Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported fourth quarter net income available to RGA shareholders of $158 million, or $2.37 per diluted share, compared with $291 million, or $4.30 per diluted share, in the prior-year quarter. Adjusted operating income* for the fourth quarter totaled $316 million, or $4.73 per diluted share, compared with $312 million, or $4.60 per diluted share, the year before. Adjusted operating income, excluding notable items* for the fourth quarter, totaled $316 million, or $4.73 per diluted share, compared with $266 million, or $3.91 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.01 per diluted share on net income available to RGA shareholders, and a favorable effect of $0.04 per diluted share on adjusted operating income as compared with the prior year.
|
Quarterly Results |
|
Year-to-Date Results |
||||||||
($ in millions, except per share data) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Net premiums |
$ |
4,108 |
|
$ |
3,446 |
|
$ |
15,085 |
|
$ |
13,078 |
Net income available to RGA shareholders |
|
158 |
|
|
291 |
|
|
902 |
|
|
517 |
Net income available to RGA shareholders per diluted share |
|
2.37 |
|
|
4.30 |
|
|
13.44 |
|
|
7.64 |
Adjusted operating income* |
|
316 |
|
|
312 |
|
|
1,334 |
|
|
927 |
Adjusted operating income, excluding notable items * |
|
316 |
|
|
266 |
|
|
1,334 |
|
|
1,111 |
Adjusted operating income per diluted share* |
|
4.73 |
|
|
4.60 |
|
|
19.88 |
|
|
13.69 |
Adjusted operating income, excluding notable items per diluted share* |
|
4.73 |
|
|
3.91 |
|
|
19.88 |
|
|
16.40 |
Book value per share |
|
138.39 |
|
|
106.19 |
|
|
|
|
||
Book value per share, excluding accumulated other comprehensive income (AOCI)* |
|
144.01 |
|
|
134.26 |
|
|
|
|
||
Total assets |
|
97,623 |
|
|
84,904 |
|
|
|
|
* |
See “Non-GAAP Financial Measures” below |
Full year net income available to RGA shareholders totaled $902 million, or $13.44 per diluted share, compared with $517 million, or $7.64 per diluted share in 2022. Adjusted operating income for the full year totaled $1,334 million, or $19.88 per diluted share, compared with $927 million, or $13.69 per diluted share the year before. Adjusted operating income, excluding notable items for the full year, totaled $1,334 million, or $19.88 per diluted share, compared with $1,111 million, or $16.40 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.18 per diluted share on net income available to RGA shareholders, and $0.21 per diluted share on adjusted operating income as compared with 2022.
In the fourth quarter, consolidated net premiums totaled $4.1 billion, an increase of 19.2% over the 2022 fourth quarter, with a favorable net foreign currency effect of $18 million. Excluding the net foreign currency effect, consolidated net premiums increased 18.7% in the quarter. Net premiums for the quarter include a $500 million contribution from a single premium pension risk transfer transaction in the U.S. Financial Solutions business. For the full year, net premiums totaled $15.1 billion, an increase of 15.3% from 2022, with an adverse net foreign currency effect of $126 million. Excluding the net foreign currency effect, consolidated net premiums increased 16.3% for the full year. Net premiums for the full year include a $1.5 billion contribution from single premium pension risk transfer transactions in the U.S. Financial Solutions business.
Compared with the year-ago period, excluding spread-based businesses, fourth quarter investment income increased 14.8%, reflecting higher yields. For the full year, investment income, excluding spread-based businesses, increased 4.2%, reflecting higher yields. Average investment yield increased to 4.86% in the fourth quarter from 4.45% in the prior-year period due to higher yields. For the full year, average investment yield was flat at 4.68% compared with the prior-year period of 4.69% due to higher yields that were offset by lower variable investment income.
The effective tax rate for the quarter was 2.2% on pre-tax income, below the expected range of 23% to 24%, primarily due to losses in certain higher tax jurisdictions, tax credits and the release of tax liabilities associated with uncertain tax positions. For the full year, the effective tax rate was 21.8% on pre-tax income, below the expected range of 23% to 24%, due to lower than expected income in certain higher tax jurisdictions, tax credits and the release of tax liabilities associated with uncertain tax positions.
The effective tax rate for the quarter was 18.2% on pre-tax adjusted operating income, below the expected range of 23% to 24%, primarily due to losses in higher tax jurisdictions and tax credits. For the full year, the effective tax rate was 21.5% on pre-tax adjusted operating income, below the expected range of 23% to 24%, due to lower than expected income in higher tax jurisdictions and tax credits.
Tony Cheng, President and Chief Executive Officer, commented, “In the quarter, we saw a continuation of the many positive trends that we experienced in the first nine months, and this helped us produce record results for the year. Our Financial Solutions business continued to deliver very strong results across regions and product lines. We continued to see good momentum in organic business activity in the traditional business, and our in-force transactions were especially strong, with $346 million of capital deployed in the quarter. This brought our annual capital deployment into in-force transactions to $933 million, a record for RGA.
“Additionally, we repurchased $50 million of common shares, bringing the full year total to $200 million. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.0 billion. Based on favorable business conditions and RGA's global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time.”
SEGMENT RESULTS
U.S. and Latin America Traditional |
|||||||||||
|
Quarterly Results |
|
Year-to-Date Results |
||||||||
($ in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Net premiums |
$ |
1,912 |
|
$ |
1,778 |
|
$ |
7,023 |
|
$ |
6,590 |
Pre-tax income |
|
30 |
|
|
114 |
|
|
318 |
|
|
195 |
Pre-tax adjusted operating income |
|
25 |
|
|
108 |
|
|
313 |
|
|
147 |
Pre-tax adjusted operating income, excluding notable items |
|
25 |
|
|
108 |
|
|
330 |
|
|
317 |
Quarterly Results
Full Year Results
Financial Solutions |
|||||||||||||
|
Quarterly Results |
|
Year-to-Date Results |
||||||||||
($ in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||
Asset-Intensive: |
|
|
|
|
|
|
|
||||||
Pre-tax income (loss) |
$ |
(140 |
) |
|
$ |
(32 |
) |
|
$ |
89 |
|
$ |
1 |
Pre-tax adjusted operating income |
|
81 |
|
|
|
77 |
|
|
|
370 |
|
|
304 |
Pre-tax adjusted operating income, excluding notable items |
|
81 |
|
|
|
77 |
|
|
|
348 |
|
|
301 |
Capital Solutions: |
|
|
|
|
|
|
|
||||||
Pre-tax income |
$ |
20 |
|
|
$ |
24 |
|
|
$ |
81 |
|
$ |
144 |
Pre-tax adjusted operating income |
|
20 |
|
|
|
24 |
|
|
|
81 |
|
|
144 |
Pre-tax adjusted operating income, excluding notable items |
|
20 |
|
|
|
24 |
|
|
|
81 |
|
|
144 |
Quarterly Results
Full Year Results
Canada Traditional |
|||||||||||
|
Quarterly Results |
|
Year-to-Date Results |
||||||||
($ in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Net premiums |
$ |
311 |
|
$ |
308 |
|
$ |
1,215 |
|
$ |
1,219 |
Pre-tax income |
|
21 |
|
|
50 |
|
|
91 |
|
|
104 |
Pre-tax adjusted operating income |
|
20 |
|
|
47 |
|
|
91 |
|
|
108 |
Pre-tax adjusted operating income, excluding notable items |
|
20 |
|
|
42 |
|
|
104 |
|
|
109 |
Net Premiums
Quarterly Results
Full Year Results
Financial Solutions |
|||||||||||
|
Quarterly Results |
|
Year-to-Date Results |
||||||||
($ in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Pre-tax income |
$ |
6 |
|
$ |
9 |
|
$ |
52 |
|
$ |
31 |
Pre-tax adjusted operating income |
|
6 |
|
|
9 |
|
|
52 |
|
|
31 |
Pre-tax adjusted operating income, excluding notable items |
|
6 |
|
|
9 |
|
|
30 |
|
|
31 |
Quarterly Results
Full Year Results
Europe, Middle East and Africa (EMEA) Traditional |
Quarterly Results |
|
Year-to-Date Results |
|||||||||
($ in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
Net premiums |
$ |
461 |
|
$ |
422 |
|
$ |
1,775 |
|
|
$ |
1,736 |
Pre-tax income (loss) |
|
8 |
|
|
3 |
|
|
(21 |
) |
|
|
46 |
Pre-tax adjusted operating income (loss) |
|
8 |
|
|
3 |
|
|
(20 |
) |
|
|
46 |
Pre-tax adjusted operating income, excluding notable items |
|
8 |
|
|
3 |
|
|
27 |
|
|
|
59 |
Net Premiums
Quarterly Results
Full Year Results
Financial Solutions |
|||||||||||
|
Quarterly Results |
|
Year-to-Date Results |
||||||||
($ in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Pre-tax income |
$ |
106 |
|
$ |
56 |
|
$ |
301 |
|
$ |
182 |
Pre-tax adjusted operating income |
|
112 |
|
|
73 |
|
|
355 |
|
|
244 |
Pre-tax adjusted operating income, excluding notable items |
|
112 |
|
|
59 |
|
|
321 |
|
|
230 |
Quarterly Results
Full Year Results
Asia Pacific Traditional |
|||||||||||
|
Quarterly Results |
|
Year-to-Date Results |
||||||||
($ in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Net premiums |
$ |
709 |
|
$ |
700 |
|
$ |
2,785 |
|
$ |
2,650 |
Pre-tax income |
|
70 |
|
|
100 |
|
|
372 |
|
|
194 |
Pre-tax adjusted operating income |
|
71 |
|
|
100 |
|
|
373 |
|
|
194 |
Pre-tax adjusted operating income, excluding notable items |
|
71 |
|
|
58 |
|
|
371 |
|
|
269 |
Net Premiums
Quarterly Results
Full Year Results
Financial Solutions |
|||||||||||
|
Quarterly Results |
|
Year-to-Date Results |
||||||||
($ in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Net premiums |
$ |
47 |
|
$ |
64 |
|
$ |
218 |
|
$ |
236 |
Pre-tax income |
|
122 |
|
|
109 |
|
|
113 |
|
|
46 |
Pre-tax adjusted operating income |
|
66 |
|
|
38 |
|
|
212 |
|
|
161 |
Pre-tax adjusted operating income, excluding notable items |
|
66 |
|
|
38 |
|
|
212 |
|
|
161 |
Quarterly Results
Full Year Results
Corporate and Other |
|||||||||||||||
|
Quarterly Results |
|
Year-to-Date Results |
||||||||||||
($ in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Pre-tax income (loss) |
$ |
(79 |
) |
|
$ |
(52 |
) |
|
$ |
(236 |
) |
|
$ |
(225 |
) |
Pre-tax adjusted operating income (loss) |
|
(23 |
) |
|
|
(92 |
) |
|
|
(128 |
) |
|
|
(162 |
) |
Pre-tax adjusted operating income (loss), excluding notable items |
|
(23 |
) |
|
|
(92 |
) |
|
|
(128 |
) |
|
|
(162 |
) |
Quarterly Results
Full Year Results
Repurchase Authorization
On January 23, 2024, the board of directors authorized a share repurchase program for up to $500 million of outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2022.
Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.
Dividend Declaration
Effective January 30, 2024, the board of directors declared a regular quarterly dividend of $0.85, payable February 27, 2024, to shareholders of record as of February 13, 2024.
Earnings Conference Call
A conference call to discuss fourth quarter results will begin at 10 a.m. Eastern Time on Friday, February 2, 2024. Interested parties may access the call by dialing 1-844-481-2753 (412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.
The Company has posted to its website an earnings presentation and a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.
Non-GAAP Financial Measures and Other Definitions
Reinsurance Group of America, Incorporated (the “Company”) discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of our operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.
The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:
Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document.
Other definitions:
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $3.7 trillion of life reinsurance in force and assets of $97.6 billion as of December 31, 2023. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of Reinsurance Group of America, Incorporated (the “Company”). Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality (whether related to COVID-19 or otherwise), morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration or regulatory investigations or actions, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, including Long-Duration Targeted Improvement accounting changes and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES | |||||||||||||||
Reconciliation of Consolidated Net Income to Adjusted Operating Income |
|||||||||||||||
(Dollars in millions, except per share data) |
|||||||||||||||
(Unaudited) |
Three Months Ended December 31, |
||||||||||||||
|
2023 |
|
2022 |
||||||||||||
|
|
|
Diluted Earnings Per Share |
|
|
|
Diluted Earnings Per Share |
||||||||
Net income (loss) available to RGA shareholders |
$ |
158 |
|
|
$ |
2.37 |
|
|
$ |
291 |
|
|
$ |
4.30 |
|
Reconciliation to adjusted operating income: |
|
|
|
|
|
|
|
||||||||
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net |
|
(14 |
) |
|
|
(0.22 |
) |
|
|
(14 |
) |
|
|
(0.21 |
) |
Market risk benefits remeasurement (gains) losses |
|
22 |
|
|
|
0.33 |
|
|
|
(15 |
) |
|
|
(0.22 |
) |
Realized (gains) losses on funds withheld, included in investment income, net of related expenses |
|
(2 |
) |
|
|
(0.03 |
) |
|
|
2 |
|
|
|
0.03 |
|
Embedded derivatives: |
|
|
|
|
|
|
|
||||||||
Included in investment related gains/losses, net |
|
143 |
|
|
|
2.14 |
|
|
|
53 |
|
|
|
0.78 |
|
Included in interest credited |
|
4 |
|
|
|
0.06 |
|
|
|
1 |
|
|
|
0.01 |
|
Investment (income) loss on unit-linked variable annuities |
|
(2 |
) |
|
|
(0.03 |
) |
|
|
2 |
|
|
|
0.03 |
|
Interest credited on unit-linked variable annuities |
|
2 |
|
|
|
0.03 |
|
|
|
(2 |
) |
|
|
(0.03 |
) |
Interest expense on uncertain tax positions |
|
(1 |
) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
Other |
|
23 |
|
|
|
0.34 |
|
|
|
1 |
|
|
|
0.01 |
|
Uncertain tax positions and other tax related items |
|
(19 |
) |
|
|
(0.28 |
) |
|
|
(9 |
) |
|
|
(0.13 |
) |
Net income attributable to noncontrolling interest |
|
2 |
|
|
|
0.03 |
|
|
|
2 |
|
|
|
0.03 |
|
Adjusted operating income |
|
316 |
|
|
|
4.73 |
|
|
|
312 |
|
|
|
4.60 |
|
Notable items |
|
— |
|
|
|
— |
|
|
|
(46 |
) |
|
|
(0.69 |
) |
Adjusted operating income, excluding notable items |
$ |
316 |
|
|
$ |
4.73 |
|
|
$ |
266 |
|
|
$ |
3.91 |
|
(Unaudited) |
Twelve Months Ended December 31, |
||||||||||||||
|
2023 |
|
2022 |
||||||||||||
|
|
|
Diluted Earnings Per Share |
|
|
|
Diluted Earnings Per Share |
||||||||
Net income available to RGA shareholders |
$ |
902 |
|
|
$ |
13.44 |
|
|
$ |
517 |
|
|
$ |
7.64 |
|
Reconciliation to adjusted operating income: |
|
|
|
|
|
|
|
||||||||
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net |
|
280 |
|
|
|
4.18 |
|
|
|
352 |
|
|
|
5.19 |
|
Market risk benefits remeasurement (gains) losses |
|
(8 |
) |
|
|
(0.12 |
) |
|
|
8 |
|
|
|
0.12 |
|
Realized (gains) losses on funds withheld, included in investment income, net of related expenses |
|
(4 |
) |
|
|
(0.06 |
) |
|
|
19 |
|
|
|
0.28 |
|
Embedded derivatives: |
|
|
|
|
|
|
|
||||||||
Included in investment related gains/losses, net |
|
129 |
|
|
|
1.92 |
|
|
|
137 |
|
|
|
2.02 |
|
Included in interest credited |
|
(5 |
) |
|
|
(0.07 |
) |
|
|
(42 |
) |
|
|
(0.62 |
) |
Investment (income) loss on unit-linked variable annuities |
|
1 |
|
|
|
0.01 |
|
|
|
19 |
|
|
|
0.28 |
|
Interest credited on unit-linked variable annuities |
|
(1 |
) |
|
|
(0.01 |
) |
|
|
(19 |
) |
|
|
(0.28 |
) |
Interest expense on uncertain tax positions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other |
|
29 |
|
|
|
0.43 |
|
|
|
(63 |
) |
|
|
(0.93 |
) |
Uncertain tax positions and other tax related items |
|
4 |
|
|
|
0.06 |
|
|
|
(5 |
) |
|
|
(0.07 |
) |
Net income attributable to noncontrolling interest |
|
7 |
|
|
|
0.10 |
|
|
|
4 |
|
|
|
0.06 |
|
Adjusted operating income |
|
1,334 |
|
|
|
19.88 |
|
|
|
927 |
|
|
|
13.69 |
|
Notable items |
|
— |
|
|
|
— |
|
|
|
184 |
|
|
|
2.71 |
|
Adjusted operating income, excluding notable items |
$ |
1,334 |
|
|
$ |
19.88 |
|
|
$ |
1,111 |
|
|
$ |
16.40 |
|
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES |
|||||||||||||||||||||
Reconciliation of Consolidated Effective Income Tax Rates |
|||||||||||||||||||||
(Dollars in millions) |
|||||||||||||||||||||
(Unaudited) |
Three Months Ended December 31, 2023 |
|
Twelve Months Ended December 31, 2023 |
||||||||||||||||||
|
Pre-tax Income (Loss) |
|
Income Taxes |
|
Effective Tax Rate (1) |
|
Pre-tax Income (Loss) |
|
Income Taxes |
|
Effective Tax Rate (1) |
||||||||||
GAAP income |
$ |
164 |
|
|
$ |
4 |
|
|
2.2 |
% |
|
$ |
1,160 |
|
|
$ |
251 |
|
|
21.8 |
% |
Reconciliation to adjusted operating income: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net |
|
(18 |
) |
|
|
(4 |
) |
|
|
|
|
360 |
|
|
|
80 |
|
|
|
||
Market risk benefits remeasurement (gains) losses |
|
28 |
|
|
|
6 |
|
|
|
|
|
(10 |
) |
|
|
(2 |
) |
|
|
||
Realized (gains) losses on funds withheld, included in investment income, net of related expenses |
|
(3 |
) |
|
|
(1 |
) |
|
|
|
|
(5 |
) |
|
|
(1 |
) |
|
|
||
Embedded derivatives: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in investment related gains/losses, net |
|
181 |
|
|
|
38 |
|
|
|
|
|
163 |
|
|
|
34 |
|
|
|
||
Included in interest credited |
|
5 |
|
|
|
1 |
|
|
|
|
|
(6 |
) |
|
|
(1 |
) |
|
|
||
Investment (income) loss on unit-linked variable annuities |
|
(3 |
) |
|
|
(1 |
) |
|
|
|
|
1 |
|
|
|
— |
|
|
|
||
Interest credited on unit-linked variable annuities |
|
3 |
|
|
|
1 |
|
|
|
|
|
(1 |
) |
|
|
— |
|
|
|
||
Interest expense on uncertain tax positions |
|
(1 |
) |
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
||
Other |
|
30 |
|
|
|
7 |
|
|
|
|
|
37 |
|
|
|
8 |
|
|
|
||
Uncertain tax positions and other tax related items |
|
— |
|
|
|
19 |
|
|
|
|
|
— |
|
|
|
(4 |
) |
|
|
||
Adjusted operating income |
|
386 |
|
|
|
70 |
|
|
18.2 |
% |
|
|
1,699 |
|
|
|
365 |
|
|
21.5 |
% |
Notable items |
|
— |
|
|
|
— |
|
|
|
|
|
(3 |
) |
|
|
(3 |
) |
|
|
||
Adjusted operating income, excluding notable items |
$ |
386 |
|
|
$ |
70 |
|
|
|
|
$ |
1,696 |
|
|
$ |
362 |
|
|
|
(1) |
The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding. |
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES |
|||||||
Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income |
|||||||
(Dollars in millions) |
|||||||
(Unaudited) |
Three Months Ended December 31, |
||||||
|
2023 |
|
2022 |
||||
Income (loss) before income taxes |
$ |
164 |
|
|
$ |
381 |
|
Reconciliation to pre-tax adjusted operating income: |
|
|
|
||||
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net |
|
(18 |
) |
|
|
(46 |
) |
Market risk benefits remeasurement (gains) losses |
|
28 |
|
|
|
(19 |
) |
Realized (gains) losses on funds withheld, included in investment income, net of related expenses |
|
(3 |
) |
|
|
2 |
|
Embedded derivatives: |
|
|
|
||||
Included in investment related gains/losses, net |
|
181 |
|
|
|
67 |
|
Included in interest credited |
|
5 |
|
|
|
1 |
|
Investment (income) loss on unit-linked variable annuities |
|
(3 |
) |
|
|
2 |
|
Interest credited on unit-linked variable annuities |
|
3 |
|
|
|
(2 |
) |
Interest expense on uncertain tax positions |
|
(1 |
) |
|
|
— |
|
Other |
|
30 |
|
|
|
1 |
|
Pre-tax adjusted operating income |
|
386 |
|
|
|
387 |
|
Notable items |
|
— |
|
|
|
(61 |
) |
Pre-tax adjusted operating income, excluding notable items |
$ |
386 |
|
|
$ |
326 |
|
(Unaudited) |
Twelve Months Ended December 31, |
||||||
|
2023 |
|
2022 |
||||
Income before income taxes |
$ |
1,160 |
|
|
$ |
718 |
|
Reconciliation to pre-tax adjusted operating income: |
|
|
|
||||
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net |
|
360 |
|
|
|
425 |
|
Market risk benefits remeasurement (gains) losses |
|
(10 |
) |
|
|
10 |
|
Realized (gains) losses on funds withheld, included in investment income, net of related expenses |
|
(5 |
) |
|
|
24 |
|
Embedded derivatives: |
|
|
|
||||
Included in investment related gains/losses, net |
|
163 |
|
|
|
173 |
|
Included in interest credited |
|
(6 |
) |
|
|
(53 |
) |
Investment (income) loss on unit-linked variable annuities |
|
1 |
|
|
|
24 |
|
Interest credited on unit-linked variable annuities |
|
(1 |
) |
|
|
(24 |
) |
Interest expense on uncertain tax positions |
|
— |
|
|
|
— |
|
Other |
|
37 |
|
|
|
(80 |
) |
Pre-tax adjusted operating income |
|
1,699 |
|
|
|
1,217 |
|
Notable items |
|
(3 |
) |
|
|
242 |
|
Pre-tax adjusted operating income, excluding notable items |
$ |
1,696 |
|
|
$ |
1,459 |
|
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES |
||||||||||||||||||||||
Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income |
||||||||||||||||||||||
(Dollars in millions) |
||||||||||||||||||||||
(Unaudited) |
Three Months Ended December 31, 2023 |
|||||||||||||||||||||
|
Pre-tax
|
|
Realized (gains) losses, derivatives and other, net |
|
Change in value of embedded derivatives, net |
|
Pre-tax adjusted operating income (loss) |
|
Notable Items |
|
Pre-tax adjusted operating income (loss) ex. notable items |
|||||||||||
U.S. and Latin America: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Traditional |
$ |
30 |
|
|
$ |
(1 |
) |
|
$ |
(4 |
) |
|
$ |
25 |
|
|
$ |
— |
|
$ |
25 |
|
Financial Solutions: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Asset-Intensive |
|
(140 |
) |
|
|
31 |
|
|
|
190 |
|
|
|
81 |
|
|
|
— |
|
|
81 |
|
Capital Solutions |
|
20 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
20 |
|
Total U.S. and Latin America |
|
(90 |
) |
|
|
30 |
|
|
|
186 |
|
|
|
126 |
|
|
|
— |
|
|
126 |
|
Canada Traditional |
|
21 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
20 |
|
Canada Financial Solutions |
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
6 |
|
Total Canada |
|
27 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
26 |
|
|
|
— |
|
|
26 |
|
EMEA Traditional |
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
8 |
|
EMEA Financial Solutions |
|
106 |
|
|
|
6 |
|
|
|
— |
|
|
|
112 |
|
|
|
— |
|
|
112 |
|
Total EMEA |
|
114 |
|
|
|
6 |
|
|
|
— |
|
|
|
120 |
|
|
|
— |
|
|
120 |
|
APAC Traditional |
|
70 |
|
|
|
1 |
|
|
|
— |
|
|
|
71 |
|
|
|
— |
|
|
71 |
|
APAC Financial Solutions |
|
122 |
|
|
|
(56 |
) |
|
|
— |
|
|
|
66 |
|
|
|
— |
|
|
66 |
|
Total Asia Pacific |
|
192 |
|
|
|
(55 |
) |
|
|
— |
|
|
|
137 |
|
|
|
— |
|
|
137 |
|
Corporate and Other |
|
(79 |
) |
|
|
56 |
|
|
|
— |
|
|
|
(23 |
) |
|
|
— |
|
|
(23 |
) |
Consolidated |
$ |
164 |
|
|
$ |
36 |
|
|
$ |
186 |
|
|
$ |
386 |
|
|
$ |
— |
|
$ |
386 |
|
(Unaudited) |
Three Months Ended December 31, 2022 |
||||||||||||||||||||||
|
Pre-tax
|
|
Realized (gains) losses, derivatives and other, net |
|
Change in value of embedded derivatives, net |
|
Pre-tax adjusted operating income (loss) |
|
Notable Items |
|
Pre-tax adjusted operating income (loss) ex. notable items |
||||||||||||
U.S. and Latin America: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Traditional |
$ |
114 |
|
|
$ |
1 |
|
|
$ |
(7 |
) |
|
$ |
108 |
|
|
$ |
— |
|
|
$ |
108 |
|
Financial Solutions: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset-Intensive |
|
(32 |
) |
|
|
34 |
|
|
|
75 |
|
|
|
77 |
|
|
|
— |
|
|
|
77 |
|
Capital Solutions |
|
24 |
|
|
|
— |
|
|
|
— |
|
|
|
24 |
|
|
|
— |
|
|
|
24 |
|
Total U.S. and Latin America |
|
106 |
|
|
|
35 |
|
|
|
68 |
|
|
|
209 |
|
|
|
— |
|
|
|
209 |
|
Canada Traditional |
|
50 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
47 |
|
|
|
(5 |
) |
|
|
42 |
|
Canada Financial Solutions |
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
Total Canada |
|
59 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
56 |
|
|
|
(5 |
) |
|
|
51 |
|
EMEA Traditional |
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
EMEA Financial Solutions |
|
56 |
|
|
|
17 |
|
|
|
— |
|
|
|
73 |
|
|
|
(14 |
) |
|
|
59 |
|
Total EMEA |
|
59 |
|
|
|
17 |
|
|
|
— |
|
|
|
76 |
|
|
|
(14 |
) |
|
|
62 |
|
APAC Traditional |
|
100 |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
(42 |
) |
|
|
58 |
|
APAC Financial Solutions |
|
109 |
|
|
|
(71 |
) |
|
|
— |
|
|
|
38 |
|
|
|
— |
|
|
|
38 |
|
Total Asia Pacific |
|
209 |
|
|
|
(71 |
) |
|
|
— |
|
|
|
138 |
|
|
|
(42 |
) |
|
|
96 |
|
Corporate and Other |
|
(52 |
) |
|
|
(40 |
) |
|
|
— |
|
|
|
(92 |
) |
|
|
— |
|
|
|
(92 |
) |
Consolidated |
$ |
381 |
|
|
$ |
(62 |
) |
|
$ |
68 |
|
|
$ |
387 |
|
|
$ |
(61 |
) |
|
$ |
326 |
|
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES |
|||||||||||||||||||||||
Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income |
|||||||||||||||||||||||
(Dollars in millions) |
|||||||||||||||||||||||
(Unaudited) |
Twelve Months Ended December 31, 2023 |
||||||||||||||||||||||
|
Pre-tax income (loss) |
|
Realized (gains) losses, derivatives and other, net |
|
Change in value of embedded derivatives, net |
|
Pre-tax adjusted operating income (loss) |
|
Notable Items |
|
Pre-tax adjusted operating income (loss) ex. notable items |
||||||||||||
U.S. and Latin America: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Traditional |
$ |
318 |
|
|
$ |
(1 |
) |
|
$ |
(4 |
) |
|
$ |
313 |
|
|
$ |
17 |
|
|
$ |
330 |
|
Financial Solutions: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset-Intensive |
|
89 |
|
|
|
120 |
|
|
|
161 |
|
|
|
370 |
|
|
|
(22 |
) |
|
|
348 |
|
Capital Solutions |
|
81 |
|
|
|
— |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
|
81 |
|
Total U.S. and Latin America |
|
488 |
|
|
|
119 |
|
|
|
157 |
|
|
|
764 |
|
|
|
(5 |
) |
|
|
759 |
|
Canada Traditional |
|
91 |
|
|
|
— |
|
|
|
— |
|
|
|
91 |
|
|
|
13 |
|
|
|
104 |
|
Canada Financial Solutions |
|
52 |
|
|
|
— |
|
|
|
— |
|
|
|
52 |
|
|
|
(22 |
) |
|
|
30 |
|
Total Canada |
|
143 |
|
|
|
— |
|
|
|
— |
|
|
|
143 |
|
|
|
(9 |
) |
|
|
134 |
|
EMEA Traditional |
|
(21 |
) |
|
|
1 |
|
|
|
— |
|
|
|
(20 |
) |
|
|
47 |
|
|
|
27 |
|
EMEA Financial Solutions |
|
301 |
|
|
|
54 |
|
|
|
— |
|
|
|
355 |
|
|
|
(34 |
) |
|
|
321 |
|
Total EMEA |
|
280 |
|
|
|
55 |
|
|
|
— |
|
|
|
335 |
|
|
|
13 |
|
|
|
348 |
|
APAC Traditional |
|
372 |
|
|
|
1 |
|
|
|
— |
|
|
|
373 |
|
|
|
(2 |
) |
|
|
371 |
|
APAC Financial Solutions |
|
113 |
|
|
|
99 |
|
|
|
— |
|
|
|
212 |
|
|
|
— |
|
|
|
212 |
|
Total Asia Pacific |
|
485 |
|
|
|
100 |
|
|
|
— |
|
|
|
585 |
|
|
|
(2 |
) |
|
|
583 |
|
Corporate and Other |
|
(236 |
) |
|
|
108 |
|
|
|
— |
|
|
|
(128 |
) |
|
|
— |
|
|
|
(128 |
) |
Consolidated |
$ |
1,160 |
|
|
$ |
382 |
|
|
$ |
157 |
|
|
$ |
1,699 |
|
|
$ |
(3 |
) |
|
$ |
1,696 |
|
(Unaudited) |
Twelve Months Ended December 31, 2022 |
|||||||||||||||||||||
|
Pre-tax income (loss) |
|
Realized (gains) losses, derivatives and other, net |
|
Change in value of embedded derivatives, net |
|
Pre-tax adjusted operating income (loss) |
|
Notable Items |
|
Pre-tax adjusted operating income (loss) ex. notable items |
|||||||||||
U.S. and Latin America: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Traditional |
$ |
195 |
|
|
$ |
— |
|
$ |
(48 |
) |
|
$ |
147 |
|
|
$ |
170 |
|
|
$ |
317 |
|
Financial Solutions: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Asset-Intensive |
|
1 |
|
|
|
135 |
|
|
168 |
|
|
|
304 |
|
|
|
(3 |
) |
|
|
301 |
|
Capital Solutions |
|
144 |
|
|
|
— |
|
|
— |
|
|
|
144 |
|
|
|
— |
|
|
|
144 |
|
Total U.S. and Latin America |
|
340 |
|
|
|
135 |
|
|
120 |
|
|
|
595 |
|
|
|
167 |
|
|
|
762 |
|
Canada Traditional |
|
104 |
|
|
|
4 |
|
|
— |
|
|
|
108 |
|
|
|
1 |
|
|
|
109 |
|
Canada Financial Solutions |
|
31 |
|
|
|
— |
|
|
— |
|
|
|
31 |
|
|
|
— |
|
|
|
31 |
|
Total Canada |
|
135 |
|
|
|
4 |
|
|
— |
|
|
|
139 |
|
|
|
1 |
|
|
|
140 |
|
EMEA Traditional |
|
46 |
|
|
|
— |
|
|
— |
|
|
|
46 |
|
|
|
13 |
|
|
|
59 |
|
EMEA Financial Solutions |
|
182 |
|
|
|
62 |
|
|
— |
|
|
|
244 |
|
|
|
(14 |
) |
|
|
230 |
|
Total EMEA |
|
228 |
|
|
|
62 |
|
|
— |
|
|
|
290 |
|
|
|
(1 |
) |
|
|
289 |
|
APAC Traditional |
|
194 |
|
|
|
— |
|
|
— |
|
|
|
194 |
|
|
|
75 |
|
|
|
269 |
|
APAC Financial Solutions |
|
46 |
|
|
|
115 |
|
|
— |
|
|
|
161 |
|
|
|
— |
|
|
|
161 |
|
Total Asia Pacific |
|
240 |
|
|
|
115 |
|
|
— |
|
|
|
355 |
|
|
|
75 |
|
|
|
430 |
|
Corporate and Other |
|
(225 |
) |
|
|
63 |
|
|
— |
|
|
|
(162 |
) |
|
|
— |
|
|
|
(162 |
) |
Consolidated |
$ |
718 |
|
|
$ |
379 |
|
$ |
120 |
|
|
$ |
1,217 |
|
|
$ |
242 |
|
|
$ |
1,459 |
|
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES |
|||||||||||
Per Share and Shares Data |
|||||||||||
(In thousands, except per share data) |
|||||||||||
(Unaudited) |
Three Months Ended
|
|
Twelve Months Ended
|
||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Earnings per share from net income (loss): |
|
|
|
|
|
|
|
||||
Basic earnings per share |
$ |
2.40 |
|
$ |
4.36 |
|
$ |
13.60 |
|
$ |
7.73 |
Diluted earnings per share (1) |
$ |
2.37 |
|
$ |
4.30 |
|
$ |
13.44 |
|
$ |
7.64 |
|
|
|
|
|
|
|
|
||||
Diluted earnings per share from adjusted operating income |
$ |
4.73 |
|
$ |
4.60 |
|
$ |
19.88 |
|
$ |
13.69 |
Weighted average number of common and common equivalent shares outstanding |
|
66,721 |
|
|
67,793 |
|
|
67,117 |
|
|
67,703 |
(1) |
As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share. |
(Unaudited) |
At December 31, |
||||
|
2023 |
|
2022 |
||
Treasury shares |
|
19,690 |
|
|
18,635 |
Common shares outstanding |
|
65,621 |
|
|
66,676 |
Book value per share outstanding |
$ |
138.39 |
|
$ |
106.19 |
Book value per share outstanding, before impact of AOCI |
$ |
144.01 |
|
$ |
134.26 |
Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI
(Unaudited) |
At December 31, |
||||||
|
2023 |
|
2022 |
||||
Book value per share outstanding |
$ |
138.39 |
|
|
$ |
106.19 |
|
Less effect of AOCI: |
|
|
|
||||
Accumulated currency translation adjustment |
|
1.04 |
|
|
|
(1.73 |
) |
Unrealized (depreciation) appreciation of securities |
|
(55.88 |
) |
|
|
(82.44 |
) |
Effect of updating discount rates on future policy benefits |
|
49.62 |
|
|
|
56.32 |
|
Change in instrument-specific credit risk for market risk benefits |
|
0.05 |
|
|
|
0.19 |
|
Pension and postretirement benefits |
|
(0.45 |
) |
|
|
(0.41 |
) |
Book value per share outstanding, before impact of AOCI |
$ |
144.01 |
|
|
$ |
134.26 |
|
Reconciliation of Shareholders' Average Equity to Shareholders' Average Equity Excluding AOCI |
|||
(Dollars in millions) |
|||
(Unaudited) |
|
||
Trailing Twelve Months Ended December 31, 2023: |
Average Equity |
||
Shareholders' average equity |
$ |
7,931 |
|
Less effect of AOCI: |
|
||
Accumulated currency translation adjustment |
|
(30 |
) |
Unrealized (depreciation) appreciation of securities |
|
(5,018 |
) |
Effect of updating discount rates on future policy benefits |
|
3,774 |
|
Change in instrument-specific credit risk for market risk benefits |
|
10 |
|
Pension and postretirement benefits |
|
(22 |
) |
Shareholders' average equity, excluding AOCI |
|
9,217 |
|
Year-to-date notable items, net of tax |
|
37 |
|
Shareholders' average equity, excluding AOCI and notable items |
$ |
9,254 |
|
Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income |
|||||
and Related Return on Equity |
|||||
(Dollars in millions) |
|||||
(Unaudited) |
|
|
Return on
|
||
Trailing Twelve Months Ended December 31, 2023: |
Income |
|
|||
Net income available to RGA shareholders |
$ |
902 |
|
11.4 |
% |
Reconciliation to adjusted operating income: |
|
|
|
||
Capital (gains) losses, derivatives and other, net |
|
297 |
|
|
|
Change in fair value of embedded derivatives |
|
124 |
|
|
|
Tax expense on uncertain tax positions and other tax related items |
|
4 |
|
|
|
Net income attributable to noncontrolling interest |
|
7 |
|
|
|
Adjusted operating income |
|
1,334 |
|
14.5 |
% |
Notable items after tax |
|
— |
|
|
|
Adjusted operating income, excluding notable items |
$ |
1,334 |
|
14.4 |
% |
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES |
|||||||||||||||
Condensed Consolidated Statements of Income |
|||||||||||||||
(Dollars in millions) |
|||||||||||||||
(Unaudited) |
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Net premiums |
$ |
4,108 |
|
|
$ |
3,446 |
|
|
$ |
15,085 |
|
|
$ |
13,078 |
|
Investment income, net of related expenses |
|
956 |
|
|
|
828 |
|
|
|
3,591 |
|
|
|
3,161 |
|
Investment related gains (losses), net |
|
(155 |
) |
|
|
(6 |
) |
|
|
(481 |
) |
|
|
(539 |
) |
Other revenue |
|
98 |
|
|
|
89 |
|
|
|
372 |
|
|
|
527 |
|
Total revenues |
|
5,007 |
|
|
|
4,357 |
|
|
|
18,567 |
|
|
|
16,227 |
|
Benefits and expenses: |
|
|
|
|
|
|
|
||||||||
Claims and other policy benefits |
|
3,837 |
|
|
|
3,125 |
|
|
|
13,872 |
|
|
|
11,982 |
|
Future policy benefits remeasurement (gains) losses |
|
33 |
|
|
|
(11 |
) |
|
|
(62 |
) |
|
|
291 |
|
Market risk benefits remeasurement (gains) losses |
|
28 |
|
|
|
(19 |
) |
|
|
(10 |
) |
|
|
10 |
|
Interest credited |
|
217 |
|
|
|
214 |
|
|
|
864 |
|
|
|
682 |
|
Policy acquisition costs and other insurance expenses |
|
369 |
|
|
|
323 |
|
|
|
1,397 |
|
|
|
1,344 |
|
Other operating expenses |
|
290 |
|
|
|
289 |
|
|
|
1,089 |
|
|
|
1,009 |
|
Interest expense |
|
69 |
|
|
|
55 |
|
|
|
257 |
|
|
|
191 |
|
Total benefits and expenses |
|
4,843 |
|
|
|
3,976 |
|
|
|
17,407 |
|
|
|
15,509 |
|
Income before income taxes |
|
164 |
|
|
|
381 |
|
|
|
1,160 |
|
|
|
718 |
|
Provision for income taxes |
|
4 |
|
|
|
88 |
|
|
|
251 |
|
|
|
197 |
|
Net income |
|
160 |
|
|
|
293 |
|
|
|
909 |
|
|
|
521 |
|
Net income attributable to noncontrolling interest |
|
2 |
|
|
|
2 |
|
|
|
7 |
|
|
|
4 |
|
Net income available to RGA shareholders |
$ |
158 |
|
|
$ |
291 |
|
|
$ |
902 |
|
|
$ |
517 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240131497689/en/
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-2068