REINSURANCE GROUP OF AMERICA Business Summary

Reinsurance Group of America (RGA) is the world’s largest pure-play life and health reinsurer, generating revenue primarily through reinsurance premiums and fees from specialized financial solutions, bolstered by a substantial investment portfolio. The company operates through five core segments: U.S. and Latin America, Canada, Europe, Middle East and Africa (EMEA), Asia Pacific, and Corporate and Other. RGA's business model is bifurcated into Traditional Reinsurance, which manages mortality, morbidity, and longevity risks, and Financial Solutions, which provides capital-intensive services like pension risk transfers (PRT) and asset-intensive reinsurance. As of early 2026, RGA maintains a dominant market position with over $3.9 trillion of life reinsurance in force, competing directly with global giants Swiss Re, Munich Re, Hannover Re, and SCOR. While these rivals are more diversified across property and casualty lines, RGA differentiates itself through its singular focus on life-related risks and a leading 74% market share within its specific competitive reporting landscape. Originally established in 1973 as the reinsurance division of General American Life Insurance Company, RGA was incorporated as a holding company in 1992 and became fully independent in 2008. The leadership team is currently led by President and CEO Tony Cheng, a 27-year company veteran and Fellow of the Institute of Actuaries of Australia who succeeded Anna Manning in January 2024. The executive suite includes EVP and CFO Axel André, who holds a PhD in Physics from Harvard and previously served as CFO at American Equity and Jackson National, and EVP and CIO Mark Brooks. The board is chaired by Stephen T. O'Hearn, a retired PwC Global Insurance Leader, and features notable independent directors such as Alison Rand (former CFO of Primerica), Shundrawn A. Thomas (founder of The Copia Group), and Pina Albo (CEO of Hamilton Insurance Group). Major institutional investors, including The Vanguard Group and BlackRock, maintain significant stakes, reflecting the company's status as a Fortune 200 mainstay with over $130 billion in assets.