RGA extends coinsurance contract by KRW 150bn with Tongyang Life Insurance

Reinsurance Group of America (RGA) and Tongyang Life Insurance Company have agreed to increase coverage of an existing 200 billion Korean Won (KRW) coinsurance contract, originally executed in June 2024.

Under the new arrangement, coverage is expanded by an additional KRW 150 billion. The original agreement of in-force block of life policies through coinsurance marked RGA’s first cross-jurisdictional coinsurance transaction in South Korea.

Gaston Nossiter, Senior Vice President, Head of Asia Pacific, Global Financial Solutions, RGA, commented: “RGA is thrilled to build upon our valued partnership with Tongyang Life through the expansion of this coinsurance agreement.

“This milestone transaction underscores our commitment to delivering customised asset-intensive solutions that address the unique financial objectives and customer needs of insurers in the Asia-Pacific region.

“By leveraging our extensive local market knowledge combined with global best practices, we can support Tongyang Life’s long-term goals within the current economic and regulatory landscape.”

Moon-Koo Lee, Chief Executive Officer, Tongyang Life, added: “The expansion of our coinsurance agreement with RGA allows us to respond to the increasing capital management requirements for insurers in the market.

“Through our strong partnership with RGA, we can continue to implement advanced capital management measures to protect policyholders in the future.”

RGA completed its first asset-intensive transaction in Asia in 1996, and since then has successfully executed numerous coinsurance transactions across the Asia Pacific region.

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