- Long-Duration Targeted Improvements (“LDTI”) accounting
standard adopted this quarter, comparable periods revised to
reflect adoption of LDTI
- Net income available to RGA shareholders of $3.72 per diluted
share, including adverse foreign currency effects of $0.14 per
diluted share
- Adjusted operating income* of $5.16 per diluted share,
including adverse foreign currency effects of $0.18 per diluted
share
- Premium growth of 7.3% over the prior-year quarter, 10.8% on a
constant currency basis1
- ROE of 7.8%, adjusted operating ROE* of 11.2%, and adjusted
operating ROE excluding notable items*2 of 13.1% for the trailing
twelve months
- Deployed capital of $194 million into in-force and other
transactions
- Total shareholder capital returns of $103 million: $50 million
of share repurchases and $53 million of shareholder dividends
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 There were no notable items in the first quarter of 2023.
Notable items include actuarial assumption changes on business
subject to LDTI; Assumption changes reflect the impact of changes
in actuarial assumptions on business subject to LDTI recorded in
“Future policy benefits remeasurement (gains) losses” in the income
statement.
Reinsurance Group of America, Incorporated (NYSE: RGA), a
leading global provider of life and health reinsurance, reported
first quarter net income available to RGA shareholders of $252
million, or $3.72 per diluted share, compared with $197 million, or
$2.91 per diluted share, in the prior-year quarter. Adjusted
operating income* for the first quarter totaled $349 million, or
$5.16 per diluted share, compared with $283 million, or $4.18 per
diluted share, the year before. Net foreign currency fluctuations
had an adverse effect of $0.14 per diluted share on net income
available to RGA shareholders and $0.18 per diluted share on
adjusted operating income as compared with the prior year.
Quarterly Results
($ in millions, except per share
data)
2023
2022
Net premiums
$
3,385
$
3,155
Net income available to RGA
shareholders
252
197
Net income available to RGA shareholders
per diluted share
3.72
2.91
Adjusted operating income*
349
283
Adjusted operating income excluding
notable items*
349
283
Adjusted operating income per diluted
share*
5.16
4.18
Book value per share
114.60
118.62
Book value per share, excluding
accumulated other comprehensive income (AOCI)*
136.56
131.44
Total assets
89,120
90,288
*
See ‘Use of Non-GAAP Financial Measures’
below
In the first quarter, consolidated net premiums totaled $3.4
billion, an increase of 7.3% over the 2022 first quarter, with an
adverse net foreign currency effect of $112 million. Excluding the
net foreign currency effect, consolidated net premiums increased
10.8% in the quarter.
Compared with the year-ago period, excluding spread-based
businesses, first quarter investment income decreased 9.2%,
reflecting lower variable investment income. Average investment
yield decreased to 4.71% in the first quarter from 5.29% in the
prior-year period due to lower variable investment income,
partially offset by higher yields.
The effective tax rate on pre-tax income was 28.0% for the
quarter. The effective tax rate for the quarter was 23.6% on
pre-tax adjusted operating income, within the expected range of 23%
to 24%.
Anna Manning, Chief Executive Officer, commented, “This was a
strong quarter and a good start to the year. In the quarter, many
regions and product lines performed very well, and we had another
active quarter for in-force and other transactions, including our
first U.S. PRT transaction. We are delivering on our strategy, our
balance sheet remains strong, and we are well-positioned to add to
this positive momentum going forward.”
SEGMENT RESULTS
U.S. and Latin America
Traditional
Quarterly Results
($ in millions)
2023
2022
Net premiums
$
1,615
$
1,541
Pre-tax income
121
60
Pre-tax adjusted operating income
122
45
Quarterly Results
- Individual Mortality results were favorable overall, reflecting
in-force management actions and higher investment income, partially
offset by unfavorable large claims experience.
- Individual Health and Group experience was favorable.
Financial Solutions
Quarterly Results
($ in millions)
2023
2022
Asset-Intensive:
Pre-tax income
$
93
$
32
Pre-tax adjusted operating income
84
76
Capital Solutions:
Pre-tax income
21
25
Pre-tax adjusted operating income
21
25
Quarterly Results
- Asset-Intensive results reflected favorable investment spreads,
including higher yields on floating rate securities.
- Capital Solutions results were in line with expectations.
Canada
Traditional
Quarterly Results
($ in millions)
2023
2022
Net premiums
$
295
$
304
Pre-tax income
29
15
Pre-tax adjusted operating income
29
15
Net Premiums
- Foreign currency exchange rates had an adverse effect on net
premiums of $20 million.
Quarterly Results
- Results were in line with expectations.
- Foreign currency exchange rates had an adverse effect of $2
million on pre-tax income and pre-tax adjusted operating
income.
Financial Solutions
Quarterly Results
($ in millions)
2023
2022
Pre-tax income
$
10
$
9
Pre-tax adjusted operating income
10
9
Quarterly Results
- Results reflected favorable longevity experience.
- Foreign currency exchange rates had an adverse effect of $1
million on pre-tax income and pre-tax adjusted operating
income.
Europe, Middle East and Africa (EMEA)
Traditional
Quarterly Results
($ in millions)
2023
2022
Net premiums
$
438
$
451
Pre-tax income
27
34
Pre-tax adjusted operating income
27
34
Net Premiums
- Foreign currency exchange rates had an adverse effect on net
premiums of $41 million.
Quarterly Results
- Results reflected moderately unfavorable experience, primarily
due to estimated claims related to the earthquake in Turkey.
- Foreign currency exchange rates had an adverse effect of $1
million on pre-tax income and pre-tax adjusted operating
income.
Financial Solutions
Quarterly Results
($ in millions)
2023
2022
Pre-tax income
$
59
$
67
Pre-tax adjusted operating income
69
61
Quarterly Results
- Results reflected favorable longevity experience.
- Foreign currency exchange rates had an adverse effect of $6
million on pre-tax income and $7 million on pre-tax adjusted
operating income.
Asia Pacific
Traditional
Quarterly Results
($ in millions)
2023
2022
Net premiums
$
662
$
650
Pre-tax income
79
108
Pre-tax adjusted operating income
79
108
Net Premiums
- Foreign currency exchange rates had an adverse effect on net
premiums of $33 million.
Quarterly Results
- Results reflected favorable overall experience.
- Foreign currency exchange rates had an adverse effect of $3
million on pre-tax income and $2 million on pre-tax adjusted
operating income.
Financial Solutions
Quarterly Results
($ in millions)
2023
2022
Net premiums
$
64
$
43
Pre-tax income (loss)
(13
)
(56
)
Pre-tax adjusted operating income
40
21
Quarterly Results
- Results reflected contributions from recent, strong new
business growth.
- Foreign currency exchange rates had an immaterial effect on
pre-tax income and an adverse effect of $3 million on pre-tax
adjusted operating income.
Corporate and Other
Quarterly Results
($ in millions)
2023
2022
Pre-tax income (loss)
$
(75
)
$
(27
)
Pre-tax adjusted operating income
(loss)
(25
)
(18
)
Quarterly Results
- Pre-tax adjusted operating loss was favorable compared to the
quarterly average run rate, primarily due to higher investment
income.
Dividend Declaration
Effective May 2, 2023, the board of directors declared a regular
quarterly dividend of $0.80, payable May 30, 2023, to shareholders
of record as of May 16, 2023.
Earnings Conference Call
A conference call to discuss first quarter results will begin at
10 a.m. Eastern Time on Friday, May 5, 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.
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 changes in the fair value of contracts
that provide market risk benefits. 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.
RGA also uses a non-GAAP financial measure called adjusted
operating income, excluding notable items. Notable items currently
represent the financial impact of RGA's assumption reviews on
business subject to LDTI, reflected in future policy benefits
remeasurement (gains) losses. In addition, notable items may in the
future periods include other items RGA believes may not be
indicative of future performance.
RGA uses a non-GAAP financial measure called adjusted operating
return on equity excluding notable items, which is calculated as
adjusted operating income excluding notable items divided by
average shareholders’ equity excluding year-to-date notable items
and AOCI.
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 celebrates its 50th
anniversary in 2023. Over the past five decades, RGA has become one
of the world’s largest and most respected reinsurers and is listed
among Fortune's World’s Most Admired Companies. The global
organization 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 $3.4 trillion
of life reinsurance in force and assets of $89.1 billion as of
March 31, 2023. To learn more about RGA and its businesses, visit
www.rgare.com. Follow RGA on LinkedIn 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 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 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 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 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 March 31,
2023
2022
Diluted Earnings Per Share
Diluted Earnings Per Share
Net income available to RGA
shareholders
$
252
$
3.72
$
197
$
2.91
Reconciliation to adjusted operating
income:
Realized (gains) losses, derivatives and
other, included in investment related gains (losses), net
102
1.52
92
1.37
Market risk benefits remeasurement (gains)
losses
11
0.16
(27
)
(0.40
)
Realized (gains) losses on funds withheld,
included in investment income, net of related expenses
—
—
6
0.09
Embedded derivatives:
Included in investment related
gains/losses, net
(29
)
(0.43
)
26
0.38
Included in interest credited
(6
)
(0.09
)
(13
)
(0.19
)
Investment (income) loss on unit-linked
variable annuities
—
—
7
0.10
Interest credited on unit-linked variable
annuities
—
—
(7
)
(0.10
)
Interest expense on uncertain tax
positions
—
—
—
—
Other
6
0.09
1
0.01
Uncertain tax positions and other tax
related items
12
0.18
1
0.01
Net income attributable to noncontrolling
interest
1
0.01
—
—
Adjusted operating income
349
5.16
283
4.18
Notable items
—
—
—
—
Adjusted operating income excluding
notable items
$
349
$
5.16
$
283
$
4.18
REINSURANCE GROUP OF AMERICA,
INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated
Effective Income Tax Rates
(Dollars in millions)
(Unaudited)
Three Months Ended March 31,
2023
Pre-tax Income (Loss)
Income Taxes
Effective Tax Rate (1)
GAAP income
$
351
$
98
28.0
%
Reconciliation to adjusted operating
income:
Realized and unrealized (gains) losses,
derivatives and other, included in investment related gains
(losses), net
127
25
Market risk benefits remeasurement (gains)
losses
14
3
Realized (gains) losses on funds withheld,
included in investment income, net of related expenses
—
—
Embedded derivatives:
Included in investment related
gains/losses, net
(37
)
(8
)
Included in interest credited
(7
)
(1
)
Investment (income) loss on unit-linked
variable annuities
—
—
Interest credited on unit-linked variable
annuities
—
—
Interest expense on uncertain tax
positions
—
—
Other
8
2
Uncertain tax positions and other tax
related items
—
(12
)
Adjusted operating income
456
107
23.6
%
Notable items
—
—
Adjusted operating income excluding
notable items
$
456
$
107
(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 March 31,
2023
2022
Income before income taxes
$
351
$
267
Reconciliation to pre-tax adjusted
operating income:
Realized (gains) losses, derivatives and
other, included in investment related gains (losses), net
127
118
Market risk benefits remeasurement (gains)
losses
14
(34
)
Realized (gains) losses on funds withheld,
included in investment income, net of related expenses
—
8
Embedded derivatives:
Included in investment related
gains/losses, net
(37
)
33
Included in interest credited
(7
)
(17
)
Investment (income) loss on unit-linked
variable annuities
—
9
Interest credited on unit-linked variable
annuities
—
(9
)
Interest expense on uncertain tax
positions
—
—
Other
8
1
Pre-tax adjusted operating income
456
376
Notable items
—
—
Pre-tax adjusted operating income
excluding notable items
$
456
$
376
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 March 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)
U.S. and Latin America:
Traditional
$
121
$
—
$
1
$
122
Financial Solutions:
Asset-Intensive
93
36
(45
)
84
Capital Solutions
21
—
—
21
Total U.S. and Latin America
235
36
(44
)
227
Canada Traditional
29
—
—
29
Canada Financial Solutions
10
—
—
10
Total Canada
39
—
—
39
EMEA Traditional
27
—
—
27
EMEA Financial Solutions
59
10
—
69
Total EMEA
86
10
—
96
Asia Pacific Traditional
79
—
—
79
Asia Pacific Financial Solutions
(13
)
53
—
40
Total Asia Pacific
66
53
—
119
Corporate and Other
(75
)
50
—
(25
)
Consolidated
$
351
$
149
$
(44
)
$
456
(Unaudited)
Three Months Ended March 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)
U.S. and Latin America:
Traditional
$
60
$
—
$
(15
)
$
45
Financial Solutions:
Asset-Intensive
32
13
31
76
Capital Solutions
25
—
—
25
Total U.S. and Latin America
117
13
16
146
Canada Traditional
15
—
—
15
Canada Financial Solutions
9
—
—
9
Total Canada
24
—
—
24
EMEA Traditional
34
—
—
34
EMEA Financial Solutions
67
(6
)
—
61
Total EMEA
101
(6
)
—
95
Asia Pacific Traditional
108
—
—
108
Asia Pacific Financial Solutions
(56
)
77
—
21
Total Asia Pacific
52
77
—
129
Corporate and Other
(27
)
9
—
(18
)
Consolidated
$
267
$
93
$
16
$
376
REINSURANCE GROUP OF AMERICA,
INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share
data)
(Unaudited)
Three Months Ended March 31,
2023
2022
Earnings per share from net income
(loss):
Basic earnings per share
$
3.77
$
2.93
Diluted earnings per share
$
3.72
$
2.91
Diluted earnings per share from adjusted
operating income
$
5.16
$
4.18
Weighted average number of common and
common equivalent shares outstanding
67,615
67,649
(Unaudited)
At March 31,
2023
2022
Treasury shares
18,771
18,323
Common shares outstanding
66,540
66,988
Book value per share outstanding
$
114.60
$
118.62
Book value per share outstanding, before
impact of AOCI
$
136.56
$
131.44
Reconciliation of Book Value Per
Share to Book Value Per Share Excluding AOCI
(Unaudited)
At March 31,
2023
2022
Book value per share outstanding
$
114.60
$
118.62
Less effect of AOCI:
Accumulated currency translation
adjustment
(1.41
)
0.12
Unrealized (depreciation) appreciation of
securities
(66.02
)
(0.15
)
Effect of updating discount rates on
future policy benefits
45.59
(11.87
)
Change in instrument-specific credit risk
for market risk benefits
0.22
(0.17
)
Pension and postretirement benefits
(0.34
)
(0.75
)
Book value per share outstanding, before
impact of AOCI
$
136.56
$
131.44
Reconciliation of Stockholders'
Average Equity to Stockholders' Average Equity Excluding AOCI
(Dollars in millions)
(Unaudited)
Trailing Twelve Months Ended March 31,
2023:
Average Equity
Stockholders' average equity
$
7,360
Less effect of AOCI:
Accumulated currency translation
adjustment
(69
)
Unrealized (depreciation) appreciation of
securities
(3,847
)
Effect of updating discount rates on
future policy benefits
2,421
Change in instrument-specific credit risk
for market risk benefits
5
Pension and postretirement benefits
(40
)
Stockholders' average equity, excluding
AOCI
8,890
Year-to-date notable items, net of tax
79
Stockholders' average equity, excluding
AOCI and notable items
$
8,969
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 March 31,
2023:
Income
Equity
Net income available to RGA
shareholders
$
572
7.8
%
Reconciliation to adjusted operating
income:
Capital (gains) losses, derivatives and
other, net
363
Change in fair value of embedded
derivatives
47
Tax expense on uncertain tax positions and
other tax related items
6
Net income attributable to noncontrolling
interest
5
Adjusted operating income
993
11.2
%
Notable items after tax
184
Adjusted operating income excluding
notable items
$
1,177
13.1
%
REINSURANCE GROUP OF AMERICA,
INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements
of Income
(Dollars in millions)
(Unaudited)
Three Months Ended March 31,
2023
2022
Revenues:
Net premiums
$
3,385
$
3,155
Investment income, net of related
expenses
856
810
Investment related gains (losses), net
(77
)
(139
)
Other revenue
87
91
Total revenues
4,251
3,917
Benefits and expenses:
Claims and other policy benefits
3,063
2,871
Future policy benefits remeasurement
(gains) losses
(26
)
58
Market risk benefits remeasurement (gains)
losses
14
(34
)
Interest credited
215
141
Policy acquisition costs and other
insurance expenses
331
344
Other operating expenses
250
227
Interest expense
50
42
Collateral finance and securitization
expense
3
1
Total benefits and expenses
3,900
3,650
Income before income taxes
351
267
Provision for income taxes
98
70
Net income
253
197
Net income attributable to noncontrolling
interest
1
—
Net income available to RGA
shareholders
$
252
$
197
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230501005736/en/
Investor Contact Jeff Hopson Senior Vice President -
Investor Relations (636) 736-2068
Reinsurance Group of Ame... (NYSE:RGA)
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