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.
Across 15 diverse markets in Asia Pacific, we serve as a leader in delivering ideas, innovations, and transformative solutions for our clients. With a deep commitment to staying at the forefront of industry trends, we work tirelessly to craft pioneering strategies that anticipate and address the rapidly changing regional landscape our partners navigate.
Asia Pacific operations delivered another record year in 2024, generating adjusted operating income before taxes of $537 million.* RGA’s strategy, built on a strong foundation of regional diversification, targeted product development, and client-centric solutions, resulted in notable growth of asset-intensive transactions and successful product launches. With a robust new business pipeline, RGA is well positioned for continued business expansion and market leadership in the region.
In recognition of RGA’s commitment to innovation and client collaboration across Asia, RGA earned the following honors in 2024:
With a dedicated team of more than 1,100 insurance professionals and local experts and the support of a global network, RGA Asia Pacific is the region’s leading reinsurance solution provider. RGA teams support clients and partners in a wide range of areas, including capital management, portfolio optimization, product innovation, and digital solutions, to drive new business growth.
In 2024, RGA reached an agreement to reinsure a $136 million in-force block of life policies through coinsurance, the first-ever cross-jurisdictional coinsurance transaction in South Korea. To further optimize the benefits, RGA’s client upsized the agreement by an additional $102 million. In a landmark transaction in the longevity space, one of Japan’s leading providers of life annuities selected RGA to reinsure an approximately $4 billion in-force block of individual life annuities through coinsurance. In Hong Kong, RGA reached a $1 billion coinsurance agreement to strengthen a client’s capital position and the sustainability of policyholder returns.
RGA Asia Pacific is a regional leader in hybrid reinsurance transactions, customized risk transfer arrangements that combine multiple types of coverage or risk management strategies within a single structure. RGA Malaysia secured a hybrid transaction with a major insurer that boosted the client’s capital adequacy ratio and provided sufficient capital to cover potential claims and other liabilities. The China team developed tailored hybrid reinsurance structures for leading insurers, expanding reinsurance coverage to include both biometric and interest risks. Overall, the Asia Pacific Financial Solutions team drove outstanding results in 2024, generating adjusted operating income before taxes of $255 million*, a 20% increase from 2023.
Expanding Critical Illness (CI) Options: RGA led the development and launch of CI products that cover conditions at various stages, offer multi-pay benefits across different disease groups, and respond to health conditions affecting customers throughout their life journeys. RGA India pioneered a market-first product covering women-specific ailments, including maternity-related complications and newborn congenital illnesses. In Hong Kong, RGA helped launch a CI product with affordable, impaired-life-friendly and gender-specific options.
Innovating Products: RGA collaborated with clients across Asia Pacific on industry-leading cancer products. In South Korea, RGA introduced a first-in-market cancer benefit that covers all treatment costs during the five-year period of cancer remission. Most leading insurance companies in the market have since launched products embedding this innovative concept and experienced sustained new business growth.
Seniors Market Research and Propositions: According to the US Census, more than 1.2 billion people in Asia will be over 65 by 2060, driving increasing demand for senior insurance solutions. RGA conducted a consumer survey of 1,600 respondents from eight Asian markets, and delivered critical insights into the needs, concerns, and preferences of aging consumers. RGA has launched various insurance solutions targeted at the under-served and under-insured senior population. In Taiwan, RGA has pioneered a series of products for the seniors segment ranging from cancer and medical to annuities with added protection for CI.
RGA combines underwriting expertise with cutting-edge digital solutions to continually evolve the underwriting process.
In 2024, RGA partnered with an insurer in Hong Kong to launch MedScreen+, a pioneering market-first digital underwriting solution that combines optical character recognition, AI technology, and RGA’s Aura Next digital underwriting engine. MedScreen+ transforms the underwriting process into a faster and customer-friendly experience by digitalizing medical assessment reports, streamlining underwriting, and making the application process more efficient and accurate.
In Australia and New Zealand, RGA developed a unique behavioral-based digital sales journey to support market growth for clients. In South Korea, RGA introduced an industry-first simplified issue expansion project to increase the acceptance rate of applicants with minor medical conditions, while maintaining robust portfolio risk management and gaining operating efficiency.
