The agreement will offer RGA approximately 170,000 term level life insurance policies.
Subject to concerned regulatory approvals and other customary closing conditions, the transaction is likely to close during the fourth quarter of 2014.
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RGA president and CEO Greig Woodring said: "This transaction leverages RGA’s deep expertise and understanding of the U.S. mortality market, and aligns well with our disciplined global acquisitions strategy.
"We are pleased to further strengthen our long-term customer relationship with Voya Financial through this transaction."
Chesterfield-based RGA, which operates as one of the largest life reinsurance firms, reported a second-quarter profit of $198.3m on revenue of $2.83bn.
The company delivers living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, and facultative underwriting and product development services.
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