Asia Pacific

Asia Pacific

Robust business growth in Asia’s traditional and financial solutions business lines and improved earnings in Australia produced a strong year for RGA’s Asia Pacific operations.

Revenues of $3.1 billion, a 7% increase over 2019, and pre-tax income of $233 million, an 82% increase over 2019, built on the division’s ongoing success and further established RGA as a regional leader. For the eighth time in nine years, ceding companies ranked RGA #1 on NMG Consulting’s 2020 All Respondent Business Capability Index in the Asia region.

The Asia Pacific segment serves 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.

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Tony Cheng

RGA Asia Pacific persevered through the pandemic and other challenges to exceed all financial targets in 2020. While our growth in recent years has been remarkable, our vision is fixed firmly on the future and the many opportunities that remain to move our clients and the industry forward.

Tony Cheng

Executive Vice President, Head of Asia

Established expertise enabled RGA to meet demand – both pandemic-driven and future-focused – for digitalized processes and simplified underwriting. In response to social distancing protocols in India, RGA underwriters helped clients shift to medical examination reports conducted via video or telephone. The Hong Kong office, in collaboration with colleagues from RGAX Asia Pacific, developed digital consumer engagement strategies to meet short-term client needs that also anticipated a new, post-pandemic way of doing business. RGA’s customized underwriting solutions in Taiwan empowered clients to reach target consumers through new channels, such as a major insurer’s new bancassurance offering for the high net worth market.

A commitment to improving the health and financial security of end consumers fueled continued expansion of the Asia Pacific team’s comprehensive suite of products. In China, RGA partnered with clients to develop coverages for families and seniors, including a first-in-market senior medical with term life product. Health teams in Southeast Asia introduced a range of innovative solutions, such as new medical reimbursement plans in Malaysia, the Philippines, and Vietnam and market-first multi-pay critical illness coverage in Malaysia. RGA Korea launched a simplified issue cancer product with five life insurers and developed new benefit upgrades to existing health products. 

Asia Pacific’s Global Financial Solutions (GFS) business built on the momentum of recent years to produce a record $59 million in pre-tax income while strengthening and diversifying its platform for future growth.

To meet client demand for capital relief from regulatory changes and increasing economic pressures, the GFS Asia team executed a range of asset-intensive and capital-solutions structures throughout the region. A particularly robust year in Japan was highlighted by RGA’s largest-ever asset-intensive transaction in Asia, which enabled a client to free up capital from in-force blocks.

Disciplined adherence to a long-term strategy in Australia continued to improve financial results and position RGA for future growth. Despite a difficult market environment, RGA strengthened client partnerships and built its capacity to deliver solutions through new skill sets and infrastructure upgrades. A focus on sustained improvement across all aspects of the business produced a solid year overall.

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      Fang Zhong

      Executive Director, Business Development, Regional Marketing, RGA Asia

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      Chief Marketing Actuary, Asian Markets

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      Tony Cheng

      Executive Vice President, Head of Asia

    RGA Asia strengthens regional teams with four local leaders

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  • Learn more about RGA’s Asia Pacific operations at rgare.com

  • RGARE.COM

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