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.
Our relentless innovation and deep commitment to our clients position us to redefine the landscape of reinsurance and financial protection in the region. Together, we will expand our boundaries and create long-term value, ensuring that every interaction with RGA is a step toward a more secure and successful future for all our stakeholders.
Asia Pacific operations delivered a record year in 2023, generating pre-tax adjusted operating income of $585 million.* RGA’s strategy, built upon a strong foundation of regional diversification, targeted product development, and client-centric solutions, drove significant outperformance of expected financial outcomes. With nearly 50% growth in income over 2022 and a robust new business pipeline, RGA is well positioned for continued business expansion and market leadership in the region.
Our future success hinges on the long-term partnerships we develop and maintain with our clients, as we remain dedicated to understanding and meeting their evolving needs with agility and expertise.
As RGA celebrated its 50th anniversary globally, 2023 also marked close to three decades for RGA in the Asia Pacific region. In recognition of RGA’s commitment to innovation and client collaboration across Asia, RGA was named “Life Reinsurer of the Year” by both Asia Insurance Review and InsuranceAsia News and was rated #1 by insurers in Asia on NMG Consulting’s 2023 All Respondents Business Capability Index.
Demonstrating exceptional adaptability, RGA focused on innovative product development and strategic partnerships, addressing the diverse needs of the expansive region. In Hong Kong, working with a major insurer, the team developed a participating critical illness (CI) solution that became the client’s top-selling product. The product’s first-in-market features provide protection from newborn to senior ages, including benefits for severe newborn jaundice, juvenile respiratory and skin disorders, postpartum depression, and more. Similarly, collaborative efforts in China led to the launch of a local leading health insurer’s first simplified issue (SI) medical reimbursement product, providing new paths to growth in a competitive landscape.
We are committed to advancing our capabilities to not only lead the market but to redefine what’s possible in reinsurance, ensuring sustainable growth and exceptional value for our partners and clients.
A testament to RGA’s commitment to delivering future-ready solutions, South Korea’s simplified issue expansion project (SEP), a market-first data-driven automated underwriting solution for SI products, was named “Innovation of the Year” at the 27th Asia Insurance Industry Awards. Amid accelerating digital transformation, this project exemplifies RGA’s approach to utilizing advanced technology to streamline underwriting and increase new business sales, extending insurance coverage to people with mild medical conditions. In addition, the South Korea team implemented its first-ever solution that combines traditional reinsurance with capital relief to improve the client’s solvency ratio.
While also expanding underwriting capabilities, RGA Taiwan delivered a market-first cancer product to address the evolving needs of a rapidly aging population, which became the most popular and successful senior product in the market. In Southeast Asia, RGA developed a first-in-market all-cause medical reimbursement product post-CI diagnosis for a Thai insurer and launched an outpatient cancer treatment solution in partnership with a Singaporean insurer. In India, RGA blended term and saving plans to create a high-sum assured unit-linked insurance plan. In Japan, product development support for preferred mortality rates on a decreasing term product helped reduce risks and improve the internal rate of return for a major life insurer client.
As the insurance landscape evolves, we stand alongside our partners and work with them to create bespoke solutions that address unique market challenges. This year’s accomplishments are milestones on our journey to shape a resilient future for our clients, backed by RGA’s global strength and local expertise.
The Asia Pacific Global Financial Solutions (GFS) team delivered a stellar performance in 2023, generating pre-tax adjusted operating income of $212 million*, a 32% increase from 2022. Clients’ need for capital optimization and regulatory compliance propelled the demand for GFS offerings. Noteworthy achievements include a large asset-intensive transaction with a Japanese insurer and a coinsurance offering with a major insurer in Hong Kong, reinforcing RGA’s market-leading position as a trusted partner in providing effective and innovative financial solutions.
RGA’s continued disciplined approach in Australia and New Zealand focused on improving the sustainability of individual disability income, both within the business and across the market in 2023. In response to client needs in the region, RGA continued to develop and test innovative claims solutions while ensuring that RGA’s infrastructure is well-aligned with its growth vision.
