Financial Solutions
RGA’s Global Financial Solutions (GFS) team serves as a trusted partner, respected leader, and first-to-mind provider of solutions for clients’ largest and most complex risk and capital needs. In 2022, strong performance across all regions and product lines, including asset-intensive, longevity, and capital solutions, produced a record-high $819 million in pre-tax adjusted operating income.*
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GFS in the U.S. enjoyed a successful year, generating pre-tax adjusted operating income of $433 million* and ending 2022 with a robust transaction pipeline across all product lines. Many insurers turned to reinsurance as a financial management tool to navigate increasing economic uncertainty and a dynamic interest rate environment. RGA generated a wide range of new business in 2022, including both in the asset-intensive and capital solutions spaces.
The team executed a $1.7 billion longevity swap covering approximately 11,000 single premium immediate annuity contracts with one of the world’s largest life insurance groups, highlighting the rising interest in longevity risk management among U.S. clients. GFS leveraged its 15 years of longevity experience and long-term commitment to the U.S. market to expand its capabilities in the emerging U.S. pension risk transfer space.
RGA’s stable value business has been providing wrap coverage for 401(k) and other defined contribution plans in the U.S. for a decade and remains committed to the marketplace and our clients. Driven by economic uncertainty across the globe, the business line ended 2022 with the notional amount of RGA’s wrap portfolio totaling $17.4 billion, an 8% increase over 2021.
In Canada, GFS generated $32 million in pre-tax adjusted operating income* in 2022 and continued to develop customized solutions and transactions to meet clients’ evolving needs. RGA experts worked to help clients free up capital and prepare for implementation of the IFRS-17 accounting framework on January 2023, as well as LICAT solvency requirements.
Our counterparty strength, quality customer experience, and partnership mindset distinguish GFS North America in the region, and we’re committed to honoring our long-term obligations towards clients, partners, and society.
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GFS in the U.S. enjoyed a successful year, generating pre-tax adjusted operating income of $433 million* and ending 2022 with a robust transaction pipeline across all product lines. Many insurers turned to reinsurance as a financial management tool to navigate increasing economic uncertainty and a dynamic interest rate environment. RGA generated a wide range of new business in 2022, including both in the asset-intensive and capital solutions spaces.
The team executed a $1.7 billion longevity swap covering approximately 11,000 single premium immediate annuity contracts with one of the world’s largest life insurance groups, highlighting the rising interest in longevity risk management among U.S. clients. GFS leveraged its 15 years of longevity experience and long-term commitment to the U.S. market to expand its capabilities in the emerging U.S. pension risk transfer space.
RGA’s stable value business has been providing wrap coverage for 401(k) and other defined contribution plans in the U.S. for a decade and remains committed to the marketplace and our clients. Driven by economic uncertainty across the globe, the business line ended 2022 with the notional amount of RGA’s wrap portfolio totaling $17.4 billion, an 8% increase over 2021.
In Canada, GFS generated $32 million in pre-tax adjusted operating income* in 2022 and continued to develop customized solutions and transactions to meet clients’ evolving needs. RGA experts worked to help clients free up capital and prepare for implementation of the IFRS-17 accounting framework on January 2023, as well as LICAT solvency requirements.
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