RGA Files Q3 2024 10-Q: Financials and Operations Update

TL;DR

RGA's Q3 2024 10-Q is in: financials updated, operations detailed. Check it out.

AI Summary

Reinsurance Group of America, Inc. (RGA) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segments are presented, reflecting RGA's ongoing operations in the life reinsurance market.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Reinsurance Group of America, Inc., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new or elevated risks.

Key Numbers

• 2024-09-30 — Period End Date (Indicates the end of the reporting quarter.)
• 2024-11-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• REINSURANCE GROUP OF AMERICA INC (company) — Filer
• 0000898174 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241101 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• rga-20240930.htm (10-Q) — 6066KB
• ex3112024q310-q.htm (EX-31.1) — 10KB
• ex3122024q310-q.htm (EX-31.2) — 10KB
• ex3212024q310-q.htm (EX-32.1) — 6KB
• ex3222024q310-q.htm (EX-32.2) — 6KB
• 0000898174-24-000140.txt ( ) — 29032KB
• rga-20240930.xsd (EX-101.SCH) — 98KB
• rga-20240930_cal.xml (EX-101.CAL) — 88KB
• rga-20240930_def.xml (EX-101.DEF) — 697KB
• rga-20240930_lab.xml (EX-101.LAB) — 1192KB
• rga-20240930_pre.xml (EX-101.PRE) — 959KB
• rga-20240930_htm.xml (XML) — 8131KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Financial Statements (Unaudited) as of September 30, 2024 and December 31, 2023 and for the Three and Nine Months Ended September 30, 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 10 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 32 Note 12 Fair Value of Assets and Liabilities 39 Note 13 Income Tax 47 Note 14 Employee Benefit Plans 48 Note 15 Commitments, Contingencies and Guarantees 48 Note 16 Segment Information 50 Note 17 Financing Activities 51 Note 18 New Accounting Standards 51 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 52 3 Quantitative and Qualitative Disclosure About Market Risk 79 4 Controls and Procedures 79

– OTHER INFORMATION

PART II – OTHER INFORMATION 1 Legal Proceedings 80 1A Risk Factors 80 2 Unregistered Sales of Equity Securities and Use of Proceeds 80 5 Other Information 80 6 Exhibits 80 Index to Exhibits 81 Glossary of Selected Terms 82

Signatures

Signatures 86 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) September 30, 2024 December 31, 2023 Assets Fixed maturity securities available-for-sale, at fair value (amortized cost of $ 81,606 and $ 64,977 ; allowance for credit losses of $ 120 and $ 75 ) $ 78,149 $ 60,467 Equity securities, at fair value 155 139 Mortgage loans (net of allowance for credit losses of $ 87 and $ 67 ) 8,388 7,377 Policy loans 1,285 1,206 Funds withheld at interest 5,545 5,683 Limited partnerships and real estate joint ventures 2,972 2,635 Short-term investments 381 222 Other invested assets 1,361 1,171 Total investments 98,236 78,900 Cash and cash equivalents 5,195 2,970 Accrued investment income 995 759 Premiums receivable and other reinsurance balances 3,738 3,528 Reinsurance ceded receivables and other 5,438 5,448 Deferred policy acquisition costs 5,477 4,617 Other assets 1,179 1,401 Total assets $ 120,258 $ 97,623 Liabilities and equity Future policy benefits $ 55,933 $ 41,231 Interest-sensitive contract liabilities 34,357 30,273 Market risk benefits, at fair value 247 258 Other policy claims and benefits 2,875 2,730 Other reinsurance balances 955 1,103 Deferred income taxes 2,059 1,862 Funds withheld payable 4,809 4,483 Other liabilities 2,739 2,085 Long-term debt 5,067 4,427 Total liabilities 109,041 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 September 30, 2024 and December 31, 2023 1 1 Additional paid-in-capital 2,577 2,544 Retained earnings 9,166 8,805 Treasury stock, at cost – 19,446,714 and 19,689,885 shares ( 1,889 ) ( 1,900 ) Accumulated other comprehensive income (loss) 1,272 (

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 26, 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 in

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View this 10-Q filing on SEC EDGAR