RGA Canada engages primarily in traditional individual life reinsurance, while also providing leading creditor, group life and health, individual health, critical illness, disability, and longevity reinsurance products and services. In 2019, annual net premiums in Canada surpassed $1.1 billion, increasing 8% over 2018. Favorable claims experience drove pre-tax income of $183 million, a 50% increase over the previous year. RGA Canada remains the recognized market leader: Ceding companies ranked RGA #1 in NMG Consulting’s 2019 All Respondent Business Capability Index in Canada for the 11th consecutive survey.
RGA Canada continued to enhance its client engagement framework in 2019, which meaningfully contributed to sustained business growth. This relationship-focused, goal-oriented approach to doing business provided a deeper strategic understanding of clients’ business objectives and needs. More-informed partnerships enabled RGA to better prioritize services, integrate product lines, and create impactful solutions for clients.
RGA remained the leading facultative reinsurer in Canada, where underwriters reviewed a record 44,516 facultative cases in 2019. Facultative business represented 16% of RGA’s share of new business production. The year also saw one of Canada’s leading carriers implement AURA®, RGA’s automated underwriting decision-management solution, and two other insurers upgrade to the re-architected version of this advanced risk assessment platform. Ongoing underwriting digitalization and modernization initiatives solidified RGA’s position as a business partner of choice for the evolution of underwriting.
The Canadian team continued to strengthen and diversify its portfolio of products and services by leveraging the breadth and depth of RGA’s global enterprise. A living benefits initiative brought together RGA Canada and experts from other markets to apply best practices and develop new solutions in this line of business. Collaboration with RGAX generated a range of new innovations and growth opportunities, including MedScore, a data-driven analytical tool to aid in risk assessment and improve pricing in group business.
Global Financial Solutions (GFS) produced another solid year in Canada and increased pre-tax income by 50% over 2018. As the Canadian insurance industry continued to adapt to new capital requirements, GFS worked with clients to execute transactions that optimize capital efficiency and provide access to the value of in-force blocks of business. The team’s efforts to help insurers prepare for upcoming changes to accounting standards further established RGA as a trusted partner and financial solutions leader.
Canada Operations Net Premiums
(in millions USD)