RGA Announces 200 Billion KRW Transaction with Tongyang Life, the First Cross-Jurisdictional Coinsurance Transaction in South Korea
SEOUL, South Korea, July 2, 2024 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today announced it has reached an agreement with Tongyang Life Insurance Company, Ltd. (Tongyang Life) for an RGA subsidiary to reinsure a 200 billion KRW in-force block of life policies through coinsurance. This is the first cross-jurisdictional coinsurance transaction in South Korea.
“We are excited to be a strategic partner with Tongyang Life in achieving this significant milestone in the Asia-Pacific market,” said Gaston Nossiter, Senior Vice President, Head of Asia Pacific, Global Financial Solutions, RGA. “In transactions such as this, RGA brings a deep understanding of our clients’ financial and customer needs, leveraging our extensive knowledge of local markets and global best practices, to support insurers’ long-term objectives in the current economic and regulatory environment.”
“We are pleased to collaborate with RGA based on its strong track record in asset-intensive solutions in the region and strong understanding of the local market,” said Moon-Koo Lee, CEO, Tongyang Life. “This proactive coinsurance agreement helps Tongyang Life facilitate stable capital management and financial soundness amid an uncertain financial environment.”
RGA has pioneered the use of reinsurance as a financial management and portfolio-optimizing tool and remains a leading provider of such solutions around the world. RGA completed its first asset-intensive transaction in Asia in 1996. Since then, it has successfully executed numerous coinsurance transactions across the Asia Pacific region, creating sustainable long-term value for clients and consumers.
Additional terms of the transaction are not being disclosed.
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. RGA has approximately $3.7 trillion of life reinsurance in force and assets of $106.0 billion as of March 31, 2024. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.