RGA(US:RGA)2024-05-02 20:19Financial 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]