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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Reinsurance Group of America Inc | NYSE:RGA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.93 | 2.10% | 190.92 | 192.00 | 186.87 | 186.87 | 500,003 | 00:55:09 |
Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported third quarter net income available to RGA shareholders of $284 million, or $4.19 per diluted share, compared with net loss available to RGA shareholders of $22 million, or $0.32 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $352 million, or $5.20 per diluted share, compared with adjusted operating loss of $75 million, or $1.11 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.12 per diluted share on net income available to RGA shareholders and an adverse effect of $0.15 per diluted share on adjusted operating income as compared with the prior year.
Quarterly Results
Year-to-Date Results
($ in millions, except per share data)
2022
2021
2022
2021
Net premiums
$
3,247
$
3,094
$
9,632
$
9,106
Net income (loss) available to RGA shareholders
284
(22
)
419
461
Net income (loss) available to RGA shareholders per diluted share
4.19
(0.32
)
6.19
6.74
Adjusted operating income (loss)*
352
(75
)
775
115
Adjusted operating income (loss) per diluted share*
5.20
(1.11
)
11.46
1.68
Book value per share
54.66
190.60
Book value per share, excluding accumulated other comprehensive income (AOCI)*
143.91
137.60
Total assets
82,705
91,449
* See ‘Use of Non-GAAP Financial Measures’ below
1
COVID-19 impact estimates include mortality and morbidity claims of approximately $89 million with no offsetting impact from longevity in the quarter.
2
Tax effected at 24%.
In the third quarter, consolidated net premiums totaled $3.2 billion, an increase of 4.9% over last year’s third quarter, with an adverse net foreign currency effect of $160 million. Excluding the net foreign currency effect, consolidated net premiums increased 10.1%.
Compared with the year-ago period, excluding spread-based businesses, third quarter investment income decreased 7.7%, reflecting lower variable investment income in the quarter. Average investment yield decreased to 4.40% in the third quarter due to lower variable investment income compared with 4.95% in the prior year.
The effective tax rate for the quarter was 22.3% on pre-tax income.
The adjusted operating effective tax rate for the quarter was 22.2%, in line with the expected range of 23% to 24%.
Anna Manning, President and Chief Executive Officer, commented, “This was another strong quarter for us, following the record level of earnings in the second quarter.
“In the quarter, we had positive contributions from a range of segments and businesses. Premium growth on a constant currency basis was 10.1%, and we had another active and successful quarter for in-force transactions, deploying $100 million of capital. COVID-19 claim costs were comfortably absorbed, and our underlying non-COVID-19 mortality was favorable in many markets. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.3 billion.
“The underlying protection markets are active, organic new business activity is healthy, our in-force transactions pipelines are very robust, and we are better positioned to deliver valuable solutions to our clients than ever before.
“This quarter provides further evidence of the substantial value added through client-centered, focused execution on our strategy even during the challenges of COVID-19, and we are in a great position to continue the momentum going forward.”
SEGMENT RESULTS
U.S. and Latin America
Traditional
Quarterly Results
Year-to-Date Results
($ in millions)
2022
2021
2022
2021
Net premiums
$
1,640
$
1,550
$
4,812
$
4,547
Pre-tax income (loss)
204
(126
)
247
(329
)
Pre-tax adjusted operating income (loss)
196
(121
)
205
(331
)
Financial Solutions
Quarterly Results
Year-to-Date Results
($ in millions)
2022
2021
2022
2021
Asset-Intensive:
Pre-tax income
$
48
$
106
$
57
$
329
Pre-tax adjusted operating income
72
93
213
268
Capital Solutions:
Pre-tax income
22
22
118
68
Pre-tax adjusted operating income
22
22
118
68
Canada
Traditional
Quarterly Results
Year-to-Date Results
($ in millions)
2022
2021
2022
2021
Net premiums
$
293
$
289
$
911
$
870
Pre-tax income
32
44
54
100
Pre-tax adjusted operating income
33
44
62
101
Financial Solutions
Quarterly Results
Year-to-Date Results
($ in millions)
2022
2021
2022
2021
Pre-tax income
$
4
$
—
$
21
$
10
Pre-tax adjusted operating income
4
—
21
10
Europe, Middle East and Africa (EMEA)
Traditional
Quarterly Results
Year-to-Date Results
($ in millions)
2022
2021
2022
2021
Net premiums
$
436
$
432
$
1,314
$
1,303
Pre-tax income (loss)
1
(91
)
(3
)
(171
)
Pre-tax adjusted operating income (loss)
1
(91
)
(3
)
(171
)
Financial Solutions
Quarterly Results
Year-to-Date Results
($ in millions)
2022
2021
2022
2021
Pre-tax income
$
31
$
85
$
149
$
228
Pre-tax adjusted operating income
49
62
194
187
Asia Pacific
Traditional
Quarterly Results
Year-to-Date Results
($ in millions)
2022
2021
2022
2021
Net premiums
$
660
$
626
$
1,950
$
1,851
Pre-tax income (loss)
118
(96
)
227
(67
)
Pre-tax adjusted operating income (loss)
118
(96
)
227
(67
)
Financial Solutions
Quarterly Results
Year-to-Date Results
($ in millions)
2022
2021
2022
2021
Net premiums
$
69
$
65
$
172
$
166
Pre-tax income (loss)
(2
)
6
(124
)
65
Pre-tax adjusted operating income
13
25
62
64
Corporate and Other
Quarterly Results
Year-to-Date Results
($ in millions)
2022
2021
2022
2021
Pre-tax income (loss)
$
(92
)
$
16
$
(186
)
$
401
Pre-tax adjusted operating income (loss)
(56
)
(27
)
(83
)
28
Dividend Declaration
Effective November 1, 2022, the board of directors declared a regular quarterly dividend of $0.80, payable November 29, 2022, to shareholders of record as of November 15, 2022.
Earnings Conference Call
A conference call to discuss third quarter results will begin at 10 a.m. Eastern Time on Friday, November 4. Interested parties may access the call by dialing 1-877-270-2148 (412-902-6510 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.
Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income.
Book value per share excluding the impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Adjusted operating income per diluted share is a non-GAAP financial measure calculated as adjusted operating income divided by weighted average diluted shares outstanding. Adjusted operating return on equity is a non-GAAP financial measure calculated as adjusted operating income divided by average stockholders’ equity excluding AOCI. Similar to adjusted operating income, management believes these non-GAAP financial measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations, they also serve as a basis for establishing target levels and awards under RGA’s management incentive programs.
Reconciliations from GAAP net income, book value per share, net income per diluted share and average stockholders’ equity are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at www.rgare.com in the “Financial Information” section.
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 one of the world’s largest and most respected reinsurers and is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.3 trillion of life reinsurance in force and assets of $82.7 billion as of September 30, 2022. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn, Twitter, and Facebook.
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “intend,” “intent,” “belief,” “estimate,” “project,” “plan,” “predict,” “foresee,” “likely,” “will” and other similar expressions. 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.
The effects of the COVID-19 pandemic and the response thereto on economic conditions, the financial markets and insurance risks, and the resulting effects on the Company’s financial results, liquidity, capital resources, financial metrics, investment portfolio and stock price, could cause actual results and events to differ materially from those expressed or implied by forward-looking statements. Further, any estimates, projections, illustrative scenarios or frameworks used to plan for potential effects of the pandemic are dependent on numerous underlying assumptions and estimates that may not materialize. Additionally, numerous other important factors (whether related to, resulting from or exacerbated by the COVID-19 pandemic or otherwise) could also cause results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: (1) adverse changes in mortality, 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 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, epidemics or pandemics 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 litigation or arbitration results, (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. For a discussion of these 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 2021 Annual Report on Form 10-K, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIESReconciliation of Consolidated Net Income to Adjusted Operating Income
(Dollars in millions, except per share data)
(Unaudited)
Three Months Ended September 30,
2022
2021
Diluted Earnings Per Share
Diluted Earnings Per Share
Net income (loss) available to RGA shareholders
$
284
$
4.19
$
(22
)
$
(0.32
)
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net
120
1.79
(53
)
(0.79
)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses
4
0.06
(1
)
(0.01
)
Embedded derivatives:
Included in investment related gains/losses, net
(3
)
(0.04
)
13
0.19
Included in interest credited
(8
)
(0.12
)
(2
)
(0.03
)
DAC offset, net
9
0.13
1
0.01
Investment (income) loss on unit-linked variable annuities
4
0.06
2
0.03
Interest credited on unit-linked variable annuities
(4
)
(0.06
)
(2
)
(0.03
)
Interest expense on uncertain tax positions
1
0.01
1
0.01
Non-investment derivatives and other
(56
)
(0.83
)
(3
)
(0.04
)
Uncertain tax positions and other tax related items
—
—
(9
)
(0.13
)
Net income attributable to noncontrolling interest
1
0.01
—
—
Adjusted operating income (loss)
$
352
$
5.20
$
(75
)
$
(1.11
)
(Unaudited)
Nine Months Ended September 30,
2022
2021
Diluted Earnings Per Share
Diluted Earnings Per Share
Net income available to RGA shareholders
$
419
$
6.19
$
461
$
6.74
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net
365
5.41
(314
)
(4.60
)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses
17
0.25
(3
)
(0.04
)
Embedded derivatives:
Included in investment related gains/losses, net
66
0.98
(40
)
(0.58
)
Included in interest credited
(43
)
(0.64
)
(28
)
(0.41
)
DAC offset, net
7
0.10
9
0.13
Investment (income) loss on unit-linked variable annuities
17
0.25
1
0.01
Interest credited on unit-linked variable annuities
(17
)
(0.25
)
(1
)
(0.01
)
Interest expense on uncertain tax positions
1
0.01
6
0.09
Non-investment derivatives and other
(63
)
(0.93
)
(6
)
(0.09
)
Uncertain tax positions and other tax related items
4
0.06
30
0.44
Net income attributable to noncontrolling interest
2
0.03
—
—
Adjusted operating income
$
775
$
11.46
$
115
$
1.68
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Effective Income Tax Rates
(Dollars in millions)
(Unaudited)
Three Months Ended September 30, 2022
Nine Months Ended September 30, 2022
Pre-tax Income (Loss)
Income Taxes
Effective Tax Rate (1)
Pre-tax Income (Loss)
Income Taxes
Effective Tax Rate (1)
GAAP income
$
366
$
81
22.3
%
$
560
$
139
24.9
%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net
153
33
475
110
Capital (gains) losses on funds withheld, included in investment income, net of related expenses
5
1
22
5
Embedded derivatives:
Included in investment related gains/losses, net
(4
)
(1
)
83
17
Included in interest credited
(10
)
(2
)
(54
)
(11
)
DAC offset, net
12
3
9
2
Investment (income) loss on unit-linked variable annuities
5
1
22
5
Interest credited on unit-linked variable annuities
(5
)
(1
)
(22
)
(5
)
Interest expense on uncertain tax positions
1
—
1
—
Non-investment derivatives and other
(71
)
(15
)
(80
)
(17
)
Uncertain tax positions and other tax related items
—
—
—
(4
)
Adjusted operating income
$
452
$
100
22.2
%
$
1,016
$
241
23.7
%
(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.
Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income
(Dollars in millions)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Income (loss) before income taxes
$
366
$
(34
)
$
560
$
634
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net
153
(66
)
475
(398
)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses
5
(2
)
22
(4
)
Embedded derivatives:
Included in investment related gains/losses, net
(4
)
16
83
(51
)
Included in interest credited
(10
)
(3
)
(54
)
(36
)
DAC offset, net
12
2
9
12
Investment (income) loss on unit-linked variable annuities
5
2
22
1
Interest credited on unit-linked variable annuities
(5
)
(2
)
(22
)
(1
)
Interest expense on uncertain tax positions
1
2
1
8
Non-investment derivatives and other
(71
)
(4
)
(80
)
(8
)
Pre-tax adjusted operating income (loss)
$
452
$
(89
)
$
1,016
$
157
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 September 30, 2022
Pre-tax income (loss)
Capital
(gains) losses,
derivatives
and other, net
Change in
value of
embedded
derivatives, net
Pre-tax adjusted operating
income (loss)
U.S. and Latin America:
Traditional
$
204
$
(1
)
$
(7
)
$
196
Financial Solutions:
Asset-Intensive
48
41
(1
)
(17
)
(2
)
72
Capital Solutions
22
—
—
22
Total U.S. and Latin America
274
40
(24
)
290
Canada Traditional
32
1
—
33
Canada Financial Solutions
4
—
—
4
Total Canada
36
1
—
37
EMEA Traditional
1
—
—
1
EMEA Financial Solutions
31
18
—
49
Total EMEA
32
18
—
50
Asia Pacific Traditional
118
—
—
118
Asia Pacific Financial Solutions
(2
)
15
—
13
Total Asia Pacific
116
15
—
131
Corporate and Other
(92
)
36
—
(56
)
Consolidated
$
366
$
110
$
(24
)
$
452
(1) Asset-Intensive is net of $22 DAC offset.
(2) Asset-Intensive is net of $(10) DAC offset.
(Unaudited)Three Months Ended September 30, 2021
Pre-tax income (loss)
Capital
(gains) losses,
derivatives
and other, net
Change in
value of
embedded
derivatives, net
Pre-tax adjusted
operating
income (loss)
U.S. and Latin America:
Traditional
$
(126
)
$
—
$
5
$
(121
)
Financial Solutions:
Asset-Intensive
106
(40
)
(1
)
27
(2
)
93
Capital Solutions
22
—
—
22
Total U.S. and Latin America
2
(40
)
32
(6
)
Canada Traditional
44
—
—
44
Canada Financial Solutions
—
—
—
—
Total Canada
44
—
—
44
EMEA Traditional
(91
)
—
—
(91
)
EMEA Financial Solutions
85
(23
)
—
62
Total EMEA
(6
)
(23
)
—
(29
)
Asia Pacific Traditional
(96
)
—
—
(96
)
Asia Pacific Financial Solutions
6
19
—
25
Total Asia Pacific
(90
)
19
—
(71
)
Corporate and Other
16
(43
)
—
(27
)
Consolidated
$
(34
)
$
(87
)
$
32
$
(89
)
(1) Asset-Intensive is net of $(17) DAC offset.
(2) Asset-Intensive is net of $19 DAC offset.
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIESReconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income
(Dollars in millions)
(Unaudited)
Nine Months Ended September 30, 2022
Pre-tax income (loss)
Capital
(gains) losses,
derivatives
and other, net
Change in
value of
embedded
derivatives, net
Pre-tax adjusted operating
income (loss)
U.S. and Latin America:
Traditional
$
247
$
(1
)
$
(41
)
$
205
Financial Solutions:
Asset-Intensive
57
135
(1
)
21
(2
)
213
Capital Solutions
118
—
—
118
Total U.S. and Latin America
422
134
(20
)
536
Canada Traditional
54
8
—
62
Canada Financial Solutions
21
—
—
21
Total Canada
75
8
—
83
EMEA Traditional
(3
)
—
—
(3
)
EMEA Financial Solutions
149
45
—
194
Total EMEA
146
45
—
191
Asia Pacific Traditional
227
—
—
227
Asia Pacific Financial Solutions
(124
)
186
—
62
Total Asia Pacific
103
186
—
289
Corporate and Other
(186
)
103
—
(83
)
Consolidated
$
560
$
476
$
(20
)
$
1,016
(1) Asset-Intensive is net of $58 DAC offset.
(2) Asset-Intensive is net of $(49) DAC offset.
(Unaudited)Nine Months Ended September 30, 2021
Pre-tax income (loss)
Capital
(gains) losses,
derivatives
and other, net
Change in
value of
embedded
derivatives, net
Pre-tax adjusted
operating
income (loss)
U.S. and Latin America:
Traditional
$
(329
)
$
—
$
(2
)
$
(331
)
Financial Solutions:
Asset-Intensive
329
(32
)
(1
)
(29
)
(2
)
268
Capital Solutions
68
—
—
68
Total U.S. and Latin America
68
(32
)
(31
)
5
Canada Traditional
100
1
—
101
Canada Financial Solutions
10
—
—
10
Total Canada
110
1
—
111
EMEA Traditional
(171
)
—
—
(171
)
EMEA Financial Solutions
228
(41
)
—
187
Total EMEA
57
(41
)
—
16
Asia Pacific Traditional
(67
)
—
—
(67
)
Asia Pacific Financial Solutions
65
(1
)
—
64
Total Asia Pacific
(2
)
(1
)
—
(3
)
Corporate and Other
401
(373
)
—
28
Consolidated
$
634
$
(446
)
$
(31
)
$
157
(1) Asset-Intensive is net of $(44) DAC offset.
(2) Asset-Intensive is net of $56 DAC offset.
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIESPer Share and Shares Data
(In thousands, except per share data)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Earnings per share from net income (loss):
Basic earnings per share
$
4.24
$
(0.32
)
$
6.25
$
6.79
Diluted earnings per share (1)
$
4.19
$
(0.32
)
$
6.19
$
6.74
Diluted earnings per share from adjusted operating income (1)
$
5.20
$
(1.11
)
$
11.46
$
1.68
Weighted average number of common and common equivalent shares outstanding
67,663
68,417
67,607
68,416
(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 September 30,
2022
2021
Treasury shares
18,484
17,711
Common shares outstanding
66,827
67,600
Book value per share outstanding
$
54.66
$
190.60
Book value per share outstanding, before impact of AOCI
$
143.91
$
137.60
Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI
(Unaudited)
At September 30,
2022
2021
Book value per share outstanding
$
54.66
$
190.60
Less effect of AOCI:
Accumulated currency translation adjustments
(3.24
)
(0.75
)
Unrealized appreciation (depreciation) of securities
(85.25
)
54.80
Pension and postretirement benefits
(0.76
)
(1.05
)
Book value per share outstanding, before impact of AOCI
$
143.91
$
137.60
Reconciliation of Stockholders' Average Equity to Stockholders' Average Equity Excluding AOCI
(Dollars in millions)
(Unaudited)
Trailing Twelve Months Ended September 30, 2022:
Average Equity
Stockholders' average equity
$
8,915
Less effect of AOCI:
Accumulated currency translation adjustments
(62
)
Unrealized depreciation of securities
(354
)
Pension and postretirement benefits
(54
)
Stockholders' average equity, excluding AOCI
$
9,385
Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income and
Related Return on Equity
(Dollars in millions)
(Unaudited)
Return on Equity
Trailing Twelve Months Ended September 30, 2022:
Income
Net income available to RGA shareholders
$
575
6.4
%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net
272
Change in fair value of embedded derivatives
(24
)
Deferred acquisition cost offset, net
28
Tax expense on uncertain tax positions
(116
)
Net income attributable to noncontrolling interest
2
Adjusted operating income
$
737
7.9
%
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in millions)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Revenues:
Net premiums
$
3,247
$
3,094
$
9,632
$
9,106
Investment income, net of related expenses
769
796
2,333
2,367
Investment related gains (losses), net
(134
)
58
(514
)
472
Other revenue
184
95
432
354
Total revenues
4,066
4,043
11,883
12,299
Benefits and expenses:
Claims and other policy benefits
2,815
3,289
8,855
9,294
Interest credited
189
177
468
541
Policy acquisition costs and other insurance expenses
396
338
1,144
1,010
Other operating expenses
251
229
720
683
Interest expense
46
41
130
129
Collateral finance and securitization expense
3
3
6
8
Total benefits and expenses
3,700
4,077
11,323
11,665
Income before income taxes
366
(34
)
560
634
Provision for income taxes
81
(12
)
139
173
Net income
285
(22
)
421
461
Net income attributable to noncontrolling interest
1
—
2
—
Net income available to RGA shareholders
$
284
$
(22
)
$
419
$
461
View source version on businesswire.com: https://www.businesswire.com/news/home/20221026005645/en/
Investor Contact Jeff Hopson Senior Vice President - Investor Relations (636) 736-2068
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