In an ever-changing life insurance landscape, RGA endeavors to bring fresh and innovative ideas to our clients to help keep pace with changes in the life insurance environment as well as strategic, operational, and customer needs.
RGA is at the forefront of the push to explore and exploit disruptive opportunities via innovation. Partnering with RGA means access to innovation and thought leadership that ties in with growth and sustainability.
The Insurance (Prudential Supervision) Act 2010 requires RGA Reinsurance Company of Australia Limited (“RGAA”) to maintain a solvency margin. Under an exemption granted by the Reserve Bank of New Zealand, this solvency margin is to be calculated in accordance with the Australian equivalent of the solvency requirements and for the statutory fund containing the life insurance business carried on in New Zealand (all of the New Zealand business is included in RGAA Statutory Fund No. 2).
As of 31 December 2023, the Prescribed Capital Amount (“PCA”) required to be held by RGAA Statutory Fund No. 2 under the Australian capital standards was NZ$16.6m. The capital available to meet this requirement was NZ$64.2m, which was NZ$47.7m in excess of the PCA. The Australian equivalent of the solvency margin was therefore AU$44.2m. The available capital was 3.87 times the PCA.
The above amounts are based on unaudited returns to the Australian regulator effective 31 December 2023