Reinsurance Group of America, Incorporated (NYSE: RGA) announced today that its subsidiary, RGA Reinsurance Company, has received a preparatory license from the China Insurance Regulatory Commission (CIRC) to operate as a licensed life reinsurance branch in China. The China branch office is expected to begin full operation in one year’s time.
“China is a strategically important market to RGA, and we look forward to working with the CIRC to secure our full branch license,” said Greig Woodring, President and Chief Executive Officer, RGA. “We believe China’s robust economic growth, improved risk and capital management standards, and health and pension systems reform provide a stable, favorable environment for the growth of the life and health reinsurance industry.” Through its existing Beijing Representative Office, RGA Reinsurance Company has maintained a presence in this rapidly developing market since 2005.
“The successful completion of our branch license application will provide us the flexibility to offer a full range of services and support from within China to this very important and rapidly evolving market,” said Jason Ou, Chief Representative, RGA Reinsurance Company Beijing Representative Office. “Through our local team of experienced professionals, RGA looks forward to building upon and strengthening our reinsurance partnerships throughout the Chinese life insurance industry.”
The RGA Reinsurance Company Beijing Representative Office was approved in December 2004, and since then, RGA has continued to build its presence in China. RGA offers the Chinese market global expertise in traditional life reinsurance, facultative underwriting solutions, pricing, product development and distribution solutions, and financial reinsurance. The 2012 Asia Insurance Industry Awards named RGA “Life Reinsurer of the Year”. RGA is recognized as a leader in the Asia reinsurance market, as judged by a recent independent study of Asia Pacific life insurers conducted by NMG Consulting.
“We are grateful to the CIRC for their consideration, and for the value they place upon RGA’s ability to support the continued growth of the insurance industry in China,” said Allan O’Bryant, Executive Vice President, Head of International Markets and Operations, RGA. “We have built a solid foundation over the past eight years in the Chinese market upon which we will serve clients. RGA is firmly committed to building lasting partnerships within the Chinese insurance industry, providing innovative product development expertise and reinsurance consulting on a range of underwriting, claims management and actuarial issues.”
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