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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 | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 221.84 | 151 | 13:44:33 |
From Jan 2023 to Jan 2025
1 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity translated to U.S. dollars at a constant exchange rate.
2 RGA completed its annual actuarial assumption review related to business, subject to Long-Duration Targeted Improvements (LDTI), during the third quarter. The impact from the actuarial assumption review is reflected in the results as notable items.
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 $287 million, or $4.29 per diluted share, compared with a net loss available to RGA shareholders of $76 million, or $1.13 per diluted share, in the prior-year quarter. Adjusted operating income* for the third quarter totaled $372 million, or $5.57 per diluted share, compared with $16 million, or $0.24 per diluted share, the year before. Adjusted operating income, excluding notable items for the third quarter, totaled $372 million, or $5.57 per diluted share, compared with $263 million, or $3.92 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.03 per diluted share on net income available to RGA shareholders, and $0.01 per diluted share on adjusted operating income as compared with the prior year.
RGA completed its annual actuarial assumption review related to business, subject to Long-Duration Targeted Improvements (LDTI), during the third quarter. The impact from the actuarial assumption review is reflected in the results as notable items, which had an immaterial impact to both consolidated net income and adjusted operating income.
Quarterly Results
Year-to-Date Results
($ in millions, except per share data)
2023
2022
2023
2022
Net premiums
$
4,255
$
3,247
$
10,977
$
9,632
Net income (loss) available to RGA shareholders
287
(76
)
744
226
Net income (loss) available to RGA shareholders per diluted share
4.29
(1.13
)
11.06
3.35
Adjusted operating income*
372
16
1,018
615
Adjusted operating income excluding notable items*
372
263
1,018
845
Adjusted operating income per diluted share*
5.57
0.24
15.14
9.10
Adjusted operating income excluding notable items per diluted share*
5.57
3.92
15.14
12.51
Book value per share
122.40
101.08
Book value per share, excluding accumulated other comprehensive income (AOCI)*
142.63
130.68
Total assets
87,422
82,819
*
See “Non-GAAP Financial Measures” below
In the third quarter, consolidated net premiums totaled $4.3 billion, an increase of 31.0% over the 2022 third quarter, with a favorable net foreign currency effect of $13 million. Excluding the net foreign currency effect, consolidated net premiums increased 30.6% in the quarter. Net premiums include an $820 million contribution from the U.S. Financial Solutions business, primarily due to a single premium pension risk transfer transaction.
Compared with the year-ago period, excluding spread-based businesses, third quarter investment income increased 15.0%, reflecting higher yields. Average investment yield increased to 4.72% in the third quarter from 4.40% in the prior-year period due to higher yields.
The effective tax rate on pre-tax income was 24.2% for the quarter. The effective tax rate for the quarter was 22.6% on pre-tax adjusted operating income, lower than the expected range of 23% to 24% primarily due to tax benefits received in foreign geographies.
Anna Manning, Chief Executive Officer, commented, “This was another strong quarter, with most regions and business lines performing very well. We continue to see very strong momentum in our new business activities and pipelines. Industry dynamics are favorable and we are well-positioned, with the capabilities and proven track record to benefit from all those dynamics. We are optimistic about our future and our ability to deliver attractive returns for our shareholders.”
SEGMENT RESULTS
U.S. and Latin America
Traditional
Quarterly Results
Year-to-Date Results
($ in millions)
2023
2022
2023
2022
Net premiums
$
1,746
$
1,640
$
5,111
$
4,812
Pre-tax income (loss)
105
(69
)
288
81
Pre-tax adjusted operating income (loss)
103
(77
)
288
39
Pre-tax adjusted operating income excluding notable items
120
93
305
209
Quarterly Results
Financial Solutions
Quarterly Results
Year-to-Date Results
($ in millions)
2023
2022
2023
2022
Asset-Intensive:
Pre-tax income
$
89
$
30
$
229
$
33
Pre-tax adjusted operating income
117
83
289
227
Pre-tax adjusted operating income excluding notable items
95
80
267
224
Capital Solutions:
Pre-tax income
$
19
$
23
$
61
$
120
Pre-tax adjusted operating income
19
23
61
120
Pre-tax adjusted operating income excluding notable items
19
23
61
120
Quarterly Results
Canada
Traditional
Quarterly Results
Year-to-Date Results
($ in millions)
2023
2022
2023
2022
Net premiums
$
302
$
293
$
904
$
911
Pre-tax income
6
12
70
54
Pre-tax adjusted operating income
10
12
71
61
Pre-tax adjusted operating income excluding notable items
23
18
84
67
Net Premiums
Quarterly Results
Financial Solutions
Quarterly Results
Year-to-Date Results
($ in millions)
2023
2022
2023
2022
Pre-tax income
$
30
$
6
$
46
$
22
Pre-tax adjusted operating income
30
6
46
22
Pre-tax adjusted operating income excluding notable items
8
6
24
22
Quarterly Results
Europe, Middle East and Africa (EMEA)
Traditional
Quarterly Results
Year-to-Date Results
($ in millions)
2023
2022
2023
2022
Net premiums
$
447
$
436
$
1,314
$
1,314
Pre-tax income (loss)
(60
)
5
(29
)
43
Pre-tax adjusted operating income (loss)
(59
)
5
(28
)
43
Pre-tax adjusted operating income (loss) excluding notable items
(12
)
18
19
56
Net Premiums
Quarterly Results
Financial Solutions
Quarterly Results
Year-to-Date Results
($ in millions)
2023
2022
2023
2022
Pre-tax income
$
84
$
34
$
195
$
126
Pre-tax adjusted operating income
108
52
243
171
Pre-tax adjusted operating income excluding notable items
74
52
209
171
Quarterly Results
Asia Pacific
Traditional
Quarterly Results
Year-to-Date Results
($ in millions)
2023
2022
2023
2022
Net premiums
$
737
$
660
$
2,076
$
1,950
Pre-tax income (loss)
134
(73
)
302
94
Pre-tax adjusted operating income (loss)
134
(73
)
302
94
Pre-tax adjusted operating income excluding notable items
132
67
300
211
Net Premiums
Quarterly Results
Financial Solutions
Quarterly Results
Year-to-Date Results
($ in millions)
2023
2022
2023
2022
Net premiums
$
63
$
69
$
171
$
172
Pre-tax income (loss)
(16
)
47
(9
)
(63
)
Pre-tax adjusted operating income
44
62
146
123
Pre-tax adjusted operating income excluding notable items
44
62
146
123
Quarterly Results
Corporate and Other
Quarterly Results
Year-to-Date Results
($ in millions)
2023
2022
2023
2022
Pre-tax income (loss)
$
(11
)
$
(92
)
$
(157
)
$
(173
)
Pre-tax adjusted operating income (loss)
(25
)
(55
)
(105
)
(70
)
Pre-tax adjusted operating income (loss) excluding notable items
(25
)
(55
)
(105
)
(70
)
Quarterly Results
Dividend Declaration
Effective October 31, 2023, the board of directors declared a regular quarterly dividend of $0.85, payable November 28, 2023, to shareholders of record as of November 14, 2023.
Earnings Conference Call
A conference call to discuss third quarter results will begin at 10 a.m. Eastern Time on Friday, November 3, 2023. 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
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.
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 $3.5 trillion of life reinsurance in force and assets of $87.4 billion as of September 30, 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 SUBSIDIARIESReconciliation of Consolidated Net Income to Adjusted Operating Income
(Dollars in millions, except per share data)
(Unaudited)
Three Months Ended September 30,
2023
2022
Diluted
Earnings Per
Share
Diluted
Earnings Per
Share
Net income (loss) available to RGA shareholders
$
287
$
4.29
$
(76
)
$
(1.13
)
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net
104
1.56
120
1.79
Market risk benefits remeasurement (gains) losses
(17
)
(0.25
)
18
0.27
Realized (gains) losses on funds withheld, included in investment income, net of related expenses
(4
)
(0.06
)
3
0.04
Embedded derivatives:
Included in investment related gains/losses, net
(1
)
(0.01
)
14
0.21
Included in interest credited
(6
)
(0.09
)
(8
)
(0.12
)
Investment (income) loss on unit-linked variable annuities
1
0.01
4
0.06
Interest credited on unit-linked variable annuities
(1
)
(0.01
)
(4
)
(0.06
)
Interest expense on uncertain tax positions
1
0.01
—
—
Other
—
—
(56
)
(0.83
)
Uncertain tax positions and other tax related items
6
0.09
—
—
Net income attributable to noncontrolling interest
2
0.03
1
0.01
Adjusted operating income
372
5.57
16
0.24
Notable items
—
—
248
3.68
Adjusted operating income excluding notable items
$
372
$
5.57
$
264
$
3.92
(Unaudited)
Nine Months Ended September 30,
2023
2022
Diluted
Earnings Per
Share
Diluted
Earnings Per
Share
Net income available to RGA shareholders
$
744
$
11.06
$
226
$
3.35
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net
294
4.39
366
5.42
Market risk benefits remeasurement (gains) losses
(30
)
(0.45
)
23
0.34
Realized (gains) losses on funds withheld, included in investment income, net of related expenses
(2
)
(0.03
)
17
0.25
Embedded derivatives:
Included in investment related gains/losses, net
(14
)
(0.21
)
84
1.24
Included in interest credited
(9
)
(0.13
)
(43
)
(0.64
)
Investment (income) loss on unit-linked variable annuities
3
0.04
17
0.25
Interest credited on unit-linked variable annuities
(3
)
(0.04
)
(17
)
(0.25
)
Interest expense on uncertain tax positions
1
0.01
—
—
Other
6
0.09
(64
)
(0.95
)
Uncertain tax positions and other tax related items
23
0.34
4
0.06
Net income attributable to noncontrolling interest
5
0.07
2
0.03
Adjusted operating income
1,018
15.14
615
9.10
Notable items
—
—
231
3.41
Adjusted operating income excluding notable items
$
1,018
$
15.14
$
846
$
12.51
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Effective Income Tax Rates
(Dollars in millions)
(Unaudited)
Three Months Ended September 30, 2023
Nine Months Ended September 30, 2023
Pre-tax
Income
(Loss)
Income
Taxes
Effective
Tax Rate (1)
Pre-tax
Income
(Loss)
Income
Taxes
Effective
Tax Rate (1)
GAAP income
$
380
$
91
24.2
%
$
996
$
247
24.9
%
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net
134
30
378
84
Market risk benefits remeasurement (gains) losses
(21
)
(4
)
(38
)
(8
)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses
(4
)
—
(2
)
—
Embedded derivatives:
Included in investment related gains/losses, net
(1
)
—
(18
)
(4
)
Included in interest credited
(7
)
(1
)
(11
)
(2
)
Investment (income) loss on unit-linked variable annuities
2
1
4
1
Interest credited on unit-linked variable annuities
(2
)
(1
)
(4
)
(1
)
Interest expense on uncertain tax positions
1
—
1
—
Other
(1
)
(1
)
7
1
Uncertain tax positions and other tax related items
—
(6
)
—
(23
)
Adjusted operating income
481
109
22.6
%
1,313
295
22.5
%
Notable items
(3
)
(3
)
(3
)
(3
)
Adjusted operating income excluding notable items
$
478
$
106
$
1,310
$
292
(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
September 30,
2023
2022
Income (loss) before income taxes
$
380
$
(77
)
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net
134
152
Market risk benefits remeasurement (gains) losses
(21
)
23
Realized (gains) losses on funds withheld, included in investment income, net of related expenses
(4
)
4
Embedded derivatives:
Included in investment related gains/losses, net
(1
)
17
Included in interest credited
(7
)
(10
)
Investment (income) loss on unit-linked variable annuities
2
5
Interest credited on unit-linked variable annuities
(2
)
(5
)
Interest expense on uncertain tax positions
1
—
Other
(1
)
(71
)
Pre-tax adjusted operating income
481
38
Notable items
(3
)
326
Pre-tax adjusted operating income excluding notable items
$
478
$
364
(Unaudited)
Nine Months Ended
September 30,
2023
2022
Income before income taxes
$
996
$
337
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net
378
471
Market risk benefits remeasurement (gains) losses
(38
)
29
Realized (gains) losses on funds withheld, included in investment income, net of related expenses
(2
)
22
Embedded derivatives:
Included in investment related gains/losses, net
(18
)
106
Included in interest credited
(11
)
(54
)
Investment (income) loss on unit-linked variable annuities
4
22
Interest credited on unit-linked variable annuities
(4
)
(22
)
Interest expense on uncertain tax positions
1
—
Other
7
(81
)
Pre-tax adjusted operating income
1,313
830
Notable items
(3
)
303
Pre-tax adjusted operating income excluding notable items
$
1,310
$
1,133
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, 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
$
105
$
—
$
(2
)
$
103
$
17
$
120
Financial Solutions:
Asset-Intensive
89
34
(6
)
117
(22
)
95
Capital Solutions
19
—
—
19
—
19
Total U.S. and Latin America
213
34
(8
)
239
(5
)
234
Canada Traditional
6
4
—
10
13
23
Canada Financial Solutions
30
—
—
30
(22
)
8
Total Canada
36
4
—
40
(9
)
31
EMEA Traditional
(60
)
1
—
(59
)
47
(12
)
EMEA Financial Solutions
84
24
—
108
(34
)
74
Total EMEA
24
25
—
49
13
62
APAC Traditional
134
—
—
134
(2
)
132
APAC Financial Solutions
(16
)
60
—
44
—
44
Total Asia Pacific
118
60
—
178
(2
)
176
Corporate and Other
(11
)
(14
)
—
(25
)
—
(25
)
Consolidated
$
380
$
109
$
(8
)
$
481
$
(3
)
$
478
(Unaudited)
Three Months Ended September 30, 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
$
(69
)
$
(1
)
$
(7
)
$
(77
)
$
170
$
93
Financial Solutions:
Asset-Intensive
30
39
14
83
(3
)
80
Capital Solutions
23
—
—
23
—
23
Total U.S. and Latin America
(16
)
38
7
29
167
196
Canada Traditional
12
—
—
12
6
18
Canada Financial Solutions
6
—
—
6
—
6
Total Canada
18
—
—
18
6
24
EMEA Traditional
5
—
—
5
13
18
EMEA Financial Solutions
34
18
—
52
—
52
Total EMEA
39
18
—
57
13
70
APAC Traditional
(73
)
—
—
(73
)
140
67
APAC Financial Solutions
47
15
—
62
—
62
Total Asia Pacific
(26
)
15
—
(11
)
140
129
Corporate and Other
(92
)
37
—
(55
)
—
(55
)
Consolidated
$
(77
)
$
108
$
7
$
38
$
326
$
364
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income
(Dollars in millions)
(Unaudited)
Nine Months Ended September 30, 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
$
288
$
—
$
—
$
288
$
17
$
305
Financial Solutions:
Asset-Intensive
229
89
(29
)
289
(22
)
267
Capital Solutions
61
—
—
61
—
61
Total U.S. and Latin America
578
89
(29
)
638
(5
)
633
Canada Traditional
70
1
—
71
13
84
Canada Financial Solutions
46
—
—
46
(22
)
24
Total Canada
116
1
—
117
(9
)
108
EMEA Traditional
(29
)
1
—
(28
)
47
19
EMEA Financial Solutions
195
48
—
243
(34
)
209
Total EMEA
166
49
—
215
13
228
APAC Traditional
302
—
—
302
(2
)
300
APAC Financial Solutions
(9
)
155
—
146
—
146
Total Asia Pacific
293
155
—
448
(2
)
446
Corporate and Other
(157
)
52
—
(105
)
—
(105
)
Consolidated
$
996
$
346
$
(29
)
$
1,313
$
(3
)
$
1,310
(Unaudited)
Nine Months Ended September 30, 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
$
81
$
(1
)
$
(41
)
$
39
$
170
$
209
Financial Solutions:
Asset-Intensive
33
101
93
227
(3
)
224
Capital Solutions
120
—
—
120
—
120
Total U.S. and Latin America
234
100
52
386
167
553
Canada Traditional
54
7
—
61
6
67
Canada Financial Solutions
22
—
—
22
—
22
Total Canada
76
7
—
83
6
89
EMEA Traditional
43
—
—
43
13
56
EMEA Financial Solutions
126
45
—
171
—
171
Total EMEA
169
45
—
214
13
227
APAC Traditional
94
—
—
94
117
211
APAC Financial Solutions
(63
)
186
—
123
—
123
Total Asia Pacific
31
186
—
217
117
334
Corporate and Other
(173
)
103
—
(70
)
—
(70
)
Consolidated
$
337
$
441
$
52
$
830
$
303
$
1,133
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Earnings per share from net income (loss):
Basic earnings per share
$
4.34
$
(1.13
)
$
11.19
$
3.38
Diluted earnings per share (1)
$
4.29
$
(1.13
)
$
11.06
$
3.35
Diluted earnings per share from adjusted operating income
$
5.57
$
0.24
$
15.14
$
9.10
Weighted average number of common and common equivalent shares outstanding
66,914
67,663
67,252
67,607
(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,
2023
2022
Treasury shares
19,439
18,484
Common shares outstanding
65,872
66,827
Book value per share outstanding
$
122.40
$
101.08
Book value per share outstanding, before impact of AOCI
$
142.63
$
130.68
Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI
(Unaudited)
At September 30,
2023
2022
Book value per share outstanding
$
122.40
$
101.08
Less effect of AOCI:
Accumulated currency translation adjustment
(0.49
)
(2.20
)
Unrealized (depreciation) appreciation of securities
(101.10
)
(86.61
)
Effect of updating discount rates on future policy benefits
81.46
59.69
Change in instrument-specific credit risk for market risk benefits
0.11
0.29
Pension and postretirement benefits
(0.21
)
(0.77
)
Book value per share outstanding, before impact of AOCI
$
142.63
$
130.68
Reconciliation of Shareholders' Average Equity to Shareholders' Average Equity Excluding AOCI
(Dollars in millions)
(Unaudited)
Trailing Twelve Months Ended September 30, 2023:
Average Equity
Shareholders' average equity
$
7,466
Less effect of AOCI:
Accumulated currency translation adjustment
(73
)
Unrealized (depreciation) appreciation of securities
(5,443
)
Effect of updating discount rates on future policy benefits
3,921
Change in instrument-specific credit risk for market risk benefits
13
Pension and postretirement benefits
(26
)
Shareholders' average equity, excluding AOCI
9,074
Year-to-date notable items, net of tax
83
Shareholders' average equity, excluding AOCI and notable items
$
9,157
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, 2023:
Income
Net income available to RGA shareholders
$
1,035
13.9
%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net
243
Change in fair value of embedded derivatives
31
Tax expense on uncertain tax positions and other tax related items
14
Net income attributable to noncontrolling interest
7
Adjusted operating income
1,330
14.7
%
Notable items after tax
(47
)
Adjusted operating income excluding notable items
$
1,283
14.0
%
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,
2023
2022
2023
2022
Revenues:
Net premiums
$
4,255
$
3,247
$
10,977
$
9,632
Investment income, net of related expenses
922
769
2,635
2,333
Investment related gains (losses), net
(126
)
(154
)
(326
)
(533
)
Other revenue
102
188
274
438
Total revenues
5,153
4,050
13,560
11,870
Benefits and expenses:
Claims and other policy benefits
3,959
3,048
10,035
8,857
Future policy benefits remeasurement (gains) losses
(82
)
226
(95
)
302
Market risk benefits remeasurement (gains) losses
(21
)
23
(38
)
29
Interest credited
223
189
647
468
Policy acquisition costs and other insurance expenses
348
341
1,028
1,021
Other operating expenses
274
251
799
720
Interest expense
72
49
188
136
Total benefits and expenses
4,773
4,127
12,564
11,533
Income before income taxes
380
(77
)
996
337
Provision for income taxes
91
(2
)
247
109
Net income (loss)
289
(75
)
749
228
Net income attributable to noncontrolling interest
2
1
5
2
Net income (loss) available to RGA shareholders
$
287
$
(76
)
$
744
$
226
View source version on businesswire.com: https://www.businesswire.com/news/home/20231031174583/en/
Jeff Hopson Senior Vice President - Investor Relations (636) 736-2068
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