Principal business lines in the U.S. and Latin America and Canada 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.
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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.
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.
We stand by our commitment to serve as our clients’ trusted partner, delivering unique insights and capabilities that power their success.
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.
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.
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.
RGA’s footprint expanded with key client partnerships across new markets in Latin America. Having now partnered with more than 120 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.
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.
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.
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.
