RGA Europe, Middle East, and Africa (EMEA) supports clients from offices in the United Kingdom, France, Germany, Ireland, Italy, the Netherlands, Poland, South Africa, Spain, and the United Arab Emirates. Primary areas of focus include longevity, asset-intensive and capital solutions, individual and group life, health and medical reimbursement, and credit life and living benefits.
“In 2025, EMEA delivered a year of exceptional progress – combining client-focused financial solutions, disciplined execution, and targeted innovation to translate strategy into momentum across both established and developing markets.”
RGA EMEA delivered a standout year in 2025, generating $363 million in adjusted operating income before taxes* driven by strategic financial solutions in the UK and Continental Europe, future-focused innovation across developing markets, and disciplined execution throughout the region. Building on a growth-centered refocus launched in 2024, the region combined scale where it mattered most with precision in execution – translating strategy into measurable momentum across markets.
The UK remained the performance engine for EMEA, with RGA’s strategy operating at scale across both longevity and asset‑intensive solutions. Momentum continued in longevity swaps and funded reinsurance, with multiple transactions executed during the year, reinforcing the UK’s position as a cornerstone market for capital‑efficient growth.
In 2025, RGA completed a major UK legacy reinsurance transaction, assuming responsibility for a $1.5 billion portfolio of annuity and life insurance liabilities. The transaction underscored RGA’s ability to execute complex in‑force solutions at scale and further strengthened its position as a trusted partner in the UK life insurance consolidation market.
Broader market dynamics supported activity throughout the UK. As more insurers entered the individual annuities and retirement space, demand increased for partners with experience across longevity, asset‑intensive structures, and in‑force management. RGA supported a growing client base in this segment, onboarding new relationships and extending existing ones through tailored financial solutions.
In 2025, RGA’s UK business built on its leadership in longevity and asset-intensive solutions, executing complex transactions at scale and supporting insurers as they navigate consolidation and growth in the retirement and annuities market.
In Continental Europe, RGA is helping to define the asset-intensive reinsurance market – working closely with leading insurers and regulators to deliver innovative, capital-efficient solutions that bring confidence, credibility, and momentum to a rapidly evolving landscape.
RGA South Africa has become a proving ground for practical innovation, with ideas developed locally across product design, bancassurance, and data‑led solutions that have been successfully adapted and launched with RGA clients in markets around the world.
Continental Europe continued its transition from opportunity to execution, marked by the completion of a second RGA asset‑intensive transaction – this time with Allianz Suisse following RGA’s La Bâloise transaction in 2024. The transaction carried significant strategic importance and reinforced RGA’s leadership in building the asset-intensive market in Europe by bringing experience, balance‑sheet strength, and disciplined deal structures to a region heavily insured but comparatively under-reinsured.
Across developing markets, progress in 2025 was marked by focus and intent. In South Africa, business rebounded, supported by in‑force optimization and rate reviews that enhanced long‑term value. The market also served as an innovation hub, exporting solutions into other regions – most notably through a bancassurance treaty in Vietnam and a child critical illness proposal in India, both led by RGA’s South Africa teams.
Strong income growth in 2025 was paired with modest expense growth, reflecting the benefits of actions taken in 2024 to sharpen focus and improve efficiency. Across EMEA, in‑force management initiatives delivered value, including the wind‑down of lower‑value treaties in Continental Europe and South Africa, alongside targeted rate reviews that improved portfolio economics.
RGA also advanced investments in technology partners and platforms. The Nexus underwriting system was successfully launched in South Africa in the fourth quarter, with further rollouts planned, while continued investment in RGA’s global underwriting center in Mumbai strengthened follow‑the‑sun underwriting capabilities and 24‑hour support for clients.
