˿ƵAPP Announces 200 Billion KRW Transaction with Tongyang Life, the First Cross-Jurisdictional Coinsurance Transaction in South Korea
SEOUL, South Korea, July 2, 2024 – Reinsurance Group of America, Incorporated (NYSE: ˿ƵAPP), a leading global life and health reinsurer, today announced it has reached an agreement with Tongyang Life Insurance Company, Ltd. (Tongyang Life) for an ˿ƵAPP subsidiary to reinsure a 200 billion KRW in-force block of life policies through coinsurance. This is the first cross-jurisdictional coinsurance transaction in South Korea.
“We are excited to be a strategic partner with Tongyang Life in achieving this significant milestone in the Asia-Pacific market,” said Gaston Nossiter, Senior Vice President, Head of Asia Pacific, Global Financial Solutions, ˿ƵAPP. “In transactions such as this, ˿ƵAPP brings a deep understanding of our clients’ financial and customer needs, leveraging our extensive knowledge of local markets and global best practices, to support insurers’ long-term objectives in the current economic and regulatory environment.”
“We are pleased to collaborate with ˿ƵAPP based on its strong track record in asset-intensive solutions in the region and strong understanding of the local market,” said Moon-Koo Lee, CEO, Tongyang Life. “This proactive coinsurance agreement helps Tongyang Life facilitate stable capital management and financial soundness amid an uncertain financial environment.”
˿ƵAPP 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. ˿ƵAPP 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.
Additional terms of the transaction are not being disclosed.
About ˿ƵAPP
Reinsurance Group of America, Incorporated (NYSE: ˿ƵAPP) 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, ˿ƵAPP 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, ˿ƵAPP empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. ˿ƵAPP has approximately $3.7 trillion of life reinsurance in force and assets of $106.0 billion as of March 31, 2024. To learn more about ˿ƵAPP and its businesses, please visit rgare.com or follow ˿ƵAPP on and . Investors can learn more at .