EMEA Operations Net Premiums

(in millions USD)


EMEA Operations ended 2016 with $603 billion of life reinsurance in force.

Total revenues reached $1.5 billion, a 4% increase over 2015.

RGA was ranked highest on NMG Consulting’s 2016 All Respondent BCI for EMEA in aggregate, which is defined as the U.K. & Ireland, Continental Europe, South Africa, and the countries of the GCC (Gulf Cooperation Council).

From left, from RGA UK: Simon Wainwright, Managing Director; Louise Hawkins, Vice President, UK Operations.

RGA’s Europe, Middle East, and Africa (EMEA) segment supports clients throughout the region, with offices in France, Germany, Ireland, Italy, the Netherlands, Poland, South Africa, Spain, the United Arab Emirates, and the United Kingdom. Services include individual and group life reinsurance, credit life and living benefits products, longevity reinsurance, and capital solutions. Despite headwinds from a strong U.S. dollar, pre-tax income totaled $168 million in EMEA in 2016, a 7% increase over 2015.

The implementation of Solvency II, which went into effect January 1, 2016, dominated the European insurance landscape. RGA worked with clients to provide relief for the risks generating the largest capital requirements under the new regime – investment, longevity, and lapse risks. RGA France completed a market-first longevity swap with AXA France covering more than 15,000 annuitants and related commitments of nearly €1.3 billion. Other market firsts included lapse shock absorbers in the Netherlands and the Nordic Region.

In the U.K., RGA applied superior market knowledge and expertise to execute a number of longevity transactions, building on its leading position in this area. The traditional reinsurance team remained a market leader as well, reinsuring approximately half of the new retail mortality business in the U.K. RGA’s electronic health records initiative turned previously unstructured data into more useable information, allowing U.K. insurers to provide far more accurate risk pricing for consumers.

Traditional reinsurance business continued to grow steadily in Continental Europe as RGA worked with clients to develop innovative approaches based on new technologies. In Germany, RGA was ranked #1 by ceding companies on NMG Consulting’s Business Capability Index. In-force transactions spurred growth in select markets. In Italy, a strong partnership with a leading insurer enabled RGA to complete a significant in-force transaction to free up capital within the client’s creditor protection portfolio.

In 2016, cedants ranked RGA #1 on NMG Consulting’s Business Capability Index in South Africa for the seventh consecutive year. Strong new business production resulted in a 27% increase in total revenue, highlighted by a large bancassurance treaty with one of the market’s fastest-growing, most innovative banks.

RGA was named Reinsurance Company of the Year for the second straight year by the Middle East Insurance Industry Awards. As the regional life and health insurance industry continued to experience major expansion and changes to its value chain, RGA’s client-centric approach fueled significant organic growth and a 31% increase in net premiums in the Middle East region.


Olav Cuiper

Executive Vice President, Head of EMEA


While order is re-establishing itself in Europe’s capital-motivated reinsurance market, unknowns remain. Within this dynamic climate, RGA has leveraged its market position and expertise to emerge as a leader in the initial wave of Solvency II reinsurance solutions. First-of-their-kind transactions in France, the Netherlands, and the Nordic Region accompanied an exceptional year for RGA in the U.K. As a U.S.-based company, RGA offers clients intrinsic advantages over European reinsurers operating under Solvency II. While the long-term value of these advantages will be revealed over time, one RGA trademark has made an immediate impact: our ability to innovate and execute on behalf of our clients.


The raw power of data is clear, but insurers should take care as they embrace the big data revolution. Data we now have must be used more intelligently and responsibly, and we must seek new forms of data to better serve consumers. Wellness programs offer one potential vehicle. Wellness insurance propositions create a new dialogue: The consumer provides health and lifestyle data in exchange for truly risk-based pricing. In 2016, RGA worked with multiple partners to develop wellness programs and conducted our own wearable fitness tracker study to better understand how these devices might be used by insurers.


In Europe, an aging industry with aging insurance agents is selling aging products to an aging population. Meanwhile, insurers struggle to find viable distribution models to reach younger generations, like the millennials. RGA is partnering to develop digital solutions to meet this growing need. In 2016, this included facilitating the launch of a digital-only credit life broker in France and mobile-first insurance concepts in the U.K. and South Africa. Projects range from mobile outreach and wellness apps to digital distribution and microinsurance – in both emerging and developed markets. RGA is widely recognized as the reinsurer to work with for these kinds of innovative solutions.