S&P Assigns ‘AA-” Rating to RGA Int’l. Re

April 29, 2004

Standard & Poor’s Ratings Services announced that it has assigned its “AA-” counterparty credit and financial strength ratings to RGA International Reinsurance Co. Ltd. with a stable outlook.

“The ratings are based on RGA International’s position as a core member of the RGA Reinsurance Co. group (RGA), based in St. Louis, Mo.,” said S&P “RGA has a No. 2 market position in life reinsurance in the U.S. and Canada, as well as strong and rapidly growing positions in several global markets through RGA International and other subsidiaries. The entire RGA group also benefits from its strategic importance to its majority owner, Metropolitan Life Insurance Co. ”

The rating agency added that it expects RGA International “to grow very rapidly through 2006 as production from existing countries is moved onto its books, with continued rapid growth of 15 percent-20 percent thereafter. Capital adequacy will remain strong, supported by capital contributions from the parent and substantial reinsurance to affiliates. Business mix is expected to continue to emphasize proportional mortality reinsurance on an automatic and facultative basis.”

S&P also listed a number of “major rating factors” it had considered.

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