It’s uncommon to be provided an enormous promotion and switch it down, however it’s even rarer to warn superiors you don’t really feel ready for the function and be appointed anyway.
But that’s exactly what occurred to Reinsurance Group of America boss, Tony Cheng, in his early years with the enterprise. Cheng has labored his method up the ranks of RGA over the previous three many years, serving to develop the corporate to its present place of $3.9 trillion of reinsurance masking energetic policyholders.
In 2025, RGA introduced a landmark $1.5 billion cope with Equitable to reinsure $32 billion value of life insurance coverage insurance policies, securing its place as an trade chief and anticipated to spice up earnings for quarters come.
Sitting down for an unique interview with Fortune this summer season, Cheng mirrored on that all-important promotion to CEO, and the worth of staying humble even within the C-suite.
The next has been condensed and edited for readability.
Tony, in an period the place job-hopping is commonly seen because the quick monitor to profession development, you’ve chosen a distinct tactic—working up by RGA since 1997. The place did your work ethic come from, and what’s impressed your long-standing dedication to the corporate?
I used to be born in Hong Kong, and my dad and mom—each lecturers—felt for the way forward for their 4 youngsters (of which I used to be the youngest) Australia would offer the Western training they needed. So I grew up in Australia from 9 months to the age of 20 and didn’t journey abroad a lot.
My dad and mom labored extremely exhausting. Mother taken care of the 4 youngsters and Dad sadly had to surrender his love for educating as a result of it simply wouldn’t pay the payments. Finally they opened up small companies after which we, the 4 youngsters, on the weekend would go work there—12 hour days—and didn’t suppose in any other case. That basically bred within the sacrifice of the dad and mom, the exhausting work, all issues I’d want to cross onto my youngsters.
Rising up as many people in a Western nation however very Asian household do, I feel I went to Asia as soon as in my life, so [I took] a possibility to hitch RGA in 1997 in Malaysia.
Between 1999 and 2002 you returned to the States to earn an MBA whereas working for RGA, earlier than leaving to move up the Hong Kong workplace. If you arrived, you had a crew of 10. The Asia Pacific area now has greater than 1,000 workers and revenues of $4 billion. Are there untapped profession alternatives in rising markets versus progressing in established areas?
We had a really small operation, however we had been truly masking about 500 million individuals. It was Hong Kong and Southeast Asia so Malaysia, Thailand, all these international locations. I went there because the actuary, and a 12 months and a half later they promoted me to be the CEO of that enterprise. It was daunting, proper?
The primary time I used to be requested to take it by my boss, I form of mentioned, ‘No, I’m too younger.’ On the time I used to be 29. He ignored that.
The equation in my thoughts was I’ve most likely acquired a ten% likelihood of success—and that might be nice—or a 90% likelihood of failure, however hey, I’m gonna be taught a hell of loads. I had no mortgage, no youngsters, so simply needed to be taught. Perhaps that intuition, that want and drive to continue learning was from my dad and mom being lecturers.
In its newest monetary outcomes RGA reported revenues of $22.1 billion. How has the start-up mentality you realized in Asia helped develop the enterprise globally?
We constructed that enterprise up with unbelievable exhausting work. I’d joke internally that when each month or so pest management would are available in, and that meant we might go house at 5 o’clock as a result of what else had been we going to do with ourselves? That was the spirit. Within the early days, you resolve issues. I’d say to the crew: ‘Let’s simply attempt. We all know it’s actually exhausting, however let’s simply attempt.’
Within the U.S., individuals normally don’t create new merchandise or create new issues as a result of the market’s so massive, loads of it’s already performed out and it’s been created. Any good concept has been considered, and that’s really okay.
It’s truly extra connecting the dots within the U.S., however with a drive to not simply decide on: ‘Hey, right here’s the market, we wish a share of it’ it’s a drive to create new issues or a brand new mixture of issues in order that we [can] enhance the pie and share in that better worth creation. That’s all the time been within the firm spirit, it was simply actually about bringing that out once more to the forefront.
Like loads of different Fortune 500 CEOs we converse to, you clearly have a love for studying. In a world the place AI is predicted to disrupt the labor market, what are the talents you’re in search of in new expertise?
I can solely consider what I counsel my son, who’s in his second 12 months of faculty. Because the youthful technology already is aware of, AI is gonna speed up, and subsequently primary they’ve completely acquired to have the ability to use it and companion with it.
Finally AI, one would suppose, is gonna exchange no matter is mathematically simpler to interchange. Had a dialog at one of many city halls with some danger professionals within the U.S. final week and I mentioned all these tender expertise actually matter, you’ve nonetheless acquired to be taught the exhausting expertise, you’ve acquired to know your subject material experience no matter know-how, however more and more all these talents to work together, to speak, to hitch the dots, to have the ability to perceive info, talk it, and simply put these dots collectively is the stuff that’s gonna be clearly tougher for AI to duplicate.
Perhaps it’s going to sooner or later, however you then’ve simply acquired to maintain elevating your self. So, what’s {that a} lesson of? It’s a lesson of frequently adapting, frequently studying, a bit like a sports activities particular person. Once they’ve misplaced their ardour to play and battle, it’s time to retire.
For me, once I’ve misplaced that keenness to be taught and develop, you’re most likely not gonna give it your full go, therefore perhaps the training actually simply retains me going. It’s not like I ever mentioned, ‘Hey, I need to be the CEO of the corporate.’ I used to be so distant, I simply needed to be handled proper and benefit from the journey and the expansion,
So the lesson to people is you’ve simply acquired to continue learning, you’ve acquired to be humble. For those who’re not humble, you’re not gonna take heed to your self or your failings, you’re gonna blame them on one thing else versus, ‘Effectively, what was my function in that?’ so I can be taught.
