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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
 OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-11848
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact name of Registrant as specified in its charter)
Missouri  43-1627032
(State or other jurisdiction                    (IRS employer
of incorporation or organization)    identification number)
16600 Swingley Ridge Road
Chesterfield, Missouri 63017
(Address of principal executive offices)
(636) 736-7000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes   No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x     Accelerated filer o     Non-accelerated filer o     
Smaller reporting company      Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes   No
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01RGANew York Stock Exchange
6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042RZANew York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056RZBNew York Stock Exchange
As of April 30, 2022, 66,989,863 shares of the registrant’s common stock were outstanding.


REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
TABLE OF CONTENTS
 
Item     Page
  PART I – FINANCIAL INFORMATION  
1    
    
    
    
    
    
     3. Equity
     4. Investments
     9. Income Tax
     11. Reinsurance
2    
3    
4    
  PART II – OTHER INFORMATION  
1    
1A    
2    
6    
    
    

2

PART I - FINANCIAL INFORMATION


REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
(Unaudited)
March 31,
2022
December 31,
2021
 
Assets
Fixed maturity securities available-for-sale, at fair value (amortized cost of $57,849 and $55,873; allowance for credit losses of $42 and $31)
$57,922 $60,749 
Equity securities, at fair value139 151 
Mortgage loans on real estate (net of allowance for credit losses of $37 and $35)
6,535 6,283 
Policy loans1,221 1,234 
Funds withheld at interest6,737 6,954 
Short-term investments315 87 
Other invested assets3,033 3,070 
Total investments75,902 78,528 
Cash and cash equivalents2,709 2,948 
Accrued investment income578 533 
Premiums receivable and other reinsurance balances2,883 2,888 
Reinsurance ceded receivables2,595 2,580 
Deferred policy acquisition costs3,797 3,690 
Other assets1,297 1,008 
Total assets$89,761 $92,175 
Liabilities and Equity
Future policy benefits$35,946 $35,782 
Interest-sensitive contract liabilities28,083 26,377 
Other policy claims and benefits7,079 6,993 
Other reinsurance balances582 613 
Deferred income taxes1,843 2,886 
Other liabilities3,123 2,663 
Long-term debt3,667 3,667 
Collateral finance and securitization notes166 180 
Total liabilities80,489 79,161 
Commitments and contingent liabilities (See Note 8)
 Equity:
Preferred stock – par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding
  
Common stock – par value $.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at March 31, 2022 and December 31, 2021
1 1 
Additional paid-in-capital2,465 2,461 
Retained earnings8,446 8,563 
Treasury stock, at cost – 18,322,345 and 18,139,868 shares
(1,675)(1,653)
Accumulated other comprehensive income (loss)(55)3,642 
Total Reinsurance Group of America, Inc. stockholders’ equity9,182 13,014 
Noncontrolling interest90  
Total equity9,272 13,014 
Total liabilities and equity$89,761 $92,175 
See accompanying notes to condensed consolidated financial statements (unaudited).
3

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)
 
 Three months ended March 31,
 20222021
Revenues:
Net premiums$3,155 $2,914 
Net investment income810 812 
Investment related gains (losses), net(126)302 
Other revenues91 91 
Total revenues3,930 4,119 
Benefits and Expenses:
Claims and other policy benefits3,225 3,192 
Interest credited141 146 
Policy acquisition costs and other insurance expenses355 333 
Other operating expenses226 214 
Interest expense42 45 
Collateral finance and securitization expense1 3 
Total benefits and expenses3,990 3,933 
 Income (loss) before income taxes
(60)186 
Provision for income taxes3 47 
Net income (loss)$(63)$139 
Earnings per share:
Basic earnings per share$(0.93)$2.04 
Diluted earnings per share$(0.93)$2.03 
See accompanying notes to condensed consolidated financial statements (unaudited).
4

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
 
 Three months ended March 31,
 20222021
Comprehensive income (loss)
Net income (loss)$(63)$139 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments13 30 
Net unrealized investment gains (losses)(3,710)(2,387)
Defined benefit pension and postretirement plan adjustments  
Total other comprehensive income (loss), net of tax(3,697)(2,357)
Total comprehensive income (loss)$(3,760)$(2,218)
See accompanying notes to condensed consolidated financial statements (unaudited).
5

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions except per share amounts)
(Unaudited)
 

Reinsurance Group of America, Inc. Stockholders’ Equity
Common
Stock
Additional Paid In CapitalRetained
Earnings
Treasury
Stock
Accumulated Other Comprehensive Income (Loss)Total RGA, Inc. Stockholders’ EquityNoncontrolling InterestTotal Equity
Balance, December 31, 2021$1 $2,461 $8,563 $(1,653)$3,642 $13,014 $ $13,014 
Issuance of preferred interests by subsidiary— 90 90 
Net income(63)(63)(63)
Total other comprehensive income (loss)(3,697)(3,697)(3,697)
Dividends to stockholders, $0.73 per share
(49)(49)(49)
Purchase of treasury stock(27)(27)(27)
Reissuance of treasury stock4 (5)5 4 4 
Balance, March 31, 2022$1 $2,465 $8,446 $(1,675)$(55)$9,182 $90 $9,272 

Reinsurance Group of America, Inc. Stockholders’ Equity
Common
Stock
Additional Paid In CapitalRetained
Earnings
Treasury
Stock
Accumulated Other Comprehensive Income (Loss)Total RGA, Inc. Stockholders’ EquityNoncontrolling InterestTotal Equity
Balance, December 31, 2020$1 $2,406 $8,148 $(1,562)$5,359 $14,352 $ $14,352 
Issuance of preferred interests by subsidiary  
Net income139 139 139 
Total other comprehensive income (loss)(2,357)(2,357)(2,357)
Dividends to stockholders, $0.70 per share
(48)(48)(48)
Purchase of treasury stock(1)(1)(1)
Reissuance of treasury stock5 (4)4 5 5 
Balance, March 31, 2021$1 $2,411 $8,235 $(1,559)$3,002 $12,090 $ $12,090 

See accompanying notes to condensed consolidated financial statements (unaudited).


6

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)

 Three months ended March 31,
20222021
 
Net cash provided by operating activities163 2,366 
Cash Flows from Investing Activities:
Sales of fixed maturity securities available-for-sale2,608 2,738 
Maturities of fixed maturity securities available-for-sale228 216 
Sales of equity securities4 1 
Principal payments on mortgage loans on real estate188