Reinsurance Group of America, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Reinsurance Group of America, Inc. filed its Q1 2024 10-Q report detailing financial data and stock information.</b>

AI Summary

REINSURANCE GROUP OF AMERICA INC (RZC) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Filing is a 10-Q for Reinsurance Group of America, Inc. (RGA) for the period ending March 31, 2024. The company is incorporated in Missouri (MO) and operates in the Life Insurance industry (SIC 6311). The filing includes data related to common stock, additional paid-in capital, retained earnings, treasury stock, and accumulated other comprehensive income for various periods. Specific dates mentioned include 2024-03-31, 2023-12-31, 2023-03-31, and 2022-12-31. Financial data points such as shares, USD currency, and fiscal year-end (12/31) are referenced.

Why It Matters

For investors and stakeholders tracking REINSURANCE GROUP OF AMERICA INC, this filing contains several important signals. This 10-Q filing provides an update on the company's financial position as of March 31, 2024, which is crucial for investors to assess performance and stability. The detailed breakdown of equity components and stock information allows stakeholders to understand capital structure changes and potential dilution or buyback activities.

Risk Assessment

Risk Level: low — REINSURANCE GROUP OF AMERICA INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate indicators of significant financial distress or unusual risk factors beyond typical industry operations.

Analyst Insight

Monitor future filings for specific financial performance metrics and any changes in equity structure or capital allocation.

Key Numbers

• 2024-03-31 — Period of Report (As of date for the 10-Q filing)
• 2024-05-03 — Filing Date (Date the 10-Q was filed)
• 12/31 — Fiscal Year End (Indicates the company's fiscal year closes on December 31st)
• 6311 — SIC Code (Standard Industrial Classification for Life Insurance)

Key Players & Entities

• REINSURANCE GROUP OF AMERICA INC (company) — Filer name
• RGA (company) — Ticker symbol reference
• RZC (company) — Ticker symbol reference
• MO (company) — State of incorporation
• 10-Q (regulator) — Form type
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• USD (dollar_amount) — Currency

FAQ

Industry Context

Reinsurance Group of America, Inc. operates within the life insurance sector, providing reinsurance solutions to insurance companies.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the full 10-Q document for detailed financial statements and management discussion.
2. Compare Q1 2024 results with previous periods to identify trends in revenue, profitability, and capital adequacy.
3. Review any disclosures related to risk factors or legal proceedings that may impact the company's operations.

Key Dates

• 2024-03-31: End of Reporting Period — Marks the end of the fiscal quarter for which financial statements are provided.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is a standard quarterly report (10-Q) and does not inherently indicate a change from the previous filing's status without comparative data.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 RGA New York Stock Exchange 5.75% Fixe

Filing Documents

• rga-20240331.htm (10-Q) — 4866KB
• ex101202410-q.htm (EX-10.1) — 56KB
• ex102202410-q.htm (EX-10.2) — 50KB
• ex103202410-q.htm (EX-10.3) — 44KB
• ex3112024q110-q.htm (EX-31.1) — 10KB
• ex3122024q110-q.htm (EX-31.2) — 10KB
• ex3212024q110-q.htm (EX-32.1) — 6KB
• ex3222024q110-q.htm (EX-32.2) — 6KB
• 0000898174-24-000097.txt (&nbsp;) — 25191KB
• rga-20240331.xsd (EX-101.SCH) — 94KB
• rga-20240331_cal.xml (EX-101.CAL) — 86KB
• rga-20240331_def.xml (EX-101.DEF) — 647KB
• rga-20240331_lab.xml (EX-101.LAB) — 1151KB
• rga-20240331_pre.xml (EX-101.PRE) — 917KB
• rga-20240331_htm.xml (XML) — 6737KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Financial Statements (Unaudited) as of March 31, 2024 and December 31, 2023 and for the Three Months Ended March 31, 2024 and 2023 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1 Business and Basis of Presentation 8 Note 2 Earnings Per Share 8 Note 3 Equity 8 Note 4 Future Policy Benefits 11 Note 5 Policyholder Account Balances 18 Note 6 Unpaid Claims and Claim Expense – Short-Duration Contracts 20 Note 7 Market Risk Benefits 21 Note 8 Deferred Policy Acquisition Costs 22 Note 9 Reinsurance 23 Note 10 Investments 24 Note 11 Derivative Instruments 33 Note 12 Fair Value of Assets and Liabilities 37 Note 13 Income Tax 43 Note 14 Employee Benefit Plans 44 Note 15 Commitments, Contingencies and Guarantees 44 Note 16 Segment Information 45 Note 17 New Accounting Standards 47 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 48 3 Quantitative and Qualitative Disclosure About Market Risk 74 4 Controls and Procedures 74

– OTHER INFORMATION

PART II – OTHER INFORMATION 1 Legal Proceedings 75 1A Risk Factors 75 2 Unregistered Sales of Equity Securities and Use of Proceeds 75 5 Other Information 75 6 Exhibits 75 Index to Exhibits 76 Glossary of Selected Terms 77

Signatures

Signatures 81 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share data) (Unaudited) March 31, 2024 December 31, 2023 Assets Fixed maturity securities available-for-sale, at fair value (amortized cost of $ 70,790 and $ 64,977 ; allowance for credit losses of $ 95 and $ 75 ) $ 65,827 $ 60,467 Equity securities, at fair value 144 139 Mortgage loans (net of allowance for credit losses of $ 77 and $ 67 ) 7,539 7,377 Policy loans 1,198 1,206 Funds withheld at interest 5,642 5,683 Limited partnerships and real estate joint ventures 2,697 2,635 Short-term investments 327 222 Other invested assets 1,140 1,171 Total investments 84,514 78,900 Cash and cash equivalents 5,935 2,970 Accrued investment income 808 759 Premiums receivable and other reinsurance balances 3,342 3,528 Reinsurance ceded receivables and other 5,265 5,448 Deferred policy acquisition costs 4,673 4,617 Other assets 1,463 1,401 Total assets $ 106,000 $ 97,623 Liabilities and equity Future policy benefits $ 47,067 $ 41,231 Interest-sensitive contract liabilities 31,319 30,273 Market risk benefits, at fair value 228 258 Other policy claims and benefits 2,753 2,730 Other reinsurance balances 874 1,103 Deferred income taxes 1,897 1,862 Funds withheld payable 4,409 4,483 Other liabilities 3,468 2,085 Long-term debt 4,427 4,427 Total liabilities 96,442 88,452 Commitments and contingent liabilities (See Note 15) Equity Preferred stock – par value $ 0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding — — Common stock – par value $ 0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at March 31, 2024 and December 31, 2023 1 1 Additional paid-in-capital 2,549 2,544 Retained earnings 8,934 8,805 Treasury stock, at cost – 19,522,343 and 19,689,885 shares ( 1,891 ) ( 1,900 ) Accumulated other comprehensive income (loss) ( 125 ) ( 369 )

Business

Business Reinsurance Group of America, Incorporated ("RGA") is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the "Company") is engaged in providing traditional reinsurance, which includes individual and group life and health, disability and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products (primarily annuities), financial reinsurance, capital solutions and stable value products. Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's 2023 Annual Report on Form 10-K filed with the SEC on February 24, 2024 (the "2023 Annual Report"). In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation, have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Consolidation These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting. NOTE 2 EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share on net

View Full Filing

View this 10-Q filing on SEC EDGAR