M&A
confidence high
sentiment positive
materiality 0.85
RGA to reinsure 75% of $32B Equitable life block; expects $1.5B capital deployment
REINSURANCE GROUP OF AMERICA INC
- RGA to take 75% quota share of Equitable's in-force life liabilities totaling $32B, including $18B general account and $14B separate account reserves.
- Expects to deploy $1.5B of capital at closing; transaction priced with attractive returns within RGA's target range.
- Expected adjusted operating income before tax: ~$70M in 2025 (mid-year close), $160-$170M in 2026, and ~$200M per annum over time.
- Transaction expected to close in mid-2025, subject to regulatory approvals; RGA plans to issue long-term debt to finance.