Principal business lines in the U.S., 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 2025, the Americas delivered disciplined growth through strong execution, high transaction volume, and deeper client partnerships. A historic transaction combined with sustained momentum across the U.S., Latin America, and Canada demonstrated the strength of our integrated model and reinforced our ability to deliver durable, scalable impact for clients.
RGA’s U.S. operations advanced a focused strategy across institutional and retail markets, and the combined U.S.-Latin America business generated $869 million* in adjusted operating income before taxes.
A signature proof point of RGA’s successful execution of its long-term strategy in the U.S. was a major transaction with Equitable, one of the industry’s largest-ever life reinsurance deals. The agreement, closed in 2025, reinsures approximately $32 billion of individual life liabilities across general account and separate account reserves. It also expands the business relationship into a structured, multifaceted partnership spanning underwriting, product, distribution, and investment management. The deal demonstrates RGA’s leading capabilities in disciplined risk management, balanced design, and execution certainty.
The Americas team also completed an additional large in-force transaction with a major U.S. carrier and maintained momentum in financial solutions through a high volume of transactions, further underscoring RGA’s expertise and comprehensive capabilities across both biometric and financial risks. In the U.S. pension risk transfer market, the business emphasized disciplined risk selection, a strong win rate on competed cases, and capability expansion, including via partnerships, to create forward-looking momentum.
Across the U.S. and Canada, RGA scaled leading underwriting products and services. For the first time, RGA’s Strategic Underwriting Program (SUP) surpassed traditional facultative volumes, signaling deeper integration with carriers. The ASAP Infinity platform, which helps insurers standardize assessment and accelerate case handling, set a new high, with 161,000 cases processed in 2025. A new strategic partnership with FastTrack added digital workflow automation and claims system capabilities for life and waiver of premium offerings, aligning with carriers’ modernization agendas and improving end-to-end claims experiences.
RGA also opened its first New York City office in 2025, demonstrating the company’s commitment to strategic growth and partnership.
In 2025, RGA’s Strategic Underwriting Program reached a milestone as case volumes surpassed traditional facultative business for the first time. Strong client adoption reflects the value of flexible access to experienced RGA underwriters and medical directors to handle complex cases and maintain speed and quality while sharing risk.
Our major transaction in 2025 – the largest in RGA’s history – reflects how we partner with clients to deliver solutions aligned with their long-term objectives, combining scale with a well-diversified earnings profile that supports stability, flexibility, and shared success.
In 2025, RGA Americas delivered disciplined, scalable growth and met key objectives while building the capabilities, culture, and leadership depth to sustain performance into our next phase of growth.
Latin America delivered nimble growth in 2025, nearly doubling annual goals following operational changes and a focus on execution. The region deepened client relationships across Mexico, Colombia, Chile, Peru, and Central America, adding new accounts and continuing to build a broad portfolio spanning 120 insurers. Strong growth in RGA’s bancassurance and health businesses with key market partners drove a 2% increase in annualized premiums over 2024, bringing total premiums to $461 million in 2025.
RGA maintained a #1 Business Capability Index ranking in Mexico for the 15th consecutive year on NMG Consulting’s 2025 Business Capability Index, leading in overall value, innovation, and client management, and was identified as the reinsurer most likely to be approached by clients for new initiatives.
These results reflect a region-specific engagement model built on closer alignment with client priorities, faster decision-making, pragmatic innovation, and disciplined risk management. Strong execution in 2025 laid a solid foundation for continued growth across protection and health businesses.
Canada recorded another year of broad-based success, producing $194 million in adjusted operating income before taxes and $2 billion in total revenues.* RGA maintained its leadership position, with a record $53 billion in face amount of individual life production and generation of record group life premiums representing approximately two-thirds market share.
RGA delivered capital relief solutions that helped insurers optimize balance sheets amid a complex capital and accounting environment. Facultative underwriting remained a core differentiator for the business: RGA’s strength in medical and financial underwriting and strong capacity drove record facultative production, with nearly 15,000 reviewed cases totaling $9 billion of reinsured face amount, while acceleration programs delivered faster and more efficient decisions.
Canada also demonstrated momentum in the direct-to-consumer segment, where a customized underwriting approach balancing risk and decision efficiency supported clients’ growth into underinsured populations. RGA’s Strategic Underwriting Program (SUP) expanded into the Canadian market in 2025, where RGA provided multiple carriers with case underwriting, including product-specific initiatives and broader portfolio support.
