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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 class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.01 | | RGA | | New York Stock Exchange |
6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 | | RZA | | New York Stock Exchange |
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 | | RZB | | New 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
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Item | | | | Page |
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| | PART I – FINANCIAL INFORMATION | | |
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1 | | | | |
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2 | | | | |
3 | | | | |
4 | | | | |
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| | PART II – OTHER INFORMATION | | |
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1 | | | | |
1A | | | | |
2 | | | | |
6 | | | | |
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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 value | | 139 | | | 151 | |
Mortgage loans on real estate (net of allowance for credit losses of $37 and $35) | | 6,535 | | | 6,283 | |
Policy loans | | 1,221 | | | 1,234 | |
Funds withheld at interest | | 6,737 | | | 6,954 | |
Short-term investments | | 315 | | | 87 | |
Other invested assets | | 3,033 | | | 3,070 | |
Total investments | | 75,902 | | | 78,528 | |
Cash and cash equivalents | | 2,709 | | | 2,948 | |
Accrued investment income | | 578 | | | 533 | |
Premiums receivable and other reinsurance balances | | 2,883 | | | 2,888 | |
Reinsurance ceded receivables | | 2,595 | | | 2,580 | |
Deferred policy acquisition costs | | 3,797 | | | 3,690 | |
Other assets | | 1,297 | | | 1,008 | |
Total assets | | $ | 89,761 | | | $ | 92,175 | |
Liabilities and Equity | | | | |
Future policy benefits | | $ | 35,946 | | | $ | 35,782 | |
Interest-sensitive contract liabilities | | 28,083 | | | 26,377 | |
Other policy claims and benefits | | 7,079 | | | 6,993 | |
Other reinsurance balances | | 582 | | | 613 | |
Deferred income taxes | | 1,843 | | | 2,886 | |
Other liabilities | | 3,123 | | | 2,663 | |
| | | | |
Long-term debt | | 3,667 | | | 3,667 | |
Collateral finance and securitization notes | | 166 | | | 180 | |
Total liabilities | | 80,489 | | | 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-capital | | 2,465 | | | 2,461 | |
Retained earnings | | 8,446 | | | 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’ equity | | 9,182 | | | 13,014 | |
Noncontrolling interest | | 90 | | | — | |
Total equity | | 9,272 | | | 13,014 | |
Total liabilities and equity | | $ | 89,761 | | | $ | 92,175 | |
See accompanying notes to condensed consolidated financial statements (unaudited).
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)
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| | | | Three months ended March 31, |
| | | | | | 2022 | | 2021 |
Revenues: | | | | | | |
Net premiums | | | | | | $ | 3,155 | | | $ | 2,914 | |
Net investment income | | | | | | 810 | | | 812 | |
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Investment related gains (losses), net | | | | | | (126) | | | 302 | |
Other revenues | | | | | | 91 | | | 91 | |
Total revenues | | | | | | 3,930 | | | 4,119 | |
Benefits and Expenses: | | | | | | | | |
Claims and other policy benefits | | | | | | 3,225 | | | 3,192 | |
Interest credited | | | | | | 141 | | | 146 | |
Policy acquisition costs and other insurance expenses | | | | | | 355 | | | 333 | |
Other operating expenses | | | | | | 226 | | | 214 | |
Interest expense | | | | | | 42 | | | 45 | |
Collateral finance and securitization expense | | | | | | 1 | | | 3 | |
Total benefits and expenses | | | | | | 3,990 | | | 3,933 | |
Income (loss) before income taxes | | | | | | (60) | | | 186 | |
Provision for income taxes | | | | | | 3 | | | 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).
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | Three months ended March 31, |
| | | | | | 2022 | | 2021 |
Comprehensive income (loss) | | | | | | |
Net income (loss) | | | | | | $ | (63) | | | $ | 139 | |
Other comprehensive income (loss), net of tax: | | | | | | | | |
Foreign currency translation adjustments | | | | | | 13 | | | 30 | |
Net unrealized investment gains (losses) | | | | | | (3,710) | | | (2,387) | |
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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).
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions except per share amounts)
(Unaudited)
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| Reinsurance Group of America, Inc. Stockholders’ Equity | | | | |
| Common Stock | | | | Additional Paid In Capital | | Retained Earnings | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Total RGA, Inc. Stockholders’ Equity | | Noncontrolling Interest | | Total 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 stock | | | | | 4 | | | (5) | | | 5 | | | | | 4 | | | | | 4 | |
Balance, March 31, 2022 | $ | 1 | | | | | $ | 2,465 | | | $ | 8,446 | | | $ | (1,675) | | | $ | (55) | | | $ | 9,182 | | | $ | 90 | | | $ | 9,272 | |
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| Reinsurance Group of America, Inc. Stockholders’ Equity | | | | |
| Common Stock | | | | Additional Paid In Capital | | Retained Earnings | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Total RGA, Inc. Stockholders’ Equity | | Noncontrolling Interest | | Total 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 income | | | | | | | 139 | | | | | | | 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 stock | | | | | 5 | | | (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).
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
| | | | | | | | | | | | | | |
| | Three months ended March 31, |
| | 2022 | | 2021 |
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Net cash provided by operating activities | | 163 | | | 2,366 | |
Cash Flows from Investing Activities: | | | | |
Sales of fixed maturity securities available-for-sale | | 2,608 | | | 2,738 | |
Maturities of fixed maturity securities available-for-sale | | 228 | | | 216 | |
Sales of equity securities | | 4 | | | 1 | |
Principal payments on mortgage loans on real estate | | 188 | | | |