RGA(US:RGA)2023-02-24 20:30PART I Business Overview RGA is a global leader in life and health reinsurance and financial solutions, operating across diverse segments and impacted by COVID-19 and regulations - RGA is a leading global provider of traditional life and health reinsurance and financial solutions, with operations spanning the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia23 - The COVID-19 pandemic continued to negatively impact RGA's mortality business in 2022, contributing to increased mortality, morbidity, and other insurance risks, alongside global financial market uncertainty due to inflation and higher interest rates24 RGA's Insurer Financial Strength Ratings (as of filing date) | Insurer Financial Strength Ratings | A.M. Best | Moody's | S&P | | :------------------------------- | :-------- | :------ | :---- | | RGA Reinsurance Company | A+ | A1 | AA- | | RGA Life Reinsurance Company of Canada | A+ | | AA- | | RGA International Reinsurance Company dac | | | AA- | | RGA Global Reinsurance Company, Ltd. | | | AA- | | RGA Reinsurance Company of Australia Limited | | | AA- | | RGA Reinsurance Company (Barbados) Ltd. | A+ | | AA- | | RGA Americas Reinsurance Company, Ltd. | A+ | | AA- | | RGA Atlantic Reinsurance Company Ltd. | A+ | | AA- | | RGA Worldwide Reinsurance Company, Ltd. | A+ | | AA- | | Aurora National Life Assurance Company | A+ | | | | Omnilife Insurance Company Limited | A+ | | | - RGA's global team of approximately 3,800 employees is a key differentiator, with a high trust rating (90th percentile) in a global engagement survey, and reported women were paid on average 99.7% of what men were paid for comparable jobs, and non-Caucasian employees in the U.S. received 100.3% of Caucasian pay for comparable roles102105112 Risk Factors RGA faces significant risks from the COVID-19 pandemic, actuarial assumption deviations, regulatory changes, ratings downgrades, and market volatility - The COVID-19 pandemic continues to pose a significant risk, increasing mortality rates and causing economic and financial market disruptions, which could adversely affect RGA's business, results of operations, and financial condition158159 - Significant deviations from actuarial assumptions regarding mortality, morbidity, lapsation, investment returns, and expenses could negatively impact RGA's financial condition and results of operations, potentially requiring reserve increases161162164165 - A downgrade in RGA's or its subsidiaries' financial strength or credit ratings could adversely affect its ability to compete, sell products, retain business, and may trigger requirements to post collateral or allow clients to terminate reinsurance contracts168169171 - RGA is exposed to foreign currency risk due to its multinational operations, with adverse exchange rate movements impacting net investments, transaction settlements, and conversion of foreign-denominated earnings to U.S. dollars180 Unresolved Staff Comments The Company reports no unresolved staff comments from the Securities and Exchange Commission - The Company has no unresolved staff comments from the Securities and Exchange Commission247 Properties RGA's corporate headquarters is owned in Missouri, with 49 leased global office locations typically on three-to-five-year terms - RGA's corporate headquarters is an owned site in Chesterfield, Missouri248 - The Company leases office space in 49 locations worldwide, with lease terms typically ranging from three to five years, and none exceeding 15 years248 Legal Proceedings The Company is involved in routine litigation but has no material cases, establishing legal reserves when losses are probable and estimable - The Company is subject to litigation in the normal course of its business but currently has no material litigation249 - A legal reserve is established when an arbitration demand or litigation is probable to result in a loss and the amount can be reasonably estimated249 Mine Safety Disclosures This item is not applicable to the Company - This item is not applicable250 PART II Market for Registrant's Common Equity, Related Stockholders Matters, and Issuer Purchases of Equity Securities RGA's common stock trades on the NYSE, with active share repurchase programs and a 5-year cumulative total return compared to market indices - RGA's common stock is traded on the New York Stock Exchange (NYSE) under the symbol "RGA", with 21,353 stockholders of record and 66,860,481 shares outstanding as of January 31, 20232539 - RGA's board of directors authorized two share repurchase programs for up to $400 million each, one on January 24, 2019, and another on February 25, 2022 (terminating the 2019 authority)255256 Issuer Purchases of Equity Securities (Q4 2022) | Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Program | | :--------------------------- | :----------------------------------- | :--------------------------- | :----------------------------------- | :--------------------------------------------------------------------------------------------------- | | October 1, 2022 – October 31, 2022 | 5,617 | $140.43 | — | $375,000,364 | | November 1, 2022 – November 30, 2022 | 189,660 | $135.35 | 184,904 | $350,001,793 | | December 1, 2022 – December 31, 2022 | 8,295 | $142.20 | — | $350,001,793 | 5-Year Cumulative Total Return (12/2017 - 12/2022) | | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | | :------------------------------- | :----- | :----- | :------ | :------ | :------ | :------ | | Reinsurance Group of America, Incorporated | $100.00 | $91.28 | $107.98 | $78.76 | $76.21 | $101.38 | | S&P 500 | $100.00 | $95.62 | $125.72 | $148.85 | $191.58 | $156.88 | | S&P Life & Health Insurance | $100.00 | $79.23 | $97.60 | $88.35 | $120.76 | $133.25 | Reserved This item is reserved and contains no information Management's Discussion and Analysis of Financial Condition and Results of Operations This section analyzes RGA's financial condition and operations, covering COVID-19 impacts, industry trends, accounting policies, segment performance, liquidity, risk management, and new accounting standard adoption - RGA is a leading global life reinsurer with $3.4 trillion of life reinsurance in force and $84.7 billion in assets as of December 31, 2022266 - In 2022, RGA incurred approximately $451 million in COVID-19 related life and health claim costs, with $336 million attributed to the U.S. and Latin America Traditional segment317 Consolidated Net Income (2022 vs 2021) | Metric | 2022 (Millions) | 2021 (Millions) | Change (Millions) | | :-------------------------------------- | :-------------- | :-------------- | :---------------- | | Net premiums | $13,078 | $12,513 | $565 | | Net investment income | $3,161 | $3,138 | $23 | | Investment related gains (losses), net | $(506) | $560 | $(1,066) | | Total revenues | $16,258 | $16,658 | $(400) | | Claims and other policy benefits | $12,046 | $12,776 | $(730) | | Total benefits and expenses | $15,427 | $15,967 | $(540) | | Income before income taxes | $831 | $691 | $140 | | Provision for income taxes | $204 | $74 | $130 | | Net income available to RGA, Inc. shareholders | $623 | $617 | $6 | - The average investment yield (excluding spread-related business) decreased to 4.69% in 2022 from 4.99% in 2021, primarily due to lower variable income from limited partnerships, partially offset by higher risk-free rates374325 - Gross unrealized losses on fixed maturity securities available-for-sale significantly increased from $0.3 billion at December 31, 2021, to $7.3 billion at December 31, 2022, due to increases in risk-free interest rates375 Cautionary Note Regarding Forward-Looking Statements This section highlights that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially - The document contains forward-looking statements subject to risks and uncertainties, which may cause actual results to differ materially from expectations263 - Key factors that could cause differences include adverse changes in mortality, morbidity, lapsation, capital market conditions, regulatory actions, and the impact of the COVID-19 pandemic264 Overview RGA is a global life reinsurance and financial solutions provider, with significant in-force business and assets, whose profitability depends on claims, pricing, and investment performance - RGA is a leading global provider of life reinsurance and financial solutions, with $3.4 trillion of life reinsurance in force and $84.7 billion in assets as of December 31, 2022266 - The company's long-term profitability is dependent on the volume and amount of death- and health-related claims, adequate risk pricing, and investment performance269 Gross and Net Premiums by Segment (2020-2022, in millions) | Segment | 2022 Gross | 2022 Net | 2021 Gross | 2021 Net | 2020 Gross | 2020 Net | | :----------------------------- | :--------- | :------- | :--------- | :------- | :--------- | :------- | | U.S. and Latin America: Traditional | $7,011 | $6,590 | $6,716 | $6,244 | $6,423 | $5,838 | | U.S. and Latin America: Financial Solutions | $66 | $66 | $55 | $55 | $53 | $53 | | Canada: Traditional | $1,282 | $1,219 | $1,244 | $1,194 | $1,106 | $1,052 | | Canada: Financial Solutions | $95 | $95 | $90 | $90 | $83 | $83 | | EMEA: Traditional | $1,768 | $1,736 | $1,770 | $1,738 | $1,579 | $1,555 | | EMEA: Financial Solutions | $623 | $486 | $552 | $350 | $430 | $252 | | Asia Pacific: Traditional | $2,767 | $2,650 | $2,736 | $2,624 | $2,787 | $2,681 | | Asia Pacific: Financial Solutions | $236 | $236 | $218 | $218 | $180 | $180 | | Corporate and Other | — | — | — | — | — | — | | Total | $13,848 | $13,078 | $13,381 | $12,513 | $12,641 | $11,694 | Reinsurance Business In Force and New Business by Segment (2020-2022, in billions) | Segment | 2022 In Force | 2022 New Business | 2021 In Force | 2021 New Business | 2020 In Force | 2020 New Business | | :----------------------------- | :------------ | :---------------- | :------------ | :---------------- | :------------ | :---------------- | | U.S. and Latin America: Traditional | $1,672.2 | $145.9 | $1,628.4 | $130.5 | $1,611.6 | $114.9 | | U.S. and Latin America: Financial Solutions | $5.2 | — | $5.3 | — | $5.3 | — | | Canada: Traditional | $463.6 | $48.2 | $472.6 | $48.8 | $445.2 | $40.8 | | Canada: Financial Solutions | — | — | — | — | — | — | | EMEA: Traditional | $735.4 | $169.4 | $861.6 | $198.4 | $864.4 | $184.3 | | EMEA: Financial Solutions | — | — | — | — | — | — | | Asia Pacific: Traditional | $518.6 | $45.3 | $497.4 | $34.2 | $553.7 | $49.6 | | Asia Pacific: Financial Solutions | $5.7 | $0.1 | $1.7 | $0.2 | $0.5 | — | | Total | $3,400.7 | $408.9 | $3,467.0 | $412.1 | $3,480.7 | $389.6 | Industry Trends Industry trends show increasing cession rates, growing demand for insurance products, and opportunities from consolidation and regulatory changes, driving RGA's strategy - Key industry trends include increasing cession rates in North America and international markets, growing demand for insurance and financial products due to aging populations and middle-class growth, and opportunities arising from economic, regulatory, and accounting changes280281282 - Consolidation within the life reinsurance industry is creating opportunities for remaining reinsurers, while mergers and acquisitions in the life insurance industry are increasing demand for reinsurance products282 - RGA's strategy focuses on leveraging expertise and innovation, strengthening client relationships, prioritizing high-growth opportunities, and fostering an inclusive culture to build for future generations283284 Critical Accounting Policies RGA's critical accounting policies require significant assumptions and estimates for items like DAC, policy benefits, investment valuation, and embedded derivatives - RGA's critical accounting policies involve significant assumptions and estimates, particularly for premiums receivable, deferred acquisition costs (DAC), future policy benefits, incurred but not reported (IBNR) claims, investment valuation, allowance for credit losses, embedded derivatives, and income taxes285286 - DAC related to asset-intensive products is sensitive to changes in estimated interest spread and future policy lapse rates, where a 25 basis point increase in interest spread would increase DAC by 9.12%, while a 20% decrease in lapse rates would increase DAC by 5.77%291292 Deferred Acquisition Costs (DAC) Balances by Segment (as of Dec 31, 2022, in millions) | Segment | Traditional | Financial Solutions | Other | Total | | :----------------------------- | :---------- | :------------------ | :---- | :---- | | U.S. and Latin America | $2,000 | $387 | $— | $2,387 | | Canada | $171 | $— | $— | $171 | | Europe, Middle East and Africa | $231 | $— | $— | $231 | | Asia Pacific | $1,039 | $141 | $— | $1,180 | | Corporate | $— | $— | $5 | $5 | | Total | $3,441 | $528 | $5 | $3,974 | Consolidated Results of Operations Net income increased by $6 million to $623 million in 2022, driven by higher premiums and lower COVID-19 claims, despite investment losses and derivative changes - Net income available to RGA, Inc. shareholders increased by $6 million to $623 million in 2022, primarily driven by higher net premiums and lower COVID-19 claims in traditional segments, offset by investment-related losses and derivative fair value changes321 - Investment related gains (losses), net decreased by $1,066 million in 2022, largely due to a $301 million decrease in the fair value of derivative instruments and $204 million in net realized losses from portfolio repositioning321322 - The effective tax rate increased to 24.6% in 2022 from 10.6% in 2021, mainly due to income in higher tax jurisdictions, Subpart F income, and GILTI, partially offset by foreign tax credits326 Impact of Certain Derivatives on Income Before Income Taxes (2022 vs 2021, in millions) | Derivative Type | 2022 Net Effect | 2021 Net Effect | 2022 vs 2021 Change | | :-------------------------------------------------- | :-------------- | :-------------- | :------------------ | | Modco/Funds withheld | $(80) | $71 | $(151) | | EIAs | $28 | $22 | $6 | | Guaranteed minimum benefit riders | $(33) | $(54) | $21 | | Net effect after related freestanding derivatives | $(85) | $39 | $(124) | Results of Operations by Segment This section details segment-specific financial performance, highlighting income drivers across Traditional and Financial Solutions in various global regions Income (Loss) Before Income Taxes by Segment (2020-2022, in millions) | Segment | 2022 | 2021 | 2020 | | :----------------------------- | :---- | :---- | :---- | | U.S. and Latin America: Traditional | $268 | $(540) | $(298) | | U.S. and Latin America: Financial Solutions | $199 | $515 | $295 | | Canada: Traditional | $86 | $128 | $134 | | Canada: Financial Solutions | $32 | $15 | $21 | | EMEA: Traditional | $10 | $(239) | $27 | | EMEA: Financial Solutions | $196 | $303 | $258 | | Asia Pacific: Traditional | $294 | $(10) | $174 | | Asia Pacific: Financial Solutions | $(18) | $98 | $59 | | Corporate and Other | $(236) | $421 | $(117) | - U.S. and Latin America Traditional segment income increased by $808 million in 2022, primarily due to favorable claims experience in individual mortality and lower COVID-19 claims331 - Asia Pacific Financial Solutions segment experienced a decrease in income before income taxes in 2022, primarily due to unfavorable fluctuations in the fair value of derivatives, despite growth in its invested asset base from new asset-intensive transactions366 - Corporate and Other segment's income before income taxes decreased by $657 million in 2022, driven by lower total revenues and higher interest expense and interest credited371 Liquidity and Capital Resources RGA maintains sufficient liquidity and capital through diverse funding and risk management, despite a decrease in total cash and invested assets in 2022 - RGA believes its cash flows and available funds are sufficient to meet liquidity requirements for the next twelve months, supported by liquidity stress testing and multiple alternatives like asset sales and credit facilities373 - The Company's total cash and invested assets decreased from $81.5 billion in 2021 to $73.4 billion in 2022433 Total Cash and Invested Assets (2022 vs 2021, in millions) | Asset Type | 2022 | % of Total (2022) | 2021 | % of Total (2021) | | :--------------------------------------- | :---------- | :---------------- | :---------- | :---------------- | | Fixed maturity securities, available-for-sale | $52,901 | 72.0 % | $60,749 | 74.6 % | | Equity securities | $134 | 0.2 % | $151 | 0.2 % | | Mortgage loans | $6,590 | 9.0 % | $6,283 | 7.7 % | | Policy loans | $1,231 | 1.7 % | $1,234 | 1.5 % | | Funds withheld at interest | $6,003 | 8.2 % | $6,954 | 8.5 % | | Limited partnerships and real estate joint ventures | $2,327 | 3.2 % | $1,996 | 2.5 % | | Short-term investments | $154 | 0.2 % | $87 | 0.1 % | | Other invested assets | $1,140 | 1.5 % | $1,074 | 1.3 % | | Cash and cash equivalents | $2,927 | 4.0 % | $2,948 | 3.6 % | | Total cash and invested assets | $73,407 | 100.0 % | $81,476 | 100.0 % | Summary of Primary Sources and Uses of Liquidity and Capital (2020-2022, in millions) | Category | 2022 | 2021 | 2020 | | :-------------------------------------- | :----- | :----- | :----- | | Sources: | | | | | Net cash provided by operating activities | $1,343 | $4,182 | $3,322 | | Proceeds from long-term debt issuance | $700 | $500 | $598 | | Net deposits from investment-type policies and contracts | $4,340 | $308 | $773 | | Total sources | $6,703 | $5,112 | $5,238 | | Uses: | | | | | Net cash used in investing activities | $5,688 | $4,628 | $2,680 | | Dividends to stockholders | $205 | $194 | $182 | | Principal payments of long-term debt | $403 | $403 | $3 | | Purchases of treasury stock | $81 | $99 | $163 | | Total uses | $6,724 | $5,572 | $3,279 | | Net change in cash and cash equivalents | $(21) | $(460) | $1,959 | Enterprise Risk Management RGA's ERM function, overseen by the Board's Risk Committee, analyzes and manages aggregated risks within defined appetites and limits - RGA maintains a dedicated Enterprise Risk Management (ERM) function, overseen by the Board's Risk Committee, to analyze, monitor, and manage aggregated risks within defined appetites and limits467468 - The ERM framework encompasses a strong risk culture, a clear risk appetite statement, specific risk limits, and a comprehensive risk assessment process, supported by business-specific controls471472 - RGA's risk categories include Insurance Risk (mortality, morbidity, lapse, catastrophic events), Market and Credit Risk (interest rate, real estate, equity, investment credit, counterparty), Capital Risk (collateral, foreign currency, financing, liquidity, tax), Operational Risk (business conduct, fraud, privacy, cybersecurity, disruption, operations, human capital), and Strategic Risk (business plans, external environment, key relationships, political/regulatory)475486521528537 Interest Rate Sensitivity Analysis of Estimated Fair Value of Fixed Maturity Securities (2022 vs 2021, in millions) | December 31, 2022: | -100 bps | -50 bps | – | +50 bps | +100 bps | | :----------------------------- | :------- | :------ | :------ | :------ | :------- | | Total estimated fair value | $57,578 | $55,152 | $52,901 | $50,826 | $48,928 | | % Change from base | 8.8 % | 4.3 % | — % | (3.9)% | (7.5)% | | $ Change from base | $4,677 | $2,251 | $— | $(2,075) | $(3,973) | | December 31, 2021: | -100 bps | -50 bps | – | +50 bps | +100 bps | | :----------------------------- | :------- | :------ | :------ | :------ | :------- | | Total estimated fair value | $66,926 | $63,711 | $60,749 | $58,042 | $55,588 | | % Change from base | 10.2 % | 4.9 % | — % | (4.5)% | (8.5)% | | $ Change from base | $6,177 | $2,962 | $— | $(2,707) | $(5,161) | New Accounting Standards RGA will adopt ASU 2018-12 in Q1 2023, significantly impacting accounting for long-duration insurance contracts and stockholders' equity - RGA will adopt ASU 2018-12, "Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts," in Q1 2023, which will significantly change accounting for long-duration insurance contracts655 - The adoption of ASU 2018-12 is estimated to decrease previously reported retained earnings by $1.0 billion to $1.3 billion (net of tax) and accumulated other comprehensive income (loss) by $5.1 billion to $7.1 billion (net of tax) as of January 1, 2021658 Quantitative and Qualitative Disclosures about Market Risk Market risk disclosures are incorporated by reference from Item 7, specifically the "Market and Credit Risk" section within Management's Discussion and Analysis - Information on quantitative and qualitative disclosures about market risk is provided in Item 7 under "Management's Discussion and Analysis of Financial Condition and Results of Operations – Market and Credit Risk"543 Financial Statements and Supplementary Data This section provides RGA's audited consolidated financial statements, including balance sheets, income statements, cash flows, and comprehensive notes, with an unqualified opinion from the independent auditor - The consolidated financial statements include the balance sheets as of December 31, 2022 and 2021, and statements of income, comprehensive income, stockholders' equity, and cash flows for the three years ended December 31, 2022546 Consolidated Balance Sheet Highlights (as of Dec 31, in millions) | Metric | 2022 | 2021 | | :-------------------------------------- | :------ | :------ | | Total investments | $70,480 | $78,528 | | Cash and cash equivalents | $2,927 | $2,948 | | Total assets | $84,706 | $92,175 | | Future policy benefits | $35,220 | $35,782 | | Interest-sensitive contract liabilities | $30,572 | $26,377 | | Total liabilities | $80,471 | $79,161 | | Total equity | $4,235 | $13,014 | Consolidated Statements of Income Highlights (for the years ended Dec 31, in millions) | Metric | 2022 | 2021 | 2020 | | :-------------------------------------- | :------ | :------ | :------ | | Net premiums | $13,078 | $12,513 | $11,694 | | Net investment income | $3,161 | $3,138 | $2,575 | | Investment related gains (losses), net | $(506) | $560 | $(33) | | Total revenues | $16,258 | $16,658 | $14,596 | | Claims and other policy benefits | $12,046 | $12,776 | $11,075 | | Total benefits and expenses | $15,427 | $15,967 | $14,043 | | Net income available to RGA, Inc. shareholders | $623 | $617 | $415 | Consolidated Statements of Cash Flows Highlights (for the years ended Dec 31, in millions) | Metric | 2022 | 2021 | 2020 | | :-------------------------------------- | :------ | :------ | :------ | | Net cash provided by operating activities | $1,343 | $4,182 | $3,322 | | Net cash used in investing activities | $(5,688) | $(4,628) | $(2,680) | | Net cash provided by (used in) financing activities | $4,436 | $20 | $1,254 | | Cash and cash equivalents, end of period | $2,927 | $2,948 | $3,408 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure The Company reports no changes in or disagreements with accountants regarding accounting and financial disclosure - The Company has no changes in or disagreements with accountants on accounting and financial disclosure904 Controls and Procedures RGA's CEO and CFO affirmed effective disclosure controls and internal control over financial reporting as of December 31, 2022, with an unqualified audit opinion - The Chief Executive Officer and Chief Financial Officer evaluated and concluded that RGA's disclosure controls and procedures were effective as of December 31, 2022905 - Management affirmed the effectiveness of internal control over financial reporting as of December 31, 2022, based on the criteria established in the "Internal Control – Integrated Framework (2013)" by COSO907908 - Deloitte & Touche LLP, the independent registered public accounting firm, issued an unqualified opinion on the effectiveness of RGA's internal control over financial reporting as of December 31, 2022909911 Other Information This item reports no other information required to be disclosed - There is no other information required to be disclosed under this item918 PART III Directors, Executive Officers, and Corporate Governance This section details RGA's directors, executive officers, and corporate governance, including codes of conduct and the independence and expertise of the Audit Committee - RGA's executive officers include Leslie Barbi (Chief Investment Officer), Lawrence S. Carson (EVP, Global Financial Solutions), Tony Cheng (President), Olav Cuiper (Chief Client Officer), Alka Gautam (EVP, President & CEO of RGA Canada), John W. Hayden (Controller), Ron Herrmann (EVP, Head of U.S. & Latin American Markets), William L. Hutton (General Counsel and Secretary), Ray Kleeman (Chief Human Resources Officer), Todd C. Larson (Chief Financial Officer), Anna Manning (Chief Executive Officer), and Jonathan Porter (Global Chief Risk Officer)921922923924925926927929930931932933 - RGA has adopted a Code of Conduct, a Directors' Code of Business Conduct and Ethics, and a Financial Management Code of Professional Conduct, which apply to employees, officers, and directors, emphasizing ethical behavior and compliance934 - All members of RGA's Audit Committee (Ms. Guinn (chair), Mr. Gauthier, Mr. Tran and Mr. Van Wyk) are independent and qualified as audit committee financial experts, possessing accounting and related financial management expertise937 Executive Compensation Executive compensation information is incorporated by reference from the Company's Definitive Proxy Statement - Information on executive compensation is found in the Proxy Statement under "Compensation Discussion and Analysis," "Compensation Tables and Other Matters," "Compensation Committee Report," "Board of Directors – Director Compensation" and "Corporate Governance – Board Committees"938 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Security ownership information is incorporated from the Proxy Statement, detailing equity compensation plans and share repurchase programs, including a $400 million authorization - Information on security ownership of certain beneficial owners and management is found in the Proxy Statement939 Securities Authorized for Issuance Under Equity Compensation Plans (as of Dec 31, 2022) | Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | | :--------------------------------------------- | :-------------------------------------------------------------------------------------------- | :------------------------------------------------------------------------------ | :------------------------------------------------------------------------------------------------------------------------------------------ | | Equity compensation plans approved by security holders | 3,094,352 | $112.05 | 1,729,396 | | Equity compensation plans not approved by security holders | — | — | — | | Total | 3,094,352 | $112.05 | 1,729,396 | - RGA's board of directors authorized a share repurchase program for up to $400 million of outstanding common stock on February 25, 2022, which replaced a prior 2019 authorization941 Certain Relationships and Related Transactions, and Director Independence Information on certain relationships, related person transactions, and director independence is incorporated by reference from the Proxy Statement - Information on certain relationships and related transactions, and director independence is found in the Proxy Statement943 Principal Accountant Fees and Services Principal accountant fees and services information is incorporated by reference from the Company's Definitive Proxy Statement - Information on principal accountant fees and services is found in the Proxy Statement under "Item 5 – Ratification of Appointment of Independent Auditor"944 PART IV Exhibits and Financial Statement Schedules This section lists consolidated financial statements from Item 8 and supplementary schedules, including investments, registrant information, and reinsurance, along with an exhibit index - The consolidated financial statements are included in Item 8, comprising the Balance Sheets, Statements of Income, Comprehensive Income, Stockholders' Equity, and Cash Flows, along with their accompanying notes946 - Supplementary schedules include Summary of Investments, Condensed Financial Information of the Registrant, Supplementary Insurance Information, Reinsurance, and Valuation and Qualifying Accounts947 Summary of Investments (as of Dec 31, 2022, in millions) | Type of Investment | Amortized Cost | Estimated Fair Value | Amount at Which Shown in the Balance Sheets | | :------------------------------------------------ | :------------- | :------------------- | :------------------------------------------ | | Fixed maturity securities: | | | | | United States government and government agencies and authorities | $1,690 | $1,482 | $1,482 | | State and political subdivisions | $1,282 | $1,119 | $1,119 | | Foreign governments | $10,515 | $9,889 | $9,889 | | Public utilities | $4,788 | $4,032 | $4,032 | | Mortgage-backed and asset-backed securities | $7,213 | $6,442 | $6,442 | | All other corporate bonds | $34,175 | $29,937 | $29,937 | | Total fixed maturity securities | $59,663 | $52,901 | $52,901 | | Equity securities | $175 | $134 | $134 | | Mortgage loans | $6,590 | | $6,590 | | Policy loans | $1,231 | | $1,231 | | Funds withheld at interest | $6,003 | | $6,003 | | Limited partnerships and real estate joint ventures | $2,327 | | $2,327 | | Short-term investments | $154 | | $154 | | Other invested assets | $1,140 | | $1,140 | | Total investments | $77,283 | | $70,480 | Item 16. Form 10-K Summary This item indicates that no Form 10-K summary is provided - No Form 10-K Summary is provided948 Glossary of Selected Terms This section provides a comprehensive glossary of selected terms, abbreviations, and acronyms used throughout the Annual Report on Form 10-K - The glossary defines various entities, terms, and acronyms used in the Annual Report on Form 10-K, including RGA subsidiaries (e.g., RGA Reinsurance, RGA Canada, RGA Americas) and industry-specific terms (e.g., AOCI, DAC, ERM, GAAP, LIBOR, PBR, RBC, SOFR)970971972973974