AM Best data highlights strong life reinsurer performance in 2024

Reinsurance Group of America (RGA) is the world’s largest reinsurer focused solely on life reinsurance and ranks third overall among companies that also write non-life reinsurance, based on AM Best’s full-year 2024 data for firms reporting under non-IFRS 17.

, RGA rose from fourth place in 2023 to third in 2024 by gross premiums written, reaching $15.6 billion compared with $14.3 billion the year prior.

While RGA’s premiums increased year over year, Swiss Re’s shift from non-IFRS 17 to IFRS 17 reporting was a key factor in its move up the rankings. As a result, , surpassing Munich Re at year-end 2024.

It is important to note that Berkshire Hathaway Inc., , and Lloyd’s, which ranks second, as well as the big for European reinsurers, all write life and non-life reinsurance. Whereas, among pure life reinsurers, RGA remains in the leading spot.

Canada Life Re, predominantly a life reinsurer but also offering P&C solutions, reported $3.4 billion in revenue in 2024, placing it eighth among IFRS 17 reporters. In 2023, the firm’s revenue hit $3.6 billion, putting it in seventh place for IFRS 17 reporters.

Meanwhile, pure life reinsurer Pacific LifeCorp held steady in 14th place among non-IFRS 17 reporters, with total premiums of $2.8 billion in 2024, down from $3.2 billion in 2023.

Our is based on AM Best research and ranks companies according to full-year 2024 performance.