Reinsurance Group of America Reinsures 200 Billion JPY of Statutory Reserves From Dai-ichi Life Insurance Company
TOKYO–(BUSINESS WIRE)–Reinsurance Group of America, Incorporated (NYSE: RGA) a leading global life and health reinsurer, today announced that it reached an agreement with The Dai-ichi Life Insurance Company, Limited to reinsure 200 billion JPY of statutory reserves through coinsurance. The effective date of the transaction was March 31, 2021.
“Following on a transaction we completed with Dai-ichi last year, we are excited to continue to work with them to optimize capital and grow our strong partnership,” said Larry Carson, Executive Vice President, Global Financial Solutions, RGA. “We have a steady pipeline of opportunities available in Japan and across Asia, and we expect continued growth of our asset intensive business in the Asia market.”
Dai-ichi were appreciative of the partnership with RGA, “Our longstanding relationship with RGA made them an ideal partner in this transaction. We were able to tailor a solution to meet our specific needs, and we appreciate RGA’s support as we work to reinforce our balance sheet.”
Additional terms of the transaction are not being disclosed at this time.
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.4 trillion of life reinsurance in force and assets of $84.8 billion as of March 31, 2021. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.
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