RGA EXPANDS BUSINESS IN ASIA

South Korea now represents the fifth largest market for the Reinsurance Group of America, it said yesterday. The life reinsurance giant report second quarter net profits from its combined Asia Pacific operations of $21.3m, up 36.5% on the previous year. According to Greig Woodring, RGA’s president and chief executive claims experience in its three largest markets in the region – Australia, Japan and South Korea – had been favourable. He added: “South Korea in particular reported strong premiums as our efforts in this emerging reinsurance market continue to produce excellent results.” And Woodring noted that based on net premiums, South Korea was its fifth largest market so far this year, behind the US, UK, Canada and Australia.