REINSURANCE GROUP OF AMERICA INC [RGA] Filings

10-Q 1 rga-20240930.htm 10-Q rga-20240930

Table of Contents

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 September 30, 2024

☐ 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 x 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

5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056

RZB

New York Stock Exchange

7.125% Fixed Rate Subordinated Debentures due 2052

RZC

New York Stock Exchange

As of October 22, 2024, 65,864,330 shares of the registrant’s common stock were outstanding.

Table of Contents

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

TABLE OF CONTENTS


Item		Page

	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

	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	86

Table of Contents

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		(369)
Total RGA, Inc. shareholders’ equity	11,127		9,081
Noncontrolling interest	90		90
Total equity	11,217		9,171
Total liabilities and shareholders’ equity	$<

REINSURANCE GROUP OF AMERICA INC [RGA] Filings
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REINSURANCE GROUP OF AMERICA INC [RGA] Filings

REINSURANCE GROUP OF AMERICA INC [RZB] Filings

REINSURANCE GROUP OF AMERICA INC [RZC] Filings