytics, and digital expertise
new reinsurance structures to
leverage thought leadership to
to grow markets
open or expand markets
drive growth
Partner
Broaden and deepen global,
Foster third-party partnerships
Strengthen leadership in
regional, and local client
to accelerate innovation,
industry organizations to
relationships to be the
reinsurance partner of choice
capabilities, and access to
efficient capital
actively promote and advance
industry purpose
Accelerate Prioritize high-growth,
capability-driven opportunities
that best fit risk appetites
Prioritize opportunities that
Capitalize on operating model
recognize competitive
to increase local markets’
differentiators and value
responsiveness and agility
proposition
Sustain
Pursue a balanced approach
Foster an engaging and
Act as a responsible global
to in-force management,
inclusive culture to attract and
citizen by taking action
portfolio optimization, and new
retain diverse, world-class
to address social and
business generation
talent
environmental issues
Worldwide Operations
Americas
RGA 2023 Annual Review 8
Worldwide Operations
RGA 2023 Annual Review 9
Our trajectory is not just upward,
but forward — propelling us toward
a future rich with opportunity and
success that builds on our proven
strategy, innovation capabilities,
and extraordinary talent to deliver
sustained growth and industry
leadership.”
Ron Herrmann
Executive Vice President,
Head of Americas
Principal business lines in the U.S. and Latin America, RGA’s
largest operating segment, include individual life and
health; group life, health, and disability; and asset-intensive,
capital-solutions, and longevity reinsurance. RGA experts in
the region also serve clients and the industry by providing
leading life and health insurance insights.
U.S. and Latin America Operations Net Premiums
$ in millions
Canada Operations Net Premiums
$ in millions
4
4
5
8
,
9
9
2
6
,
6
5
6
6
,
900
800
700
600
500
400
300
200
100
0
4
8
2
,
1
4
1
3
,
1
5
0
3
,
1
1400
1200
1000
800
600
400
200
0
2021
2022
2023
2021
2022
2023
Life Reinsurance In Force
as of December 31, 2023
2023 Total Revenues
Life Reinsurance In Force
as of December 31, 2023
2023 Total Revenues
$1.7T
$10.5B
$494B
$1.6B
“ We stand by our commitment
to serve as our clients’ trusted
partner, delivering unique
insights and capabilities that
power their success.”
Senan O’Loughlin
Executive Vice President
U.S. Individual Life
“ With a solid foundation of
client relationships and a
proven strategy, we look to the
future with confidence, ready
to embrace the opportunities
and meet the challenges of the
evolving marketplace.”
Jesús Spinola
Chief Executive Officer
RGA Latin America
“ Our focus has always been to help our
clients grow their business, because
when they succeed, RGA succeeds
together with them. Now more than
ever, the Canada team is focused on
progress and innovation to address the
challenges and opportunities that lie
ahead.”
Dominic Hains
President and Chief Executive Officer
RGA Canada
United States
In 2023, U.S. operations generated robust business growth, powered by
a commitment to innovation and to RGA’s purpose to make financial
protection accessible to all. RGA’s experienced teams once again met
mounting demand for services, delivering strong results across business
lines and reinforcing our distinctiveness in a competitive landscape. Pre-
tax adjusted operating income totaled $764 million*, representing a 28%
increase from 2022, while total revenues reached $10.5 billion, a record high
fueled by $8.5 billion in net premiums.
The individual mortality team reviewed record-level facultative cases
and continued to develop and provide digitized and automated underwriting
solutions for clients. In the pursuit of continuous underwriting innovation,
RGA announced a strategic investment and exclusive life and health
reinsurance partnership with DigitalOwl. Enabled by advanced generative
artificial intelligence technology, this initiative will automate the processing of
numerous sources of structured and unstructured data and synthesize them
into a comprehensive underwriting decision in an all-digital format.
Consistent pricing, value-added services, and long-term client
partnerships delivered strong results in the U.S. group business. To capitalize
on growth in the U.S. healthcare reinsurance market, RGA explored product
development opportunities in this evolving space. The enhanced Group
RiskDimensions® suite of risk assessment and scoring solutions provides
a consistent, compatible set of tools that, when used separately or in
combination, delivers powerful pricing and underwriting insights to
group insurers.
The U.S. Individual Health segment generated solid results in 2023 and
maintained a disciplined portfolio management strategy. RGA experts
explored opportunities in the evolving long-term care marketplace, seeking
innovative ways to serve the growing elderly population.
The U.S. Global Financial Solutions (GFS) team delivered a strong
performance in 2023, generating a record-high $451 million in pre-tax
adjusted operating income.* The team maintained its market-leading
position in creating innovative and highly tailored solutions to support
longevity, asset-intensive, and capital-solutions transactions. Leveraging
exceptional financial strength and global expertise, GFS entered the U.S.
pension risk transfer market with the execution of three transactions in 2023.
Latin America
In a year characterized by economic and political changes, RGA Latin
America surpassed expectations, generating solid growth in revenue
over the previous year. This success is a testament to RGA Latin America’s
unwavering dedication to client-centric growth, innovation, and long-term
customer relationships in the region.
RGA’s footprint expanded with key client partnerships across new
markets in Latin America. Having now partnered with more than 120
*View “Use of Non-GAAP Financial Measures”
insurance companies throughout the region, RGA Latin America continues to
demonstrate the resilience and appeal of its product offerings, underlining a
consistency in fostering trust and setting new standards of excellence in the
industry.
RGA also strengthened its leading position in the dynamic Mexican
bancassurance market in 2023, and for the 13th consecutive year, insurers
rated RGA #1 on NMG Consulting’s All Respondents Business Capability
Index in Mexico. The health reinsurance segment in Latin America witnessed
growth in revenue year-over-year, reflecting RGA’s technical expertise and
ongoing commitment to developing innovative health solutions.
Canada
In 2023, RGA Canada maintained its position as a recognized market leader
and generated total revenues of $1.6 billion, producing $143 million in pre-
tax adjusted operating income*. RGA Canada ended the year with $494
billion in individual life reinsurance in force, strengthening its position as
the reinsurer with the highest amount of in-force individual life insurance
business in the market. In 14 of the past 15 surveys (including 2023), insurers
in Canada rated RGA #1 on NMG Consulting’s All-Respondents Business
Capability Index.
In 2023, RGA Canada celebrated not only sustained business excellence
but also a historic underwriting milestone: More than 31 years after the
first case was underwritten, RGA Canada reviewed its one millionth
facultative case in December 2023. This landmark event underscores RGA’s
commitment to tailored risk assessment and client-centric service in the
Canadian insurance market.
The group reinsurance unit built upon its proven, relationship-focused
strategic approach to better understand client needs and drive business
expansion, solidifying its leadership position with a leading share of the
ceded premiums in the Canadian market.
RGA Canada collaborated with Global Financial Solutions (GFS) and
experienced a record year for capital-solutions transactions, providing
efficient capital relief to improve profitability metrics. RGA also executed
its first-ever mass lapse shock absorber transaction in North America,
expanding the unit’s offerings in the Canadian marketplace.
2023 marked the first year of IFRS 17 reporting in Canada and RGA
remained at the forefront of the industry, helping insurers navigate the
complexities of the new accounting framework. Expert discussions led to
deeper understanding of the impacts of the new regulatory landscape and
ways to improve results through reinsurance transactions.
In recognition of efforts to invest in employee wellbeing and create an
inclusive, supportive workplace, RGA earned the prestigious designation
as one of Greater Toronto’s Top Employers for 2024, the benchmark for
workplace best practices in the area.
Worldwide Operations
RGA 2023 Annual Review 10
Worldwide Operations
RGA 2023 Annual Review 11
Our relentless innovation and
deep commitment to our clients
position us to redefine the landscape
of reinsurance and financial
protection in the region. Together,
we will expand our boundaries and
create long-term value, ensuring
that every interaction with RGA
is a step toward a more secure
and successful future for all our
stakeholders.”
“ Our future success hinges on the
long-term partnerships we develop
and maintain with our clients, as we
remain dedicated to understanding
and meeting their evolving needs with
agility and expertise.”
“ We are committed to advancing
our capabilities to not only lead the
market but to redefine what’s possible
in reinsurance, ensuring sustainable
growth and exceptional value for our
partners and clients.”
Carmony Wong
Senior Vice President,Southeast Asia Markets,
and Chief Executive Officer, Hong Kong
Jason Zhang
Senior Vice President
Head of China Market
“ As the insurance landscape evolves,
we stand alongside our partners and
work with them to create bespoke
solutions that address unique
market challenges. This year’s
accomplishments are milestones on
our journey to shape a resilient future
for our clients, backed by RGA’s global
strength and local expertise.”
Michael Shin
Chief Executive Officer, RGA Korea,
Senior Vice President, Japan,
and Chief Marketing Officer, Asia
Asia Pacific
Arthur Ozeki
Executive Vice President
Head of Asia Pacific
Asia Pacific operations serve clients throughout the region
from offices in Australia, China, Hong Kong, India, Japan,
Malaysia, New Zealand, Singapore, South Korea, and Taiwan.
Primary reinsurance products include individual and
group life, living benefits, health, high net worth, Retakaful,
superannuation, annuity, and financial solutions.
Asia Pacific Net Premiums
$ in millions
Life Reinsurance In Force
as of December 31, 2023
3500
3000
2500
2000
1500
100
500
0
2
4
8
2
,
6
8
8
2
,
3
0
0
3
,
2021
2022
2023
$529B
2023 Total Revenues
$3.7B
While also expanding underwriting capabilities, RGA Taiwan
delivered a market-first cancer product to address the evolving
needs of a rapidly aging population, which became the most popular
and successful senior product in the market. In Southeast Asia, RGA
developed a first-in-market all-cause medical reimbursement product
post-CI diagnosis for a Thai insurer and launched an outpatient
cancer treatment solution in partnership with a Singaporean insurer.
In India, RGA blended term and saving plans to create a high-sum
assured unit-linked insurance plan. In Japan, product development
support for preferred mortality rates on a decreasing term product
helped reduce risks and improve the internal rate of return for a major
life insurer client.
The Asia Pacific Global Financial Solutions (GFS) team delivered a
stellar performance in 2023, generating pre-tax adjusted operating
income of $212 million*, a 32% increase from 2022. Clients’ need for capital
optimization and regulatory compliance propelled the demand for GFS
offerings. Noteworthy achievements include a large asset-intensive
transaction with a Japanese insurer and a coinsurance offering with a
major insurer in Hong Kong, reinforcing RGA’s market-leading position as
a trusted partner in providing effective and innovative financial solutions.
RGA’s continued disciplined approach in Australia and New Zealand
focused on improving the sustainability of individual disability income,
both within the business and across the market in 2023. In response to
client needs in the region, RGA continued to develop and test innovative
claims solutions while ensuring that RGA’s infrastructure is well-aligned
with its growth vision.
Asia Pacific
Asia Pacific operations delivered a record year in 2023, generating
pre-tax adjusted operating income of $585 million.* RGA’s strategy,
built upon a strong foundation of regional diversification, targeted
product development, and client-centric solutions, drove significant
outperformance of expected financial outcomes. With nearly 50% growth
in income over 2022 and a robust new business pipeline, RGA is well
positioned for continued business expansion and market leadership in
the region.
As RGA celebrated its 50th anniversary globally, 2023 also marked
close to three decades for RGA in the Asia Pacific region. In recognition
of RGA’s commitment to innovation and client collaboration across Asia,
RGA was named “Life Reinsurer of the Year” by both Asia Insurance Review
and InsuranceAsia News and was rated #1 by insurers in Asia on NMG
Consulting’s 2023 All Respondents Business Capability Index.
Demonstrating exceptional adaptability, RGA focused on innovative
product development and strategic partnerships, addressing the diverse
needs of the expansive region. In Hong Kong, working with a major insurer,
the team developed a participating critical illness (CI) solution that became
the client’s top-selling product. The product’s first-in-market features
provide protection from newborn to senior ages, including benefits
for severe newborn jaundice, juvenile respiratory and skin disorders,
postpartum depression, and more. Similarly, collaborative efforts in China
led to the launch of a local leading health insurer’s first simplified issue
(SI) medical reimbursement product, providing new paths to growth in a
competitive landscape.
A testament to RGA’s commitment to delivering future-ready
solutions, South Korea’s simplified issue expansion project (SEP), a
market-first data-driven automated underwriting solution for SI products,
was named “Innovation of the Year” at the 27th Asia Insurance Industry
Awards. Amid accelerating digital transformation, this project exemplifies
RGA’s approach to utilizing advanced technology to streamline
underwriting and increase new business sales, extending insurance
coverage to people with mild medical conditions. In addition, the South
Korea team implemented its first-ever solution that combines traditional
reinsurance with capital relief to improve the client’s solvency ratio.
*View “Use of Non-GAAP Financial Measures”
Worldwide Operations
RGA 2023 Annual Review 12
Worldwide Operations
RGA 2023 Annual Review 13
With an active pipeline, a proven
strategy, and a focus on innovative
financial solutions, we are well
positioned to experience robust
growth in the region, while creating
sustainable value for our clients and
stakeholders.”
“ We‘re focused on long-term
opportunities, capitalizing on our
local expertise and global insights, to
meet the unique needs of clients and
consumers in Continental Europe.”
Adriano de Matteis
Managing Director
Continental Europe
“ We’re more committed than ever
to empowering our clients with
innovative solutions and expanding
financial protection to underserved
populations.”
Michael Porter
Managing Director
South Africa
EMEA
Simon Wainwright
Executive Vice President
Head of EMEA
RGA Europe, Middle East, and Africa (EMEA) supports
clients from offices in France, Germany, Ireland, Italy, the
Netherlands, Poland, South Africa, Spain, the United Arab
Emirates, and the United Kingdom. Primary areas of focus
include individual and group life, credit life and living
benefits, health, longevity, asset-intensive, and capital
solutions.
EMEA Net Premiums
$ in millions
Life Reinsurance In Force
as of December 31, 2023
2500
2000
1500
1000
500
0
8
8
0
2
,
2
2
2
2
,
3
3
2
2
,
2021
2022
2023
$960B
2023 Total Revenues
$2.5B
RGA South Africa secured a number of new business wins in 2023 that
promise to expand insurance inclusivity and change the way the market’s
end-consumers access financial protection. Leveraging RGA’s extensive
data analytics capability and global network of experts, the team built an
industry-leading pricing model in response to a client’s urgent needs. An
underwriting innovation utilizing Aura Next, RGA’s automated underwriting
decision management platform, improved customer experience and
speed of policy acceptance. For the 14th consecutive year, insurers rated
RGA #1 on NMG Consulting’s All Respondents Business Capability Index in
South Africa.
RGA Middle East also garnered prestigious industry recognition in 2023
and, for the second consecutive year, was rated #1 by insurers on NMG
Consulting’s BCI and named “Life Reinsurer of the Year” at the Middle East
Insurance Industry Awards. In a competitive market, RGA stood out for
the hard work, technical support, and wide range of solutions provided to
clients by its dedicated teams in the region.
EMEA
RGA EMEA enjoyed a successful year across multiple business lines,
generating $335 million in pre-tax adjusted operating income, compared
to $290 million in 2022.* Capitalizing on a talented network of experts
and access to new data and technologies, RGA partnered with clients to
develop innovative solutions while expanding product offerings and the
enterprise’s regional footprint. As RGA celebrated its 50th anniversary
globally, 2023 also marked the 25th anniversary of RGA UK, one of the
company’s largest markets with over $1 billion in annual premiums.
RGA’s Global Financial Solutions (GFS) segment in the region reported
a record year and ended 2023 with a robust new business pipeline. In
the U.K., with pension schemes seeking to offload risk to insurers, the
team executed some of the largest pension risk transfer transactions in
the market. Leveraging years of experience helping clients in the region
manage mass lapse risk, RGA expanded its capital-solutions offerings to
France and Italy.
The GFS team also worked to extend RGA’s asset-intensive reinsurance
business in Continental Europe, and in February 2024 announced a
milestone €900 million transaction with a leading insurer’s subsidiary
in Belgium. A deep understanding of each client’s specific capital and
investment needs, as well as extensive knowledge of local markets and
global best practices, positions RGA to find solutions that improve capital
efficiency and promote long-term stability and growth. The traditional
reinsurance segment continued to deliver market-leading support for
clients in the region. RGA’s re-platformed electronic underwriting system
for annuities helped acquire more clients and increased interest in
adjacent product lines, such as lifetime mortgages. Aura UWPal, RGA’s
digital underwriting engine, expanded services in the Netherlands,
improving clients’ underwriting efficiency and performance and
incorporating the latest medical insights. The solution was developed to
support an easy and cost-effective way for clients to enter the market in
the EMEA region.
*View “Use of Non-GAAP Financial Measures”
Products and Solutions
RGA 2023 Annual Review 14
Products and Solutions
RGA 2023 Annual Review 15
Risk Solutions
Building on decades of experience as an industry leader,
RGA helps insurers worldwide profitably manage risk in the
traditional life and health reinsurance space. RGA’s global
network of experts delivers tailored solutions to meet the
specific needs of clients and partners.
2023 Net Premiums
20%
Net Premiums Growth
30-year CAGR since IPO, 1993-2023
+13.1%
15%
$15.1B
56%
9%
U.S. and Latin America - $8.5 billion
Canada - $1.3 billion
EMEA - $2.2 billion
Asia Pacific - $3.0 billion
“ We are dedicated to moving the
industry forward through innovative
automated underwriting solutions,
providing customized support for
our clients and driving efficiency and
business success.”
“ I’m elated by our teams’ innovative
spirit, commitment to excellence, and
dedication to bring unparalleled client
solutions to market, driving a brighter
future for the industry.”
Tonya Blackmore
Head of Aura and
Global Digital Underwriting
Dean Abbott
Senior Vice President
Head of Group Re and Latin America
“ We achieved robust growth across
all regions, while successfully
penetrating new markets in
Continental Europe and Latin America.
Notably, pivotal projects in the
Middle East and the U.S. are reaching
maturity, presenting dynamic
opportunities to further support our
clients as we step into 2024.”
John Rutherford
Senior Vice President
Head of Global Health
Individual Mortality
A trusted partner for facultative underwriting, actuarial expertise, and
product development capabilities, RGA remained a global leader in
mortality risk management in 2023, ending the year with $3.7 trillion
in life reinsurance in force. RGA’s comprehensive portfolio of mortality
reinsurance products includes individual and group-issued term life,
whole life, universal life, and joint and last survivor life, among other
coverages developed to meet market needs.
In 2023, RGA prioritized its data operating model, data governance,
technology, and new generative AI applications to modernize processes
and empower people. The new framework harnesses the power of data
and analytics to increase productivity and derive data-driven insights.
RGA’s underwriting teams reviewed approximately 225,000 facultative
cases worldwide. The RGA Global Underwriting Manual (GUM) was
accessed by more than 650 companies, and GUM’s Precision Calculator
returned more than 715,000 results. The RGA Precision Calculator
considers interactions between various medical risk factors and improves
underwriting outcome competitiveness while maximizing underwriting
efficiency and decision consistency.
Aura Next, RGA’s automated underwriting decision management
platform, continued its expansion by serving new clients across six
markets in 2023. In EMEA, RGA introduced Aura UWPal to small-to-
medium-sized insurers and distributors throughout the region. The
mobile-first solution utilizes RGA’s underwriting expertise, behavioral
science, and business intelligence to support direct-to-consumer sales.
RGA’s claims teams provided quality and timely decisions consistent
with RGA’s global claims philosophy. Users of the RGA Global Claims
Manual/Guide viewed more than 30,000 pages of content, including best
practice guides, medical information and definitions, and knowledge
checks across an array of benefit types.
TAI (Tindall Associates Inc.), an RGA subsidiary and reinsurance
administration software and services provider, spent the year preparing
market launches across Asia and Australia to build on an existing
customer base in North America, the U.K., and South Africa. TAI is
committed to integrating cutting-edge technology with reinsurance
expertise and is on a trajectory to become the reinsurance administration
standard around the globe.
Group Reinsurance
In 2023, RGA’s group reinsurance services provided comprehensive
solutions in life, disability, healthcare, and other coverages. The Group
Re team collaborated with a group insurer in New Zealand to develop
a flexible employee insurance offering that enables individuals to
change their level of cover (life, income, and trauma) with streamlined
underwriting as they move through various life stages. In South Africa,
leveraging the strength of a group insurer client and a digital distribution
partner, RGA helped launch a suite of group products, opening a new
market segment for the insurer.
Within disability insurance, RGA’s behavioral science team studied the
challenge of collecting information related to a claimant’s occupational
duties as part of the disability claims journey. The research uncovered
behavioral science-backed enhancements to claims forms, improving
not only the quality of the information received but also the experience of
claimants and assessors.
To capitalize on growth in the U.S. healthcare reinsurance
marketplace, RGA explored emerging product development
opportunities. The U.S. Group Re team continued to enhance its Group
RiskDimensions® offering to deliver powerful pricing and underwriting
insights to group insurers.
RGA’s ROSE® Consulting Group, a reinsurance-based cost and medical
management consulting program, worked closely with clients and brokers
to address challenges brought by new therapies, including gene therapy
and specialty drugs. The team utilized clients’ claims data to identify
excessive claims payments and generate cost savings for clients and RGA.
The ROSE team also shared thought leadership on timely healthcare topics
via webinars, informative newsletters, presentations at national conferences,
and one-on-one consultations throughout the year.
Health and Medical
RGA expanded its health and medical footprint globally through
value-added services and specialist health expertise covering multiple
disciplines. These efforts fueled improvements across the insurance value
chain, including enhancements in product development, underwriting,
actuarial assessment, data and analytics, and claims management.
In 2023, RGA expanded on its existing suite of health reinsurance
products that include cash plans, comprehensive medical coverage,
employer self-funded solutions, and international private medical
insurance (PMI) and via its health experts developed innovative solutions
tailored to the senior demographic, introduced new mental health
coverages, and integrated lifestyle factors into the assessment of
medical expenses, providing a more nuanced approach to healthcare
management.
RGA’s experienced physicians and medical experts supported
underwriting, claims, product development, and pricing decisions
throughout the year, while delivering insights to clients via conference
presentations and thought leadership content. Topics ranged from
climate change’s health implications and the impact of AI on insurance
to substance use disorder and new approaches to critical illness
coverage.
In response to an evolving healthcare landscape, RGA produced
guidance materials for clients that delve into the financial implications
of emerging medical technologies, such as gene therapies,
pharmaceuticals, and experimental treatments. The resulting insights
equipped clients to navigate the complexities of modern healthcare
expenditures more effectively.
Products and Solutions
RGA 2023 Annual Review 16
Products and Solutions
RGA 2023 Annual Review 17
Financial Solutions
RGA’s Global Financial Solutions (GFS) team serves as
a trusted partner, respected leader, and first-to-mind
solutions provider for clients’ largest and most complex
risk and capital needs. In 2023, strong performance across
all regions and product lines, including asset-intensive,
longevity, and capital solutions, produced a record-high $1
billion in pre-tax adjusted operating income.*
2023 GFS Pre-Tax Adjusted Operating Income (PTAOI)
$1B*
Product Line Breakdown by PTAOI
29%
9%
62%
Asset-intensive
Capital Solutions
Longevity
Economic, regulatory, and demographic changes drove exceptional
global demand for RGA’s innovative financial solutions in 2023. The GFS
team’s comprehensive solution set, long-term partnership approach, and
biometric risk management expertise helped RGA successfully deliver on
key strategic priorities:
• Growing the asset-intensive business globally
• Expanding into new longevity and pension risk transfer markets
• Further developing targeted capital solutions
With a creative and innovative mindset and a reputation for execution
certainty, as well as established credibility with regulators, RGA is an
industry leader in structuring transactions for clients that optimize capital
and mitigate long-term risk.
In 2023, GFS developed customized financial solutions across all
product lines: asset-intensive, longevity, and capital solutions. RGA’s asset-
intensive business enables clients to manage asset-related risk efficiently,
to optimize available capital, and to improve the performance of savings
and retirement products. Longevity transactions help reduce exposure
to longevity risk with longevity swap reinsurance treaties or pension risk
transfer solutions. The capital-solutions business provides remote-risk
protection, allowing clients to better manage regulatory capital and meet
solvency requirements.
“ The groundwork laid in the U.S. PRT
market in 2023 provides confidence in
what the future holds. RGA is poised
to stand out as a distinct and highly
successful leader in this space.”
Quentin Marsh
Senior Vice President
GFS North America
“ We anticipate reinsurance will
achieve greater market penetration
and become even more integral to our
clients’ local insurance operations
in the Asia Pacific region, and we
are ready to continue creating new
paths to growth for our clients and
partners.”
“ We’re well positioned for growth in
the region and remain dedicated
to creating innovative financial
solutions that cater to the dynamic
needs of our clients.”
Cormac Galvin
Senior Vice President
GFS EMEA
Gaston Nossiter
Senior Vice President
GFS Asia Pacific
Regional highlights from 2023 include:
North America
2023 was a pivotal year for GFS North America, marked by significant
achievements across various lines of business. Generating pre-tax
adjusted operating income of $451 million,* the U.S. and Latin America
team maintained its market-leading position in creating innovative
and highly tailored solutions to support longevity, asset-intensive, and
capital-solutions transactions.
With more than 15 years of longevity experience globally, GFS entered
the U.S. pension risk transfer (PRT) market by executing three transactions
in 2023. This achievement marks a vital step in RGA’s long-term strategy
and positions the company for continued growth as plan sponsors seek
attractive de-risking solutions for their pension plans. Backed by a strong
foundation built on long-term commitments and trust from clients, RGA
is set to meet the growing needs of the PRT market, providing financial
strength, unique investment capabilities, and execution certainty.
In 2023, GFS saw progress in capital-solutions business as clients
sought structured reinsurance solutions to help meet regulatory
requirements, free up capital from redundant reserves, and grow their
businesses in the region. Working closely with RGA’s Investments team,
the asset-intensive line also produced a strong year in 2023. Customized
transactions enabled clients to reduce capital strain from, and improve
returns on, savings- and retirement-oriented products, including payout
annuities, interest-sensitive life insurance, and fixed and variable annuities.
Since entering the U.S. stable value market in 2012, RGA has provided
wrap coverage for 401(k) and other defined contribution plans. As of
December 31, 2023, the notional amount of RGA’s stable value wrap
portfolio totaled $16.1 billion, and RGA remains committed to the market
and the growth potential in this space.
In Canada, GFS generated $52 million in pre-tax adjusted operating
income*, continuing to draw upon the division’s collective expertise and
local market knowledge to implement innovative financial solutions. During
a successful year for capital-solutions transactions, RGA provided efficient
capital relief to improve profitability. This year also marked the execution
of RGA’s first-ever lapse shock absorber transaction in North America, and
the expansion of the unit’s offerings in the Canadian marketplace.
Asia Pacific
GFS Asia Pacific built on its upward trajectory with exceptional results in
2023, generating $212 million in pre-tax adjusted operating income,* a
32% increase compared to 2022. These positive results underscore RGA’s
commitment to maintaining momentum gained in recent years. Ongoing
*View “Use of Non-GAAP Financial Measures”
regulatory shifts and an active interest rate environment produced
increased client demand for sophisticated financial solutions.
Building on its leading position in the Asia market, RGA expanded
its client base with the execution of the first large asset-intensive
transaction with a Japanese mutual insurer in 2023. Pioneering work
to develop new products and reinsurance solutions continued across
the region, including in Hong Kong, where RGA partnered with a major
insurer to develop innovative products for high net worth consumers,
coinsuring the offerings to optimize the product offering and manage
the client’s financial metrics effectively. These transactions highlight the
strong year for this business line in Asia, reinforcing RGA’s position as a
trusted partner in providing effective and innovative solutions for capital
management of in-force blocks of business.
Looking beyond 2023, RGA’s strengthening of its robust local presence,
technical expertise, and long-term client partnerships in the region sets
the stage for future expansion. GFS Asia Pacific is poised to build on its
position as a regional leader in the development of innovative solutions
that help clients navigate complex regulatory environments with agility
and precision.
EMEA
GFS in EMEA produced a standout year in 2023, recording $355 million in
pre-tax adjusted operating income, a 45% increase compared to 2022,
and ending the year with a robust new business pipeline. RGA’s legacy of
tailored longevity and asset-intensive transactions distinguish the GFS
team as pioneers of financial solutions in the region.
In the U.K. alone, RGA has taken on more than $15 billion of longevity
risk, underscoring GFS’s robust market presence and scale. As pension
schemes look to offload risk to insurers, the U.K. has seen record PRT
transaction volumes. RGA leveraged years of local experience to
provide reinsurance support for some of the largest transactions in this
market in 2023.
Across the region, RGA solidified its position as a financial solutions
leader and brought counterparty strength, seasoned expertise, and
execution certainty. In 2023, the GFS team helped EMEA clients manage
lapse risk in the rising interest rate environment, notably in South Africa,
and expanded capital-solutions offerings to France and Italy. A €900
million transaction with the subsidiary of one of the leading insurers in
Belgium, announced in February 2024, marked a new milestone in RGA’s
expansion in the Continental Europe asset-intensive reinsurance market
and underscored GFS’s deep expertise and strong position in EMEA.
Products and Solutions
RGA 2023 Annual Review 18
Products and Solutions
RGA 2023 Annual Review 19
Investments
The Investments team combines
deep, multidisciplinary expertise
with client-centered creativity
to provide disciplined yet agile
portfolio management, which
is critical to positioning RGA for
expanding opportunities.”
Leslie Barbi
Executive Vice President
Chief Investment Officer
“ RGA’s investment capabilities are
aligned and integrated with our other
business capabilities, providing a
unique ability to deliver customized,
asset-driven client solutions and fuel
RGA’s strategic growth priorities.”
“ One of RGA Investments’ key
competitive advantages is
a commitment to employee
development and to optimizing our
vast institutional knowledge for the
benefit of our clients and partners.”
Chris Quallen
Senior Vice President
Head of Investment Solutions
Alix Gulick
Vice President
Strategic Execution - Investments
“ RGA continues to take action to
deepen its commitment to social
responsibility. We are establishing
processes and investing in the
resources necessary to improve and
expand sustainable and community-
oriented investment and business
practices.”
Elena Kostova-Oksanen
Senior Credit and ESG Analyst
RGA Investments’ goal is to deliver the strength, capabilities,
and results that contribute to RGA’s success and competitive
edge. The team’s proven approach balances risk and return
to invest strategically and ensure an expanding, diversified,
resilient, and high-quality investment portfolio is aligned to
the business needs of RGA and its clients and partners.
Management of Assets
as of December 31, 2023
Asset Allocation
as of December 31, 2023
1.6%
1.5%
3.2%
3.9%
4.2%
6.9%
9.0%
15%
85%
RGA Investments
External Managers
Annualized Growth in Total Cash and Invested Assets
$ in billions (Note: Investment portfolio market value driven down in 2022 by the
rising interest rate environment.)
2019
2020
2021
2022
2023
68.0
75.8
73.4
81.5
81.9
0
10
20
30
40
50
60
70
80
90
Fixed Maturity Securities Credit
Rating Distribution
as of December 31, 2023
0.8%
4.9%
30.2%
69.7%
64.1%
Investment-Grade Bonds
Mortgage Loans on Real Estate
Funds Withheld at Interest
High-Yield Bonds
Short-Term / Cash Equivalents
LPs / Real Estate JVs
Policy Loans
Other Invested Assets
AAA/AA/A
BBB
BB
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