RGA's 2025 $1.5B Deal with Equitable Reinforces Market Dominance as CEO Tony Cheng Champions Humility and Growth

Tony Cheng, CEO of Reinsurance Group of America (RGA), a Fortune 500 company with 4,100 employees and $22.1 billion in annual revenue, once resisted a promotion to CEO in his late 20s. Despite his initial reluctance, his superiors appointed him anyway, recognizing his potential to lead. Now, three decades into his career, Cheng attributes his success to humility, a commitment to learning, and a willingness to embrace challenges. His journey—from joining RGA in 1997 to spearheading its expansion in Asia and beyond—has positioned the firm as a global leader in reinsurance, managing $3.9 trillion in coverage for active policyholders. In 2025, RGA secured a landmark $1.5 billion deal with Equitable to reinsure $32 billion worth of life insurance policies, reinforcing its market dominance [1].

Cheng’s career began in Malaysia, where he rose to CEO of RGA’s Hong Kong and Southeast Asia operations at age 29, leading a team that grew from 10 to over 1,000 employees and generated $4 billion in revenue. His early leadership experience, marked by a "start-up mentality," involved solving complex problems with limited resources. He recalls joking about pest control visits as a sign of the team’s relentless work ethic. This approach, he argues, has been critical to RGA’s global growth. "It’s not just about taking a share of the market in the U.S.," he explains. "It’s about creating new value by connecting dots and innovating."

Cheng’s philosophy extends to his advice for young professionals. In an interview with Fortune, he emphasized humility and continuous learning as essential traits for career longevity. "If you’re not humble, you won’t listen to your failings," he said. "Stay open to growth, like a sports person who keeps adapting." His perspective is shaped by his upbringing in Australia, where his parents’ dedication to hard work and education instilled a mindset of perseverance. "I was raised in a family that prioritized sacrifice and learning," he noted. "That’s what I want to pass on to my kids."

The CEO’s insights carry weight in an era of rapid technological change. RGA, now navigating the rise of AI, prioritizes skills that complement automation. Cheng stresses the importance of soft skills—communication, problem-solving, and adaptability—as critical differentiators in an AI-driven economy. "AI will replace tasks that are mathematically easier," he said. "But the ability to interact, synthesize information, and build relationships is harder to replicate. That’s where human value lies."

RGA’s strategic focus on emerging markets, particularly in Asia, underscores the potential for growth in regions often overlooked by established firms. When Cheng joined RGA’s Hong Kong office, it served 500 million people but now operates in 25 countries. His experience highlights how emerging markets can offer untapped opportunities for career advancement and innovation. "The spirit of the early days—trying, failing, and learning—has always driven us," he said.

As RGA continues to expand, Cheng’s leadership style—rooted in humility and a long-term vision—offers a blueprint for navigating the challenges of a dynamic global economy. His refusal to accept a promotion at 29, despite being pushed by his superiors, reflects a rare blend of self-awareness and ambition. "I didn’t think I was ready," he admitted. "But the chance to learn was worth the risk."

Source: [1] [In his 20s, the boss of this 4,100-employee Fortune 500 company tried to refuse a promotion to CEO—his advice to new grads is stay ‘humble’] [https://fortune.com/article/rga-boss-22-billion-fortune-500-company-turn-down-promotion-ceo-advice-new-grads-stay-humble/]