RGA Upsizes Coinsurance Agreement with Tongyang Life, Expanding the First Cross-Jurisdictional Coinsurance Transaction in South Korea
SEOUL, South Korea, Oct. 24, 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) to increase coverage of an existing coinsurance contract originally executed in June 2024. Under this arrangement, coverage is expanded by an additional KRW 150 billion.
“RGA is thrilled to build upon our valued partnership with Tongyang Life through the expansion of this coinsurance agreement,” said Gaston Nossiter, Senior Vice President, Head of Asia Pacific, Global Financial Solutions, RGA. “This milestone transaction underscores our commitment to delivering customized asset-intensive solutions that address the unique financial objectives and customer needs of insurers in the Asia-Pacific region. By leveraging our extensive local market knowledge combined with global best practices, we can support Tongyang Life’s long-term goals within the current economic and regulatory landscape.”
“The expansion of our coinsurance agreement with RGA allows us to respond to the increasing capital management requirements for insurers in the market,” said Moon-Koo Lee, CEO, Tongyang Life. “Through our strong partnership with RGA, we can continue to implement advanced capital management measures to protect policyholders in the future.”
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.
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 $3.8 trillion of life reinsurance in force and assets of $109.9 billion as of June 30, 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.