Reinsurance Group of America (RGA) has appointed former Citigroup executive Peter Babej to its board of directors, effective April 1.
The reinsurance giant said Babej's decades of experience across banking, insurance, and Asia-Pacific operations would bolster its global strategy.
RGA president and CEO Tony Cheng said Babej's track record across complex financial institutions made him a natural fit.
"His experience advising and leading financial institutions through periods of transformation, combined with his extensive knowledge of insurance, capital markets, and Asia-Pacific operations, will be a great resource as RGA advances its long-term strategy and pursues opportunities worldwide," Cheng said.
Board chair Stephen O'Hearn said Babej's three decades spanning banking, insurance, and financial advisory would add a global perspective. "He has successfully led organizations through significant strategic initiatives; we are delighted to welcome him to RGA and look forward to benefiting from his insights and counsel," O'Hearn said.
Babej most recently served as chairman and interim head of banking at Citigroup before retiring in 2024. He previously held the role of CEO of Citi Asia Pacific, where he oversaw operations across multiple markets and a workforce of approximately 70,000 employees.
During his time leading the Asia-Pacific division, Babej expanded the firm's institutional and wealth management capabilities across the region. He also served as Citi's global head of financial institutions.
Before joining Citigroup, Babej held senior positions at Deutsche Bank and Lazard, advising on mergers, acquisitions, and capital markets transactions with a focus on financial services, insurance, and reinsurance clients.
He holds a B.A. (summa cum laude) from Princeton University's School of Public and International Affairs, as well as a J.D. and Ph.D. from Harvard University.
The emphasis on Babej's Asia-Pacific credentials is no coincidence. RGA's Asia Pacific segment delivered record adjusted operating income before taxes of $537 million in 2024, its annual review showed, and the region now ranks as the reinsurer's second-largest segment by quarterly premiums.
In the fourth quarter of 2025, the division's pre-tax adjusted operating income surged nearly 60% year on year to $204 million.
The company has also been active in deal-making across the region. In 2024, RGA completed a landmark longevity reinsurance transaction in Japan valued at approximately $4 billion, and in mid-2025 reached separate agreements with Dai-ichi Life and Tokio Marine's Anshin Life to reinsure blocks of reserves and whole life policies.
The board appointment comes as RGA enters 2026 in robust shape. The reinsurer posted a 65% surge in full-year net income to $1.18 billion in 2025, with adjusted operating return on equity reaching 15.7%. The company reported deployable capital of $3.4 billion at year-end.
Babej joins a board that last added a new director in April 2024, when retired Primerica CFO Alison Rand was appointed.
