RGA Europe, Middle East, and Africa (EMEA) supports clients from offices in France, Germany, Ireland, Italy, the Netherlands, Poland, South Africa, Spain, the United Arab Emirates, and the United Kingdom. Primary areas of focus include individual and group life, credit life and living benefits, health, longevity, asset-intensive, and capital solutions.
With an active pipeline, a proven strategy, and a focus on innovative financial solutions, we are well positioned to experience robust growth in the region, while creating sustainable value for our clients and stakeholders.
RGA EMEA enjoyed a successful year across multiple business lines, generating $335 million in pre-tax adjusted operating income, compared to $290 million in 2022.* Capitalizing on a talented network of experts and access to new data and technologies, RGA partnered with clients to develop innovative solutions while expanding product offerings and the enterprise’s regional footprint. As RGA celebrated its 50th anniversary globally, 2023 also marked the 25th anniversary of RGA UK, one of the company’s largest markets with over $1 billion in annual premiums.
RGA’s Global Financial Solutions (GFS) segment in the region reported a record year and ended 2023 with a robust new business pipeline. In the U.K., with pension schemes seeking to offload risk to insurers, the team executed some of the largest pension risk transfer transactions in the market. Leveraging years of experience helping clients in the region manage mass lapse risk, RGA expanded its capital-solutions offerings to France and Italy.
We‘re focused on long-term opportunities, capitalizing on our local expertise and global insights, to meet the unique needs of clients and consumers in Continental Europe.
The GFS team also worked to extend RGA’s asset-intensive reinsurance business in Continental Europe, and in February 2024 announced a milestone €900 million transaction with a leading insurer’s subsidiary in Belgium. A deep understanding of each client’s specific capital and investment needs, as well as extensive knowledge of local markets and global best practices, positions RGA to find solutions that improve capital efficiency and promote long-term stability and growth. The traditional reinsurance segment continued to deliver market-leading support for clients in the region. RGA’s re-platformed electronic underwriting system for annuities helped acquire more clients and increased interest in adjacent product lines, such as lifetime mortgages. Aura UWPal, RGA’s digital underwriting engine, expanded services in the Netherlands, improving clients’ underwriting efficiency and performance and incorporating the latest medical insights. The solution was developed to support an easy and cost-effective way for clients to enter the market in the EMEA region.
RGA South Africa secured a number of new business wins in 2023 that promise to expand insurance inclusivity and change the way the market’s end-consumers access financial protection. Leveraging RGA’s extensive data analytics capability and global network of experts, the team built an industry-leading pricing model in response to a client’s urgent needs. An underwriting innovation utilizing Aura Next, RGA’s automated underwriting decision management platform, improved customer experience and speed of policy acceptance. For the 14th consecutive year, insurers rated RGA #1 on NMG Consulting’s All Respondents Business Capability Index in South Africa.
We’re more committed than ever to empowering our clients with innovative solutions and expanding financial protection to underserved populations.
RGA Middle East also garnered prestigious industry recognition in 2023 and, for the second consecutive year, was rated #1 by insurers on NMG Consulting’s BCI and named “Life Reinsurer of the Year” at the Middle East Insurance Industry Awards. In a competitive market, RGA stood out for the hard work, technical support, and wide range of solutions provided to clients by its dedicated teams in the region.
