Grupo de Reaseguro de América, Incorporado (RGA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el complejo mundo de la gestión global de riesgos, Reaseguro Group of America (RGA) surge como un jugador fundamental, transformando cómo las aseguradoras navegan por la incertidumbre a través de estrategias innovadoras y soluciones integrales de riesgos. Al combinar a la perfección la experiencia actuarial avanzada con la tecnología de vanguardia, RGA proporciona un enfoque sofisticado para la protección financiera que va más allá de los paradigmas de seguros tradicionales. Su lienzo de modelo de negocio único revela un ecosistema dinámico de asociaciones, recursos y propuestas de valor que permiten a las aseguradoras de todo el mundo mitigar los riesgos, optimizar las carteras e impulsar el crecimiento estratégico en un mercado global cada vez más impredecible.

Reinsurance Group of America, Incorporated (RGA) - Modelo de negocios: asociaciones clave

Empresas globales de seguros y reaseguros

RGA mantiene asociaciones estratégicas con numerosas empresas globales de seguros y reaseguros:

Empresa asociada	Enfoque de asociación	Región geográfica
Munich re	Vida y reaseguro de la salud	Global
Swiss RE	Transferencia de riesgos y soluciones de capital	Global
Hannover re	Mortalidad y morbilidad riesgos compartidos	Mercados internacionales

Firmas de consultoría actuarial y de gestión de riesgos

RGA colabora con firmas de consultoría actuariales y de gestión de riesgos clave:

• Miliman
• Willis Towers Watson
• Oliver Wyman
• Servicios actuariales de Deloitte

Proveedores de tecnología y análisis de datos

Las asociaciones tecnológicas de RGA incluyen:

Socio tecnológico	Servicio proporcionado	Inversión anual
IBM	Plataformas de análisis avanzados	$ 12.5 millones
Software de guía	Soluciones de tecnología de seguros	$ 8.3 millones
Instituto SAS	Software de gestión de riesgos	$ 6.7 millones

Instituciones de inversión y servicios financieros

Las asociaciones financieras de RGA incluyen:

• Goldman Sachs
• JPMorgan Chase
• Roca negra
• Vanguardia

Organizaciones académicas y de investigación

RGA colabora con instituciones de investigación:

Institución	Enfoque de investigación	Presupuesto de colaboración anual
Universidad de Stanford	Investigación de mortalidad y longevidad	$ 2.1 millones
Universidad de Johns Hopkins	Evaluación de riesgos médicos	$ 1.8 millones
MIT	Ciencia de datos y modelado predictivo	$ 2.5 millones

Reinsurance Group of America, Incorporated (RGA) - Modelo de negocios: actividades clave

Suscripción de reaseguros de vida y salud

RGA suscribió $ 3.4 billones de reaseguros de la vida en vigor al 31 de diciembre de 2022. La Compañía procesó aproximadamente 1.2 millones de solicitudes de reaseguro de vida individual en 2022.

Métrica de suscripción	Valor 2022
Reaseguro total de la vida en vigor	$ 3.4 billones
Aplicaciones de reaseguro de la vida individual	1.2 millones
Premios netos ganadas	$ 4.1 mil millones

Evaluación y modelado de riesgos

RGA utiliza técnicas avanzadas de modelado predictivo con Más de 500 científicos de datos y profesionales actuariales dedicado al análisis de riesgos.

• Algoritmos de evaluación de riesgos propietarios que cubren más de 40 mercados globales
• Mortalidad avanzada y modelos predictivos de morbilidad
• Sistemas de evaluación de riesgos mejorados por el aprendizaje automático

Gestión de capital e inversiones estratégicas

RGA mantuvo $ 20.4 mil millones en activos totales al 31 de diciembre de 2022, con diversificación de cartera de inversiones estratégicas.

Categoría de inversión	Porcentaje de asignación
Valores de vencimiento fijo	72.3%
Valores de renta variable	12.5%
Inversiones alternativas	8.7%
Inversiones en efectivo y a corto plazo	6.5%

Desarrollo de productos e innovación

RGA invirtió $ 87 millones en investigación y desarrollo en 2022, centrándose en soluciones innovadoras de reaseguro.

• Iniciativas de transformación digital
• Diseño de productos de inteligencia artificial
• Soluciones personalizadas de gestión de riesgos

Transferencia de riesgo global y gestión de cartera

RGA opera en 27 países, administrando una cartera de reaseguros globales en múltiples jurisdicciones.

Segmento geográfico	Porcentaje de primas totales
América del norte	61.3%
Asia Pacífico	21.5%
Europa, Medio Oriente, África	12.7%
América Latina	4.5%

Reinsurance Group of America, Incorporated (RGA) - Modelo de negocios: recursos clave

Experiencia actuarial extensa y capacidades de análisis de datos

RGA mantiene un equipo actuarial robusto con 1.489 empleados dedicados a la evaluación y análisis de riesgos a partir de 2022. La Compañía procesa más de 500 millones de puntos de datos anualmente para modelar riesgos precisos.

Métrica de recursos actuariales	Valor cuantitativo
Personal actuarial total	1.489 profesionales
Volumen de procesamiento de datos anual	500 millones de puntos de datos

Capital financiero fuerte y reservas

Los recursos financieros de RGA demuestran una fortaleza sustancial con activos totales de $ 77.9 mil millones y el capital total de los accionistas de $ 8.2 mil millones al 31 de diciembre de 2022.

Métrica de recursos financieros	Valor
Activos totales	$ 77.9 mil millones
Equidad total de los accionistas	$ 8.2 mil millones

Tecnologías de modelado de riesgos avanzados

RGA invierte significativamente en infraestructura tecnológica, con una inversión tecnológica anual de aproximadamente $ 180 millones dedicada al modelado de riesgos avanzados y plataformas de análisis predictivos.

• Sistemas de evaluación de riesgos habilitados para el aprendizaje automático
• Algoritmos de modelado predictivo patentado
• Tecnologías de integración de datos en tiempo real

Diverso grupo de talentos globales

RGA emplea a 3.100 profesionales en 26 países, que representa una fuerza laboral multicultural y especializada en operaciones de reaseguro global.

Métrica de la fuerza laboral global	Valor cuantitativo
Total de empleados	3,100 profesionales
Países de operación	26 países

Cartera integral de seguros y reaseguros

La cartera diversa de RGA abarca múltiples segmentos de seguros con un reaseguro de la vida de $ 3.1 billones en vigor a partir de 2022.

• Reaseguro de la vida
• Reaseguro de la salud
• Reaseguro de discapacidad
• Cobertura de enfermedades críticas

Métrico de cartera	Valor
Reaseguro total en vigor	$ 3.1 billones

Reinsurance Group of America, Incorporated (RGA) - Modelo de negocio: propuestas de valor

Soluciones de mitigación de riesgos avanzadas para aseguradoras

RGA proporcionó $ 3.1 billones de reaseguros de la vida vigentes al 31 de diciembre de 2022. La compañía ofrece estrategias integrales de mitigación de riesgos en segmentos de seguros múltiples.

Categoría de mitigación de riesgos	Volumen de cobertura
Reaseguro del seguro de vida	$ 3.1 billones
Transferencia de riesgo de mortalidad	$ 825 mil millones
Gestión de riesgos de longevidad	$ 412 mil millones

Protección financiera a través de una robusta cobertura de reaseguro

Los activos totales de RGA alcanzaron los $ 77.6 mil millones en 2022, con primas netas de $ 14.4 mil millones.

• Ingresos netos: $ 937 millones en 2022
• Capital total: $ 9.4 mil millones
• Presencia global en 26 países

Gestión sofisticada de riesgos e ideas analíticas

RGA desplegó modelos predictivos avanzados con más de 500 científicos de datos y profesionales actuariales que analizan escenarios de riesgo complejos.

Capacidad analítica	Métrica
Científicos de datos	500+
Modelos de riesgo desarrollados	1,200+
Inversión de investigación anual	$ 78 millones

Soporte de desarrollo de productos de seguro personalizado

RGA apoyó el desarrollo de 1.850 productos de seguro únicos en los mercados globales en 2022.

• Equipos de innovación de productos en América del Norte, Europa, Asia
• Soluciones a medida para más de 250 socios de compañía de seguros
• Ciclo promedio de desarrollo de productos: 6-9 meses

Estrategias globales de diversificación de riesgos

La mezcla internacional de RGA Premium demuestra una distribución de riesgos global robusta.

Región geográfica	Volumen premium	Porcentaje
América del norte	$ 8.2 mil millones	57%
Asia Pacífico	$ 3.6 mil millones	25%
Europa/Medio Oriente/África	$ 2.1 mil millones	15%
América Latina	$ 0.5 mil millones	3%

Reinsurance Group of America, Incorporated (RGA) - Modelo de negocios: relaciones con los clientes

Asociaciones estratégicas a largo plazo

RGA mantiene asociaciones estratégicas con 77 compañías de seguros en 25 países a partir de 2023. La red de asociación global de la compañía genera aproximadamente $ 3.4 mil millones en ingresos anuales de colaboración estratégica.

Tipo de asociación	Número de asociaciones	Alcance geográfico
Reaseguro del seguro de vida	52	América del norte
Reaseguro del seguro de salud	18	Europa
Asociaciones de riesgo global	7	Asia-Pacífico

Equipos de gestión de cuentas dedicados

RGA emplea 385 profesionales especializados de gestión de cuentas a nivel mundial. Estos equipos administran las relaciones con los clientes con un valor de cartera promedio de $ 127 millones por cuenta.

• Tasa promedio de retención del cliente: 94.6%
• Equipos de apoyo dedicados por región: América del Norte (156), Europa (87), Asia-Pacífico (142)

Servicios de consultoría y asesoramiento de riesgos continuos

RGA ofrece servicios de consultoría de riesgos valorados en $ 215 millones anuales. La compañía ofrece marcos integrales de evaluación de riesgos a 62 socios de seguro primario.

Categoría de servicio de consultoría	Ingresos anuales	Número de clientes atendidos
Análisis de riesgos de mortalidad	$ 87 millones	42 clientes
Suscripción de riesgos de consultoría	$ 63 millones	35 clientes
Servicios de análisis avanzados	$ 65 millones	25 clientes

Revisiones de rendimiento y cartera regular

RGA realiza revisiones trimestrales de desempeño para el 95% de sus socios de seguros estratégicos. La duración de la reunión de revisión promedio es de 2.5 horas, que cubre evaluaciones integrales de gestión de riesgos.

• Cobertura de revisión trimestral: 95% de la cartera de clientes
• Profundidad de revisión promedio: 3-5 Dimensiones integrales de riesgo
• Métricas de seguimiento de rendimiento: 12 indicadores clave

Mecanismos de comunicación e informes

RGA utiliza plataformas digitales avanzadas para la comunicación del cliente, con el 98% de los socios que reciben informes trimestrales personalizados. La compañía invierte $ 42 millones anuales en infraestructura de comunicación.

Canal de comunicación	Porcentaje de uso	Inversión anual
Plataformas de informes digitales	98%	$ 23 millones
Portales de cliente seguro	92%	$ 12 millones
Paneles interactivos	85%	$ 7 millones

Reinsurance Group of America, Incorporated (RGA) - Modelo de negocios: canales

Equipos de ventas directos

RGA opera con 1.393 empleados a nivel mundial a partir de 2022, con equipos de ventas directos que cubren múltiples regiones, incluidas América del Norte, Europa, Medio Oriente y Asia-Pacífico.

Región	Tamaño del equipo de ventas	Mercados clave
América del norte	478 profesionales de ventas	Estados Unidos, Canadá
Europa	312 profesionales de ventas	Reino Unido, Alemania, Francia
Asia-Pacífico	403 profesionales de ventas	China, Japón, Australia

Plataformas de comunicación digital

RGA utiliza múltiples canales de comunicación digital con una tasa de participación digital del 97.3% en 2023.

• Sitio web corporativo con 1.2 millones de visitantes anuales
• Página de la compañía de LinkedIn con 89,000 seguidores
• Cuenta de Twitter con 42,000 seguidores

Conferencias y eventos de la industria

RGA participa en 47 conferencias globales de seguros y reaseguros anualmente.

Tipo de conferencia	Participación anual	Asistentes promedio
Foros de reaseguro global	12 conferencias	500-1,500 participantes
Eventos de seguro regional	35 conferencias	200-800 participantes

Redes profesionales

RGA mantiene redes profesionales en 26 países con asociaciones estratégicas.

• Membresías de asociaciones de la industria de seguros: 18
• Colaboraciones de investigación académica: 7
• Global Consulting Partnerships: 12

Portales en línea y herramientas de participación digital

RGA invirtió $ 42.3 millones en infraestructura digital y plataformas en línea en 2023.

Herramienta digital	Base de usuarios	Transacciones anuales
Portal de clientes	3.200 clientes corporativos	124,000 interacciones digitales
Plataforma de evaluación de riesgos	1.800 usuarios activos	56,000 evaluaciones de riesgos

Reinsurance Group of America, Incorporated (RGA) - Modelo de negocios: segmentos de clientes

Compañías de seguros de vida

RGA atiende a 216 compañías de seguros de vida a nivel mundial a partir de 2023. La penetración total del mercado incluye:

Región	Número de compañías de seguros de vida atendidas
América del norte	87 empresas
Europa	62 empresas
Asia Pacífico	45 empresas
América Latina	22 empresas

Proveedores de seguro de salud

RGA apoya a 143 proveedores de seguros de salud en diferentes mercados.

• Primas de reaseguro de seguro de salud total: $ 2.3 mil millones en 2023
• Cobertura geográfica: 35 países
• Servicios especializados de gestión de riesgos para la salud proporcionados a 98 aseguradoras de salud

Instituciones financieras globales

RGA colabora con 89 instituciones financieras globales, que incluyen:

Tipo de institución	Número de asociaciones
Bancos	42 instituciones
Empresas de inversión	27 instituciones
Compañías de gestión de activos	20 instituciones

Fondos de pensiones y jubilación

RGA proporciona soluciones de reaseguro a 176 fondos de pensiones y jubilación.

• Activos totales del fondo de jubilación bajo gestión de reaseguros: $ 487 mil millones
• Tamaño promedio del fondo: $ 2.77 mil millones
• Distribución geográfica:
  • Estados Unidos: 72 fondos
  • Canadá: 24 fondos
  • Mercados internacionales: 80 fondos

Compradores de seguros corporativos multinacionales

RGA atiende a 64 compradores de seguros corporativos multinacionales en varios sectores.

Sector industrial	Número de clientes corporativos
Tecnología	18 corporaciones
Servicios financieros	22 corporaciones
Fabricación	14 corporaciones
Cuidado de la salud	10 corporaciones

Reinsurance Group of America, Incorporated (RGA) - Modelo de negocio: Estructura de costos

Reclamos de reaseguros y pagos

En el año fiscal 2022, RGA reportó beneficios totales y gastos de reclamos de $ 3,581.4 millones. El desglose de los gastos de reclamos es el siguiente:

Categoría de gastos	Cantidad (en millones)
Reclamos de vida y salud	$3,214.6
Gastos de ajuste de reclamo	$366.8

Inversiones de tecnología e infraestructura

Las inversiones de tecnología e infraestructura de RGA en 2022 incluyeron:

• Gasto de tecnología total: $ 187.3 millones
• Presupuesto de modernización de infraestructura de TI: $ 62.5 millones
• Inversiones de ciberseguridad: $ 24.6 millones

Adquisición y desarrollo del talento

Gasto de recursos humanos	Cantidad (en millones)
Compensación total de empleados	$842.1
Capacitación y desarrollo	$15.7
Costos de reclutamiento	$6.3

Gastos de cumplimiento regulatorio

Costos relacionados con el cumplimiento para 2022:

• Gastos de cumplimiento regulatorio total: $ 53.4 millones
• Salarios del personal legal y de cumplimiento: $ 22.6 millones
• Consultoría de cumplimiento externo: $ 8.7 millones

Iniciativas de investigación y desarrollo

Categoría de inversión de I + D	Cantidad (en millones)
Gastos totales de I + D	$41.2
Innovación de productos	$27.5
Investigación de análisis de datos	$13.7

Reinsurance Group of America, Incorporated (RGA) - Modelo de negocios: flujos de ingresos

Primas de reaseguro

Para el año fiscal 2022, RGA informó $ 13.3 mil millones En primas netas. Estas primas se generan a partir de los contratos de reaseguro de la vida y la vida mundial en múltiples segmentos geográficos.

Segmento geográfico	Ingresos premium (2022)
Estados Unidos y Canadá	$ 6.2 mil millones
Europa, Medio Oriente y África	$ 3.1 mil millones
Asia Pacífico	$ 2.7 mil millones
América Latina	$ 1.3 mil millones

Tarifas de transferencia de riesgos

RGA genera tarifas de transferencia de riesgos a través de arreglos de reaseguro especializados. En 2022, estas tarifas representaron aproximadamente $ 287 millones de ingresos adicionales.

Ingresos de inversión

Los ingresos por inversiones son un flujo de ingresos crítico para RGA. En 2022, la compañía informó $ 1.1 mil millones en ingresos de inversión netos.

Categoría de inversión	Ingresos (2022)
Valores de vencimiento fijo	$ 825 millones
Valores de renta variable	$ 165 millones
Otras inversiones	$ 110 millones

Servicios de asesoramiento y consultoría

RGA ofrece servicios de asesoramiento especializados a compañías de seguros. Estos servicios generados $ 78 millones en ingresos durante 2022.

• Consultoría de evaluación de riesgos
• Desarrollo de la estrategia de suscripción
• Soporte de diseño de productos

Comisiones basadas en el rendimiento

Comisiones basadas en el desempeño contribuido $ 42 millones a los ingresos de RGA en 2022, derivados de los resultados exitosos de gestión de riesgos y suscripción.

Tipo de comisión	Cantidad (2022)
Gestión de riesgos de mortalidad	$ 25 millones
Gestión de riesgos de longevidad	$ 17 millones

Reinsurance Group of America, Incorporated (RGA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why primary insurers choose Reinsurance Group of America, Incorporated (RGA) to offload risk. It boils down to scale, security, and specialized execution.

Comprehensive risk transfer for life, health, and longevity products

Reinsurance Group of America, Incorporated (RGA) offers the capacity to take on massive blocks of risk, which is a key value proposition for large ceding companies. This is not just theoretical; you see it in the execution of major deals.

• Reinsurance Group of America, Incorporated (RGA) held approximately $4.0 trillion of life reinsurance in force as of March 31, 2025.
• The company reinsured 75% of a diversified block of life insurance products from Equitable Holdings, Inc., totaling $32 billion of statutory reserves, which closed on July 31, 2025.
• The global reinsurance sector is forecast to expand to approximately $696 billion in 2025, with life and health lines driving a substantial part of that growth.
• In Q3 2025, Reinsurance Group of America, Incorporated (RGA) deployed $1.7 billion into in-force transactions.

Capital management and balance sheet optimization solutions

Reinsurance Group of America, Incorporated (RGA) helps partners manage their regulatory and economic capital requirements. They use their own strong balance sheet to facilitate these deals, which is a direct financial benefit to the client.

Here's a look at the capital position supporting these solutions as of mid-to-late 2025:

Metric	Value/Date	Context
Assets	$133.5 billion (as of June 30, 2025)	Scale of balance sheet supporting risk assumption.
Estimated Excess Capital (Pro Forma Equitable)	$2.3 billion (as of Q2/Q3 2025)	Capital above internal, regulatory, and rating agency requirements.
Estimated Deployable Capital	$3.4 billion (as of Q2 2025)	Capital available for new transactions or shareholder returns.
Trailing-Twelve-Month Adjusted Operating ROE	14.3% (as of Q2 2025)	Measure of profitability on capital base.
Book Value Per Share (Excluding AOCI/Derivatives)	$159.83 (as of Q3 2025)	Underlying book value metric.

The Equitable transaction alone is expected to contribute approximately $200 million per annum in pre-tax operating income by 2027.

Access to global underwriting expertise and diversified capacity

Reinsurance Group of America, Incorporated (RGA) is positioned as the only global reinsurer exclusively dedicated to life and health, which means their expertise is concentrated. This focus allows them to execute complex deals, like the one with Equitable Holdings, which involved a mix of traditional and asset-intensive businesses. The company operates across the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia.

Innovative product development for underserved markets, like seniors

Reinsurance Group of America, Incorporated (RGA)'s expertise supports the development of new products across regions. For instance, in Q1 2025, Reinsurance Group of America, Incorporated (RGA) noted emerging developments in fertility-related insurance and multi-generational benefits. The company also publishes research on mortality trends, such as expecting GLP-1s to reduce US mortality by 3.5% over the next 20 years (as of November 2025 research).

Stability and financial strength as a large, respected global reinsurer

Financial strength ratings are a direct measure of the ability to meet obligations. Reinsurance Group of America, Incorporated (RGA)'s core operating companies maintain very strong ratings, which is a bedrock value proposition.

The company broke into the top 200 of the Fortune 500 ranking, landing at number #196 on the 2025 list.

You can see the specific ratings below, all affirmed with stable outlooks as of February 2025:

Rating Agency	Insurer Financial Strength Rating (Core Operating Companies)	Senior Debt Rating (Holding Company)
S&P Global Ratings	AA- (Very Strong)	A
A.M. Best Company	A+ (Superior)	a- (Excellent)
Moody's Investors Service	A1 (Good)	Baa1 (Medium)

Capital adequacy after the Equitable transaction is expected to remain at least at the 99.95% confidence level.

Reinsurance Group of America, Incorporated (RGA) - Canvas Business Model: Customer Relationships

You're looking at how Reinsurance Group of America, Incorporated (RGA) manages the relationships that form the backbone of its business. This isn't about selling to individuals; it's about deep, specialized partnerships with other insurers.

Dedicated account management for long-standing client relationships

RGA primarily services the largest life insurance companies globally. The relationship model is built on longevity and trust, which is critical when managing risks measured in trillions. As of December 31, 2024, RGA held approximately $3.9 trillion of life reinsurance in force. The company provides reinsurance products to these major entities, and in 2024, the top five clients accounted for significant portions of gross premiums and other revenues across various regions. This suggests a high degree of concentration and reliance on dedicated, high-touch service for these core partners.

B2B relationship model, not direct-to-consumer

Reinsurance Group of America, Incorporated (RGA) operates strictly on a business-to-business (B2B) model. Its primary customers are life and health insurance companies seeking to manage risk exposure and optimize capital. RGA's client segments include large U.S. life insurance companies and insurers operating in diverse international markets. This focus means relationship management is centered on institutional needs, regulatory alignment, and complex financial structuring, rather than consumer marketing.

Consultative and solution-oriented approach (Creation Re)

The core of RGA's client engagement is its Creation Re strategy, a framework driven by biometric innovation and strategic capital deployment. This approach positions RGA as a solutions provider, not just a risk absorber. The company's expertise in life and health risk, underpinned by advanced analytics, allows it to generate more favorable underwriting results, evidenced by a $196 million financial impact from favorable biometric claims experience in Q1 2025. RGA's commitment to innovation is recognized; for the 13th consecutive year, RGA was ranked #1 in product innovation by insurers on NMG Consulting's 2024 Global Life & Health Reinsurance Study.

The success of this consultative model is visible in major transactions. For example, the $32 billion reinsurance agreement with Equitable Holdings, Inc., which reinsures 75% of Equitable's life insurance liabilities, exemplifies this focus on high-quality, long-term risk solutions. This specific deal was expected to contribute approximately $70 million in pre-tax operating income for Reinsurance Group of America, Incorporated (RGA) in 2025.

High-touch, expert-driven engagement to co-create products

RGA emphasizes a partnership mindset, working with clients to bring product ideas to life. This involves high-touch engagement where RGA brings global perspective and local market insight to improve risk management for its partners. The company's proven approach to product innovation is replicable, offering support from end-to-end, including marketability and feasibility assessments. RGA has successfully launched hundreds of products across various business lines and markets. The success with exclusive client arrangements is a direct indicator of this co-creation strength, with new business remaining strong in Q3 2025.

Here's a look at some key metrics reflecting the scale and performance tied to these client relationships as of mid-to-late 2025:

Metric	Value / Date Context	Source Reference
Life Reinsurance In Force	$4.0 trillion (As of March 31, 2025)
Total Assets	$128.2 billion (As of March 31, 2025)
Q3 2025 Adjusted EPS	$6.37
Q3 2025 Book Value Per Share	$197.52
Q1 2025 Favorable Biometric Impact	$58 million (Economic Value)
Equitable Transaction Pre-Tax Income (2025 Est.)	~$70 million

The relationship strategy is clearly tied to superior execution, as shown by the company's ranking at #196 on the 2025 Fortune 500 list, moving up 27 positions from 2024.

• Focus on life and health reinsurance exclusively.
• Leverage one of the world's largest proprietary mortality databases.
• Achieve strong premium growth, with traditional business premium growth reaching 11.2% year-to-date (constant currency context).
• Deploy capital into in-force transactions, with $418 million deployed in Q1 2025.
• Benefit from earnings diversity across global platforms.

Finance: draft 13-week cash view by Friday.

Reinsurance Group of America, Incorporated (RGA) - Canvas Business Model: Channels

Direct sales force and relationship teams with ceding companies form the core interaction point for Reinsurance Group of America, Incorporated (RGA) business, facilitating the reinsurance arrangements where the ceding company transfers risk to Reinsurance Group of America, Incorporated (RGA).

Reinsurance Group of America, Incorporated (RGA) maintains a global network of offices to support its operations across EMEA, Asia Pacific, and the Americas.

The company's operational segments are geographically defined as U.S. and Latin America; Canada; Europe, Middle East and Africa ("EMEA"); and Asia Pacific, alongside Corporate and Other.

Recent expansion in late 2025 included the opening of Reinsurance Group of America, Incorporated (RGA)'s first New York City office at Park Avenue Tower on November 4, 2025.

Other known U.S. office locations include Chesterfield, MO (Global Headquarters), Chicago, Denver, Kansas City, Los Angeles, and Phoenix.

Subsidiaries and locations also include operations in Canada and Barbados.

Geographic Segment	Known Office/Subsidiary Presence	Contextual Financial Metric (as of Q3 2025)
Americas (U.S. & Latin America)	Chesterfield, MO (HQ); New York, NY; Chicago, IL; Denver, CO; Kansas City, MO; Los Angeles, CA; Phoenix, AZ	Estimated Deployable Capital: $3.4 billion
Canada	RGA International Corporation	Life Reinsurance in Force: Approx. $4.3 trillion
EMEA	Operations supported by global structure	Adjusted Operating Income (excl. notable items) Q3 2025: $424 million
Asia Pacific	Operations supported by global structure	Total Assets: $152.0 billion (as of September 30, 2025)

The client portal, RGA Central, serves as a single point of access for ceding companies to use exclusive applications and insights.

The portal provides access to various resources:

• Training materials, research, and webinars.
• Global Underwriting Manual with over 800 medical impairments.
• Global Claims Manual / Guide with country-specific overseas death claims risk management tools.
• Fraud prevention tools and calculators.
• Aura Next for data-driven underwriting decisions.

Industry conferences and thought leadership publications channel Reinsurance Group of America, Incorporated (RGA)'s expertise to the broader market.

Reinsurance Group of America, Incorporated (RGA) published research in 2025, such as the November 2025 paper projecting GLP-1s to reduce U.S. Mortality by 3.5% over the next 20 years.

The company sponsored the RGA Leaders of Tomorrow Class of 2025, with select participants presenting at the IIS Global Insurance Forum in October 2025.

The company monitors and reports on product trends quarterly, with publications like the Q1 2025 Product Trends newsletter summarizing global life and health insurance launches.

For Q3 2025, net income available to shareholders was $253 million.

Reinsurance Group of America, Incorporated (RGA) - Canvas Business Model: Customer Segments

Primary life and health insurance companies worldwide are the core clientele for Reinsurance Group of America, Incorporated (RGA). As of June 30, 2025, RGA had approximately $4.1 trillion of life reinsurance in force globally. The company's total assets stood at $133.5 billion as of the same date.

Insurers seeking large-scale longevity and pension risk transfer (PRT) solutions represent a key segment. RGA executed its largest PRT transaction to date in March 2024, settling approximately $5.9 billion of pension liabilities in the US market. Furthermore, in 2024, RGA closed a landmark transaction in Japan to reinsure an approximate $4 billion in-force block of individual life annuities through coinsurance.

Ceding companies needing capital relief fall under RGA's Financial Solutions clients. The previously disclosed transaction with Equitable Holdings involved RGA reinsuring $32 billion of a diversified mix of life insurance products. This transaction is expected to contribute approximately $70 million pre-tax in 2025. Year-to-date through the third quarter of 2025, RGA deployed $2.4 billion of capital into in-force transactions, including $1.5 billion for the Equitable deal and $900 million across over 20 other deals globally. As of the end of the third quarter of 2025, RGA reported estimated excess capital of $2.3 billion and estimated deployable capital of $3.4 billion.

Group and individual life insurers in the U.S. and international markets drive the traditional business. Consolidated net premiums for the third quarter of 2025 totaled $4.3 billion. For the first three quarters of 2025, traditional business premiums were up 8.5% year-to-date on a constant currency basis. RGA operates across several geographic segments, including U.S. and Latin America, Canada, Europe, Middle East and Africa (EMEA), and Asia Pacific. The company was ranked #196 on the 2025 Fortune 500 list.

Metric	Amount/Value	Date/Period
Life Reinsurance In Force	$4.1 trillion	June 30, 2025
Total Assets	$133.5 billion	June 30, 2025
Consolidated Net Premiums	$4.3 billion	Q3 2025
Net Income Available to Shareholders	$253 million	Q3 2025
Estimated Excess Capital	$2.3 billion	End of Q3 2025
Estimated Deployable Capital	$3.4 billion	End of Q3 2025
Equitable Transaction Reinsured Liabilities	$32 billion	Announced/Closed 2025

The customer base is served through various business lines:

• Traditional Reinsurance: For individual life, group life, health, disability, and critical illness products.
• Financial Solutions: For capital management and portfolio optimization needs.
• Longevity Risk Transfer: Solutions for pension plan de-risking.

The U.S. Financial Solutions business saw a contribution of approximately $280 million in net premiums from a single premium pension transfer transaction in the prior-year quarter to Q2 2025.

Reinsurance Group of America, Incorporated (RGA) - Canvas Business Model: Cost Structure

You're looking at the core outflows that fund Reinsurance Group of America, Incorporated's (RGA) operations, which is key to understanding their profitability levers. The cost structure is dominated by policyholder obligations, which makes claims volatility a defintely factor in any given period.

Claims and benefits paid to ceding companies represent the largest component of Reinsurance Group of America, Incorporated's costs. These are the indemnities paid out under the reinsurance treaties they assume. Claims volatility is a significant risk here, as seen when management noted unfavorable claims experience in the U.S. traditional segment impacting Q3 2025 results, even though individual life claims were called 'normal volatility.'

Acquisition costs for new business and in-force transactions are the expenses incurred to secure new reinsurance treaties and manage existing blocks, like the large transaction with subsidiaries of Equitable Holdings, Inc. These costs include commissions and other expenses directly related to putting that business on the books. Reinsurance Group of America, Incorporated deployed approximately $1.7 billion of capital into in-force block transactions in the third quarter of 2025 alone, including $1.5 billion for the Equitable transaction, which drives associated acquisition and integration costs.

Operating expenses for global staff and technology infrastructure cover the fixed and variable overhead necessary to manage a global reinsurance operation. This includes everything from underwriting and actuarial teams to the core IT systems supporting Reinsurance Group of America, Incorporated's $3.9 trillion of life reinsurance in force as of December 31, 2024.

Interest expense on debt is the cost of servicing the capital structure used to support the business, including the recent issuance to fund major transactions. Reinsurance Group of America, Incorporated priced an aggregate principal amount of $700 million of 6.650% Fixed-Rate Reset Subordinated Debentures due 2055 in February 2025, specifically to help fund obligations related to the Equitable Reinsurance Transaction. The annual interest on just this new issuance is approximately $46.55 million (6.650% of $700 million).

Here's a look at the magnitude of these key cost elements based on the latest available figures, which are the Trailing Twelve Months (TTM) ending September 30, 2025, unless otherwise noted. These figures are in millions of U.S. Dollars.

Cost Component	Amount (Millions USD)	Period/Notes
Claims and Benefits Paid (Policy Benefits)	17,625	TTM ending Sep 30, 2025
Policy Acquisition & Underwriting Costs	1,732	TTM ending Sep 30, 2025
Other Operating Expenses	1,278	TTM ending Sep 30, 2025
Total Interest Expense	354	TTM ending Sep 30, 2025
Interest Expense on $700M Debenture (Annualized)	46.55	Based on 6.650% coupon, issued March 2025

You can see how the policy benefits dwarf the other operating costs. The management focus is definitely on controlling claims experience and deploying capital efficiently to generate returns that significantly outpace these fixed and variable outflows.

• Claims volatility is the primary driver of cost variance.
• Acquisition costs reflect new business momentum, like the Equitable deal.
• Operating expenses are managed against global scale.
• Interest expense reflects strategic financing decisions.

Finance: draft 13-week cash view by Friday.

Reinsurance Group of America, Incorporated (RGA) - Canvas Business Model: Revenue Streams

You're looking at how Reinsurance Group of America, Incorporated (RGA) brings in the money, and the numbers from the second quarter of 2025 tell a clear story about their core operations and recent strategic moves.

The biggest piece comes from Net premiums earned from traditional life and health reinsurance. For the second quarter of 2025, consolidated net premiums hit \$4.2 billion, which was a 5.9% increase over the same period last year. You should note that the prior-year quarter included about \$280 million from a single premium pension transfer transaction in the U.S. Financial Solutions business, so the organic growth in the traditional book is solid. Also, RGA reported that Traditional Business Premium Growth was up 11% year-to-date on a constant currency basis.

Next up is the Investment income generated from the asset portfolio. This is a major driver. For Q2 2025, total net investment income across all segments was \$1.41 billion, beating the five-analyst average estimate of \$1.22 billion. Investment income, when you look at the non-spread businesses specifically, jumped 36.5% year-over-year, thanks to higher average invested assets and better new money rates. The average investment yield for the quarter settled at 5.31%, up from 4.65% the year before. Variable investment income was particularly strong that quarter, coming in at \$105 million.

Then we look at Fees and income from Financial Solutions transactions and capital deals. This segment is about deploying capital into specific transactions, like Pension Risk Transfer (PRT) deals. For the U.S. and Latin America Financial Solutions segment in Q2 2025, net investment income alone was \$371 million, and Other Revenues were \$53 million. RGA deployed \$276 million into in force transactions during the quarter, showing active deal-making. As of the end of Q2 2025, their estimated excess capital stood at \$3.8 billion, giving them plenty of firepower for these deals.

Here's a quick look at some key Q2 2025 revenue-related metrics to put this in perspective:

Metric	Amount (Q2 2025)
Consolidated Net Premiums	\$4.2 billion
Total Net Investment Income (All Segments)	\$1.41 billion
Pretax Adjusted Operating Income (Quarterly)	\$421 million
Variable Investment Income (Quarterly)	\$105 million
Total Assets (as of June 30, 2025)	\$133.5 billion

Finally, the strategic impact from the Equitable transaction is starting to flow. RGA closed this life block reinsurance deal effective April 1, 2025. The company expects this transaction to contribute approximately \$70 million of adjusted operating income before taxes for the full year 2025. To be fair, the Q2 earnings on that block, which were about \$30 million, will be deferred and recognized in the second half of 2025. Looking ahead, RGA projects this deal will contribute \$160-\$170 million in 2026, ramping up to roughly \$200 million annually by 2027.

• Net premiums from traditional life and health reinsurance: \$4.2 billion (Q2 2025).
• Total net investment income: \$1.41 billion (Q2 2025).
• Average investment yield: 5.31% (Q2 2025).
• Expected pretax income from Equitable transaction in 2025: ~\$70 million.
• Capital deployed into in-force transactions (Q2 2025): \$276 million.