Revenue and Income - Total revenues for Q1 2024 increased to $6,337 million, up 49% from $4,251 million in Q1 2023[11]. - Net premiums rose significantly to $5,376 million, compared to $3,385 million in the same period last year, reflecting a 59% increase[11]. - Net income attributable to RGA, Inc. shareholders decreased to $210 million, down from $252 million in Q1 2023, representing a decline of 17%[11]. - Basic earnings per share for Q1 2024 were $3.20, compared to $3.77 in Q1 2023, a decrease of 15%[11]. - Comprehensive income for Q1 2024 was $456 million, down from $663 million in Q1 2023, a decrease of 31%[13]. - The company reported a net income of $212 million for Q1 2024, down from $253 million in Q1 2023, resulting in a diluted earnings per share of $3.16 compared to $3.72 in the prior year[23]. - The company experienced a net cash used in investing activities of $(3,720) million in Q1 2024, compared to $(1,705) million in Q1 2023, indicating a 118% increase in cash outflow[17]. Assets and Liabilities - Total assets increased to $106,000 million as of March 31, 2024, up from $97,623 million at the end of 2023, marking an increase of 8.8%[9]. - Total liabilities rose to $96,442 million, compared to $88,452 million at the end of 2023, reflecting an increase of 9.0%[9]. - Future policy benefits increased to $47,067 million, compared to $41,231 million at the end of 2023, reflecting a growth of 14.1%[9]. - The balance of accumulated other comprehensive income (loss) decreased to $(125) million as of March 31, 2024, compared to $(1,461) million as of March 31, 2023[29]. - The total liability for future policy benefits increased to $47.067 billion as of March 31, 2024, compared to $38.222 billion in 2023, reflecting a significant growth of approximately 23.5%[55]. Cash and Investments - Cash and cash equivalents surged to $5,935 million, up from $2,970 million at the end of 2023, indicating a growth of 99%[9]. - Net investment income for Q1 2024 was $961 million, an increase of 12.3% from $856 million in Q1 2023[90]. - Total investment income for Q1 2024 was $1,000 million, up from $890 million in Q1 2023, reflecting a growth of 12.4%[90]. - The estimated fair value of total fixed maturity securities as of March 31, 2024, was $46,102 million, with unrealized losses of $5,775 million[88]. - The total fixed maturity securities available-for-sale amounted to $70,790 million as of March 31, 2024, compared to $64,977 million as of December 31, 2023, reflecting an increase of approximately 9.1%[77]. Claims and Benefits - The total benefit payments for the Traditional business in Q1 2024 amount to $1.348 billion, with $263 million for Canada, $372 million for Europe, Middle East and Africa, and $485 million for Asia Pacific[35]. - Claims and other policy benefits for the Financial Solutions segment surged to $2,079 million in Q1 2024 from $199 million in Q1 2023, an increase of $1,880 million[191]. - Total incurred claims for the current year were $399 million for Q1 2024, compared to $363 million for Q1 2023, reflecting a year-over-year increase of 9.9%[62]. - The loss ratio improved to 88.1% in Q1 2024 from 92.5% in Q1 2023[205]. Regulatory and Legal Matters - The company is subject to litigation and regulatory investigations, but management does not believe these will materially affect financial conditions or operations[156]. - The company has established a legal reserve when it is probable that a loss will occur due to pending legal matters[156]. Tax and Commitments - For the three months ended March 31, 2024, the effective tax rate was 22.0% on pre-tax income, compared to 28.0% for the same period in 2023[147]. - As of March 31, 2024, the company's commitments to fund investments include $1,025 million in limited partnerships and real estate joint ventures, $184 million in mortgage loans, $883 million in bank loans and private placements, and $50 million in lifetime mortgages[152].

Financial Performance - Net premiums for Q1 2024 increased to $5,376 million, up 31% from $4,108 million in Q4 2023[10] - Adjusted operating income rose to $401 million, a 27% increase compared to $316 million in Q4 2023[10] - Net income available to RGA's shareholders was $210 million, reflecting a decrease of 17% from $252 million in Q1 2023[10] - Total revenues for Q1 2024 were $6,337 million, a 27% increase from $5,007 million in Q4 2023[12] - Adjusted operating income for the current quarter was $401 million, a 52% increase compared to $349 million in the prior year quarter[15] - Diluted earnings per share for adjusted operating income rose to $6.02, up from $4.73 in the same quarter last year, reflecting an increase of 27.3%[15] - Total revenues for the current quarter ended March 31, 2024, were $1,926 million, a decrease of 9.4% compared to $2,125 million in the previous quarter[26] - Total revenues for the current quarter reached $525 million, compared to $460 million in the prior year quarter, reflecting an increase of 14.1%[55] - Total revenues for the current quarter reached $791 million, an increase of $62 million compared to the prior year quarter[71] Claims and Benefits - Claims and other policy benefits increased to $5,132 million, up from $3,837 million in Q4 2023[12] - The company reported total benefits and expenses of $6,065 million, an increase of 25% from $4,843 million in Q4 2023[12] - Claims and other policy benefits totaled $1,572 million, a decrease from $1,779 million in the previous quarter, indicating a reduction of 11.6%[26] - Claims and other policy benefits amounted to $586 million, a decrease of $23 million compared to the previous year[71] Reinsurance and Business Growth - Assumed life reinsurance in force reached $3,729.8 billion, an increase of $303.1 billion year-over-year[10] - Assumed new business production grew to $109.1 billion, up from $97.6 billion in Q4 2023, marking a 12% increase[10] - Assumed life reinsurance in force reached $1.709 trillion, an increase of $32.3 billion compared to the previous year[22] - Assumed life reinsurance in force increased to $10.1 billion from $10.3 billion in the previous quarter, reflecting ongoing business growth[30] - Assumed life reinsurance in force increased to $985.1 billion, up from $759.6 billion in the prior year, representing a growth of 29.7%[55] Investment Income and Assets - Total assets increased to $106 billion, up from $97.6 billion at the end of the previous quarter, representing an 8.5% growth[19] - Net investment income for the current quarter was $205 million, slightly down from $211 million in the previous quarter, a decrease of 2.8%[26] - The company reported net investment income of $64 million, an increase of $2 million or 3.2% from the previous quarter[39] - Net investment income rose to $65 million, a $4 million increase from the prior year quarter[71] - Net investment income for the quarter ended March 31, 2024, was $106 million, an increase of 24% compared to the same quarter last year[87] Equity and Shareholder Information - RGA, Inc. shareholders' equity increased to $9,468 million, up from $9,081 million at the end of the previous quarter[138] - Book value per share rose to $143.92, compared to $138.39 at the end of the previous quarter[139] Non-GAAP Measures and Adjustments - The Company utilizes non-GAAP financial measures to provide a clearer picture of operating performance, which aids in resource allocation[142] - Adjusted operating income is calculated by excluding net investment related gains and losses, changes in fair value of embedded derivatives, and other non-indicative items[144] - Adjusted operating income per diluted share is derived from adjusted operating income divided by weighted average diluted shares outstanding[143] - Shareholders' equity position excluding accumulated other comprehensive income (AOCI) is reported to reflect underlying performance without fluctuations from AOCI-related items[146] - The Company believes that adjusted operating revenue, which excludes net realized capital gains and losses, better reflects ongoing profitability[144] Expenses and Liabilities - Total liabilities rose to $96.4 billion, up from $88.5 billion in the previous quarter, reflecting an increase of 9.4%[19] - Policy acquisition costs and other insurance expenses were $175 million, consistent with the previous quarter, indicating stable expense management[26] - Policy acquisition costs and other insurance expenses were $47 million, reflecting a slight increase of $2 million or 4.4% from the prior year quarter[39] - Other operating expenses for the current quarter were $41 million, up from $33 million in the same quarter last year, reflecting an increase of 24.2%[55] Currency Effects - The company experienced a foreign currency effect on net premiums of $1 million, compared to a loss of $20 million in the same quarter last year[43] - The company experienced a foreign currency effect on net premiums of $7 million in the current quarter, compared to a loss of $41 million in the same quarter last year[59] - The company reported a foreign currency effect on net premiums of $(23) million, impacting overall revenue[75]

PART I [Business](index=4&type=section&id=Item%201.%20BUSINESS) RGA is a global leader in life and health reinsurance and financial solutions, operating across geographic segments and offering traditional and financial reinsurance products under extensive regulation - RGA is a **leading global provider** of traditional life and health reinsurance and financial solutions, with operations segmented by geography: **U.S. and Latin America**; **Canada**; **EMEA**; and **Asia Pacific**[23](index=23&type=chunk) - The company's business is divided into two main categories: **Traditional Reinsurance**, which covers risks like mortality and morbidity, and **Financial Solutions**, which includes asset-intensive reinsurance, longevity reinsurance, and capital solutions[24](index=24&type=chunk)[28](index=28&type=chunk) - In 2023, excluding single premium pension risk transfer transactions, RGA's five largest clients accounted for approximately **19%** of gross premiums and other revenues, with no single client representing 10% or more[94](index=94&type=chunk) - The company employs approximately **3,900** people globally and emphasizes a culture of collaboration, integrity, and trust, maintaining a three-year average annual voluntary attrition rate of about **7%**[96](index=96&type=chunk)[100](index=100&type=chunk) [Overview](index=4&type=section&id=A.%20Overview) RGA is a global leader in life and health reinsurance, indemnifying clients for insurance and investment risks through geographically segmented Traditional Reinsurance and Financial Solutions offerings - RGA's **Traditional Reinsurance** includes individual and group life, health, disability, long-term care, and critical illness reinsurance, written on both facultative and automatic bases[24](index=24&type=chunk) - **Financial Solutions** encompass asset-intensive reinsurance, longevity reinsurance for pension plans, stable value products for retirement plans, and capital solutions to help clients meet regulatory requirements[28](index=28&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk)[34](index=34&type=chunk) [Corporate Structure](index=6&type=section&id=B.%20Corporate%20Structure) As a holding company, RGA's cash flow depends on subsidiary dividends and capital raising, operating under extensive U.S. and international regulations that impact its financial strength ratings - RGA is a **holding company** that relies on dividends from its subsidiaries, which are subject to regulatory restrictions on the amount they can pay without prior approval[35](index=35&type=chunk)[56](index=56&type=chunk) - The company is subject to a supervisory college led by the Missouri Department of Commerce and Insurance (MDCI) and has been designated as an **Internationally Active Insurance Group (IAIG)**[39](index=39&type=chunk) - RGA manages the impact of U.S. statutory reserve requirements like **Regulation XXX** and **PBR** by retroceding a majority of these reserves to affiliated and unaffiliated reinsurers, often requiring collateral[44](index=44&type=chunk)[47](index=47&type=chunk) Insurer Financial Strength and Senior Debt Ratings | Rating Agency | RGA Reinsurance Company | RGA (Senior Debt) | | :--- | :--- | :--- | | **A.M. Best** | A+ (Superior) | a- | | **Moody's** | A1 (Good) | Baa1 | | **S&P** | AA- (Very Strong) | A | [Segments](index=18&type=section&id=C.%20Segments) RGA manages its business through four geographic segments—U.S. and Latin America, Canada, EMEA, and Asia Pacific—each offering tailored Traditional Reinsurance and Financial Solutions - The **U.S. and Latin America** operations market traditional life and health reinsurance as well as asset-intensive and capital solutions, primarily to U.S. life insurers, with its five largest clients generating **24%** of the segment's gross premiums in 2023[115](index=115&type=chunk)[128](index=128&type=chunk) - The **Canada** operations, primarily through RGA Canada, focus on individual life reinsurance, creditor insurance, and financial solutions including longevity risk, with its five largest clients generating **59%** of the segment's gross premiums in 2023[130](index=130&type=chunk)[131](index=131&type=chunk)[136](index=136&type=chunk) - The **EMEA** operations serve clients in the UK, Continental Europe, the Middle East, and South Africa, offering traditional reinsurance and financial solutions like longevity swaps, with its five largest clients generating **44%** of the segment's gross premiums in 2023[137](index=137&type=chunk)[139](index=139&type=chunk)[142](index=142&type=chunk) - The **Asia Pacific** operations serve clients throughout Asia and Australia, with principal products including life, health, critical illness, and superannuation reinsurance, and its five largest clients generated **45%** of the segment's gross premiums in 2023[143](index=143&type=chunk)[145](index=145&type=chunk)[147](index=147&type=chunk) [Risk Factors](index=23&type=section&id=Item%201A.%20RISK%20FACTORS) RGA faces significant business, investment, and operational risks, including inaccurate pricing assumptions, regulatory changes, market volatility, and cybersecurity threats, impacting its financial stability and operations - The company's financial results depend on assumptions related to **mortality**, **morbidity**, **lapsation**, and **investment returns**, where significant deviations, such as those caused by pandemics, can adversely affect profitability[153](index=153&type=chunk)[158](index=158&type=chunk) - A **downgrade in financial strength ratings** could harm the company's ability to compete, retain business, and may trigger termination or collateral posting requirements in some reinsurance contracts[163](index=163&type=chunk)[164](index=164&type=chunk) - The business is exposed to risks from **weak global capital markets**, **economic downturns**, and **inflation**, which can impact investment portfolio values, demand for insurance products, and policyholder behavior[190](index=190&type=chunk)[192](index=192&type=chunk) - As a **holding company**, RGA's ability to pay dividends and service debt is limited by regulatory restrictions on cash distributions from its insurance subsidiaries[174](index=174&type=chunk) - **Cybersecurity failures** could impair business operations and lead to the misappropriation of sensitive data, resulting in reputational harm, litigation, and regulatory sanctions[205](index=205&type=chunk) [Unresolved Staff Comments](index=36&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - The Company has no unresolved staff comments from the SEC[243](index=243&type=chunk) [Cybersecurity](index=36&type=section&id=Item%201C.%20Cybersecurity) RGA maintains a comprehensive cybersecurity program integrated into its ERM framework, overseen by the Board and managed by senior officers, utilizing third-party partners to address evolving threats - RGA's cybersecurity program is integrated into its **ERM program** and is based on recognized standards such as the **NIST Cybersecurity Framework** and **ISO 27001**[244](index=244&type=chunk)[245](index=245&type=chunk) - Oversight is provided by the **Board of Directors** through its Risk and Cybersecurity Committees, with regular updates from the **Chief Risk Officer (CRO)** and the **Global Chief Information Security and Privacy Officer (CISO)**[248](index=248&type=chunk) - While the company has experienced cybersecurity incidents, **none have materially affected** its operations or financial condition to date[251](index=251&type=chunk) [Properties](index=38&type=section&id=Item%202.%20Properties) RGA owns its corporate headquarters in Chesterfield, Missouri, and leases office space in 47 global locations, deeming its facilities suitable for operations - RGA owns its corporate headquarters in **Chesterfield, Missouri**, and leases office space in **47** other locations globally[252](index=252&type=chunk) [Legal Proceedings](index=38&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to routine litigation but currently has no material legal proceedings pending - The Company currently has no material litigation[253](index=253&type=chunk) [Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[254](index=254&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholders Matters, and Issuer Purchases of Equity Securities](index=39&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholders%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) RGA's common stock trades on the NYSE, with 66 million shares outstanding as of January 2024, and the board authorized a new $500 million share repurchase program - RGA's common stock is traded on the **NYSE** under the symbol "**RGA**", and as of January 31, 2024, there were **66 million** shares outstanding[258](index=258&type=chunk) Issuer Purchases of Equity Securities (Q4 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 2023 | 33,369 | $148.89 | | Nov 2023 | 17,576 | $151.43 | | Dec 2023 | 303,740 | $165.01 | - On January 23, 2024, the board authorized a new share repurchase program for up to **$500 million** of common stock, replacing the 2022 program[260](index=260&type=chunk) 5-Year Cumulative Total Return Comparison | Index | 12/31/2018 | 12/31/2023 | Cumulative Return | | :--- | :--- | :--- | :--- | | **RGA, Inc.** | $100.00 | $129.25 | +29.25% | | **S&P 500** | $100.00 | $207.21 | +107.21% | | **S&P Life & Health Insurance** | $100.00 | $176.00 | +76.00% | [(RESERVED)](index=40&type=section&id=Item%206.%20%28RESERVED%29) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) RGA's 2023 net income increased to $909 million, driven by favorable claims, remeasurement gains, and higher investment income, with net premiums reaching $15.1 billion, while maintaining strong liquidity and adopting ASU 2018-12 Consolidated Results of Operations (in millions) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Total Revenues** | $18,567 | $16,227 | $16,667 | | **Net Premiums** | $15,085 | $13,078 | $12,513 | | **Net Investment Income** | $3,591 | $3,161 | $3,138 | | **Income before income taxes** | $1,160 | $718 | $1,385 | | **Net Income** | $909 | $521 | $1,170 | | **Diluted EPS** | $13.44 | $7.64 | $17.13 | - The increase in net income in 2023 was primarily due to a future policy benefits remeasurement gain of **$3 million** compared to a loss of **$242 million** in 2022, higher net investment income, and favorable claims experience, particularly a reduction in COVID-19 related claims[319](index=319&type=chunk) - Consolidated assumed life reinsurance in force increased to **$3.7 trillion** as of December 31, 2023, from **$3.4 trillion** at year-end 2022, driven by new business and foreign exchange rate changes[320](index=320&type=chunk)[279](index=279&type=chunk) - The company adopted **ASU 2018-12 (LDTI)** in the first quarter of 2023, which materially changed the accounting for long-duration insurance contracts, including the measurement of the liability for future policy benefits and amortization of deferred policy acquisition costs[577](index=577&type=chunk) [Consolidated Results of Operations](index=51&type=section&id=Consolidated%20Results%20of%20Operations) RGA's 2023 net income increased to $909 million, driven by favorable remeasurement gains, higher investment income, and a $2.0 billion rise in net premiums from PRT transactions, contrasting with a 2022 decline due to investment losses - The increase in income in 2023 compared to 2022 was primarily driven by a **$353 million** favorable change in future policy benefits remeasurement (gains) losses, a **$430 million** increase in net investment income, and a **$58 million** reduction in net investment related losses[318](index=318&type=chunk)[319](index=319&type=chunk) - Net premiums increased by **$2.0 billion** in 2023, largely due to single premium pension risk transfer (PRT) transactions, which were offset by a corresponding increase in reserves[320](index=320&type=chunk) - The decrease in income in 2022 compared to 2021 was primarily due to a **$1.1 billion** negative swing in investment related gains (losses), driven by derivative fair value changes and net realized losses from portfolio repositioning[318](index=318&type=chunk)[324](index=324&type=chunk) [Results of Operations by Segment](index=54&type=section&id=Results%20of%20Operations%20by%20Segment) In 2023, most segments saw increased pre-tax income, with U.S. and Latin America, EMEA, and Asia Pacific benefiting from favorable claims, assumption updates, and investment income, while Corporate and Other reported a larger loss Income (Loss) Before Income Taxes by Segment (in millions) | Segment | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **U.S. and Latin America** | $488 | $340 | $724 | | **Canada** | $143 | $135 | $110 | | **Europe, Middle East and Africa** | $280 | $228 | $110 | | **Asia Pacific** | $485 | $240 | $19 | | **Corporate and Other** | $(236) | $(225) | $422 | [Liquidity and Capital Resources](index=69&type=section&id=Liquidity%20and%20Capital%20Resources) RGA maintains strong liquidity with $81.9 billion in assets and $4.5 billion in debt, relying on premiums and investments, and manages risks through its comprehensive ERM framework - The company's primary sources of liquidity are **reinsurance premiums** and cash flows from its **investment portfolio**, which management believes are sufficient to meet liquidity needs for the next twelve months[392](index=392&type=chunk) - As of December 31, 2023, the company had **$4.5 billion** in outstanding debt and was in compliance with all financial covenants, with access to an **$850 million** syndicated credit facility that was undrawn[410](index=410&type=chunk)[418](index=418&type=chunk) Contractual Obligations Summary (in millions) | Obligation Type | Total | Less than 1 Year | 1 – 5 Years | After 5 Years | | :--- | :--- | :--- | :--- | :--- | | **Future policy benefits** | $29,764 | $(264) | $(496) | $30,524 | | **Interest-sensitive contract liabilities** | $41,369 | $2,977 | $9,791 | $28,601 | | **Long-term debt, including interest** | $8,328 | $412 | $1,153 | $6,763 | | **Total** | **$85,248** | **$8,836** | **$10,498** | **$65,914** | - The company's **Enterprise Risk Management (ERM)** function is responsible for analyzing and reporting risks on an aggregated basis, with oversight from the Board's Risk Committee[488](index=488&type=chunk)[489](index=489&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=93&type=section&id=Item%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Information on quantitative and qualitative market risk disclosures is provided in Item 7 under the 'Market and Credit Risk' section - Information regarding market risk is contained in Item 7 under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations – Market and Credit Risk"[557](index=557&type=chunk) [Financial Statements and Supplementary Data](index=94&type=section&id=Item%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents RGA's audited consolidated financial statements for 2023, including balance sheets and income statements, with notes detailing accounting policies, ASU 2018-12 impact, and an unqualified auditor's opinion Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Investments** | $78,900 | $70,480 | | **Total Assets** | $97,623 | $84,904 | | **Future policy benefits** | $41,231 | $35,689 | | **Total Liabilities** | $88,452 | $77,733 | | **Total Equity** | $9,171 | $7,171 | - The company adopted **ASU 2018-12**, which materially changed the accounting for long-duration insurance contracts, effective January 1, 2023, resulting in a cumulative after-tax decrease to retained earnings of **$1,245 million** and a decrease to AOCI of **$6,268 million** as of the transition date[671](index=671&type=chunk)[673](index=673&type=chunk) - The independent auditor, Deloitte & Touche LLP, issued an **unqualified opinion** on the consolidated financial statements and on the effectiveness of the company's internal control over financial reporting as of December 31, 2023[961](index=961&type=chunk)[962](index=962&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=192&type=section&id=Item%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) There were no changes in or disagreements with accountants on accounting and financial disclosure - None reported[979](index=979&type=chunk) [Controls and Procedures](index=192&type=section&id=Item%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes, and the independent auditor issued an unqualified opinion - The CEO and CFO concluded that the Company's disclosure controls and procedures were **effective** as of December 31, 2023[980](index=980&type=chunk) - Management's assessment concluded that the Company maintained **effective** internal control over financial reporting as of December 31, 2023, based on the COSO framework[983](index=983&type=chunk) [Other Information](index=194&type=section&id=Item%209B.%20OTHER%20INFORMATION) No directors or executive officers adopted or terminated Rule 10b5-1(c) trading plans during the fourth quarter of 2023 - **No directors or executive officers** adopted or terminated any Rule 10b5-1(c) trading plans during the fourth quarter of 2023[993](index=993&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=194&type=section&id=Item%209C.%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS) This item is not applicable to the company - Not applicable[993](index=993&type=chunk) PART III [Directors, Executive Officers, and Corporate Governance](index=194&type=section&id=Item%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%2C%20AND%20CORPORATE%20GOVERNANCE) This section details executive officers and incorporates director information from the Proxy Statement, highlighting the company's adopted codes of conduct and the Audit Committee's independent financial experts - Information regarding the Company's Directors is incorporated by reference from the Proxy Statement[994](index=994&type=chunk) - **Tony Cheng** became **President and Chief Executive Officer** on January 1, 2024[998](index=998&type=chunk) - The company has adopted a **Code of Conduct**, a **Directors' Code of Business Conduct and Ethics**, and a **Financial Management Code of Professional Conduct**, all available on its website[1008](index=1008&type=chunk) [Executive Compensation](index=196&type=section&id=Item%2011.%20EXECUTIVE%20COMPENSATION) Information on executive compensation is incorporated by reference from the company's Proxy Statement, including Compensation Discussion and Analysis and Compensation Tables - Information on executive compensation is incorporated by reference from the Proxy Statement[1013](index=1013&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=196&type=section&id=Item%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Security ownership information is incorporated from the Proxy Statement, detailing 2,679,874 securities for issuance under equity compensation plans and 1,347,133 remaining available - Information on security ownership is incorporated by reference from the Proxy Statement[1014](index=1014&type=chunk) Equity Compensation Plan Information | Plan Category | Number of securities to be issued upon exercise (a) | Weighted-average exercise price (b) | Number of securities remaining available for future issuance (c) | | :--- | :--- | :--- | :--- | | **Equity compensation plans approved by security holders** | 2,679,874 | $118.70 | 1,347,133 | [Certain Relationships and Related Transactions, and Director Independence](index=196&type=section&id=Item%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information on certain relationships, related transactions, and director independence is incorporated by reference from the Proxy Statement - Information on this topic is incorporated by reference from the Proxy Statement[1015](index=1015&type=chunk) [Principal Accountant Fees and Services](index=196&type=section&id=Item%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Information on principal accountant fees and services is incorporated by reference from the Proxy Statement - Information on accountant fees and services is incorporated by reference from the Proxy Statement[1016](index=1016&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=197&type=section&id=Item%2015.%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists financial statements, schedules, and exhibits filed with the Form 10-K, including investment summaries and supplementary insurance information, with a detailed index provided - This section provides an index to the financial statements (located in Item 8), financial statement schedules, and all exhibits filed with the 10-K[1017](index=1017&type=chunk)[1018](index=1018&type=chunk)[1019](index=1019&type=chunk) [Form 10-K Summary](index=197&type=section&id=Item%2016.%20FORM%2010-K%20SUMMARY) No Form 10-K summary was provided - None[1020](index=1020&type=chunk)

Reinsurance Group of America, Incorporated (NYSE:RGA) Q4 2023 Earnings Conference Call February 2, 2024 10:00 AM ET Company Participants Todd Larson - Senior Executive Vice President and Chief Financial Officer Tony Cheng - President and Chief Executive Officer Leslie Barbi - Chief Investment Officer Jonathan Porter - Chief Risk Officer Conference Call Participants Jimmy Bhullar - JPMorgan John Barnidge - Piper Sandler Joel Hurwitz - Dowling Partners Tom Gallagher - Evercore ISI Suneet Kamath - Jefferies Ry ...

Rising portfolio book yield supporting higher income Variable investment income modestly above expectations 1 Please refer to "Reconciliations of Non-GAAP Measures" in the Appendix. 5 Record adjusted operating income of $19.881 per diluted share Value of LDTI business of approximately $27 billion, an increase of $3 billion for the year Record capital deployment of $933 million into in-force transactions 4.71% 4.45% 4.43% 4.51% 4.60% Q4 new money rate rose to 6.65%, reflecting higher allocation to private as ...

Reinsurance Group of America, Incorporated (NYSE:RGA) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET Company Participants Todd Larson - Senior Executive Vice President and Chief Financial Officer Anna Manning - Chief Executive Officer Tony Cheng - President Jonathan Porter - Executive Vice President and Global Chief Risk Officer Leslie Barbi - Executive Vice President and Chief Investment Officer Conference Call Participants Ryan Krueger - KBW Wesley Carmichael - Wells Fargo Joel Hurwitz - Do ...

Financial Performance - Total revenues for Q3 2023 reached $5,153 million, a 27.4% increase from $4,050 million in Q3 2022[12] - Net premiums increased to $4,255 million in Q3 2023, up 31.0% from $3,247 million in Q3 2022[12] - Net income attributable to RGA, Inc. shareholders was $287 million in Q3 2023, compared to a net loss of $76 million in Q3 2022[12] - Basic earnings per share for Q3 2023 were $4.34, a significant recovery from a loss of $1.13 in Q3 2022[12] - Net income for the three months ended September 30, 2023, was $287 million, compared to a net income of $289 million for the same period in 2022, reflecting a decrease of 0.7%[19] - Total comprehensive income for the three months ended September 30, 2023, was $65 million, while the total comprehensive loss for the same period in 2022 was $494 million, indicating a significant improvement[19] - Dividends to shareholders were $0.85 per share for the three months ended September 30, 2023, compared to $0.80 per share for the same period in 2022, representing a 6.25% increase[19] - The company reported net cash provided by operating activities of $2,818 million for the nine months ended September 30, 2023, compared to $1,077 million for the same period in 2022[16] Assets and Liabilities - Total assets as of September 30, 2023, were $87,422 million, an increase from $84,904 million as of December 31, 2022[9] - Total liabilities increased to $79,269 million as of September 30, 2023, compared to $77,733 million as of December 31, 2022[9] - The balance of total shareholders' equity as of September 30, 2023, was $8,153 million, up from $7,895 million as of June 30, 2023, indicating a growth of 3.3%[19] - The balance of retained earnings increased to $8,713 million as of September 30, 2023, from $8,483 million as of June 30, 2023, reflecting a growth of 2.7%[19] - The total balance of treasury stock as of September 30, 2023, was $(1,852) million, compared to $(1,803) million as of June 30, 2023, indicating an increase in treasury stock holdings[19] Policy Benefits and Claims - Future policy benefits increased to $36,474 million as of September 30, 2023, from $35,689 million as of December 31, 2022[9] - The net liability for future policy benefits at the end of 2022 was $9,053 million, a decrease from the previous year's $13,345 million[60] - The present value of expected future policy benefits at the end of 2022 was $77,378 million, down from $103,260 million in 2021, reflecting a significant reduction of approximately 25%[63] - Claims and other policy benefits decreased to $11,982 million in 2022 from $12,776 million in 2021, a reduction of about 6%[56] - Benefit payments in 2022 totaled $5,472 million, which is a decrease from $6,083 million in 2021, showing a reduction of approximately 10%[63] Investment and Securities - The Company holds fixed maturity securities available-for-sale with an amortized cost of $62.332 billion and an estimated fair value of $54.171 billion as of September 30, 2023[133] - The total estimated fair value of fixed maturity securities as of September 30, 2023, was $46.896 billion, with gross unrealized losses of $8.475 billion[143] - The company’s fixed maturity securities available-for-sale generated $2.035 billion in income for the nine months ended September 30, 2023, compared to $1.683 billion in 2022[145] - The allowance for credit losses on fixed maturity securities decreased from $75 million at the beginning of Q3 2023 to $68 million at the end of the period, reflecting a write-off of $6 million[139] - The recorded investment in mortgage loans as of September 30, 2023, was $7.320 billion, an increase from $6.653 billion as of December 31, 2022[151] Reinsurance and Derivatives - As of September 30, 2023, two major reinsurance companies account for approximately 68% of reinsurance ceded receivables and other[130] - The total derivatives, including both non-hedging and hedging instruments, amounted to $33.43 billion as of September 30, 2023, with total liabilities of $1.27 billion[161] - The credit exposure related to derivative contracts as of September 30, 2023, was $13 million, indicating potential credit-related losses from non-performance by counterparties[175] - The estimated fair value of credit default swaps sold by the company was $(35) million as of September 30, 2023, with a maximum amount of future payments of $1,515 million[170] Tax and Benefits - The effective tax rate for the three months ending September 30, 2023, was 24.2%, significantly higher than the U.S. statutory rate of 21% due to foreign income and valuation adjustments[202] - The net periodic benefit cost for pension benefits for the nine months ended September 30, 2023, was $12 million, compared to $10 million for the same period in 2022, indicating a 20% increase[205] - The company reported a net periodic benefit cost for other benefits of $2 million for the nine months ended September 30, 2023, compared to $3 million for the same period in 2022, a decrease of 33.3%[205] Shareholder Actions - The company repurchased 1,069,113 shares of common stock during the nine months ended September 30, 2023, under a $400 million share repurchase program authorized in February 2022[83] - The company’s common stock outstanding decreased to 65,872,213 shares as of September 30, 2023, from 66,676,208 shares at the end of 2022[81]

August 3, 2023 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," "beli ...

Reinsurance Group of America, Incorporated (NYSE:RGA) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET Company Participants Todd Larson - Senior Executive Vice President and Chief Financial Officer Anna Manning - Chief Executive Officer Tony Cheng - President Leslie Barbi - Chief Investment Officer Jonathan Porter - Chief Risk Officer Conference Call Participants Jimmy Bhullar - JPMorgan John Barnidge - Piper Sandler Wes Carmichael - Wells Fargo Tracy Benguigui - Barclays Erik Bass - Autonomous R ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-11848 REINSURANCE GROUP OF AMERICA, INCORPORATED (Exact name of Registrant as specified in its charter) (State or other jurisdiction (IRS employer of incorpor ...