Principal business lines in the US, 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.
While Canada operations are now part of RGA Americas organizationally, RGA continues to report Canadian market financial results independently. Please use the buttons below to view associated financial information for each market.
In 2024, RGA Americas closed several of the largest deals in RGA history. That didn’t happen by accident. As the size and complexity of our solutions increase, we focus on coordinating our efforts and collaborating across our operations. The result is more impact and more options that meet and exceed the diverse needs of our clients.
Boosted by an abundance of new account activity and innovative partnerships, RGA’s US operations generated significant growth, delivering positive results in all lines of business and reinforcing a strong market position in a competitive landscape. Adjusted operating income before taxes for the US and Latin America totaled $851 million*, representing an 11% increase from 2023, while total revenues reached $12.8 billion, a record high fueled by $10.5 billion in net premiums.
RGA continues to pioneer industry-leading longevity, asset-intensive, and capital management transactions by collaborating across business lines to develop unique financial solutions. RGA’s US individual life, individual health, and financial services teams executed an innovative transaction with a key client to reinsure approximately $4.1 billion in liabilities comprising of $1.9 billion in long-term care liabilities and $2.2 billion in structured settlements.
Reflecting RGA’s continued leadership in the pension risk transfer (PRT) market, the Americas Financial Solutions team closed its largest PRT transaction to date in March 2024, a deal in which RGA alongside an insurer partner settled approximately $5.9 billion of pension liabilities.
RGA’s Individual Life team reviewed a record 120,000 facultative cases and developed digitized and automated underwriting solutions for clients, partnering with five clients to launch multiple new products in 2024.
RGA’s US group business delivered strong results, driven by disciplined pricing strategies, comprehensive service offerings, and enduring client relationships. New product innovations aimed at seizing emerging growth opportunities in the dynamic US healthcare reinsurance market included MedScore®, which combines the predictive power of prescription drug and digital health data in a single risk assessment score for group insurers.
RGA Latin America logged another year of solid revenue growth, exceeding $450 million for the first time and achieving a 13% increase over 2023. Through a relentless client focus and key partnerships in Mexico, Colombia, Chile, and Peru – as well as significant expansion into Central America – RGA Latin America gained new accounts with 110 insurance companies.
Bancassurance remained the most dynamic distribution channel in life insurance in Latin America, generating 82% growth over 2023. RGA strengthened its leading market position with key players in Mexican bancassurance and extended its reach throughout Latin America. Group life was also a key growth driver, achieving a 31% increase in revenue compared to 2023.
As Mexican insurers accelerated their use of digital underwriting systems, RGA implemented Aura Next for two of the market’s largest companies. RGA Latin America’s market leadership extended to training sessions on underwriting, product development, and trends in life and health insurance that reached more than 1,100 attendees in person and virtually. For the 14th consecutive year, insurers in Mexico ranked RGA #1 on NMG Consulting’s 2024 Business Capability Index.
In 2024, RGA Canada maintained its position as a recognized market leader and generated total revenues of $1.9 billion, producing $160 million in adjusted operating income before taxes*. RGA Canada ended the year with $480 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 15 of the past 16 surveys (including 2024), insurers in Canada rated RGA #1 on NMG Consulting’s All Respondents Business Capability Index.
Leaning into RGA’s distinctive strengths in asset and biometric risk, RGA Canada completed a landmark $4 billion coinsurance transaction with a longtime client. The deal, the third large block reinsurance transaction between the client and RGA, was the largest universal life reinsurance transaction in the Canadian market to date. RGA also worked with clients throughout 2024 to enhance their competitiveness within the pension risk transfer (PRT) market.
RGA secured record levels of new business in both individual life and group reinsurance, where RGA remains the industry’s market leader. The Canada team delivered innovative capital solutions to help companies navigate the complexities of the IFRS 17 and LICAT frameworks, while also mobilizing globally recognized life and health insurance expertise to offer solutions and support in areas including predictive modeling, accelerated underwriting, and digital distribution.
