RGA(US:RGA)2024-05-03 17:28Revenue 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].