Reinsurance Group of America, Incorporated

What does Reinsurance Group of America do?
RGA provides life and health reinsurance, which is insurance sold to insurance companies. Client insurers cede part of the risk on their life, health, and annuity books to RGA in exchange for premiums. The company also offers financial solutions including pension risk transfer, longevity reinsurance, and capital solutions.

Is Reinsurance Group of America publicly traded?
Yes. RGA trades on the New York Stock Exchange under the ticker RGA and is a component of the S&P MidCap 400 index. It completed its initial public offering in May 1993.

Who is the CEO of RGA?
Tony Cheng has served as President and Chief Executive Officer since January 2024. He joined RGA in 1997 and previously led the company's Asia and EMEA businesses. He succeeded Anna Manning, who had been CEO since 2016.

Where is RGA headquartered?
RGA is headquartered in Chesterfield, Missouri, a western suburb of St. Louis. The company was founded in St. Louis in 1973 as a division of General American Life Insurance Company.

What is RGA's revenue?
RGA reported record total revenues of $23.7 billion for fiscal year 2025, up about 7% from $22.1 billion in 2024. Net income was $1.18 billion and total assets reached $156.6 billion at year end.

Who owns RGA?
RGA is owned by public shareholders, with large institutional positions held by index fund managers including Vanguard and BlackRock. No single investor controls the company.

What brands does RGA own?
RGA operates primarily under the RGA master brand. Its subsidiaries include RGA Reinsurance Company, RGA Life Reinsurance Company of Canada, and RGAX, an innovation subsidiary formed in 2015.

RGA began in 1973 as a startup reinsurance division inside General American Life Insurance Company, a St. Louis-based mutual insurer. The division wrote its first life reinsurance arrangement that year, hired its first dedicated salesperson in 1977, and adopted facultative underwriting in 1978 with a 24-hour service standard that differentiated it in the market.

Greig Woodring joined as the division's first actuary in 1979 and would lead the business as President and CEO for more than three decades. RGA Reinsurance Company, the flagship US operating subsidiary, was incorporated in 1981. International expansion began in the early 1980s through a retrocession partnership with Montreal-based St. Lawrence Re, a partnership model RGA reused to enter new markets.

Reinsurance Group of America, Incorporated was formed as a Missouri holding company on December 31, 1992, and completed its initial public offering on the New York Stock Exchange in May 1993. The IPO separated the reinsurance business from General American Life, which ran into a severe liquidity crisis in 1999 and was acquired by MetLife in 2000. RGA, already independent, was unaffected.

The company expanded through a mix of organic growth and block transactions. It acquired Aurora National Life Assurance in 2014, the UK life book of Generali in 2019, and UK-based Hodge Life Assurance in 2021. In 2015 it created RGAX, a subsidiary tasked with incubating insurtech products and partnerships with carriers and entrepreneurs.

Anna Manning succeeded Woodring as CEO in 2016 after serving as President. Tony Cheng, who joined RGA in 1997 and led its Asia and EMEA businesses, was named President in 2023 and became Chief Executive Officer in January 2024. FY2025 produced record revenue and record adjusted operating income per share.

RGA frames its purpose as making financial protection accessible to all, positioning life reinsurance as a mechanism that lets primary insurers extend coverage to underinsured populations. The company publishes sustainability reporting covering its investment portfolio, workforce, and community engagement.

The company's investment operation manages a large fixed-income portfolio with attention to ESG factors in credit selection. RGA Foundation supports health, education, and community programs in the St. Louis region and in markets where it operates.

Governance controversies have been limited. The main public scrutiny of the sector relates to the use of offshore and affiliated reinsurance arrangements by client insurers and to industry-wide debates over capital standards for life reinsurers, particularly around asset-intensive transactions and Bermuda domiciliation. RGA's principal entities are US and internationally regulated.

• Fortune 500: RGA ranks on the Fortune 500 list of largest US companies by revenue.
• Innovation awards: RGA and its RGAX subsidiary APEXA won a gold award at the Efma-Accenture Innovation in Insurance Awards for a digital contracting and compliance platform for the Canadian life insurance industry.
• US News Best Companies to Work For: RGA has appeared on US News rankings for finance and insurance employers.

RGA operates in a heavily regulated industry. Its subsidiaries are supervised by insurance regulators in every market it serves, and group supervision falls to the Missouri Department of Commerce and Insurance as its lead US regulator.

The sector's largest structural scrutiny concerns asset-intensive and funded reinsurance transactions, where regulators in the US and internationally have questioned whether ceding long-tailed risk to affiliated offshore vehicles understates reserves. RGA participates in this market and is subject to the evolving regulatory debate, including NAIC work on asset-backed securities and alternative assets backing life reserves.

COVID-19 produced elevated mortality claims across the life reinsurance industry in 2020 and 2021, compressing RGA's earnings during the pandemic period before results normalized.