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.
In AM Best’s Top Global Reinsurance Groups rankings, 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, Swiss Re now holds the top spot in overall reinsurance revenue, surpassing Munich Re at year-end 2024.
It is important to note that Berkshire Hathaway Inc., which holds the top position for companies reporting under non-IFRS 17, 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.
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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 Top Global Reinsurance Groups directory is based on AM Best research and ranks companies according to full-year 2024 performance.
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