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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 30, 2024
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
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| Missouri | | 1-11848 | | 43-1627032 |
(State or Other Jurisdiction
of Incorporation) | | (Commission
File Number) | | (IRS Employer
Identification Number) |
16600 Swingley Ridge Road, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, par value $0.01 | | RGA | | New York Stock Exchange |
| 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 | | RZB | | New York Stock Exchange |
| 7.125% Fixed Rate Reset Subordinated Debentures due 2052 | | RZC | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
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| ☐ | Emerging growth company |
| ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
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| Item 2.02 | Results of Operations and Financial Condition. |
On February 1, 2024, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 2023, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2023, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 2, 2024 to discuss the financial and operating results for the three-month period ended December 31, 2023 (the "Earnings Call").
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| Item 7.01 | Regulation FD Disclosure. |
In connection with the Earnings Call, the Company has prepared a presentation, dated February 1, 2024 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.
The Press Release also announced that effective January 30, 2024 the Company’s board of directors declared a regular quarterly dividend of $0.85, payable February 27, 2024 to shareholders of record as of February 13, 2024.
The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the Press Release, Quarterly Financial Supplement and Earnings Presentation, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.
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| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
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| Exhibit No. | | Exhibit |
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| 104 | | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | REINSURANCE GROUP OF AMERICA, INCORPORATED |
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| Date: February 1, 2024 | | | By: | | /s/ Todd C. Larson |
| | | | | Todd C. Larson |
| | | | | Senior Executive Vice President and Chief Financial Officer |
PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS
FOURTH QUARTER AND FULL YEAR RESULTS
Fourth Quarter Results
•Net income available to RGA shareholders of $2.37 per diluted share
•Adjusted operating income* of $4.73 per diluted share
•Premium growth of 19.2% over the prior-year quarter, 18.7% on a constant currency basis1
•Deployed capital of $346 million into in-force transactions
•Total shareholder capital returns of $106 million: $50 million of share repurchases and $56 million of shareholder dividends
Full Year Results
•Net income available to RGA shareholders of $13.44 per diluted share
•Adjusted operating income* of $19.88 per diluted share
•Premium growth of 15.3% over the prior year, 16.3% on a constant currency basis1
•ROE of 11.4%, adjusted operating ROE* of 14.5%, and adjusted operating ROE, excluding notable items*2 of 14.4% for the trailing twelve months
•Deployed capital of $933 million into in-force transactions
•Total shareholder capital returns of $419 million: $200 million of share repurchases and $219 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 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.
ST. LOUIS, February 1, 2024 - 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 $0.04 per diluted share on adjusted operating income as compared with the prior year.
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| | Quarterly Results | | Year-to-Date Results |
| ($ 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 | | | | | |
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| * | 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
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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 $1.0 billion. Based on favorable business conditions and RGA's global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time.”
SEGMENT RESULTS
U.S. and Latin America
Traditional
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| Quarterly Results | | Year-to-Date Results |
| ($ 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
•Results reflected favorable Group and Individual Health experience and slightly unfavorable experience and client reporting adjustments in Individual Life, which had a larger unfavorable financial impact due to the mix of experience in uncapped and capped cohorts.
Full Year Results
•Results reflected $17 million of unfavorable impacts from assumption updates, which are reflected as notable items.
•Excluding notable items, results reflected favorable in-force management actions, the impact of higher yields and favorable Individual Health and Group experience.
•Individual Life experience was favorable, however, the mix of experience between uncapped and capped cohorts led to unfavorable financial impacts.
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Financial Solutions
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| Quarterly Results | | Year-to-Date Results |
| ($ 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
•Asset-Intensive results reflected strong investment spreads due to higher yields, including those on floating rate securities.
•Capital Solutions results were in line with expectations.
Full Year Results
•Asset-Intensive results reflected $22 million of favorable impacts from assumptions updates, which are reflected as notable items.
•Excluding notable items, Asset-Intensive results reflected strong investment spreads, including those on floating rate securities.
•Capital Solutions results were in line with expectations.
Canada
Traditional
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| Quarterly Results | | Year-to-Date Results | | |
| ($ 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
•Foreign currency exchange rates had an adverse effect on net premiums of $1 million for the quarter and $45 million for the full year.
Quarterly Results
•Results reflected unfavorable claims experience on Group business and unfavorable impacts from a one-time item.
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•Foreign currency exchange rates had a favorable effect of $4 million on pre-tax income and $5 million on pre-tax adjusted operating income.
Full Year Results
•Results reflected $13 million of unfavorable impacts from assumptions updates, which are reflected as notable items.
•Excluding notable items, results reflected unfavorable Group claims experience.
•Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and an immaterial effect on pre-tax adjusted operating income.
Financial Solutions
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| Quarterly Results | | Year-to-Date Results |
| ($ 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
•Results reflected favorable longevity experience.
•Foreign currency exchange rates had an immaterial effect on pre-tax income and an adverse effect of $1 million on pre-tax adjusted operating income.
Full Year Results
•Results reflected $22 million of favorable impacts from assumption updates, which are reflected as notable items.
•Excluding notable items, results reflected favorable longevity experience.
•Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and $2 million on pre-tax adjusted operating income.
Europe, Middle East and Africa (EMEA)
Traditional
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| Quarterly Results | | Year-to-Date Results |
| ($ 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
•Foreign currency exchange rates had a favorable effect on net premiums of $14 million for the quarter and an adverse effect of $13 million for the full year.
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Quarterly Results
•Results reflected unfavorable mortality experience in the U.K., partially offset by new business in Continental Europe.
•Foreign currency exchange rates had a favorable effect of $1 million on pre-tax income and pre-tax adjusted operating income.
Full Year Results
•Results reflected $47 million of unfavorable impacts from assumption updates, primarily in the U.K., which are reflected as notable items.
•Excluding notable items, results reflected unfavorable mortality experience, primarily in the U.K.
•Foreign currency exchange rates had an adverse effect of $3 million on pre-tax income and pre-tax adjusted operating income.
Financial Solutions
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| Quarterly Results | | Year-to-Date Results |
| ($ 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
•Results reflected favorable longevity and other experience.
•Foreign currency exchange rates had a favorable effect of $5 million on pre-tax income and pre-tax adjusted operating income.
Full Year Results
•Results reflected $34 million of favorable impacts from assumption updates, which are reflected as notable items.
•Excluding notable items, results reflected favorable longevity and other experience.
•Foreign currency exchange rates had a favorable effect of $5 million on pre-tax income and $6 million on pre-tax adjusted operating income.
Asia Pacific
Traditional
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| Quarterly Results | | Year-to-Date Results |
| ($ 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 | |
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Net Premiums
•Foreign currency exchange rates had an adverse effect on net premiums of $3 million for the quarter and $67 million for the full year.
Quarterly Results
•Results reflected favorable underlying claims experience.
•Foreign currency exchange rates had an immaterial effect on pre-tax income and a favorable effect of $1 million on pre-tax adjusted operating income.
Full Year Results
•Results reflected $2 million of favorable impacts from assumption updates, which are reflected as notable items.
•Excluding notable items, results reflected favorable claims experience and strong new business.
•Foreign currency exchange rates had an adverse effect of $5 million on pre-tax income and pre-tax adjusted operating income.
Financial Solutions
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| Quarterly Results | | Year-to-Date Results |
| ($ 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
•Results reflected higher investment spreads including variable investment income and strong new business.
•Foreign currency exchange rates had an adverse effect of $6 million on pre-tax income and $2 million on pre-tax adjusted operating income.
Full Year Results
•Results reflected higher investment spreads and strong new business.
•Foreign currency exchange rates had an adverse effect of $5 million on pre-tax income and $9 million on pre-tax adjusted operating income.
Corporate and Other
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| Quarterly Results | | Year-to-Date Results |
| ($ 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) | |
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Quarterly Results
•Results were favorable compared to the quarterly average run rate, primarily due to higher investment income.
Full Year Results
•Results were favorable compared to the expected run rate, primarily due to higher investment income.
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
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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:
1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding substantially all of the effect of net investment related gains and losses, changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits, any of
which can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, the impact of certain tax-related items, and any other items that the Company believes are not indicative of the Company’s ongoing operations. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.
2.Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.
3.Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.
4.Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses a non-GAAP financial measure called shareholders’ average equity position excluding AOCI and notable items.
5.Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management
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incentive programs. The Company also discloses 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 notable items and AOCI.
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:
•Uncapped (profitable) cohorts: cohorts with a net premium ratio under 100%
•Capped (loss) cohorts: cohorts with a net premium ratio equal to or greater than 100%
•Floored cohorts: cohorts with reserves floored at zero as reserves cannot be negative
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
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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.
Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-2068
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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 | |
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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.
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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 | | | | | |
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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 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 | $ | 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 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 | $ | 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 | |
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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 | |
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | 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 | |
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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 Equity |
| 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 | % |
- more -
Add Eighteen
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | 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 | |
# # #
Exhibit 99.2
Quarterly Financial Supplement
Fourth Quarter 2023
(Unaudited)
| | | | | | | | | | | | | | |
| World Headquarters | | Internet Address | | Contacts |
| 16600 Swingley Ridge Road | | www.rgare.com | | Todd C. Larson |
| Chesterfield, Missouri 63017 U.S.A. | | | | Senior Executive Vice President |
| | | | and Chief Financial Officer |
| | | | Phone: (636) 736-7000 |
| | | | e-mail: tlarson@rgare.com |
| | | | |
| | | | Jeff Hopson |
| | | | Senior Vice President, Investor Relations |
| | | | Phone: (636) 736-2068 |
| | | | e-mail: jhopson@rgare.com |
| | | | | | | | | | | | | | | | | | | | |
| Current Ratings |
| | | |
| | | Standard & Poor’s | | A.M. Best | | Moody’s |
| Financial Strength Ratings | | | | | | |
| RGA Reinsurance Company | | AA- | | A+ | | A1 |
| RGA Life Reinsurance Company of Canada | | AA- | | A+ | | |
| RGA International Reinsurance Company dac | | AA- | | | | |
| RGA Global Reinsurance Company, Ltd. | | AA- | | | | |
| RGA Reinsurance Company of Australia Limited | | AA- | | | | |
| RGA Americas Reinsurance Company, Ltd. | | AA- | | A+ | | |
| RGA Worldwide Reinsurance Company, Ltd. | | AA- | | | | |
| RGA Reinsurance Company (Barbados) Ltd. | | AA- | | | | |
| RGA Atlantic Reinsurance Company Ltd. | | AA- | | A+ | | |
| RGA Life and Annuity Insurance Company | | AA- | | A+ | | |
| Omnilife Insurance Company Limited | | A+ | | | | |
| Aurora National Life Assurance Company | | | | A+ | | |
| Senior Debt Ratings | | | | | | |
| Reinsurance Group of America, Incorporated | | A | | a- | | Baa1 |
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.
Reinsurance Group of America, Incorporated
4th Quarter 2023
Table of Contents
| | | | | |
| | Page |
| Non-GAAP Disclosures | |
| |
| Consolidated | |
| |
| Financial Highlights | |
| |
| Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) | |
| |
| Consolidated Balance Sheets | |
| |
| Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements | |
| |
| U.S. and Latin America Traditional | |
| |
| U.S. and Latin America Financial Solutions - Asset-Intensive | |
| |
| U.S. and Latin America Financial Solutions - Capital Solutions | |
| |
| Canada Traditional | |
| |
| Canada Financial Solutions | |
| |
| Europe, Middle East and Africa Traditional | |
| |
| Europe, Middle East and Africa Financial Solutions | |
| |
| Asia Pacific Traditional | |
| |
| Asia Pacific Financial Solutions | |
| |
| Corporate and Other | |
| |
| Summary of Segment GAAP Income | |
| |
| Summary of Segment Adjusted Operating Income | |
| |
| Investments | |
| |
| Cash and Invested Assets and Investment Income and Yield Summary | |
| |
| Fixed Maturity Securities | |
| |
| Corporate Fixed Maturity Securities by Industry | |
| |
| Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities | |
| |
| Fixed Maturity Securities Below Amortized Cost | |
| |
| Consolidated Investment Related Gains and Losses | |
| |
| Appendix | |
| |
| Reconciliations of GAAP to Non-GAAP Measures | |
| |
Reinsurance Group of America, Incorporated
Non-GAAP Disclosures
This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (“RGA”) with the SEC. The consolidated financial information herein includes the assets, liabilities, and results of operations of RGA and its subsidiaries.
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 and other documents published by the Company from time to time:
1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding substantially all of the effect of net investment related gains and losses, changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits, which items can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, the impact of certain tax-related items, and any other items that the Company believes are not indicative of the Company’s ongoing operations. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.
2.Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.
3.Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.
4.Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses a non-GAAP financial measure called shareholders’ average equity position excluding AOCI and notable items.
5.Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses 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 notable items and AOCI.
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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Financial Highlights |
| | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| (USD millions, except in force & per share and shares data) | | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 4,108 | | | $ | 4,255 | | | $ | 3,337 | | | $ | 3,385 | | | $ | 3,446 | | | $ | 662 | | | | | $ | 15,085 | | | $ | 13,078 | | | $ | 2,007 | |
| Net income (loss) available to RGA's shareholders | | 158 | | | 287 | | | 205 | | | 252 | | | 291 | | | (133) | | | | | 902 | | | 517 | | | 385 | |
| Adjusted operating income | | 316 | | | 372 | | | 297 | | | 349 | | | 312 | | | 4 | | | | | 1,334 | | | 927 | | | 407 | |
Adjusted operating income excluding notable items (1) | | 316 | | | 372 | | | 297 | | | 349 | | | 266 | | | 50 | | | | | 1,334 | | | 1,111 | | | 223 | |
| Return on equity | | 11.4 | % | | 13.9 | % | | 9.2 | % | | 7.8 | % | | 6.8 | % | | 4.6 | % | | | | | | | | |
| Adjusted operating return on equity (ex AOCI) | | 14.5 | % | | 14.7 | % | | 10.9 | % | | 11.2 | % | | 10.5 | % | | 4.0 | % | | | | | | | | |
Adjusted operating return on equity (ex AOCI and notable items (1)) | | 14.4 | % | | 14.0 | % | | 13.0 | % | | 13.1 | % | | 12.5 | % | | 1.9 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| Per Share and Shares Data (shares in thousands) | | | | | | | | | | | | | | | | | | | | |
| Basic earnings per share | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 2.40 | | | $ | 4.34 | | | $ | 3.09 | | | $ | 3.77 | | | $ | 4.36 | | | $ | (1.96) | | | | | $ | 13.60 | | | $ | 7.73 | | | $ | 5.87 | |
| Adjusted operating income (loss) | | $ | 4.80 | | | $ | 5.64 | | | $ | 4.46 | | | $ | 5.22 | | | $ | 4.67 | | | $ | 0.13 | | | | | $ | 20.12 | | | $ | 13.85 | | | $ | 6.27 | |
Adjusted operating income (loss) excluding notable items (1) | | $ | 4.80 | | | $ | 5.64 | | | $ | 4.46 | | | $ | 5.22 | | | $ | 3.97 | | | $ | 0.83 | | | | | $ | 20.12 | | | $ | 16.59 | | | $ | 3.53 | |
Diluted earnings per share (2) | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 2.37 | | | $ | 4.29 | | | $ | 3.05 | | | $ | 3.72 | | | $ | 4.30 | | | $ | (1.93) | | | | | $ | 13.44 | | | $ | 7.64 | | | $ | 5.80 | |
| Adjusted operating income (loss) | | $ | 4.73 | | | $ | 5.57 | | | $ | 4.40 | | | $ | 5.16 | | | $ | 4.60 | | | $ | 0.13 | | | | | $ | 19.88 | | | $ | 13.69 | | | $ | 6.19 | |
Adjusted operating income (loss) excluding notable items (1) | | $ | 4.73 | | | $ | 5.57 | | | $ | 4.40 | | | $ | 5.16 | | | $ | 3.91 | | | $ | 0.82 | | | | | $ | 19.88 | | | $ | 16.40 | | | $ | 3.48 | |
| Wgt. average common shares outstanding | | | | | | | | | | | | | | | | | | | | |
| Basic | | 65,853 | | | 66,127 | | | 66,518 | | | 66,779 | | | 66,748 | | | (895) | | | | | 66,317 | | | 66,945 | | | (628) | |
| Diluted | | 66,721 | | | 66,914 | | | 67,420 | | | 67,615 | | | 67,793 | | | (1,072) | | | | | 67,117 | | | 67,703 | | | (586) | |
| | | | | | | | | | | | | | | | | | | | |
| Book value per share | | $ | 138.39 | | | $ | 122.40 | | | $ | 117.87 | | | $ | 114.60 | | | $ | 106.19 | | | $ | 32.20 | | | | | $ | 138.39 | | | $ | 106.19 | | | $ | 32.20 | |
| Book value per share, excluding AOCI | | $ | 144.01 | | | $ | 142.63 | | | $ | 138.99 | | | $ | 136.56 | | | $ | 134.26 | | | $ | 9.75 | | | | | $ | 144.01 | | | $ | 134.26 | | | $ | 9.75 | |
| | | | | | | | | | | | | | | | | | | | |
| Shareholders’ dividends paid | | $ | 56 | | | $ | 56 | | | $ | 54 | | | $ | 53 | | | $ | 53 | | | $ | 3 | | | | | $ | 219 | | | $ | 205 | | | $ | 14 | |
| Share buybacks | | $ | 50 | | | $ | 50 | | | $ | 50 | | | $ | 50 | | | $ | 25 | | | $ | 25 | | | | | $ | 200 | | | $ | 75 | | | $ | 125 | |
| Total returned to shareholders | | $ | 106 | | | $ | 106 | | | $ | 104 | | | $ | 103 | | | $ | 78 | | | $ | 28 | | | | | $ | 419 | | | $ | 280 | | | $ | 139 | |
| | | | | | | | | | | | | | | | | | | | |
| Common shares issued | | 85,311 | | | 85,311 | | | 85,311 | | | 85,311 | | | 85,311 | | | — | | | | | 85,311 | | | 85,311 | | | — | |
| Treasury shares | | 19,690 | | | 19,439 | | | 19,099 | | | 18,771 | | | 18,635 | | | 1,055 | | | | | 19,690 | | | 18,635 | | | 1,055 | |
| Common shares outstanding | | 65,621 | | | 65,872 | | | 66,212 | | | 66,540 | | | 66,676 | | | (1,055) | | | | | 65,621 | | | 66,676 | | | (1,055) | |
| | | | | | | | | | | | | | | | | | | | |
| Assumed life reinsurance in force (in billions) | | $ | 3,704.1 | | | $ | 3,499.4 | | | $ | 3,479.5 | | | $ | 3,426.7 | | | $ | 3,400.7 | | | $ | 303.4 | | | | | | | | | |
| Assumed new business production (in billions) | | $ | 97.6 | | | $ | 96.7 | | | $ | 88.2 | | | $ | 80.6 | | | $ | 92.5 | | | $ | 5.1 | | | | | $ | 363.1 | | | $ | 408.9 | | | $ | (45.8) | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | |
| (2) 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. | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) |
| | | | | | | | | | | | | | | | | | | | |
| (USD millions) | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 4,108 | | | $ | 4,255 | | | $ | 3,337 | | | $ | 3,385 | | | $ | 3,446 | | | $ | 662 | | | | | $ | 15,085 | | | $ | 13,078 | | | $ | 2,007 | |
| Net investment income | | 956 | | | 922 | | | 857 | | | 856 | | | 828 | | | 128 | | | | | 3,591 | | | 3,161 | | | 430 | |
| Investment related gains (losses), net | | (155) | | | (126) | | | (123) | | | (77) | | | (6) | | | (149) | | | | | (481) | | | (539) | | | 58 | |
| Other revenue | | 98 | | | 102 | | | 85 | | | 87 | | | 89 | | | 9 | | | | | 372 | | | 527 | | | (155) | |
| Total revenues | | 5,007 | | | 5,153 | | | 4,156 | | | 4,251 | | | 4,357 | | | 650 | | | | | 18,567 | | | 16,227 | | | 2,340 | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 3,837 | | | 3,959 | | | 3,013 | | | 3,063 | | | 3,125 | | | 712 | | | | | 13,872 | | | 11,982 | | | 1,890 | |
| Future policy benefits remeasurement (gains) losses | | 33 | | | (82) | | | 13 | | | (26) | | | (11) | | | 44 | | | | | (62) | | | 291 | | | (353) | |
| Market risk benefits remeasurement (gains) losses | | 28 | | | (21) | | | (31) | | | 14 | | | (19) | | | 47 | | | | | (10) | | | 10 | | | (20) | |
| Interest credited | | 217 | | | 223 | | | 209 | | | 215 | | | 214 | | | 3 | | | | | 864 | | | 682 | | | 182 | |
| Policy acquisition costs and other insurance expenses | | 369 | | | 348 | | | 349 | | | 331 | | | 323 | | | 46 | | | | | 1,397 | | | 1,344 | | | 53 | |
| Other operating expenses | | 290 | | | 274 | | | 275 | | | 250 | | | 289 | | | 1 | | | | | 1,089 | | | 1,009 | | | 80 | |
| Interest expense | | 69 | | | 72 | | | 63 | | | 53 | | | 55 | | | 14 | | | | | 257 | | | 191 | | | 66 | |
| Total benefits and expenses | | 4,843 | | | 4,773 | | | 3,891 | | | 3,900 | | | 3,976 | | | 867 | | | | | 17,407 | | | 15,509 | | | 1,898 | |
| Income (loss) before income taxes | | 164 | | | 380 | | | 265 | | | 351 | | | 381 | | | (217) | | | | | 1,160 | | | 718 | | | 442 | |
| Provision for income taxes | | 4 | | | 91 | | | 58 | | | 98 | | | 88 | | | (84) | | | | | 251 | | | 197 | | | 54 | |
| Net income (loss) | | 160 | | | 289 | | | 207 | | | 253 | | | 293 | | | (133) | | | | | 909 | | | 521 | | | 388 | |
| Net income attributable to noncontrolling interest | | 2 | | | 2 | | | 2 | | | 1 | | | 2 | | | — | | | | | 7 | | | 4 | | | 3 | |
| Net income (loss) available to RGA's shareholders | | $ | 158 | | | $ | 287 | | | $ | 205 | | | $ | 252 | | | $ | 291 | | | $ | (133) | | | | | $ | 902 | | | $ | 517 | | | $ | 385 | |
| Pre-tax adjusted operating income reconciliation: | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 164 | | | $ | 380 | | | $ | 265 | | | $ | 351 | | | $ | 381 | | | $ | (217) | | | | | $ | 1,160 | | | $ | 718 | | | $ | 442 | |
Investment and derivative (gains) losses (1) | | (18) | | | 134 | | | 117 | | | 127 | | | (46) | | | 28 | | | | | 360 | | | 425 | | | (65) | |
| Market risk benefits remeasurement (gains) losses | | 28 | | | (21) | | | (31) | | | 14 | | | (19) | | | 47 | | | | | (10) | | | 10 | | | (20) | |
Change in fair value of funds withheld embedded derivatives (1) | | 181 | | | (1) | | | 20 | | | (37) | | | 67 | | | 114 | | | | | 163 | | | 173 | | | (10) | |
| Funds withheld (gains) losses - investment income | | (3) | | | (4) | | | 2 | | | — | | | 2 | | | (5) | | | | | (5) | | | 24 | | | (29) | |
| EIA embedded derivatives - interest credited | | 5 | | | (7) | | | 3 | | | (7) | | | 1 | | | 4 | | | | | (6) | | | (53) | | | 47 | |
| Investment (income) loss on unit-linked variable annuities | | (3) | | | 2 | | | 2 | | | — | | | 2 | | | (5) | | | | | 1 | | | 24 | | | (23) | |
| Interest credited on unit-linked variable annuities | | 3 | | | (2) | | | (2) | | | — | | | (2) | | | 5 | | | | | (1) | | | (24) | | | 23 | |
| Interest expense on uncertain tax positions | | (1) | | | 1 | | | — | | | — | | | — | | | (1) | | | | | — | | | — | | | — | |
| Other | | 30 | | | (1) | | | — | | | 8 | | | 1 | | | 29 | | | | | 37 | | | (80) | | | 117 | |
| Adjusted operating income before income taxes | | 386 | | | 481 | | | 376 | | | 456 | | | 387 | | | (1) | | | | | 1,699 | | | 1,217 | | | 482 | |
Notable items (2) | | — | | | (3) | | | — | | | — | | | (61) | | | 61 | | | | | (3) | | | 242 | | | (245) | |
| Adjusted operating income before income taxes excluding notable items | | $ | 386 | | | $ | 478 | | | $ | 376 | | | $ | 456 | | | $ | 326 | | | $ | 60 | | | | | $ | 1,696 | | | $ | 1,459 | | | $ | 237 | |
| | | | | | | | | | | | | | | | | | | | |
| (1) Included in “Investment related gains (losses), net”. | | | | | | | | | | | | |
| (2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | |
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| Reinsurance Group of America, Incorporated |
| Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) |
| | | | | | | | | | | | | | | | | | | | |
| (USD millions) | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| After-tax adjusted operating income reconciliation: | | | | | | | | | | | | | | | | | | | | |
| GAAP net income (loss) attributable to RGA | | $ | 158 | | | $ | 287 | | | $ | 205 | | | $ | 252 | | | $ | 291 | | | $ | (133) | | | | | $ | 902 | | | $ | 517 | | | $ | 385 | |
Investment and derivative (gains) losses (1) | | (14) | | | 104 | | | 88 | | | 102 | | | (14) | | | — | | | | | 280 | | | 352 | | | (72) | |
| Market risk benefits remeasurement (gains) losses | | 22 | | | (17) | | | (24) | | | 11 | | | (15) | | | 37 | | | | | (8) | | | 8 | | | (16) | |
Change in fair value of funds withheld embedded derivatives (1) | | 143 | | | (1) | | | 16 | | | (29) | | | 53 | | | 90 | | | | | 129 | | | 137 | | | (8) | |
| Funds withheld (gains) losses - investment income | | (2) | | | (4) | | | 2 | | | — | | | 2 | | | (4) | | | | | (4) | | | 19 | | | (23) | |
| EIA embedded derivatives - interest credited | | 4 | | | (6) | | | 3 | | | (6) | | | 1 | | | 3 | | | | | (5) | | | (42) | | | 37 | |
| Investment (income) loss on unit-linked variable annuities | | (2) | | | 1 | | | 2 | | | — | | | 2 | | | (4) | | | | | 1 | | | 19 | | | (18) | |
| Interest credited on unit-linked variable annuities | | 2 | | | (1) | | | (2) | | | — | | | (2) | | | 4 | | | | | (1) | | | (19) | | | 18 | |
| Interest expense on uncertain tax positions | | (1) | | | 1 | | | — | | | — | | | — | | | (1) | | | | | — | | | — | | | — | |
| Other | | 23 | | | — | | | — | | | 6 | | | 1 | | | 22 | | | | | 29 | | | (63) | | | 92 | |
| Uncertain tax positions and other tax related items | | (19) | | | 6 | | | 5 | | | 12 | | | (9) | | | (10) | | | | | 4 | | | (5) | | | 9 | |
| Net income attributable to noncontrolling interest | | 2 | | | 2 | | | 2 | | | 1 | | | 2 | | | — | | | | | 7 | | | 4 | | | 3 | |
| Adjusted operating income | | 316 | | | 372 | | | 297 | | | 349 | | | 312 | | | 4 | | | | | 1,334 | | | 927 | | | 407 | |
Notable items (2) | | — | | | — | | | — | | | — | | | (46) | | | 46 | | | | | — | | | 184 | | | (184) | |
| Adjusted operating income excluding notable items | | $ | 316 | | | $ | 372 | | | $ | 297 | | | $ | 349 | | | $ | 266 | | | $ | 50 | | | | | $ | 1,334 | | | $ | 1,111 | | | $ | 223 | |
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Diluted earnings per share - adjusted operating income (loss) (3) | | $ | 4.73 | | | $ | 5.57 | | | $ | 4.40 | | | $ | 5.16 | | | $ | 4.60 | | | $ | 0.13 | | | | | $ | 19.88 | | | $ | 13.69 | | | $ | 6.19 | |
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3) | | $ | 4.73 | | | $ | 5.57 | | | $ | 4.40 | | | $ | 5.16 | | | $ | 3.91 | | | $ | 0.82 | | | | | $ | 19.88 | | | $ | 16.40 | | | $ | 3.48 | |
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Foreign currency effect on (4): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 18 | | | $ | 13 | | | $ | (45) | | | $ | (112) | | | $ | (164) | | | $ | 182 | | | | | $ | (126) | | | $ | (490) | | | $ | 364 | |
| Adjusted operating income (loss) before income taxes | | $ | 3 | | | $ | 1 | | | $ | (6) | | | $ | (16) | | | $ | (18) | | | $ | 21 | | | | | $ | (18) | | | $ | (48) | | | $ | 30 | |
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| (1) Included in “Investment related gains (losses), net”. | | | | | | | | | | | | |
| (2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | |
| (3) 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. | | | | | | | | |
| (4) Compared to comparable prior year period. | | | | | | | | | | | | |
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| Reinsurance Group of America, Incorporated |
| Consolidated Balance Sheets |
| (USD millions) |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
| Assets | | | | | | | | | | |
| Fixed maturity securities available-for-sale, at fair value | | $ | 60,467 | | | $ | 54,171 | | | $ | 56,236 | | | $ | 56,085 | | | $ | 52,901 | |
| Equity securities, at fair value | | 139 | | | 133 | | | 136 | | | 138 | | | 134 | |
| Mortgage loans | | 7,377 | | | 7,231 | | | 7,038 | | | 6,833 | | | 6,590 | |
| Policy loans | | 1,206 | | | 1,180 | | | 1,202 | | | 1,221 | | | 1,231 | |
| Funds withheld at interest | | 5,683 | | | 5,725 | | | 5,862 | | | 5,976 | | | 6,003 | |
| Limited partnerships and real estate joint ventures | | 2,635 | | | 2,560 | | | 2,473 | | | 2,405 | | | 2,327 | |
| Short-term investments | | 222 | | | 141 | | | 224 | | | 246 | | | 154 | |
| Other invested assets | | 1,171 | | | 1,091 | | | 1,119 | | | 1,111 | | | 1,140 | |
| Total investments | | 78,900 | | | 72,232 | | | 74,290 | | | 74,015 | | | 70,480 | |
| Cash and cash equivalents | | 2,970 | | | 2,820 | | | 2,598 | | | 3,294 | | | 2,927 | |
| Accrued investment income | | 759 | | | 744 | | | 702 | | | 672 | | | 630 | |
| Premiums receivable and other reinsurance balances | | 3,528 | | | 3,279 | | | 3,321 | | | 3,114 | | | 3,013 | |
| Reinsurance ceded receivables and other | | 5,448 | | | 2,818 | | | 2,664 | | | 2,723 | | | 2,671 | |
| Deferred policy acquisition costs | | 4,617 | | | 4,289 | | | 4,286 | | | 4,257 | | | 4,128 | |
| Other assets | | 1,401 | | | 1,240 | | | 1,179 | | | 1,045 | | | 1,055 | |
| Total assets | | $ | 97,623 | | | $ | 87,422 | | | $ | 89,040 | | | $ | 89,120 | | | $ | 84,904 | |
| Liabilities and equity | | | | | | | | | | |
| Future policy benefits | | $ | 41,231 | | | $ | 36,474 | | | $ | 38,239 | | | $ | 38,222 | | | $ | 35,689 | |
| Interest-sensitive contract liabilities | | 30,273 | | | 29,365 | | | 29,910 | | | 30,405 | | | 30,342 | |
| Market risk benefits, at fair value | | 258 | | | 224 | | | 235 | | | 261 | | | 247 | |
| Other policy claims and benefits | | 2,730 | | | 2,654 | | | 2,579 | | | 2,558 | | | 2,480 | |
| Other reinsurance balances | | 1,103 | | | 750 | | | 858 | | | 851 | | | 725 | |
| Deferred income taxes | | 1,862 | | | 1,601 | | | 1,424 | | | 1,446 | | | 1,383 | |
| Other liabilities | | 2,085 | | | 1,750 | | | 1,477 | | | 1,497 | | | 1,486 | |
| Funds withheld payable | | 4,483 | | | 2,001 | | | 1,573 | | | 1,709 | | | 1,420 | |
| Long-term debt | | 4,427 | | | 4,450 | | | 4,850 | | | 4,455 | | | 3,961 | |
| Total liabilities | | 88,452 | | | 79,269 | | | 81,145 | | | 81,404 | | | 77,733 | |
| Equity: | | | | | | | | | | |
| Common stock, at par value | | 1 | | | 1 | | | 1 | | | 1 | | | 1 | |
| Additional paid-in-capital | | 2,544 | | | 2,534 | | | 2,522 | | | 2,506 | | | 2,502 | |
| Retained earnings | | 8,805 | | | 8,713 | | | 8,483 | | | 8,336 | | | 8,169 | |
| Treasury stock | | (1,900) | | | (1,852) | | | (1,803) | | | (1,756) | | | (1,720) | |
| Accumulated other comprehensive income (loss), net of taxes (AOCI): | | | | | | | | | | |
| Accumulated currency translation adjustment | | 68 | | | (33) | | | 26 | | | (94) | | | (116) | |
| Unrealized (depreciation) appreciation of securities | | (3,667) | | | (6,659) | | | (4,879) | | | (4,393) | | | (5,496) | |
| Effect of updating discount rates on future policy benefits | | 3,256 | | | 5,366 | | | 3,460 | | | 3,034 | | | 3,755 | |
| Change in instrument-specific credit risk for market risk benefits | | 3 | | | 7 | | | 13 | | | 14 | | | 13 | |
| Pension and postretirement benefits | | (29) | | | (14) | | | (18) | | | (22) | | | (27) | |
| Total RGA, Inc. shareholders’ equity | | 9,081 | | | 8,063 | | | 7,805 | | | 7,626 | | | 7,081 | |
| Noncontrolling interest | | 90 | | | 90 | | | 90 | | | 90 | | | 90 | |
| Total equity | | 9,171 | | | 8,153 | | | 7,895 | | | 7,716 | | | 7,171 | |
| Total liabilities and equity | | $ | 97,623 | | | $ | 87,422 | | | $ | 89,040 | | | $ | 89,120 | | | $ | 84,904 | |
| Total RGA, Inc. shareholders’ equity, excluding AOCI | | $ | 9,450 | | | $ | 9,396 | | | $ | 9,203 | | | $ | 9,087 | | | $ | 8,952 | |
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| See appendix for reconciliation of total shareholders' equity before and after impact of AOCI. | | | | | | | | | | |
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| Reinsurance Group of America, Incorporated |
| U.S. and Latin America Traditional |
| GAAP Income Statements |
| (USD millions) |
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| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 1,912 | | | $ | 1,746 | | | $ | 1,750 | | | $ | 1,615 | | | $ | 1,778 | | | $ | 134 | | | | | $ | 7,023 | | | $ | 6,590 | | | $ | 433 | |
| Net investment income | | 210 | | | 195 | | | 180 | | | 193 | | | 224 | | | (14) | | | | | 778 | | | 900 | | | (122) | |
| Investment related gains (losses), net | | 6 | | | 2 | | | (1) | | | (1) | | | 6 | | | — | | | | | 6 | | | 48 | | | (42) | |
| Other revenue | | 2 | | | 6 | | | 3 | | | 5 | | | 5 | | | (3) | | | | | 16 | | | 27 | | | (11) | |
| Total revenues | | 2,130 | | | 1,949 | | | 1,932 | | | 1,812 | | | 2,013 | | | 117 | | | | | 7,823 | | | 7,565 | | | 258 | |
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| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 1,779 | | | 1,611 | | | 1,592 | | | 1,447 | | | 1,642 | | | 137 | | | | | 6,429 | | | 6,133 | | | 296 | |
| Future policy benefits remeasurement (gains) losses | | 63 | | | (20) | | | 24 | | | 7 | | | 10 | | | 53 | | | | | 74 | | | 262 | | | (188) | |
| Interest credited | | 20 | | | 19 | | | 18 | | | 18 | | | 17 | | | 3 | | | | | 75 | | | 69 | | | 6 | |
| Policy acquisition costs and other insurance expenses | | 184 | | | 184 | | | 187 | | | 175 | | | 178 | | | 6 | | | | | 730 | | | 722 | | | 8 | |
| Other operating expenses | | 54 | | | 50 | | | 49 | | | 44 | | | 52 | | | 2 | | | | | 197 | | | 184 | | | 13 | |
| Total benefits and expenses | | 2,100 | | | 1,844 | | | 1,870 | | | 1,691 | | | 1,899 | | | 201 | | | | | 7,505 | | | 7,370 | | | 135 | |
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| Income (loss) before income taxes | | $ | 30 | | | $ | 105 | | | $ | 62 | | | $ | 121 | | | $ | 114 | | | $ | (84) | | | | | $ | 318 | | | $ | 195 | | | $ | 123 | |
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| Loss and expense ratios: | | | | | | | | | | | | | | | | | | | | |
Loss ratio (1) | | 96.3 | % | | 91.1 | % | | 92.3 | % | | 90.0 | % | | 92.9 | % | | 3.4 | % | | | | 92.6 | % | | 97.0 | % | | (4.4) | % |
| Policy acquisition costs and other insurance expenses | | 9.6 | % | | 10.5 | % | | 10.7 | % | | 10.8 | % | | 10.0 | % | | (0.4) | % | | | | 10.4 | % | | 11.0 | % | | (0.6) | % |
| Other operating expenses | | 2.8 | % | | 2.9 | % | | 2.8 | % | | 2.7 | % | | 2.9 | % | | (0.1) | % | | | | 2.8 | % | | 2.8 | % | | — | % |
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Foreign currency effect on (2): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 3 | | | $ | 5 | | | $ | 3 | | | $ | 2 | | | $ | 1 | | | $ | 2 | | | | | $ | 13 | | | $ | 2 | | | $ | 11 | |
| Income (loss) before income taxes | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | $ | — | | | $ | — | | | $ | — | |
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| Assumed life reinsurance in force (in billions) | | $ | 1,703.6 | | | $ | 1,693.1 | | | $ | 1,685.3 | | | $ | 1,676.8 | | | $ | 1,672.2 | | | $ | 31.4 | | | | | | | | | |
| Assumed new business production (in billions) | | $ | 47.9 | | | $ | 36.7 | | | $ | 35.6 | | | $ | 34.1 | | | $ | 36.4 | | | $ | 11.5 | | | | | $ | 154.3 | | | $ | 145.9 | | | $ | 8.4 | |
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| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
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| (1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses. | | | | | | | | |
| (2) Compared to comparable prior year period. | | | | | | | | | | | | | | | | | | | | |
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| Reinsurance Group of America, Incorporated |
| U.S. and Latin America Traditional |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 1,912 | | | $ | 1,746 | | | $ | 1,750 | | | $ | 1,615 | | | $ | 1,778 | | | $ | 134 | | | | | $ | 7,023 | | | $ | 6,590 | | | $ | 433 | |
| Net investment income | | 211 | | | 195 | | | 180 | | | 193 | | | 224 | | | (13) | | | | | 779 | | | 900 | | | (121) | |
| Other revenue | | 2 | | | 6 | | | 3 | | | 5 | | | 5 | | | (3) | | | | | 16 | | | 27 | | | (11) | |
| Total revenues | | 2,125 | | | 1,947 | | | 1,933 | | | 1,813 | | | 2,007 | | | 118 | | | | | 7,818 | | | 7,517 | | | 301 | |
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| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 1,779 | | | 1,611 | | | 1,592 | | | 1,447 | | | 1,642 | | | 137 | | | | | 6,429 | | | 6,133 | | | 296 | |
| Future policy benefits remeasurement (gains) losses | | 63 | | | (20) | | | 24 | | | 7 | | | 10 | | | 53 | | | | | 74 | | | 262 | | | (188) | |
| Interest credited | | 20 | | | 19 | | | 18 | | | 18 | | | 17 | | | 3 | | | | | 75 | | | 69 | | | 6 | |
| Policy acquisition costs and other insurance expenses | | 184 | | | 184 | | | 187 | | | 175 | | | 178 | | | 6 | | | | | 730 | | | 722 | | | 8 | |
| Other operating expenses | | 54 | | | 50 | | | 49 | | | 44 | | | 52 | | | 2 | | | | | 197 | | | 184 | | | 13 | |
| Total benefits and expenses | | 2,100 | | | 1,844 | | | 1,870 | | | 1,691 | | | 1,899 | | | 201 | | | | | 7,505 | | | 7,370 | | | 135 | |
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| Adjusted operating income (loss) before income taxes | | 25 | | | 103 | | | 63 | | | 122 | | | 108 | | | (83) | | | | | 313 | | | 147 | | | 166 | |
Notable items (1) | | — | | | 17 | | | — | | | — | | | — | | | — | | | | | 17 | | | 170 | | | (153) | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 25 | | | $ | 120 | | | $ | 63 | | | $ | 122 | | | $ | 108 | | | $ | (83) | | | | | $ | 330 | | | $ | 317 | | | $ | 13 | |
| | | | | | | | | | | | | | | | | | | | |
| Loss and expense ratios: | | | | | | | | | | | | | | | | | | | | |
Loss ratio (2) | | 96.3 | % | | 91.1 | % | | 92.3 | % | | 90.0 | % | | 92.9 | % | | 3.4 | % | | | | 92.6 | % | | 97.0 | % | | (4.4) | % |
| Policy acquisition costs and other insurance expenses | | 9.6 | % | | 10.5 | % | | 10.7 | % | | 10.8 | % | | 10.0 | % | | (0.4) | % | | | | 10.4 | % | | 11.0 | % | | (0.6) | % |
| Other operating expenses | | 2.8 | % | | 2.9 | % | | 2.8 | % | | 2.7 | % | | 2.9 | % | | (0.1) | % | | | | 2.8 | % | | 2.8 | % | | — | % |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (3): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 3 | | | $ | 5 | | | $ | 3 | | | $ | 2 | | | $ | 1 | | | $ | 2 | | | | | $ | 13 | | | $ | 2 | | | $ | 11 | |
| Adjusted operating income (loss) before income taxes | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | |
| (2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses. | | | | | | | | | | | | |
| (3) Compared to comparable prior year period. | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| U.S. and Latin America Financial Solutions - Asset-Intensive |
| GAAP Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 521 | | | $ | 820 | | | $ | 17 | | | $ | 163 | | | $ | 24 | | | $ | 497 | | | | | $ | 1,521 | | | $ | 66 | | | $ | 1,455 | |
| Net investment income | | 293 | | | 298 | | | 278 | | | 280 | | | 287 | | | 6 | | | | | 1,149 | | | 1,054 | | | 95 | |
| Investment related gains (losses), net | | (158) | | | (63) | | | (68) | | | 20 | | | (128) | | | (30) | | | | | (269) | | | (342) | | | 73 | |
| Other revenue | | 36 | | | 35 | | | 26 | | | 25 | | | 25 | | | 11 | | | | | 122 | | | 111 | | | 11 | |
| Total revenues | | 692 | | | 1,090 | | | 253 | | | 488 | | | 208 | | | 484 | | | | | 2,523 | | | 889 | | | 1,634 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 585 | | | 851 | | | 45 | | | 199 | | | 52 | | | 533 | | | | | 1,680 | | | 205 | | | 1,475 | |
| Future policy benefits remeasurement (gains) losses | | 1 | | | (25) | | | (1) | | | (4) | | | (2) | | | 3 | | | | | (29) | | | (28) | | | (1) | |
| Market risk benefits remeasurement (gains) losses | | 28 | | | (21) | | | (31) | | | 14 | | | (19) | | | 47 | | | | | (10) | | | 10 | | | (20) | |
| Interest credited | | 126 | | | 137 | | | 133 | | | 129 | | | 148 | | | (22) | | | | | 525 | | | 486 | | | 39 | |
| Policy acquisition costs and other insurance expenses | | 77 | | | 45 | | | 47 | | | 46 | | | 47 | | | 30 | | | | | 215 | | | 169 | | | 46 | |
| Other operating expenses | | 15 | | | 14 | | | 13 | | | 11 | | | 14 | | | 1 | | | | | 53 | | | 46 | | | 7 | |
| Total benefits and expenses | | 832 | | | 1,001 | | | 206 | | | 395 | | | 240 | | | 592 | | | | | 2,434 | | | 888 | | | 1,546 | |
| | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | (140) | | | $ | 89 | | | $ | 47 | | | $ | 93 | | | $ | (32) | | | $ | (108) | | | | | $ | 89 | | | $ | 1 | | | $ | 88 | |
| | | | | | | | | | | | | | | | | | | | |
| Assumed life reinsurance in force (in billions) | | $ | 10.3 | | | $ | 5.1 | | | $ | 5.2 | | | $ | 5.2 | | | $ | 5.2 | | | $ | 5.1 | | | | | | | | | |
| Assumed new business production (in billions) | | $ | 5.2 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 5.2 | | | | | $ | 5.2 | | | $ | — | | | $ | 5.2 | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| U.S. and Latin America Financial Solutions - Asset-Intensive |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 521 | | | $ | 820 | | | $ | 17 | | | $ | 163 | | | $ | 24 | | | $ | 497 | | | | | $ | 1,521 | | | $ | 66 | | | $ | 1,455 | |
| Net investment income | | 289 | | | 291 | | | 279 | | | 276 | | | 286 | | | 3 | | | | | 1,135 | | | 1,058 | | | 77 | |
| Other revenue | | 36 | | | 35 | | | 26 | | | 25 | | | 25 | | | 11 | | | | | 122 | | | 111 | | | 11 | |
| Total revenues | | 846 | | | 1,146 | | | 322 | | | 464 | | | 335 | | | 511 | | | | | 2,778 | | | 1,235 | | | 1,543 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 551 | | | 851 | | | 45 | | | 199 | | | 52 | | | 499 | | | | | 1,646 | | | 205 | | | 1,441 | |
| Future policy benefits remeasurement (gains) losses | | 1 | | | (25) | | | (1) | | | (4) | | | (2) | | | 3 | | | | | (29) | | | (28) | | | (1) | |
| Interest credited | | 121 | | | 144 | | | 130 | | | 136 | | | 147 | | | (26) | | | | | 531 | | | 539 | | | (8) | |
| Policy acquisition costs and other insurance expenses | | 77 | | | 45 | | | 47 | | | 38 | | | 47 | | | 30 | | | | | 207 | | | 169 | | | 38 | |
| Other operating expenses | | 15 | | | 14 | | | 13 | | | 11 | | | 14 | | | 1 | | | | | 53 | | | 46 | | | 7 | |
| Total benefits and expenses | | 765 | | | 1,029 | | | 234 | | | 380 | | | 258 | | | 507 | | | | | 2,408 | | | 931 | | | 1,477 | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | 81 | | | 117 | | | 88 | | | 84 | | | 77 | | | 4 | | | | | 370 | | | 304 | | | 66 | |
Notable items (1) | | — | | | (22) | | | — | | | — | | | — | | | — | | | | | (22) | | | (3) | | | (19) | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 81 | | | $ | 95 | | | $ | 88 | | | $ | 84 | | | $ | 77 | | | $ | 4 | | | | | $ | 348 | | | $ | 301 | | | $ | 47 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| | | | | | | | | | | | | | | | | | | | |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| U.S. and Latin America Financial Solutions - Asset-Intensive |
| (Continued) |
| | | | |
| | | Three Months Ended |
| (USD millions, shown net of reinsurance ceded) | | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
| Policyholder account balances | | | | | | | | | | |
| | | | | | | | | | |
| Fixed annuities (deferred) | | $ | 10,331 | | | $ | 11,066 | | | $ | 11,361 | | | $ | 11,699 | | | $ | 12,046 | |
| Equity-indexed annuities | | $ | 2,354 | | | $ | 2,469 | | | $ | 2,580 | | | $ | 2,701 | | | $ | 2,817 | |
| Bank-owned life insurance (BOLI) and universal life | | $ | 2,091 | | | $ | 2,480 | | | $ | 2,494 | | | $ | 2,505 | | | $ | 2,500 | |
| Other policyholder account balances | | $ | 47 | | | $ | 51 | | | $ | 52 | | | $ | 75 | | | $ | 75 | |
| | | | | | | | | | |
| Variable annuities account balances | | | | | | | | | | |
| No riders | | $ | 624 | | | $ | 578 | | | $ | 599 | | | $ | 598 | | | $ | 672 | |
| GMDB only | | 739 | | | 742 | | | 738 | | | 734 | | | 771 | |
| GMIB only | | 13 | | | 16 | | | 16 | | | 16 | | | 20 | |
| GMAB only | | 2 | | | 2 | | | 2 | | | 2 | | | 2 | |
| GMWB only | | 858 | | | 814 | | | 883 | | | 866 | | | 863 | |
| GMDB / WB | | 162 | | | 156 | | | 169 | | | 168 | | | 165 | |
| Other | | 11 | | | 12 | | | 13 | | | 12 | | | 15 | |
| Total variable annuities account balances | | $ | 2,409 | | | $ | 2,320 | | | $ | 2,420 | | | $ | 2,396 | | | $ | 2,508 | |
| | | | | | | | | | |
| Interest-sensitive contract liabilities not associated with policyholder account balances: | | | | | | | | | | |
| | | | | | | | | | |
| Guaranteed investment contracts, funding agreements and immediate annuities | | $ | 690 | | | $ | 707 | | | $ | 843 | | | $ | 828 | | | $ | 848 | |
| | | | | | | | | | |
| Future policy benefits (at original discount rate) associated with: | | | | | | | | | | |
| Payout annuities | | $ | 4,524 | | | $ | 4,909 | | | $ | 4,181 | | | $ | 4,231 | | | $ | 4,153 | |
| Other future policy benefits | | $ | 60 | | | $ | 60 | | | $ | 62 | | | $ | 58 | | | $ | 59 | |
| | | | | | | | | | |
| Liability for market risk benefits: | | | | | | | | | | |
| | | | | | | | | | |
| Equity-indexed annuities | | $ | 159 | | | $ | 135 | | | $ | 140 | | | $ | 144 | | | $ | 132 | |
| Variable annuities (liability) | | $ | 99 | | | $ | 89 | | | $ | 95 | | | $ | 117 | | | $ | 115 | |
| Variable annuities (asset) | | $ | 9 | | | $ | 8 | | | $ | 6 | | | $ | 2 | | | $ | — | |
| | | | | | | | | | |
Net interest spread (1) | | 1.3 | % | | 1.3 | % | | 1.4 | % | | 1.2 | % | | 1.2 | % |
| | | | | | | | | | |
| (1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| U.S. and Latin America Financial Solutions - Capital Solutions |
| GAAP Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | — | | | $ | 1 | | | $ | — | | | $ | 1 | | | $ | 1 | | | $ | (1) | | | | | $ | 2 | | | $ | 5 | | | $ | (3) | |
| Other revenue | | 24 | | | 24 | | | 25 | | | 26 | | | 26 | | | (2) | | | | | 99 | | | 152 | | | (53) | |
| Total revenues | | 24 | | | 25 | | | 25 | | | 27 | | | 27 | | | (3) | | | | | 101 | | | 157 | | | (56) | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Policy acquisition costs and other insurance expenses | | 1 | | | 2 | | | 2 | | | 2 | | | — | | | 1 | | | | | 7 | | | 1 | | | 6 | |
| Other operating expenses | | 3 | | | 4 | | | 2 | | | 4 | | | 3 | | | — | | | | | 13 | | | 12 | | | 1 | |
| Total benefits and expenses | | 4 | | | 6 | | | 4 | | | 6 | | | 3 | | | 1 | | | | | 20 | | | 13 | | | 7 | |
| | | | | | | | | | | | | | | | | | | | |
| Income before income taxes | | $ | 20 | | | $ | 19 | | | $ | 21 | | | $ | 21 | | | $ | 24 | | | $ | (4) | | | | | $ | 81 | | | $ | 144 | | | $ | (63) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| U.S. and Latin America Financial Solutions - Capital Solutions |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | — | | | $ | 1 | | | $ | — | | | $ | 1 | | | $ | 1 | | | $ | (1) | | | | | $ | 2 | | | $ | 5 | | | $ | (3) | |
| Other revenue | | 24 | | | 24 | | | 25 | | | 26 | | | 26 | | | (2) | | | | | 99 | | | 152 | | | (53) | |
| Total revenues | | 24 | | | 25 | | | 25 | | | 27 | | | 27 | | | (3) | | | | | 101 | | | 157 | | | (56) | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Policy acquisition costs and other insurance expenses | | 1 | | | 2 | | | 2 | | | 2 | | | — | | | 1 | | | | | 7 | | | 1 | | | 6 | |
| Other operating expenses | | 3 | | | 4 | | | 2 | | | 4 | | | 3 | | | — | | | | | 13 | | | 12 | | | 1 | |
| Total benefits and expenses | | 4 | | | 6 | | | 4 | | | 6 | | | 3 | | | 1 | | | | | 20 | | | 13 | | | 7 | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | $ | 20 | | | $ | 19 | | | $ | 21 | | | $ | 21 | | | $ | 24 | | | $ | (4) | | | | | $ | 81 | | | $ | 144 | | | $ | (63) | |
Notable items (1) | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | — | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 20 | | | $ | 19 | | | $ | 21 | | | $ | 21 | | | $ | 24 | | | $ | (4) | | | | | $ | 81 | | | $ | 144 | | | $ | (63) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| | | | | | | | | | | | | | | | | | | | |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Canada Traditional |
| GAAP Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 311 | | | $ | 302 | | | $ | 307 | | | $ | 295 | | | $ | 308 | | | $ | 3 | | | | | $ | 1,215 | | | $ | 1,219 | | | $ | (4) | |
| Net investment income | | 62 | | | 62 | | | 61 | | | 61 | | | 66 | | | (4) | | | | | 246 | | | 250 | | | (4) | |
| Investment related gains (losses), net | | 3 | | | — | | | 4 | | | 2 | | | 5 | | | (2) | | | | | 9 | | | 2 | | | 7 | |
| Other revenue | | — | | | 2 | | | 1 | | | 1 | | | 1 | | | (1) | | | | | 4 | | | 4 | | | — | |
| Total revenues | | 376 | | | 366 | | | 373 | | | 359 | | | 380 | | | (4) | | | | | 1,474 | | | 1,475 | | | (1) | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 294 | | | 284 | | | 282 | | | 270 | | | 285 | | | 9 | | | | | 1,130 | | | 1,129 | | | 1 | |
| Future policy benefits remeasurement (gains) losses | | 4 | | | 16 | | | (1) | | | 3 | | | (10) | | | 14 | | | | | 22 | | | (2) | | | 24 | |
| Interest credited | | — | | | 1 | | | — | | | — | | | — | | | — | | | | | 1 | | | — | | | 1 | |
| Policy acquisition costs and other insurance expenses | | 46 | | | 46 | | | 47 | | | 45 | | | 44 | | | 2 | | | | | 184 | | | 203 | | | (19) | |
| Other operating expenses | | 11 | | | 13 | | | 10 | | | 12 | | | 11 | | | — | | | | | 46 | | | 41 | | | 5 | |
| Total benefits and expenses | | 355 | | | 360 | | | 338 | | | 330 | | | 330 | | | 25 | | | | | 1,383 | | | 1,371 | | | 12 | |
| | | | | | | | | | | | | | | | | | | | |
| Income before income taxes | | $ | 21 | | | $ | 6 | | | $ | 35 | | | $ | 29 | | | $ | 50 | | | $ | (29) | | | | | $ | 91 | | | $ | 104 | | | $ | (13) | |
| | | | | | | | | | | | | | | | | | | | |
| Loss and expense ratios: | | | | | | | | | | | | | | | | | | | | |
Loss ratio (1) | | 95.8 | % | | 99.3 | % | | 91.5 | % | | 92.5 | % | | 89.3 | % | | 6.5 | % | | | | 94.8 | % | | 92.5 | % | | 2.3 | % |
| Policy acquisition costs and other insurance expenses | | 14.8 | % | | 15.2 | % | | 15.3 | % | | 15.3 | % | | 14.3 | % | | 0.5 | % | | | | 15.1 | % | | 16.7 | % | | (1.6) | % |
| Other operating expenses | | 3.5 | % | | 4.3 | % | | 3.3 | % | | 4.1 | % | | 3.6 | % | | (0.1) | % | | | | 3.8 | % | | 3.4 | % | | 0.4 | % |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (2): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | (1) | | | $ | (8) | | | $ | (16) | | | $ | (20) | | | $ | (23) | | | $ | 22 | | | | | $ | (45) | | | $ | (47) | | | $ | 2 | |
| Income before income taxes | | $ | 4 | | | $ | (1) | | | $ | (2) | | | $ | (2) | | | $ | (3) | | | $ | 7 | | | | | $ | (1) | | | $ | (4) | | | $ | 3 | |
| | | | | | | | | | | | | | | | | | | | |
| Creditor reinsurance net premiums | | $ | 18 | | | $ | 17 | | | $ | 18 | | | $ | 18 | | | $ | 17 | | | $ | 1 | | | | | $ | 71 | | | $ | 73 | | | $ | (2) | |
| | | | | | | | | | | | | | | | | | | | |
| Assumed life reinsurance in force (in billions) | | $ | 493.5 | | | $ | 477.2 | | | $ | 484.6 | | | $ | 469.5 | | | $ | 463.6 | | | $ | 29.9 | | | | | | | | | |
| Assumed new business production (in billions) | | $ | 11.1 | | | $ | 11.0 | | | $ | 11.2 | | | $ | 10.8 | | | $ | 11.9 | | | $ | (0.8) | | | | | $ | 44.1 | | | $ | 48.2 | | | $ | (4.1) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses. |
| (2) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Canada Traditional |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 311 | | | $ | 302 | | | $ | 307 | | | $ | 295 | | | $ | 308 | | | $ | 3 | | | | | $ | 1,215 | | | $ | 1,219 | | | $ | (4) | |
| Net investment income | | 62 | | | 64 | | | 61 | | | 62 | | | 67 | | | (5) | | | | | 249 | | | 252 | | | (3) | |
| Investment related gains, net | | 2 | | | — | | | 1 | | | 1 | | | 1 | | | 1 | | | | | 4 | | | 4 | | | — | |
| Other revenue | | — | | | 2 | | | 1 | | | 1 | | | 1 | | | (1) | | | | | 4 | | | 4 | | | — | |
| Total revenues | | 375 | | | 368 | | | 370 | | | 359 | | | 377 | | | (2) | | | | | 1,472 | | | 1,479 | | | (7) | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 294 | | | 284 | | | 282 | | | 270 | | | 285 | | | 9 | | | | | 1,130 | | | 1,129 | | | 1 | |
| Future policy benefits remeasurement (gains) losses | | 4 | | | 16 | | | (1) | | | 3 | | | (10) | | | 14 | | | | | 22 | | | (2) | | | 24 | |
| Interest credited | | — | | | 1 | | | — | | | — | | | — | | | — | | | | | 1 | | | — | | | 1 | |
| Policy acquisition costs and other insurance expenses | | 46 | | | 46 | | | 47 | | | 45 | | | 44 | | | 2 | | | | | 184 | | | 203 | | | (19) | |
| Other operating expenses | | 11 | | | 11 | | | 10 | | | 12 | | | 11 | | | — | | | | | 44 | | | 41 | | | 3 | |
| Total benefits and expenses | | 355 | | | 358 | | | 338 | | | 330 | | | 330 | | | 25 | | | | | 1,381 | | | 1,371 | | | 10 | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | 20 | | | 10 | | | 32 | | | 29 | | | 47 | | | (27) | | | | | 91 | | | 108 | | | (17) | |
Notable items (1) | | — | | | 13 | | | — | | | — | | | (5) | | | 5 | | | | | 13 | | | 1 | | | 12 | |
| Adjusted operating income excluding notable items, before income taxes | | $ | 20 | | | $ | 23 | | | $ | 32 | | | $ | 29 | | | $ | 42 | | | $ | (22) | | | | | $ | 104 | | | $ | 109 | | | $ | (5) | |
| | | | | | | | | | | | | | | | | | | | |
| Loss and expense ratios: | | | | | | | | | | | | | | | | | | | | |
Loss ratio (2) | | 95.8 | % | | 99.3 | % | | 91.5 | % | | 92.5 | % | | 89.3 | % | | 6.5 | % | | | | 94.8 | % | | 92.5 | % | | 2.3 | % |
| Policy acquisition costs and other insurance expenses | | 14.8 | % | | 15.2 | % | | 15.3 | % | | 15.3 | % | | 14.3 | % | | 0.5 | % | | | | 15.1 | % | | 16.7 | % | | (1.6) | % |
| Other operating expenses | | 3.5 | % | | 3.6 | % | | 3.3 | % | | 4.1 | % | | 3.6 | % | | (0.1) | % | | | | 3.6 | % | | 3.4 | % | | 0.2 | % |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (3): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | (1) | | | $ | (8) | | | $ | (16) | | | $ | (20) | | | $ | (23) | | | $ | 22 | | | | | $ | (45) | | | $ | (47) | | | $ | 2 | |
| Adjusted operating income before income taxes | | $ | 5 | | | $ | (1) | | | $ | (2) | | | $ | (2) | | | $ | (3) | | | $ | 8 | | | | | $ | — | | | $ | (4) | | | $ | 4 | |
| | | | | | | | | | | | | | | | | | | | |
| Creditor reinsurance net premiums | | $ | 18 | | | $ | 17 | | | $ | 18 | | | $ | 18 | | | $ | 17 | | | $ | 1 | | | | | $ | 71 | | | $ | 73 | | | $ | (2) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| | | | | | | | | | | | | | | | | | | | |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". |
| (2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses. |
| (3) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
Canada Financial Solutions (1) |
| GAAP Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 22 | | | $ | 22 | | | $ | 23 | | | $ | 23 | | | $ | 23 | | | $ | (1) | | | | | $ | 90 | | | $ | 95 | | | $ | (5) | |
| Net investment income | | 1 | | | 1 | | | 1 | | | 1 | | | 1 | | | — | | | | | 4 | | | 5 | | | (1) | |
| Other revenue | | 4 | | | 3 | | | 2 | | | 3 | | | 4 | | | — | | | | | 12 | | | 10 | | | 2 | |
| Total revenues | | 27 | | | 26 | | | 26 | | | 27 | | | 28 | | | (1) | | | | | 106 | | | 110 | | | (4) | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 19 | | | 18 | | | 20 | | | 21 | | | 20 | | | (1) | | | | | 78 | | | 86 | | | (8) | |
| Future policy benefits remeasurement (gains) losses | | — | | | (23) | | | (2) | | | (5) | | | (3) | | | 3 | | | | | (30) | | | (12) | | | (18) | |
| Policy acquisition costs and other insurance expenses | | — | | | 1 | | | — | | | 1 | | | 1 | | | (1) | | | | | 2 | | | 2 | | | — | |
| Other operating expenses | | 2 | | | — | | | 2 | | | — | | | 1 | | | 1 | | | | | 4 | | | 3 | | | 1 | |
| Total benefits and expenses | | 21 | | | (4) | | | 20 | | | 17 | | | 19 | | | 2 | | | | | 54 | | | 79 | | | (25) | |
| | | | | | | | | | | | | | | | | | | | |
| Income before income taxes | | $ | 6 | | | $ | 30 | | | $ | 6 | | | $ | 10 | | | $ | 9 | | | $ | (3) | | | | | $ | 52 | | | $ | 31 | | | $ | 21 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (2): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 1 | | | $ | (1) | | | $ | (2) | | | $ | (1) | | | $ | (2) | | | $ | 3 | | | | | $ | (3) | | | $ | (4) | | | $ | 1 | |
| Income before income taxes | | $ | — | | | $ | — | | | $ | — | | | $ | (1) | | | $ | — | | | $ | — | | | | | $ | (1) | | | $ | (1) | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Canada Financial Solutions operations includes longevity and fee-based transactions. |
| (2) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
Canada Financial Solutions (1) |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 22 | | | $ | 22 | | | $ | 23 | | | $ | 23 | | | $ | 23 | | | $ | (1) | | | | | $ | 90 | | | $ | 95 | | | $ | (5) | |
| Net investment income | | 1 | | | 1 | | | 1 | | | 1 | | | 1 | | | — | | | | | 4 | | | 5 | | | (1) | |
| Other revenue | | 4 | | | 3 | | | 2 | | | 3 | | | 4 | | | — | | | | | 12 | | | 10 | | | 2 | |
| Total revenues | | 27 | | | 26 | | | 26 | | | 27 | | | 28 | | | (1) | | | | | 106 | | | 110 | | | (4) | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 19 | | | 18 | | | 20 | | | 21 | | | 20 | | | (1) | | | | | 78 | | | 86 | | | (8) | |
| Future policy benefits remeasurement (gains) losses | | — | | | (23) | | | (2) | | | (5) | | | (3) | | | 3 | | | | | (30) | | | (12) | | | (18) | |
| Policy acquisition costs and other insurance expenses | | — | | | 1 | | | — | | | 1 | | | 1 | | | (1) | | | | | 2 | | | 2 | | | — | |
| Other operating expenses | | 2 | | | — | | | 2 | | | — | | | 1 | | | 1 | | | | | 4 | | | 3 | | | 1 | |
| Total benefits and expenses | | 21 | | | (4) | | | 20 | | | 17 | | | 19 | | | 2 | | | | | 54 | | | 79 | | | (25) | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | 6 | | | 30 | | | 6 | | | 10 | | | 9 | | | (3) | | | | | 52 | | | 31 | | | 21 | |
Notable items (2) | | — | | | (22) | | | — | | | — | | | — | | | — | | | | | (22) | | | — | | | (22) | |
| Adjusted operating income excluding notable items, before income taxes | | $ | 6 | | | $ | 8 | | | $ | 6 | | | $ | 10 | | | $ | 9 | | | $ | (3) | | | | | $ | 30 | | | $ | 31 | | | $ | (1) | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (3): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 1 | | | $ | (1) | | | $ | (2) | | | $ | (1) | | | $ | (2) | | | $ | 3 | | | | | $ | (3) | | | $ | (4) | | | $ | 1 | |
| Adjusted operating income before income taxes | | $ | (1) | | | $ | — | | | $ | — | | | $ | (1) | | | $ | — | | | $ | (1) | | | | | $ | (2) | | | $ | (1) | | | $ | (1) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Canada Financial Solutions operations includes longevity and fee-based transactions. |
| (2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". |
| (3) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Europe, Middle East and Africa Traditional |
| GAAP Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 461 | | | $ | 447 | | | $ | 429 | | | $ | 438 | | | $ | 422 | | | $ | 39 | | | | | $ | 1,775 | | | $ | 1,736 | | | $ | 39 | |
| Net investment income | | 22 | | | 23 | | | 23 | | | 23 | | | 21 | | | 1 | | | | | 91 | | | 76 | | | 15 | |
| Other revenue | | 1 | | | 1 | | | (1) | | | (1) | | | 3 | | | (2) | | | | | — | | | 6 | | | (6) | |
| Total revenues | | 484 | | | 471 | | | 451 | | | 460 | | | 446 | | | 38 | | | | | 1,866 | | | 1,818 | | | 48 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 420 | | | 429 | | | 383 | | | 390 | | | 404 | | | 16 | | | | | 1,622 | | | 1,586 | | | 36 | |
| Future policy benefits remeasurement (gains) losses | | 1 | | | 43 | | | 12 | | | (8) | | | (10) | | | 11 | | | | | 48 | | | (15) | | | 63 | |
| Policy acquisition costs and other insurance expenses | | 22 | | | 25 | | | 21 | | | 18 | | | 16 | | | 6 | | | | | 86 | | | 77 | | | 9 | |
| Other operating expenses | | 33 | | | 34 | | | 31 | | | 33 | | | 33 | | | — | | | | | 131 | | | 124 | | | 7 | |
| Total benefits and expenses | | 476 | | | 531 | | | 447 | | | 433 | | | 443 | | | 33 | | | | | 1,887 | | | 1,772 | | | 115 | |
| | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 8 | | | $ | (60) | | | $ | 4 | | | $ | 27 | | | $ | 3 | | | $ | 5 | | | | | $ | (21) | | | $ | 46 | | | $ | (67) | |
| | | | | | | | | | | | | | | | | | | | |
| Loss and expense ratios: | | | | | | | | | | | | | | | | | | | | |
Loss ratio (1) | | 91.3 | % | | 105.6 | % | | 92.1 | % | | 87.2 | % | | 93.4 | % | | (2.1) | % | | | | 94.1 | % | | 90.5 | % | | 3.6 | % |
| Policy acquisition costs and other insurance expenses | | 4.8 | % | | 5.6 | % | | 4.9 | % | | 4.1 | % | | 3.8 | % | | 1.0 | % | | | | 4.8 | % | | 4.4 | % | | 0.4 | % |
| Other operating expenses | | 7.2 | % | | 7.6 | % | | 7.2 | % | | 7.5 | % | | 7.8 | % | | (0.6) | % | | | | 7.4 | % | | 7.1 | % | | 0.3 | % |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (2): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 14 | | | $ | 20 | | | $ | (6) | | | $ | (41) | | | $ | (53) | | | $ | 67 | | | | | $ | (13) | | | $ | (183) | | | $ | 170 | |
| Income (loss) before income taxes | | $ | 1 | | | $ | (4) | | | $ | 1 | | | $ | (1) | | | $ | — | | | $ | 1 | | | | | $ | (3) | | | $ | (3) | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| Critical illness net premiums | | $ | 37 | | | $ | 34 | | | $ | 35 | | | $ | 33 | | | $ | 33 | | | $ | 4 | | | | | $ | 139 | | | $ | 149 | | | $ | (10) | |
| | | | | | | | | | | | | | | | | | | | |
| Assumed life reinsurance in force (in billions) | | $ | 960.1 | | | $ | 814.5 | | | $ | 802.3 | | | $ | 759.6 | | | $ | 735.4 | | | $ | 224.7 | | | | | | | | | |
| Assumed new business production (in billions) | | $ | 16.1 | | | $ | 30.9 | | | $ | 36.6 | | | $ | 30.1 | | | $ | 35.6 | | | $ | (19.5) | | | | | $ | 113.7 | | | $ | 169.4 | | | $ | (55.7) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses. |
| (2) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Europe, Middle East and Africa Traditional |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 461 | | | $ | 447 | | | $ | 429 | | | $ | 438 | | | $ | 422 | | | $ | 39 | | | | | $ | 1,775 | | | $ | 1,736 | | | $ | 39 | |
| Net investment income | | 22 | | | 23 | | | 23 | | | 23 | | | 21 | | | 1 | | | | | 91 | | | 76 | | | 15 | |
| Other revenue | | 1 | | | 1 | | | (1) | | | (1) | | | 3 | | | (2) | | | | | — | | | 6 | | | (6) | |
| Total revenues | | 484 | | | 471 | | | 451 | | | 460 | | | 446 | | | 38 | | | | | 1,866 | | | 1,818 | | | 48 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 420 | | | 429 | | | 383 | | | 390 | | | 404 | | | 16 | | | | | 1,622 | | | 1,586 | | | 36 | |
| Future policy benefits remeasurement (gains) losses | | 1 | | | 43 | | | 12 | | | (8) | | | (10) | | | 11 | | | | | 48 | | | (15) | | | 63 | |
| Policy acquisition costs and other insurance expenses | | 22 | | | 25 | | | 21 | | | 18 | | | 16 | | | 6 | | | | | 86 | | | 77 | | | 9 | |
| Other operating expenses | | 33 | | | 33 | | | 31 | | | 33 | | | 33 | | | — | | | | | 130 | | | 124 | | | 6 | |
| Total benefits and expenses | | 476 | | | 530 | | | 447 | | | 433 | | | 443 | | | 33 | | | | | 1,886 | | | 1,772 | | | 114 | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | 8 | | | (59) | | | 4 | | | 27 | | | 3 | | | 5 | | | | | (20) | | | 46 | | | (66) | |
Notable items (1) | | — | | | 47 | | | — | | | — | | | — | | | — | | | | | 47 | | | 13 | | | 34 | |
| Adjusted operating income excluding notable items, before income taxes | | $ | 8 | | | $ | (12) | | | $ | 4 | | | $ | 27 | | | $ | 3 | | | $ | 5 | | | | | $ | 27 | | | $ | 59 | | | $ | (32) | |
| | | | | | | | | | | | | | | | | | | | |
| Loss and expense ratios: | | | | | | | | | | | | | | | | | | | | |
Loss ratio (2) | | 91.3 | % | | 105.6 | % | | 92.1 | % | | 87.2 | % | | 93.4 | % | | (2.1) | % | | | | 94.1 | % | | 90.5 | % | | 3.6 | % |
| Policy acquisition costs and other insurance expenses | | 4.8 | % | | 5.6 | % | | 4.9 | % | | 4.1 | % | | 3.8 | % | | 1.0 | % | | | | 4.8 | % | | 4.4 | % | | 0.4 | % |
| Other operating expenses | | 7.2 | % | | 7.4 | % | | 7.2 | % | | 7.5 | % | | 7.8 | % | | (0.6) | % | | | | 7.3 | % | | 7.1 | % | | 0.2 | % |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (3): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 14 | | | $ | 20 | | | $ | (6) | | | $ | (41) | | | $ | (53) | | | $ | 67 | | | | | $ | (13) | | | $ | (183) | | | $ | 170 | |
| Adjusted operating income (loss) before income taxes | | $ | 1 | | | $ | (4) | | | $ | 1 | | | $ | (1) | | | $ | — | | | $ | 1 | | | | | $ | (3) | | | $ | (3) | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| Critical illness net premiums | | $ | 37 | | | $ | 34 | | | $ | 35 | | | $ | 33 | | | $ | 33 | | | $ | 4 | | | | | $ | 139 | | | $ | 149 | | | $ | (10) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". |
| (2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses. |
| (3) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Europe, Middle East and Africa Financial Solutions (1) |
| GAAP Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 125 | | | $ | 118 | | | $ | 90 | | | $ | 125 | | | $ | 127 | | | $ | (2) | | | | | $ | 458 | | | $ | 486 | | | $ | (28) | |
| Net investment income | | 62 | | | 56 | | | 45 | | | 46 | | | 44 | | | 18 | | | | | 209 | | | 151 | | | 58 | |
| Investment related gains (losses), net | | (8) | | | (21) | | | (9) | | | (6) | | | (11) | | | 3 | | | | | (44) | | | (26) | | | (18) | |
| Other revenue | | 1 | | | 7 | | | 4 | | | 4 | | | 6 | | | (5) | | | | | 16 | | | 15 | | | 1 | |
| Total revenues | | 180 | | | 160 | | | 130 | | | 169 | | | 166 | | | 14 | | | | | 639 | | | 626 | | | 13 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 96 | | | 95 | | | 68 | | | 104 | | | 106 | | | (10) | | | | | 363 | | | 428 | | | (65) | |
| Future policy benefits remeasurement (gains) losses | | (42) | | | (33) | | | (5) | | | (9) | | | (12) | | | (30) | | | | | (89) | | | (21) | | | (68) | |
| Interest credited | | 3 | | | (2) | | | (2) | | | — | | | (2) | | | 5 | | | | | (1) | | | (24) | | | 23 | |
| Policy acquisition costs and other insurance expenses | | 1 | | | 2 | | | 2 | | | 2 | | | 2 | | | (1) | | | | | 7 | | | 7 | | | — | |
| Other operating expenses | | 16 | | | 14 | | | 15 | | | 13 | | | 16 | | | — | | | | | 58 | | | 54 | | | 4 | |
| Total benefits and expenses | | 74 | | | 76 | | | 78 | | | 110 | | | 110 | | | (36) | | | | | 338 | | | 444 | | | (106) | |
| | | | | | | | | | | | | | | | | | | | |
| Income before income taxes | | $ | 106 | | | $ | 84 | | | $ | 52 | | | $ | 59 | | | $ | 56 | | | $ | 50 | | | | | $ | 301 | | | $ | 182 | | | $ | 119 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (2): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 6 | | | $ | 9 | | | $ | (1) | | | $ | (12) | | | $ | (17) | | | $ | 23 | | | | | $ | 2 | | | $ | (56) | | | $ | 58 | |
| Income before income taxes | | $ | 5 | | | $ | 6 | | | $ | — | | | $ | (6) | | | $ | (4) | | | $ | 9 | | | | | $ | 5 | | | $ | (17) | | | $ | 22 | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions. |
| (2) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Europe, Middle East and Africa Financial Solutions (1) |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 125 | | | $ | 118 | | | $ | 90 | | | $ | 125 | | | $ | 127 | | | $ | (2) | | | | | $ | 458 | | | $ | 486 | | | $ | (28) | |
| Net investment income | | 59 | | | 59 | | | 48 | | | 49 | | | 48 | | | 11 | | | | | 215 | | | 193 | | | 22 | |
| Investment related gains (losses), net | | (2) | | | 2 | | | 4 | | | 1 | | | 4 | | | (6) | | | | | 5 | | | 18 | | | (13) | |
| Other revenue | | 1 | | | 7 | | | 4 | | | 4 | | | 6 | | | (5) | | | | | 16 | | | 15 | | | 1 | |
| Total revenues | | 183 | | | 186 | | | 146 | | | 179 | | | 185 | | | (2) | | | | | 694 | | | 712 | | | (18) | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 96 | | | 95 | | | 68 | | | 104 | | | 106 | | | (10) | | | | | 363 | | | 428 | | | (65) | |
| Future policy benefits remeasurement (gains) losses | | (42) | | | (33) | | | (5) | | | (9) | | | (12) | | | (30) | | | | | (89) | | | (21) | | | (68) | |
| | | | | | | | | | | | | | | | | | | | |
| Policy acquisition costs and other insurance expenses | | 1 | | | 2 | | | 2 | | | 2 | | | 2 | | | (1) | | | | | 7 | | | 7 | | | — | |
| Other operating expenses | | 16 | | | 14 | | | 15 | | | 13 | | | 16 | | | — | | | | | 58 | | | 54 | | | 4 | |
| Total benefits and expenses | | 71 | | | 78 | | | 80 | | | 110 | | | 112 | | | (41) | | | | | 339 | | | 468 | | | (129) | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | 112 | | | 108 | | | 66 | | | 69 | | | 73 | | | 39 | | | | | 355 | | | 244 | | | 111 | |
Notable items (2) | | — | | | (34) | | | — | | | — | | | (14) | | | 14 | | | | | (34) | | | (14) | | | (20) | |
| Adjusted operating income excluding notable items, before income taxes | | $ | 112 | | | $ | 74 | | | $ | 66 | | | $ | 69 | | | $ | 59 | | | $ | 53 | | | | | $ | 321 | | | $ | 230 | | | $ | 91 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (3): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 6 | | | $ | 9 | | | $ | (1) | | | $ | (12) | | | $ | (17) | | | $ | 23 | | | | | $ | 2 | | | $ | (56) | | | $ | 58 | |
| Adjusted operating income before income taxes | | $ | 5 | | | $ | 8 | | | $ | — | | | $ | (7) | | | $ | (6) | | | $ | 11 | | | | | $ | 6 | | | $ | (27) | | | $ | 33 | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions. | | | | | | | | | | | | |
| (2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". |
| (3) Compared to comparable prior year period. | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Asia Pacific Traditional |
| GAAP Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 709 | | | $ | 737 | | | $ | 677 | | | $ | 662 | | | $ | 700 | | | $ | 9 | | | | | $ | 2,785 | | | $ | 2,650 | | | $ | 135 | |
| Net investment income | | 59 | | | 60 | | | 62 | | | 61 | | | 55 | | | 4 | | | | | 242 | | | 199 | | | 43 | |
| Investment related gains (losses), net | | 1 | | | 1 | | | 2 | | | 3 | | | 3 | | | (2) | | | | | 7 | | | 12 | | | (5) | |
| Other revenue | | (1) | | | 3 | | | 11 | | | 3 | | | — | | | (1) | | | | | 16 | | | 21 | | | (5) | |
| Total revenues | | 768 | | | 801 | | | 752 | | | 729 | | | 758 | | | 10 | | | | | 3,050 | | | 2,882 | | | 168 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 594 | | | 604 | | | 579 | | | 563 | | | 548 | | | 46 | | | | | 2,340 | | | 2,192 | | | 148 | |
| Future policy benefits remeasurement (gains) losses | | 6 | | | (39) | | | (14) | | | (9) | | | 9 | | | (3) | | | | | (56) | | | 100 | | | (156) | |
| Policy acquisition costs and other insurance expenses | | 40 | | | 46 | | | 44 | | | 46 | | | 44 | | | (4) | | | | | 176 | | | 190 | | | (14) | |
| Other operating expenses | | 58 | | | 56 | | | 54 | | | 50 | | | 57 | | | 1 | | | | | 218 | | | 206 | | | 12 | |
| Total benefits and expenses | | 698 | | | 667 | | | 663 | | | 650 | | | 658 | | | 40 | | | | | 2,678 | | | 2,688 | | | (10) | |
| | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 70 | | | $ | 134 | | | $ | 89 | | | $ | 79 | | | $ | 100 | | | $ | (30) | | | | | $ | 372 | | | $ | 194 | | | $ | 178 | |
| | | | | | | | | | | | | | | | | | | | |
| Loss and expense ratios: | | | | | | | | | | | | | | | | | | | | |
Loss ratio (1) | | 84.6 | % | | 76.7 | % | | 83.5 | % | | 83.7 | % | | 79.6 | % | | 5.0 | % | | | | 82.0 | % | | 86.5 | % | | (4.5) | % |
| Policy acquisition costs and other insurance expenses | | 5.6 | % | | 6.2 | % | | 6.5 | % | | 6.9 | % | | 6.3 | % | | (0.7) | % | | | | 6.3 | % | | 7.2 | % | | (0.9) | % |
| Other operating expenses | | 8.2 | % | | 7.6 | % | | 8.0 | % | | 7.6 | % | | 8.1 | % | | 0.1 | % | | | | 7.8 | % | | 7.8 | % | | — | % |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (2): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | (3) | | | $ | (10) | | | $ | (21) | | | $ | (33) | | | $ | (61) | | | $ | 58 | | | | | $ | (67) | | | $ | (172) | | | $ | 105 | |
| Income (loss) before income taxes | | $ | — | | | $ | — | | | $ | (2) | | | $ | (3) | | | $ | (6) | | | $ | 6 | | | | | $ | (5) | | | $ | (1) | | | $ | (4) | |
| | | | | | | | | | | | | | | | | | | | |
| Critical illness net premiums | | $ | 344 | | | $ | 368 | | | $ | 341 | | | $ | 299 | | | $ | 324 | | | $ | 20 | | | | | $ | 1,352 | | | $ | 1,216 | | | $ | 136 | |
| | | | | | | | | | | | | | | | | | | | |
| Assumed life reinsurance in force (in billions) | | $ | 528.6 | | | $ | 501.8 | | | $ | 495.4 | | | $ | 508.2 | | | $ | 518.6 | | | $ | 10.0 | | | | | | | | | |
| Assumed new business production (in billions) | | $ | 17.3 | | | $ | 17.1 | | | $ | 4.7 | | | $ | 3.9 | | | $ | 8.6 | | | $ | 8.7 | | | | | $ | 43.0 | | | $ | 45.3 | | | $ | (2.3) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses. |
| (2) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Asia Pacific Traditional |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 709 | | | $ | 737 | | | $ | 677 | | | $ | 662 | | | $ | 700 | | | $ | 9 | | | | | $ | 2,785 | | | $ | 2,650 | | | $ | 135 | |
| Net investment income | | 59 | | | 60 | | | 62 | | | 61 | | | 55 | | | 4 | | | | | 242 | | | 199 | | | 43 | |
| Investment related gains (losses), net | | 1 | | | 1 | | | 2 | | | 3 | | | 3 | | | (2) | | | | | 7 | | | 12 | | | (5) | |
| Other revenue | | (1) | | | 3 | | | 11 | | | 3 | | | — | | | (1) | | | | | 16 | | | 21 | | | (5) | |
| Total revenues | | 768 | | | 801 | | | 752 | | | 729 | | | 758 | | | 10 | | | | | 3,050 | | | 2,882 | | | 168 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 594 | | | 604 | | | 579 | | | 563 | | | 548 | | | 46 | | | | | 2,340 | | | 2,192 | | | 148 | |
| Future policy benefits remeasurement (gains) losses | | 6 | | | (39) | | | (14) | | | (9) | | | 9 | | | (3) | | | | | (56) | | | 100 | | | (156) | |
| Policy acquisition costs and other insurance expenses | | 40 | | | 46 | | | 44 | | | 46 | | | 44 | | | (4) | | | | | 176 | | | 190 | | | (14) | |
| Other operating expenses | | 57 | | | 56 | | | 54 | | | 50 | | | 57 | | | — | | | | | 217 | | | 206 | | | 11 | |
| Total benefits and expenses | | 697 | | | 667 | | | 663 | | | 650 | | | 658 | | | 39 | | | | | 2,677 | | | 2,688 | | | (11) | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | 71 | | | 134 | | | 89 | | | 79 | | | 100 | | | (29) | | | | | 373 | | | 194 | | | 179 | |
Notable items (1) | | — | | | (2) | | | — | | | — | | | (42) | | | 42 | | | | | (2) | | | 75 | | | (77) | |
| Adjusted operating income excluding notable items, before income taxes | | $ | 71 | | | $ | 132 | | | $ | 89 | | | $ | 79 | | | $ | 58 | | | $ | 13 | | | | | $ | 371 | | | $ | 269 | | | $ | 102 | |
| | | | | | | | | | | | | | | | | | | | |
| Loss and expense ratios: | | | | | | | | | | | | | | | | | | | | |
Loss ratio (2) | | 84.6 | % | | 76.7 | % | | 83.5 | % | | 83.7 | % | | 79.6 | % | | 5.0 | % | | | | 82.0 | % | | 86.5 | % | | (4.5) | % |
| Policy acquisition costs and other insurance expenses | | 5.6 | % | | 6.2 | % | | 6.5 | % | | 6.9 | % | | 6.3 | % | | (0.7) | % | | | | 6.3 | % | | 7.2 | % | | (0.9) | % |
| Other operating expenses | | 8.0 | % | | 7.6 | % | | 8.0 | % | | 7.6 | % | | 8.1 | % | | (0.1) | % | | | | 7.8 | % | | 7.8 | % | | — | % |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (3): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | (3) | | | $ | (10) | | | $ | (21) | | | $ | (33) | | | $ | (61) | | | $ | 58 | | | | | $ | (67) | | | $ | (172) | | | $ | 105 | |
| Adjusted operating income (loss) before income taxes | | $ | 1 | | | $ | (1) | | | $ | (3) | | | $ | (2) | | | $ | (6) | | | $ | 7 | | | | | $ | (5) | | | $ | (1) | | | $ | (4) | |
| | | | | | | | | | | | | | | | | | | | |
| Critical illness net premiums | | $ | 344 | | | $ | 368 | | | $ | 341 | | | $ | 299 | | | $ | 324 | | | $ | 20 | | | | | $ | 1,352 | | | $ | 1,216 | | | $ | 136 | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | |
| (2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses. | | | | | | | | |
| (3) Compared to comparable prior year period. | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Asia Pacific Financial Solutions (1) |
| GAAP Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 47 | | | $ | 63 | | | $ | 44 | | | $ | 64 | | | $ | 64 | | | $ | (17) | | | | | $ | 218 | | | $ | 236 | | | $ | (18) | |
| Net investment income | | 136 | | | 117 | | | 125 | | | 108 | | | 94 | | | 42 | | | | | 486 | | | 270 | | | 216 | |
| Investment related gains (losses), net | | 61 | | | (66) | | | (51) | | | (51) | | | 83 | | | (22) | | | | | (107) | | | (205) | | | 98 | |
| Other revenue | | 9 | | | 16 | | | 18 | | | 10 | | | — | | | 9 | | | | | 53 | | | 174 | | | (121) | |
| Total revenues | | 253 | | | 130 | | | 136 | | | 131 | | | 241 | | | 12 | | | | | 650 | | | 475 | | | 175 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 50 | | | 67 | | | 44 | | | 69 | | | 68 | | | (18) | | | | | 230 | | | 223 | | | 7 | |
| Future policy benefits remeasurement (gains) losses | | — | | | (1) | | | — | | | (1) | | | 7 | | | (7) | | | | | (2) | | | 7 | | | (9) | |
| Interest credited | | 49 | | | 54 | | | 46 | | | 54 | | | 39 | | | 10 | | | | | 203 | | | 119 | | | 84 | |
| Policy acquisition costs and other insurance expenses | | 25 | | | 21 | | | 19 | | | 16 | | | 12 | | | 13 | | | | | 81 | | | 60 | | | 21 | |
| Other operating expenses | | 7 | | | 5 | | | 7 | | | 6 | | | 6 | | | 1 | | | | | 25 | | | 20 | | | 5 | |
| Total benefits and expenses | | 131 | | | 146 | | | 116 | | | 144 | | | 132 | | | (1) | | | | | 537 | | | 429 | | | 108 | |
| | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 122 | | | $ | (16) | | | $ | 20 | | | $ | (13) | | | $ | 109 | | | $ | 13 | | | | | $ | 113 | | | $ | 46 | | | $ | 67 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (2): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | (2) | | | $ | (2) | | | $ | (2) | | | $ | (7) | | | $ | (9) | | | $ | 7 | | | | | $ | (13) | | | $ | (30) | | | $ | 17 | |
| Income (loss) before income taxes | | $ | (6) | | | $ | 1 | | | $ | — | | | $ | — | | | $ | (17) | | | $ | 11 | | | | | $ | (5) | | | $ | 14 | | | $ | (19) | |
| | | | | | | | | | | | | | | | | | | | |
| Assumed life reinsurance in force (in billions) | | $ | 8.0 | | | $ | 7.7 | | | $ | 6.7 | | | $ | 7.4 | | | $ | 5.7 | | | $ | 2.3 | | | | | | | | | |
| Assumed new business production (in billions) | | $ | — | | | $ | 1.0 | | | $ | 0.1 | | | $ | 1.7 | | | $ | — | | | $ | — | | | | | $ | 2.8 | | | $ | 0.1 | | | $ | 2.7 | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions. |
| (2) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Asia Pacific Financial Solutions (1) |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | 47 | | | $ | 63 | | | $ | 44 | | | $ | 64 | | | $ | 64 | | | $ | (17) | | | | | $ | 218 | | | $ | 236 | | | $ | (18) | |
| Net investment income | | 136 | | | 117 | | | 125 | | | 108 | | | 94 | | | 42 | | | | | 486 | | | 270 | | | 216 | |
| Investment related gains, net | | 2 | | | 2 | | | 4 | | | 4 | | | 5 | | | (3) | | | | | 12 | | | 17 | | | (5) | |
| Other revenue | | 12 | | | 8 | | | 5 | | | 8 | | | 7 | | | 5 | | | | | 33 | | | 67 | | | (34) | |
| Total revenues | | 197 | | | 190 | | | 178 | | | 184 | | | 170 | | | 27 | | | | | 749 | | | 590 | | | 159 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Claims and other policy benefits | | 50 | | | 67 | | | 44 | | | 69 | | | 68 | | | (18) | | | | | 230 | | | 223 | | | 7 | |
| Future policy benefits remeasurement (gains) losses | | — | | | (1) | | | — | | | (1) | | | 7 | | | (7) | | | | | (2) | | | 7 | | | (9) | |
| Interest credited | | 49 | | | 54 | | | 46 | | | 54 | | | 39 | | | 10 | | | | | 203 | | | 119 | | | 84 | |
| Policy acquisition costs and other insurance expenses | | 25 | | | 21 | | | 19 | | | 16 | | | 12 | | | 13 | | | | | 81 | | | 60 | | | 21 | |
| Other operating expenses | | 7 | | | 5 | | | 7 | | | 6 | | | 6 | | | 1 | | | | | 25 | | | 20 | | | 5 | |
| Total benefits and expenses | | 131 | | | 146 | | | 116 | | | 144 | | | 132 | | | (1) | | | | | 537 | | | 429 | | | 108 | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | 66 | | | 44 | | | 62 | | | 40 | | | 38 | | | 28 | | | | | 212 | | | 161 | | | 51 | |
Notable items (2) | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | — | |
| Adjusted operating income excluding notable items, before income taxes | | $ | 66 | | | $ | 44 | | | $ | 62 | | | $ | 40 | | | $ | 38 | | | $ | 28 | | | | | $ | 212 | | | $ | 161 | | | $ | 51 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (3): | | | | | | | | | | | | | | | | | | | | |
| Net premiums | | $ | (2) | | | $ | (2) | | | $ | (2) | | | $ | (7) | | | $ | (9) | | | $ | 7 | | | | | $ | (13) | | | $ | (30) | | | $ | 17 | |
| Adjusted operating income before income taxes | | $ | (2) | | | $ | (2) | | | $ | (2) | | | $ | (3) | | | $ | (3) | | | $ | 1 | | | | | $ | (9) | | | $ | (14) | | | $ | 5 | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions. | | | | | | | | | | | | |
| (2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | | | |
| (3) Compared to comparable prior year period. | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Corporate and Other |
| GAAP Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 111 | | | $ | 109 | | | $ | 82 | | | $ | 82 | | | $ | 35 | | | $ | 76 | | | | | $ | 384 | | | $ | 251 | | | $ | 133 | |
| Investment related gains (losses), net | | (60) | | | 21 | | | — | | | (44) | | | 36 | | | (96) | | | | | (83) | | | (28) | | | (55) | |
| Other revenue | | 22 | | | 5 | | | (4) | | | 11 | | | 19 | | | 3 | | | | | 34 | | | 7 | | | 27 | |
| Total revenues | | 73 | | | 135 | | | 78 | | | 49 | | | 90 | | | (17) | | | | | 335 | | | 230 | | | 105 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Interest credited | | 19 | | | 14 | | | 14 | | | 14 | | | 12 | | | 7 | | | | | 61 | | | 32 | | | 29 | |
| Policy acquisition costs and other insurance income | | (27) | | | (24) | | | (20) | | | (20) | | | (21) | | | (6) | | | | | (91) | | | (87) | | | (4) | |
| Other operating expenses | | 91 | | | 84 | | | 92 | | | 77 | | | 96 | | | (5) | | | | | 344 | | | 319 | | | 25 | |
| Interest expense | | 69 | | | 72 | | | 63 | | | 53 | | | 55 | | | 14 | | | | | 257 | | | 191 | | | 66 | |
| Total benefits and expenses | | 152 | | | 146 | | | 149 | | | 124 | | | 142 | | | 10 | | | | | 571 | | | 455 | | | 116 | |
| | | | | | | | | | | | | | | | | | | | |
| Loss before income taxes | | $ | (79) | | | $ | (11) | | | $ | (71) | | | $ | (75) | | | $ | (52) | | | $ | (27) | | | | | $ | (236) | | | $ | (225) | | | $ | (11) | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (1): | | | | | | | | | | | | | | | | | | | | |
| Loss before income taxes | | $ | (5) | | | $ | 1 | | | $ | (1) | | | $ | — | | | $ | (7) | | | $ | 2 | | | | | $ | (5) | | | $ | (3) | | | $ | (2) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Compared to comparable prior year period. | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Corporate and Other |
| Adjusted Operating Income Statements |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Revenues: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 111 | | | $ | 109 | | | $ | 82 | | | $ | 82 | | | $ | 35 | | | $ | 76 | | | | | $ | 384 | | | $ | 251 | | | $ | 133 | |
| Investment related gains, net | | 5 | | | 2 | | | 3 | | | 4 | | | 2 | | | 3 | | | | | 14 | | | 8 | | | 6 | |
| Other revenue | | 15 | | | 9 | | | 6 | | | 13 | | | 13 | | | 2 | | | | | 43 | | | 34 | | | 9 | |
| Total revenues | | 131 | | | 120 | | | 91 | | | 99 | | | 50 | | | 81 | | | | | 441 | | | 293 | | | 148 | |
| | | | | | | | | | | | | | | | | | | | |
| Benefits and expenses: | | | | | | | | | | | | | | | | | | | | |
| Interest credited | | 19 | | | 14 | | | 14 | | | 14 | | | 12 | | | 7 | | | | | 61 | | | 32 | | | 29 | |
| Policy acquisition costs and other insurance income | | (27) | | | (24) | | | (20) | | | (20) | | | (21) | | | (6) | | | | | (91) | | | (87) | | | (4) | |
| Other operating expenses | | 92 | | | 84 | | | 89 | | | 77 | | | 96 | | | (4) | | | | | 342 | | | 319 | | | 23 | |
| Interest expense | | 70 | | | 71 | | | 63 | | | 53 | | | 55 | | | 15 | | | | | 257 | | | 191 | | | 66 | |
| Total benefits and expenses | | 154 | | | 145 | | | 146 | | | 124 | | | 142 | | | 12 | | | | | 569 | | | 455 | | | 114 | |
| | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | (23) | | | (25) | | | (55) | | | (25) | | | (92) | | | 69 | | | | | (128) | | | (162) | | | 34 | |
Notable items (1) | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | — | |
| Adjusted operating income excluding notable items, before income taxes | | $ | (23) | | | $ | (25) | | | $ | (55) | | | $ | (25) | | | $ | (92) | | | $ | 69 | | | | | $ | (128) | | | $ | (162) | | | $ | 34 | |
| | | | | | | | | | | | | | | | | | | | |
Foreign currency effect on (2): | | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income (loss) before income taxes | | $ | (6) | | | $ | 1 | | | $ | — | | | $ | — | | | $ | — | | | $ | (6) | | | | | $ | (5) | | | $ | 2 | | | $ | (7) | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". |
| (2) Compared to comparable prior year period. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Summary of Segment GAAP Income |
| (USD millions) |
|
| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| U.S. and Latin America: | | | | | | | | | | | | | | | | | | | | |
| Traditional | | $ | 30 | | | $ | 105 | | | $ | 62 | | | $ | 121 | | | $ | 114 | | | $ | (84) | | | | | $ | 318 | | | $ | 195 | | | $ | 123 | |
| Financial Solutions: | | | | | | | | | | | | | | | | | | | | |
| Asset Intensive | | (140) | | | 89 | | | 47 | | | 93 | | | (32) | | | (108) | | | | | 89 | | | 1 | | | 88 | |
| Capital Solutions | | 20 | | | 19 | | | 21 | | | 21 | | | 24 | | | (4) | | | | | 81 | | | 144 | | | (63) | |
| Total U.S. and Latin America | | (90) | | | 213 | | | 130 | | | 235 | | | 106 | | | (196) | | | | | 488 | | | 340 | | | 148 | |
| Canada: | | | | | | | | | | | | | | | | | | | | |
| Traditional | | 21 | | | 6 | | | 35 | | | 29 | | | 50 | | | (29) | | | | | 91 | | | 104 | | | (13) | |
| Financial Solutions | | 6 | | | 30 | | | 6 | | | 10 | | | 9 | | | (3) | | | | | 52 | | | 31 | | | 21 | |
| Total Canada | | 27 | | | 36 | | | 41 | | | 39 | | | 59 | | | (32) | | | | | 143 | | | 135 | | | 8 | |
| Europe, Middle East and Africa: | | | | | | | | | | | | | | | | | | | | |
| Traditional | | 8 | | | (60) | | | 4 | | | 27 | | | 3 | | | 5 | | | | | (21) | | | 46 | | | (67) | |
| Financial Solutions | | 106 | | | 84 | | | 52 | | | 59 | | | 56 | | | 50 | | | | | 301 | | | 182 | | | 119 | |
| Total Europe, Middle East and Africa | | 114 | | | 24 | | | 56 | | | 86 | | | 59 | | | 55 | | | | | 280 | | | 228 | | | 52 | |
| Asia Pacific: | | | | | | | | | | | | | | | | | | | | |
| Traditional | | 70 | | | 134 | | | 89 | | | 79 | | | 100 | | | (30) | | | | | 372 | | | 194 | | | 178 | |
| Financial Solutions | | 122 | | | (16) | | | 20 | | | (13) | | | 109 | | | 13 | | | | | 113 | | | 46 | | | 67 | |
| Total Asia Pacific | | 192 | | | 118 | | | 109 | | | 66 | | | 209 | | | (17) | | | | | 485 | | | 240 | | | 245 | |
| Corporate and Other | | (79) | | | (11) | | | (71) | | | (75) | | | (52) | | | (27) | | | | | (236) | | | (225) | | | (11) | |
| Consolidated income (loss) before income taxes | | $ | 164 | | | $ | 380 | | | $ | 265 | | | $ | 351 | | | $ | 381 | | | $ | (217) | | | | | $ | 1,160 | | | $ | 718 | | | $ | 442 | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Summary of Segment Adjusted Operating Income |
| (USD millions) |
|
| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| U.S. and Latin America: | | | | | | | | | | | | | | | | | | | | |
| Traditional | | $ | 25 | | | $ | 103 | | | $ | 63 | | | $ | 122 | | | $ | 108 | | | $ | (83) | | | | | $ | 313 | | | $ | 147 | | | $ | 166 | |
| Financial Solutions: | | | | | | | | | | | | | | | | | | | | |
| Asset Intensive | | 81 | | | 117 | | | 88 | | | 84 | | | 77 | | | 4 | | | | | 370 | | | 304 | | | 66 | |
| Capital Solutions | | 20 | | | 19 | | | 21 | | | 21 | | | 24 | | | (4) | | | | | 81 | | | 144 | | | (63) | |
| Total U.S. and Latin America | | 126 | | | 239 | | | 172 | | | 227 | | | 209 | | | (83) | | | | | 764 | | | 595 | | | 169 | |
| Canada: | | | | | | | | | | | | | | | | | | | | |
| Traditional | | 20 | | | 10 | | | 32 | | | 29 | | | 47 | | | (27) | | | | | 91 | | | 108 | | | (17) | |
| Financial Solutions | | 6 | | | 30 | | | 6 | | | 10 | | | 9 | | | (3) | | | | | 52 | | | 31 | | | 21 | |
| Total Canada | | 26 | | | 40 | | | 38 | | | 39 | | | 56 | | | (30) | | | | | 143 | | | 139 | | | 4 | |
| Europe, Middle East and Africa: | | | | | | | | | | | | | | | | | | | | |
| Traditional | | 8 | | | (59) | | | 4 | | | 27 | | | 3 | | | 5 | | | | | (20) | | | 46 | | | (66) | |
| Financial Solutions | | 112 | | | 108 | | | 66 | | | 69 | | | 73 | | | 39 | | | | | 355 | | | 244 | | | 111 | |
| Total Europe, Middle East and Africa | | 120 | | | 49 | | | 70 | | | 96 | | | 76 | | | 44 | | | | | 335 | | | 290 | | | 45 | |
| Asia Pacific: | | | | | | | | | | | | | | | | | | | | |
| Traditional | | 71 | | | 134 | | | 89 | | | 79 | | | 100 | | | (29) | | | | | 373 | | | 194 | | | 179 | |
| Financial Solutions | | 66 | | | 44 | | | 62 | | | 40 | | | 38 | | | 28 | | | | | 212 | | | 161 | | | 51 | |
| Total Asia Pacific | | 137 | | | 178 | | | 151 | | | 119 | | | 138 | | | (1) | | | | | 585 | | | 355 | | | 230 | |
| Corporate and Other | | (23) | | | (25) | | | (55) | | | (25) | | | (92) | | | 69 | | | | | (128) | | | (162) | | | 34 | |
| Consolidated adjusted operating income (loss) before income taxes | | 386 | | | 481 | | | 376 | | | 456 | | | 387 | | | (1) | | | | | 1,699 | | | 1,217 | | | 482 | |
Notable items (1) | | — | | | (3) | | | — | | | — | | | (61) | | | 61 | | | | | (3) | | | 242 | | | (245) | |
| Consolidated adjusted operating income (loss) excluding notable items before income taxes | | $ | 386 | | | $ | 478 | | | $ | 376 | | | $ | 456 | | | $ | 326 | | | $ | 60 | | | | | $ | 1,696 | | | $ | 1,459 | | | $ | 237 | |
| | | | | | | | | | | | | | | | | | | | |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Investments |
| (USD millions) |
| | | | | | | | | | |
| Cash and Invested Assets |
| | | | | | | | | | |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, |
| | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
Fixed maturity securities, available-for-sale (1) | | $ | 60,467 | | | $ | 54,171 | | | $ | 56,236 | | | $ | 56,085 | | | $ | 52,901 | |
| Equity securities | | 139 | | | 133 | | | 136 | | | 138 | | | 134 | |
| Mortgage loans | | 7,377 | | | 7,231 | | | 7,038 | | | 6,833 | | | 6,590 | |
| Policy loans | | 1,206 | | | 1,180 | | | 1,202 | | | 1,221 | | | 1,231 | |
| Funds withheld at interest | | 5,683 | | | 5,725 | | | 5,862 | | | 5,976 | | | 6,003 | |
| Limited partnerships and real estate joint ventures | | 2,635 | | | 2,560 | | | 2,473 | | | 2,405 | | | 2,327 | |
| Short-term investments | | 222 | | | 141 | | | 224 | | | 246 | | | 154 | |
| Other invested assets | | 1,171 | | | 1,091 | | | 1,119 | | | 1,111 | | | 1,140 | |
| Cash and cash equivalents | | 2,970 | | | 2,820 | | | 2,598 | | | 3,294 | | | 2,927 | |
| Total cash and invested assets | | $ | 81,870 | | | $ | 75,052 | | | $ | 76,888 | | | $ | 77,309 | | | $ | 73,407 | |
| | | | | | | | | | |
| (1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”). |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Income and Yield Summary |
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
Average invested assets at amortized cost (1) | | $ | 37,169 | | | $ | 37,051 | | | $ | 36,124 | | | $ | 35,863 | | | $ | 35,300 | | | $ | 1,869 | | | | | $ | 35,921 | | | $ | 34,398 | | | $ | 1,523 | |
Net investment income (1) | | $ | 443 | | | $ | 430 | | | $ | 393 | | | $ | 415 | | | $ | 386 | | | $ | 57 | | | | | $ | 1,681 | | | $ | 1,614 | | | $ | 67 | |
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) | | 4.86 | % | | 4.72 | % | | 4.42 | % | | 4.71 | % | | 4.45 | % | | 41 bps | | | | 4.68 | % | | 4.69 | % | | (1) bp |
Variable investment income ("VII") (included in net investment income) (1) | | $ | 44 | | | $ | 39 | | | $ | 17 | | | $ | 39 | | | $ | 42 | | | $ | 2 | | | | | $ | 139 | | | $ | 291 | | | $ | (152) | |
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1) | | 4.60 | % | | 4.51 | % | | 4.43 | % | | 4.45 | % | | 4.14 | % | | 46 bps | | | | 4.50 | % | | 4.00 | % | | 50 bps |
| | | | | | | | | | | | | | | | | | | | |
| (1) Excludes spread related business (e.g. coinsurance of annuities). | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Investments |
| (USD millions) |
| | | | | | | | | | | | | | |
| Fixed Maturity Securities |
| | | | | | | | | | | | | | |
| | December 31, 2023 |
| | | Amortized
Cost | | Allowance for Credit Losses | | Unrealized
Gains | | Unrealized
Losses | | Estimated Fair
Value | | % of
Total | | |
| Available-for-sale: | | | | | | | | | | | | | | |
| Corporate | | $ | 42,014 | | | $ | 62 | | | $ | 554 | | | $ | 3,751 | | | $ | 38,755 | | | 64.1 | % | | |
| Canadian government | | 3,477 | | | — | | | 473 | | | 33 | | | 3,917 | | | 6.5 | % | | |
| Japanese government | | 3,630 | | | — | | | 3 | | | 502 | | | 3,131 | | | 5.2 | % | | |
| ABS | | 4,661 | | | 12 | | | 19 | | | 239 | | | 4,429 | | | 7.3 | % | | |
| CMBS | | 1,969 | | | 1 | | | 7 | | | 202 | | | 1,773 | | | 2.9 | % | | |
| RMBS | | 1,173 | | | — | | | 8 | | | 102 | | | 1,079 | | | 1.8 | % | | |
| U.S. government | | 2,725 | | | — | | | 9 | | | 214 | | | 2,520 | | | 4.2 | % | | |
| State and political subdivisions | | 1,236 | | | — | | | 7 | | | 129 | | | 1,114 | | | 1.8 | % | | |
| Other foreign government | | 4,092 | | | — | | | 45 | | | 388 | | | 3,749 | | | 6.2 | % | | |
| Total fixed maturity securities | | $ | 64,977 | | | $ | 75 | | | $ | 1,125 | | | $ | 5,560 | | | $ | 60,467 | | | 100.0 | % | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2022 |
| | | Amortized
Cost | | Allowance for Credit Losses | | Unrealized
Gains | | Unrealized
Losses | | Estimated Fair
Value | | % of
Total |
| Available-for-sale: | | | | | | | | | | | | |
| Corporate | | $ | 38,963 | | | $ | 27 | | | $ | 168 | | | $ | 5,135 | | | $ | 33,969 | | | 64.2 | % |
| Canadian government | | 3,311 | | | — | | | 381 | | | 66 | | | 3,626 | | | 6.9 | % |
| Japanese government | | 3,033 | | | — | | | 4 | | | 478 | | | 2,559 | | | 4.8 | % |
| ABS | | 4,324 | | | 10 | | | 4 | | | 440 | | | 3,878 | | | 7.3 | % |
| CMBS | | 1,835 | | | — | | | — | | | 212 | | | 1,623 | | | 3.1 | % |
| RMBS | | 1,054 | | | — | | | 1 | | | 114 | | | 941 | | | 1.8 | % |
| U.S. government | | 1,690 | | | — | | | 4 | | | 212 | | | 1,482 | | | 2.8 | % |
| State and political subdivisions | | 1,282 | | | — | | | 10 | | | 173 | | | 1,119 | | | 2.1 | % |
| Other foreign government | | 4,171 | | | — | | | 22 | | | 489 | | | 3,704 | | | 7.0 | % |
| Total fixed maturity securities | | $ | 59,663 | | | $ | 37 | | | $ | 594 | | | $ | 7,319 | | | $ | 52,901 | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Investments |
| (USD millions) |
|
| Corporate Fixed Maturity Securities by Industry |
| | | | | | | | | | | | | | | | |
| | | December 31, 2023 | | December 31, 2022 |
| | | Amortized Cost | | Estimated Fair Value | | % of Total | | Average Credit Ratings (1) | | Amortized Cost | | Estimated Fair Value | | % of Total | | Average Credit Ratings (1) |
| Financial institutions | | | | | | | | | | | | | | | | |
| Banking | | $ | 6,474 | | | $ | 6,109 | | | 15.8 | % | | A- | | $ | 6,281 | | | $ | 5,672 | | | 16.7 | % | | A- |
| Brokerage/asset managers/exchanges | | 1,320 | | | 1,194 | | | 3.1 | % | | A- | | 1,302 | | | 1,115 | | | 3.3 | % | | A- |
| Finance companies | | 367 | | | 330 | | | 0.9 | % | | BBB+ | | 410 | | | 350 | | | 1.0 | % | | BBB |
| Insurance | | 4,507 | | | 4,086 | | | 10.5 | % | | A- | | 4,452 | | | 3,851 | | | 11.3 | % | | A- |
| REITs | | 1,401 | | | 1,269 | | | 3.2 | % | | BBB+ | | 1,205 | | | 1,013 | | | 3.0 | % | | BBB+ |
| Other finance | | 983 | | | 801 | | | 2.1 | % | | A- | | 901 | | | 679 | | | 2.0 | % | | A- |
| Total financial institutions | | $ | 15,052 | | | $ | 13,789 | | | 35.6 | % | | | | $ | 14,551 | | | $ | 12,680 | | | 37.3 | % | | |
| Industrials | | | | | | | | | | | | | | | | |
| Basic | | $ | 1,940 | | | $ | 1,797 | | | 4.6 | % | | BBB+ | | $ | 1,921 | | | $ | 1,690 | | | 5.0 | % | | BBB |
| Capital goods | | 1,664 | | | 1,531 | | | 4.0 | % | | BBB | | 1,734 | | | 1,550 | | | 4.6 | % | | BBB |
| Communications | | 2,853 | | | 2,635 | | | 6.8 | % | | BBB | | 2,517 | | | 2,136 | | | 6.3 | % | | BBB |
| Consumer cyclical | | 2,286 | | | 2,139 | | | 5.5 | % | | BBB+ | | 1,997 | | | 1,748 | | | 5.1 | % | | BBB+ |
| Consumer noncyclical | | 5,057 | | | 4,661 | | | 12.0 | % | | BBB+ | | 4,625 | | | 4,052 | | | 11.9 | % | | BBB+ |
| Energy | | 2,317 | | | 2,171 | | | 5.6 | % | | A- | | 2,050 | | | 1,801 | | | 5.3 | % | | BBB+ |
| Technology | | 1,899 | | | 1,819 | | | 4.7 | % | | BBB+ | | 1,617 | | | 1,461 | | | 4.3 | % | | BBB+ |
| Transportation | | 2,286 | | | 2,100 | | | 5.4 | % | | A- | | 2,160 | | | 1,859 | | | 5.5 | % | | BBB+ |
| Other industrial | | 1,111 | | | 1,082 | | | 2.8 | % | | BBB | | 1,003 | | | 960 | | | 2.8 | % | | BBB |
| Total industrials | | $ | 21,413 | | | $ | 19,935 | | | 51.4 | % | | | | $ | 19,624 | | | $ | 17,257 | | | 50.8 | % | | |
| Utilities | | | | | | | | | | | | | | | | |
| Electric | | $ | 4,371 | | | $ | 3,973 | | | 10.3 | % | | A- | | $ | 3,779 | | | $ | 3,200 | | | 9.4 | % | | A- |
| Natural gas | | 770 | | | 694 | | | 1.8 | % | | A- | | 664 | | | 553 | | | 1.7 | % | | A- |
| Other utility | | 408 | | | 364 | | | 0.9 | % | | BBB+ | | 345 | | | 279 | | | 0.8 | % | | BBB+ |
| Total utilities | | $ | 5,549 | | | $ | 5,031 | | | 13.0 | % | | | | $ | 4,788 | | | $ | 4,032 | | | 11.9 | % | | |
| Total | | $ | 42,014 | | | $ | 38,755 | | | 100.0 | % | | BBB+ | | $ | 38,963 | | | $ | 33,969 | | | 100.0 | % | | BBB+ |
| | | | | | | | | | | | | | | | |
| (1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch. |
|
|
Reinsurance Group of America, Incorporated
Investments
(USD millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratings of Fixed Maturity Securities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 |
NAIC Designation (1) | | Rating Agency Designation (2) | | Amortized Cost | | Estimated Fair Value | | % of Total | | Amortized Cost | | Estimated Fair Value | | % of Total | | Amortized Cost | | Estimated Fair Value | | % of Total | | Amortized Cost | | Estimated Fair Value | | % of Total | | Amortized Cost | | Estimated Fair Value | | % of Total |
| 1 | | AAA/AA/A | | $ | 41,469 | | | $ | 38,739 | | | 64.1 | % | | $ | 38,876 | | | $ | 33,799 | | | 62.4 | % | | $ | 38,928 | | | $ | 35,512 | | | 63.1 | % | | $ | 38,291 | | | $ | 35,308 | | | 63.0 | % | | $ | 36,217 | | | $ | 32,295 | | | 61.1 | % |
| 2 | | BBB | | 19,793 | | | 18,261 | | | 30.2 | % | | 19,959 | | | 17,134 | | | 31.6 | % | | 19,840 | | | 17,517 | | | 31.2 | % | | 19,832 | | | 17,658 | | | 31.5 | % | | 20,188 | | | 17,580 | | | 33.2 | % |
| 3 | | BB | | 3,068 | | | 2,956 | | | 4.9 | % | | 2,902 | | | 2,780 | | | 5.1 | % | | 2,919 | | | 2,801 | | | 5.0 | % | | 2,811 | | | 2,698 | | | 4.8 | % | | 2,734 | | | 2,607 | | | 5.0 | % |
| 4 | | B | | 479 | | | 396 | | | 0.7 | % | | 439 | | | 368 | | | 0.7 | % | | 347 | | | 328 | | | 0.6 | % | | 402 | | | 340 | | | 0.6 | % | | 397 | | | 331 | | | 0.6 | % |
| 5 | | CCC | | 116 | | | 92 | | | 0.1 | % | | 104 | | | 81 | | | 0.2 | % | | 99 | | | 69 | | | 0.1 | % | | 100 | | | 69 | | | 0.1 | % | | 103 | | | 71 | | | 0.1 | % |
| 6 | | In or near default | | 52 | | | 23 | | | — | % | | 52 | | | 9 | | | — | % | | 52 | | | 9 | | | — | % | | 58 | | | 12 | | | — | % | | 24 | | | 17 | | | — | % |
| | Total | | $ | 64,977 | | | $ | 60,467 | | | 100.0 | % | | $ | 62,332 | | | $ | 54,171 | | | 100.0 | % | | $ | 62,185 | | | $ | 56,236 | | | 100.0 | % | | $ | 61,494 | | | $ | 56,085 | | | 100.0 | % | | $ | 59,663 | | | $ | 52,901 | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology. |
| (2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”). |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Structured Fixed Maturity Securities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 |
| | | Amortized Cost | | Estimated Fair Value | | % of Total | | Amortized Cost | | Estimated Fair Value | | % of Total | | Amortized Cost | | Estimated Fair Value | | % of Total | | Amortized Cost | | Estimated Fair Value | | % of Total | | Amortized Cost | | Estimated Fair Value | | % of Total |
| ABS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateralized loan obligations ("CLOs") | | $ | 2,086 | | | $ | 2,048 | | | 28.1 | % | | $ | 2,022 | | | $ | 1,967 | | | 28.2 | % | | $ | 1,936 | | | $ | 1,857 | | | 26.9 | % | | $ | 1,880 | | | $ | 1,775 | | | 26.1 | % | | $ | 1,825 | | | $ | 1,702 | | | 26.4 | % |
| ABS, excluding CLOs | | 2,575 | | | 2,381 | | | 32.7 | % | | 2,540 | | | 2,269 | | | 32.5 | % | | 2,574 | | | 2,308 | | | 33.5 | % | | 2,590 | | | 2,328 | | | 34.2 | % | | 2,499 | | | 2,176 | | | 33.8 | % |
| Total ABS | | 4,661 | | | 4,429 | | | 60.8 | % | | 4,562 | | | 4,236 | | | 60.7 | % | | 4,510 | | | 4,165 | | | 60.4 | % | | 4,470 | | | 4,103 | | | 60.3 | % | | 4,324 | | | 3,878 | | | 60.2 | % |
| CMBS | | 1,969 | | | 1,773 | | | 24.3 | % | | 1,959 | | | 1,710 | | | 24.5 | % | | 1,932 | | | 1,699 | | | 24.6 | % | | 1,882 | | | 1,670 | | | 24.6 | % | | 1,835 | | | 1,623 | | | 25.2 | % |
| RMBS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Agency | | 444 | | | 398 | | | 5.5 | % | | 454 | | | 388 | | | 5.6 | % | | 464 | | | 413 | | | 6.0 | % | | 473 | | | 432 | | | 6.4 | % | | 476 | | | 427 | | | 6.6 | % |
| Non-agency | | 729 | | | 681 | | | 9.4 | % | | 718 | | | 642 | | | 9.2 | % | | 681 | | | 624 | | | 9.0 | % | | 647 | | | 592 | | | 8.7 | % | | 578 | | | 514 | | | 8.0 | % |
| Total RMBS | | 1,173 | | | 1,079 | | | 14.9 | % | | 1,172 | | | 1,030 | | | 14.8 | % | | 1,145 | | | 1,037 | | | 15.0 | % | | 1,120 | | | 1,024 | | | 15.1 | % | | 1,054 | | | 941 | | | 14.6 | % |
| Total | | $ | 7,803 | | | $ | 7,281 | | | 100.0 | % | | $ | 7,693 | | | $ | 6,976 | | | 100.0 | % | | $ | 7,587 | | | $ | 6,901 | | | 100.0 | % | | $ | 7,472 | | | $ | 6,797 | | | 100.0 | % | | $ | 7,213 | | | $ | 6,442 | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Investments |
| (USD millions) |
|
Fixed Maturity Securities Below Amortized Cost (1) |
| | | | | | | | | | | | |
| | | As of December 31, 2023 |
| | | Less than 12 months | | Equal to or greater than 12 months | | Total |
| | | Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses |
| Investment grade securities: | | | | | | | | | | | | |
| Corporate | | $ | 2,134 | | | $ | 70 | | | $ | 24,207 | | | $ | 3,524 | | | $ | 26,341 | | | $ | 3,594 | |
| Canadian government | | — | | | — | | | 459 | | | 33 | | | 459 | | | 33 | |
| Japanese government | | 876 | | | 50 | | | 2,193 | | | 452 | | | 3,069 | | | 502 | |
| ABS | | 336 | | | 5 | | | 3,025 | | | 223 | | | 3,361 | | | 228 | |
| CMBS | | 160 | | | 5 | | | 1,328 | | | 190 | | | 1,488 | | | 195 | |
| RMBS | | 115 | | | 3 | | | 681 | | | 99 | | | 796 | | | 102 | |
| U.S. government | | 614 | | | 10 | | | 717 | | | 204 | | | 1,331 | | | 214 | |
| State and political subdivisions | | 73 | | | 1 | | | 864 | | | 128 | | | 937 | | | 129 | |
| Other foreign government | | 254 | | | 3 | | | 2,290 | | | 333 | | | 2,544 | | | 336 | |
| Total investment grade securities | | $ | 4,562 | | | $ | 147 | | | $ | 35,764 | | | $ | 5,186 | | | $ | 40,326 | | | $ | 5,333 | |
| | | | | | | | | | | | |
| Below investment grade securities: | | | | | | | | | | | | |
| Corporate | | $ | 295 | | | $ | 36 | | | $ | 649 | | | $ | 121 | | | $ | 944 | | | $ | 157 | |
| ABS | | — | | | — | | | 68 | | | 10 | | | 68 | | | 10 | |
| CMBS | | — | | | — | | | 4 | | | 1 | | | 4 | | | 1 | |
| Other foreign government | | — | | | — | | | 193 | | | 52 | | | 193 | | | 52 | |
| Total below investment grade securities | | $ | 295 | | | $ | 36 | | | $ | 914 | | | $ | 184 | | | $ | 1,209 | | | $ | 220 | |
| Total fixed maturity securities | | $ | 4,857 | | | $ | 183 | | | $ | 36,678 | | | $ | 5,370 | | | $ | 41,535 | | | $ | 5,553 | |
| | | | | | | | | | | | |
| (1) Included in the table above are securities for which an allowance for credit loss has not been recorded. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Investments |
| (USD millions) |
|
Fixed Maturity Securities Below Amortized Cost (1) |
| | | | | | | | | | | | |
| | | As of December 31, 2022 |
| | | Less than 12 months | | Equal to or greater than 12 months | | Total |
| | | Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses |
| Investment grade securities: | | | | | | | | | | | | |
| Corporate | | $ | 21,867 | | | $ | 2,756 | | | $ | 6,840 | | | $ | 2,225 | | | $ | 28,707 | | | $ | 4,981 | |
| Canadian government | | 554 | | | 42 | | | 71 | | | 23 | | | 625 | | | 65 | |
| Japanese government | | 815 | | | 86 | | | 1,694 | | | 392 | | | 2,509 | | | 478 | |
| ABS | | 1,596 | | | 153 | | | 1,931 | | | 269 | | | 3,527 | | | 422 | |
| CMBS | | 1,314 | | | 144 | | | 281 | | | 65 | | | 1,595 | | | 209 | |
| RMBS | | 664 | | | 62 | | | 181 | | | 53 | | | 845 | | | 115 | |
| U.S. government | | 1,202 | | | 64 | | | 253 | | | 148 | | | 1,455 | | | 212 | |
| State and political subdivisions | | 819 | | | 124 | | | 131 | | | 50 | | | 950 | | | 174 | |
| Other foreign government | | 1,942 | | | 167 | | | 1,026 | | | 260 | | | 2,968 | | | 427 | |
| Total investment grade securities | | $ | 30,773 | | | $ | 3,598 | | | $ | 12,408 | | | $ | 3,485 | | | $ | 43,181 | | | $ | 7,083 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Below investment grade securities: | | | | | | | | | | | | |
| Corporate | | $ | 767 | | | $ | 87 | | | $ | 305 | | | $ | 61 | | | $ | 1,072 | | | $ | 148 | |
| ABS | | 52 | | | 6 | | | 38 | | | 9 | | | 90 | | | 15 | |
| Other foreign government | | 39 | | | 2 | | | 164 | | | 60 | | | 203 | | | 62 | |
| Total below investment grade securities | | $ | 858 | | | $ | 95 | | | $ | 507 | | | $ | 130 | | | $ | 1,365 | | | $ | 225 | |
| Total fixed maturity securities | | $ | 31,631 | | | $ | 3,693 | | | $ | 12,915 | | | $ | 3,615 | | | $ | 44,546 | | | $ | 7,308 | |
| | | | | | | | | | | | |
| (1) Included in the table above are securities for which an allowance for credit loss has not been recorded. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Investments |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| Consolidated Investment Related Gains and Losses |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Fixed maturity securities available-for-sale: | | | | | | | | | | | | | | | | | | | | |
| Change in allowance for credit losses | | $ | (7) | | | $ | 7 | | | $ | 4 | | | $ | (42) | | | $ | 15 | | | $ | (22) | | | | | $ | (38) | | | $ | (6) | | | $ | (32) | |
| Impairments on fixed maturities | | (2) | | | — | | | — | | | (1) | | | (2) | | | — | | | | | (3) | | | (17) | | | 14 | |
| Realized gains on investment activity | | 18 | | | 12 | | | 11 | | | 31 | | | 127 | | | (109) | | | | | 72 | | | 192 | | | (120) | |
| Realized losses on investment activity | | (102) | | | (61) | | | (37) | | | (75) | | | (160) | | | 58 | | | | | (275) | | | (396) | | | 121 | |
| Net gains (losses) on fixed maturity securities available-for-sale | | (93) | | | (42) | | | (22) | | | (87) | | | (20) | | | (73) | | | | | (244) | | | (227) | | | (17) | |
| | | | | | | | | | | | | | | | | | | | |
| Net gains (losses) on equity securities | | 3 | | | (2) | | | (4) | | | 2 | | | (5) | | | 8 | | | | | (1) | | | (21) | | | 20 | |
| Change in mortgage loan allowance for credit losses | | 7 | | | (17) | | | (9) | | | 3 | | | (8) | | | 15 | | | | | (16) | | | (16) | | | — | |
| Change in fair value of certain limited partnership investments | | 16 | | | 25 | | | 10 | | | (3) | | | 9 | | | 7 | | | | | 48 | | | 38 | | | 10 | |
| Other, net | | — | | | 7 | | | 15 | | | 2 | | | — | | | — | | | | | 24 | | | 26 | | | (2) | |
| | | | | | | | | | | | | | | | | | | | |
Free-standing derivatives (1): | | | | | | | | | | | | | | | | | | | | |
| Interest rate swaps | | 59 | | | (64) | | | (30) | | | 20 | | | (2) | | | 61 | | | | | (15) | | | (131) | | | 116 | |
| Interest rate options | | (23) | | | 16 | | | (3) | | | (23) | | | (9) | | | (14) | | | | | (33) | | | 3 | | | (36) | |
| Total return swaps | | 14 | | | (8) | | | 5 | | | 3 | | | 22 | | | (8) | | | | | 14 | | | 21 | | | (7) | |
| Interest rate futures | | (1) | | | — | | | 2 | | | — | | | 1 | | | (2) | | | | | 1 | | | 6 | | | (5) | |
| Foreign currency swaps | | (3) | | | 8 | | | 12 | | | — | | | (6) | | | 3 | | | | | 17 | | | 21 | | | (4) | |
| Foreign currency swaps - hedged | | (2) | | | (1) | | | — | | | (1) | | | 1 | | | (3) | | | | | (4) | | | 6 | | | (10) | |
| Foreign currency forwards | | 32 | | | (37) | | | (74) | | | (19) | | | 61 | | | (29) | | | | | (98) | | | (93) | | | (5) | |
| Equity options | | (6) | | | 3 | | | (11) | | | (14) | | | (15) | | | 9 | | | | | (28) | | | 14 | | | (42) | |
| Equity futures | | (23) | | | 11 | | | (10) | | | (9) | | | (11) | | | (12) | | | | | (31) | | | 22 | | | (53) | |
| Credit default swaps | | 47 | | | (26) | | | 10 | | | 11 | | | 37 | | | 10 | | | | | 42 | | | (66) | | | 108 | |
| CPI swaps | | (1) | | | — | | | 6 | | | 1 | | | 6 | | | (7) | | | | | 6 | | | 31 | | | (25) | |
| Total free-standing derivatives | | 93 | | | (98) | | | (93) | | | (31) | | | 85 | | | 8 | | | | | (129) | | | (166) | | | 37 | |
| | | | | | | | | | | | | | | | | | | | |
| Embedded derivatives | | (181) | | | 1 | | | (20) | | | 37 | | | (67) | | | (114) | | | | | (163) | | | (173) | | | 10 | |
| | | | | | | | | | | | | | | | | | | | |
| Net gains (losses) on total derivatives | | (88) | | | (97) | | | (113) | | | 6 | | | 18 | | | (106) | | | | | (292) | | | (339) | | | 47 | |
| | | | | | | | | | | | | | | | | | | | |
| Total investment related gains (losses), net | | $ | (155) | | | $ | (126) | | | $ | (123) | | | $ | (77) | | | $ | (6) | | | $ | (149) | | | | | $ | (481) | | | $ | (539) | | | $ | 58 | |
| | | | | | | | | | | | |
| (1) Free-standing derivatives are non-hedged unless specified. | | | | | | | | | | | | |
Appendix
| | | | | | | | | | | | | | |
|
| | | | |
| Reconciliations of GAAP to Non-GAAP Measures |
|
|
|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Reconciliations of GAAP Income to Adjusted Operating Income |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| U.S. & Latin America Traditional | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 30 | | | $ | 105 | | | $ | 62 | | | $ | 121 | | | $ | 114 | | | $ | (84) | | | | | $ | 318 | | | $ | 195 | | | $ | 123 | |
Investment and derivative (gains) losses (1) | | (2) | | | — | | | — | | | — | | | 1 | | | (3) | | | | | (2) | | | — | | | (2) | |
| Funds withheld losses - investment income | | 1 | | | — | | | — | | | — | | | — | | | 1 | | | | | 1 | | | — | | | 1 | |
Change in fair value of funds withheld embedded derivatives (1) | | (4) | | | (2) | | | 1 | | | 1 | | | (7) | | | 3 | | | | | (4) | | | (48) | | | 44 | |
| Adjusted operating income (loss) before income taxes | | 25 | | | 103 | | | 63 | | | 122 | | | 108 | | | (83) | | | | | 313 | | | 147 | | | 166 | |
Notable items (2) | | — | | | 17 | | | — | | | — | | | — | | | — | | | | | 17 | | | 170 | | | (153) | |
| Adjusted operating income excluding notable items, before income taxes | | $ | 25 | | | $ | 120 | | | $ | 63 | | | $ | 122 | | | $ | 108 | | | $ | (83) | | | | | $ | 330 | | | $ | 317 | | | $ | 13 | |
| | | | | | | | | | | | | | | | | | | | |
| U.S. & Latin America Asset-Intensive | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | (140) | | | $ | 89 | | | $ | 47 | | | $ | 93 | | | $ | (32) | | | $ | (108) | | | | | $ | 89 | | | $ | 1 | | | $ | 88 | |
| Market risk benefits remeasurement (gains) losses | | 28 | | | (21) | | | (31) | | | 14 | | | (19) | | | 47 | | | | | (10) | | | 10 | | | (20) | |
Investment and derivative (gains) losses (1) | | (27) | | | 62 | | | 49 | | | 18 | | | 54 | | | (81) | | | | | 102 | | | 121 | | | (19) | |
Change in fair value of funds withheld embedded derivatives (1) | | 185 | | | 1 | | | 19 | | | (38) | | | 74 | | | 111 | | | | | 167 | | | 221 | | | (54) | |
| Funds withheld (gains) losses - investment income | | (4) | | | (7) | | | 1 | | | (4) | | | (1) | | | (3) | | | | | (14) | | | 4 | | | (18) | |
| EIA embedded derivatives - interest credited | | 5 | | | (7) | | | 3 | | | (7) | | | 1 | | | 4 | | | | | (6) | | | (53) | | | 47 | |
| Other | | 34 | | | — | | | — | | | 8 | | | — | | | 34 | | | | | 42 | | | — | | | 42 | |
| Adjusted operating income (loss) before income taxes | | 81 | | | 117 | | | 88 | | | 84 | | | 77 | | | 4 | | | | | 370 | | | 304 | | | 66 | |
Notable items (2) | | — | | | (22) | | | — | | | — | | | — | | | — | | | | | (22) | | | (3) | | | (19) | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 81 | | | $ | 95 | | | $ | 88 | | | $ | 84 | | | $ | 77 | | | $ | 4 | | | | | $ | 348 | | | $ | 301 | | | $ | 47 | |
| | | | | | | | | | | | | | | | | | | | |
| U.S. & Latin America Capital Solutions | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 20 | | | $ | 19 | | | $ | 21 | | | $ | 21 | | | $ | 24 | | | $ | (4) | | | | | $ | 81 | | | $ | 144 | | | $ | (63) | |
| Adjusted operating income (loss) before income taxes | | 20 | | | 19 | | | 21 | | | 21 | | | 24 | | | (4) | | | | | 81 | | | 144 | | | (63) | |
Notable items (2) | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | — | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 20 | | | $ | 19 | | | $ | 21 | | | $ | 21 | | | $ | 24 | | | $ | (4) | | | | | $ | 81 | | | $ | 144 | | | $ | (63) | |
| | | | | | | | | | | | | | | | | | | | |
| (1) Included in “Investment related gains (losses), net”. | | | | | | | | | | | | |
| (2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Reconciliations of GAAP Income to Adjusted Operating Income |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Canada Traditional | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 21 | | | $ | 6 | | | $ | 35 | | | $ | 29 | | | $ | 50 | | | $ | (29) | | | | | $ | 91 | | | $ | 104 | | | $ | (13) | |
Investment and derivative (gains) losses (1) | | (1) | | | — | | | (3) | | | (1) | | | (4) | | | 3 | | | | | (5) | | | 2 | | | (7) | |
| Investment income - non-operating FWAI | | — | | | 2 | | | — | | | 1 | | | 1 | | | (1) | | | | | 3 | | | 2 | | | 1 | |
| Other | | — | | | 2 | | | — | | | — | | | — | | | — | | | | | 2 | | | — | | | 2 | |
| Adjusted operating income (loss) before income taxes | | 20 | | | 10 | | | 32 | | | 29 | | | 47 | | | (27) | | | | | 91 | | | 108 | | | (17) | |
Notable items (2) | | — | | | 13 | | | — | | | — | | | (5) | | | 5 | | | | | 13 | | | 1 | | | 12 | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 20 | | | $ | 23 | | | $ | 32 | | | $ | 29 | | | $ | 42 | | | $ | (22) | | | | | $ | 104 | | | $ | 109 | | | $ | (5) | |
| | | | | | | | | | | | | | | | | | | | |
| Canada Financial Solutions | | | | | | | | | | | | | | | | | | | | |
| Income before income taxes | | $ | 6 | | | $ | 30 | | | $ | 6 | | | $ | 10 | | | $ | 9 | | | $ | (3) | | | | | $ | 52 | | | $ | 31 | | | $ | 21 | |
| Adjusted operating income (loss) before income taxes | | 6 | | | 30 | | | 6 | | | 10 | | | 9 | | | (3) | | | | | 52 | | | 31 | | | 21 | |
Notable items (2) | | — | | | (22) | | | — | | | — | | | — | | | — | | | | | (22) | | | — | | | (22) | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 6 | | | $ | 8 | | | $ | 6 | | | $ | 10 | | | $ | 9 | | | $ | (3) | | | | | $ | 30 | | | $ | 31 | | | $ | (1) | |
| | | | | | | | | | | | | | | | | | | | |
| Europe, Middle East and Africa Traditional | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 8 | | | $ | (60) | | | $ | 4 | | | $ | 27 | | | $ | 3 | | | $ | 5 | | | | | $ | (21) | | | $ | 46 | | | $ | (67) | |
| Other | | — | | | 1 | | | — | | | — | | | — | | | — | | | | | 1 | | | — | | | 1 | |
| Adjusted operating income (loss) before income taxes | | 8 | | | (59) | | | 4 | | | 27 | | | 3 | | | 5 | | | | | (20) | | | 46 | | | (66) | |
Notable items (2) | | — | | | 47 | | | — | | | — | | | — | | | — | | | | | 47 | | | 13 | | | 34 | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 8 | | | $ | (12) | | | $ | 4 | | | $ | 27 | | | $ | 3 | | | $ | 5 | | | | | $ | 27 | | | $ | 59 | | | $ | (32) | |
| | | | | | | | | | | | | | | | | | | | |
| Europe, Middle East and Africa Financial Solutions | | | | | | | | | | | | | | | | | | | | |
| Income before income taxes | | $ | 106 | | | $ | 84 | | | $ | 52 | | | $ | 59 | | | $ | 56 | | | $ | 50 | | | | | $ | 301 | | | $ | 182 | | | $ | 119 | |
Investment and derivative losses (1) | | 6 | | | 23 | | | 13 | | | 7 | | | 15 | | | (9) | | | | | 49 | | | 44 | | | 5 | |
| Investment income - non-operating FWAI | | — | | | 1 | | | 1 | | | 3 | | | 2 | | | (2) | | | | | 5 | | | 18 | | | (13) | |
| Investment (income) loss on unit-linked variable annuities | | (3) | | | 2 | | | 2 | | | — | | | 2 | | | (5) | | | | | 1 | | | 24 | | | (23) | |
| Interest credited on unit-linked variable annuities | | 3 | | | (2) | | | (2) | | | — | | | (2) | | | 5 | | | | | (1) | | | (24) | | | 23 | |
| Adjusted operating income (loss) before income taxes | | 112 | | | 108 | | | 66 | | | 69 | | | 73 | | | 39 | | | | | 355 | | | 244 | | | 111 | |
Notable items (2) | | — | | | (34) | | | — | | | — | | | (14) | | | 14 | | | | | (34) | | | (14) | | | (20) | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 112 | | | $ | 74 | | | $ | 66 | | | $ | 69 | | | $ | 59 | | | $ | 53 | | | | | $ | 321 | | | $ | 230 | | | $ | 91 | |
| | | | | | | | | | | | | | | | | | | | |
| (1) Included in “Investment related gains (losses), net”. | | | | | | | | | | | | |
| (2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Reconciliations of GAAP Income to Adjusted Operating Income |
| (USD millions) |
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Current Qtr | | | | Year-to-Date |
| | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | vs. PY | | | | Dec. 31, | | Dec. 31, | | |
| | 2023 | | 2023 | | 2023 | | 2023 | | 2022 | | Quarter | | | | 2023 | | 2022 | | Change |
| Asia Pacific Traditional | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 70 | | | $ | 134 | | | $ | 89 | | | $ | 79 | | | $ | 100 | | | $ | (30) | | | | | $ | 372 | | | $ | 194 | | | $ | 178 | |
| Other | | 1 | | | — | | | — | | | — | | | — | | | 1 | | | | | 1 | | | — | | | 1 | |
| Adjusted operating income (loss) before income taxes | | 71 | | | 134 | | | 89 | | | 79 | | | 100 | | | (29) | | | | | 373 | | | 194 | | | 179 | |
Notable items (2) | | — | | | (2) | | | — | | | — | | | (42) | | | 42 | | | | | (2) | | | 75 | | | (77) | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 71 | | | $ | 132 | | | $ | 89 | | | $ | 79 | | | $ | 58 | | | $ | 13 | | | | | $ | 371 | | | $ | 269 | | | $ | 102 | |
| | | | | | | | | | | | | | | | | | | | |
| Asia Pacific Financial Solutions | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | 122 | | | $ | (16) | | | $ | 20 | | | $ | (13) | | | $ | 109 | | | $ | 13 | | | | | $ | 113 | | | $ | 46 | | | $ | 67 | |
Investment and derivative (gains) losses (1) | | (59) | | | 68 | | | 55 | | | 55 | | | (78) | | | 19 | | | | | 119 | | | 222 | | | (103) | |
| Other | | 3 | | | (8) | | | (13) | | | (2) | | | 7 | | | (4) | | | | | (20) | | | (107) | | | 87 | |
| Adjusted operating income (loss) before income taxes | | 66 | | | 44 | | | 62 | | | 40 | | | 38 | | | 28 | | | | | 212 | | | 161 | | | 51 | |
Notable items (2) | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | — | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | 66 | | | $ | 44 | | | $ | 62 | | | $ | 40 | | | $ | 38 | | | $ | 28 | | | | | $ | 212 | | | $ | 161 | | | $ | 51 | |
| | | | | | | | | | | | | | | | | | | | |
| Corporate and Other | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | $ | (79) | | | $ | (11) | | | $ | (71) | | | $ | (75) | | | $ | (52) | | | $ | (27) | | | | | $ | (236) | | | $ | (225) | | | $ | (11) | |
Investment and derivative (gains) losses (1) | | 65 | | | (19) | | | 3 | | | 48 | | | (34) | | | 99 | | | | | 97 | | | 36 | | | 61 | |
| Interest expense on uncertain tax positions | | (1) | | | 1 | | | — | | | — | | | — | | | (1) | | | | | — | | | — | | | — | |
| Other | | (8) | | | 4 | | | 13 | | | 2 | | | (6) | | | (2) | | | | | 11 | | | 27 | | | (16) | |
| Adjusted operating income (loss) before income taxes | | (23) | | | (25) | | | (55) | | | (25) | | | (92) | | | 69 | | | | | (128) | | | (162) | | | 34 | |
Notable items (2) | | — | | | — | | | — | | | — | | | — | | | — | | | | | — | | | — | | | — | |
| Adjusted operating income (loss) excluding notable items, before income taxes | | $ | (23) | | | $ | (25) | | | $ | (55) | | | $ | (25) | | | $ | (92) | | | $ | 69 | | | | | $ | (128) | | | $ | (162) | | | $ | 34 | |
| | | | | | | | | | | | | | | | | | | | |
| (1) Included in “Investment related gains (losses), net”. | | | | | | | | | | | | |
| (2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reinsurance Group of America, Incorporated |
| Reconciliations of Shareholders’ Equity to Shareholders’ Equity Excluding AOCI |
| (USD millions except per share data) |
| | | | | | | | | | | |
| | | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, |
| | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
| | | | | | | | | | | |
| RGA, Inc. shareholders’ equity | | $ | 9,081 | | | $ | 8,063 | | | $ | 7,805 | | | $ | 7,626 | | | $ | 7,081 | |
| Less effect of AOCI: | | | | | | | | | | |
| Accumulated currency translation adjustments | | 68 | | | (33) | | | 26 | | | (94) | | | (116) | |
| Unrealized (depreciation) appreciation of securities | | (3,667) | | | (6,659) | | | (4,879) | | | (4,393) | | | (5,496) | |
| Effect of updating discount rates on future policy benefits | | 3,256 | | | 5,366 | | | 3,460 | | | 3,034 | | | 3,755 | |
| Change in instrument-specific credit risk for market risk benefits | | 3 | | | 7 | | | 13 | | | 14 | | | 13 | |
| Pension and postretirement benefits | | (29) | | | (14) | | | (18) | | | (22) | | | (27) | |
| RGA, Inc. shareholders’ equity, excluding AOCI | | 9,450 | | | 9,396 | | | 9,203 | | | 9,087 | | | 8,952 | |
Year-to-date notable items, net of tax (1) | | — | | | — | | | — | | | — | | | 184 | |
| RGA, Inc. shareholders’ equity, excluding AOCI and notable items | | $ | 9,450 | | | $ | 9,396 | | | $ | 9,203 | | | $ | 9,087 | | | $ | 9,136 | |
| | | | | | | | | | | |
| (1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI |
| | | | | | | | | | | |
| | | Dec. 31, | | Sept. 30, | | June 30, | | March 31, | | Dec. 31, |
| | | 2023 | | 2023 | | 2023 | | 2023 | | 2022 |
| | | | | | | | | | | |
| Book value per share | | $ | 138.39 | | | $ | 122.40 | | | $ | 117.87 | | | $ | 114.60 | | | $ | 106.19 | |
| Less effect of AOCI: | | | | | | | | | | |
| Accumulated currency translation adjustment | | 1.04 | | | (0.49) | | | 0.38 | | | (1.41) | | | (1.73) | |
| Unrealized (depreciation) appreciation of securities | | (55.88) | | | (101.10) | | | (73.69) | | | (66.02) | | | (82.44) | |
| Effect of updating discount rates on future policy benefits | | 49.62 | | | 81.46 | | | 52.26 | | | 45.59 | | | 56.32 | |
| Change in instrument-specific credit risk for market risk benefits | | 0.05 | | | 0.11 | | | 0.20 | | | 0.22 | | | 0.19 | |
| Pension and postretirement benefits | | (0.45) | | | (0.21) | | | (0.27) | | | (0.34) | | | (0.41) | |
| Book value per share, excluding AOCI | | $ | 144.01 | | | $ | 142.63 | | | $ | 138.99 | | | $ | 136.56 | | | $ | 134.26 | |
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Reinsurance Group of Ame... (NYSE:RGA)
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