Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 5, 2020
 REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

Missouri
 
1-11848
 
43-1627032
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification Number)
16600 Swingley Ridge Road, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636736-7000
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
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. 





Item 2.02
Results of Operations and Financial Condition.
On November 5, 2020, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended September 30, 2020, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended September 30, 2020, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on November 6, 2020 to discuss the financial and operating results for the three-month period ended September 30, 2020 (the "Earnings Call").

Item 7.01
Regulation FD Disclosure.
In connection with the Earnings Call, the Company has prepared a presentation, dated November 5, 2020 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.
The information set forth in this Current Report on Form 8-K, including the Press Release, Quarterly Financial Supplement and Earnings Presentation, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

Item 9.01
Financial Statements and Exhibits
(d) Exhibits.
 
 
 
 
Exhibit No.
  
Exhibit
  
 
 
  
 
 
 
  
 
 
 
104
 
Cover Page Interactive Data File (formatted as Inline XBRL)








SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
REINSURANCE GROUP OF AMERICA, INCORPORATED
 
 
 
 
Date: November 5, 2020
 
 
By:
 
  /s/ Todd C. Larson
 
 
 
 
 
Todd C. Larson
 
 
 
 
 
Senior Executive Vice President and Chief Financial Officer





Exhibit
Exhibit 99.1


 PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS THIRD QUARTER RESULTS
 
Net income of $3.12 per diluted share
Adjusted operating income* of $3.51 per diluted share
ROE 4.5% and adjusted operating ROE* 7.4% for the trailing twelve months
Global COVID-19 claim costs estimated to be $140 million

ST. LOUIS, November 5, 2020 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported third quarter net income of $213 million, or $3.12 per diluted share, compared with $263 million, or $4.12 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $239 million, or $3.51 per diluted share, compared with $256 million, or $4.02 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.08 per diluted share on net income and adjusted operating income as compared with the prior year.

 
 
Quarterly Results
 
Year-to-Date Results
($ in millions, except per share data)
 
2020
 
2019
 
2020
 
2019
Net premiums
 
$
2,825

 
$
2,809

 
$
8,434

 
$
8,311

Net income
 
213

 
263

 
283

 
635

Net income per diluted share
 
3.12

 
4.12

 
4.36

 
9.93

Adjusted operating income*
 
239

 
256

 
415

 
634

Adjusted operating income per diluted share*
 
3.51

 
4.02

 
6.39

 
9.92

Book value per share
 
194.49

 
184.06

 
 
 
 
Book value per share, excluding accumulated other comprehensive income (AOCI)*
 
131.36

 
132.02

 
 
 
 
Total assets
 
82,127

 
75,774

 
 
 
 
*
See ‘Use of Non-GAAP Financial Measures’ below

In the third quarter, consolidated net premiums totaled $2.8 billion, an increase of 1% over last year’s third quarter, with a favorable net foreign currency effect of $11 million. Compared with the year-ago period, excluding spread-based businesses and the value of associated derivatives, investment income decreased 16%, and the average investment yield decreased from 4.83% in the prior year to 3.66% due to lower variable investment income and an increase in cash and cash equivalents.

The effective tax rate this quarter was 25.5% on pre-tax income. The effective tax rate was 20.4% on pre-tax adjusted operating income for the quarter, below the expected range of 23% to 24% due to the release of valuation allowances, bases differences in foreign jurisdictions and favorable adjustments from tax returns filed.

Anna Manning, President and Chief Executive Officer, commented, “We are very pleased with our third quarter results and we continue to be proud of the resilience of our business in this challenging
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environment. While we experienced a material level of COVID-19 claims, the impact was manageable, and many of our segments reported strong results. Excluding COVID-19 claim costs, our U.S. individual mortality performance was very favorable in the quarter driven by positive large claims volatility.

“Estimated COVID-19 individual mortality claim costs in the U.S. were $100 million, at the low end of our range, while COVID-19 claim costs elsewhere totaled $40 million. This was partially offset by an estimated $30 million of favorable longevity experience, which is believed to be COVID-19 related.
 
“Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.5 billion. While there remains uncertainty as to the ongoing and ultimate impact of COVID-19 on our business, we believe that our strong financial condition and global business platform position us to successfully manage through this period.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax income of $14 million, compared with $113 million in the third quarter of 2019. Pre-tax adjusted operating income totaled $22 million, compared with $123 million the year before. Results reflected estimated individual mortality COVID-19 claim costs of $100 million, very favorable large claims experience partially offset by elevated frequency of non-large claims, as well as lower variable investment income.

Traditional net premiums increased 1% from last year’s third quarter to $1,420 million.

Financial Solutions

The Asset-Intensive business reported pre-tax income of $50 million, compared with pre-tax income of $100 million last year. Third quarter pre-tax adjusted operating income totaled $77 million, compared with $65 million a year ago. The current-year period results reflected favorable investment spreads and equity markets.

The Capital Solutions business reported pre-tax income and pre-tax adjusted operating income of $24 million, an increase from $19 million the year before due to new business.

Canada

Traditional

The Canada Traditional segment reported pre-tax income of $30 million, compared with $43 million the year before. Pre-tax adjusted operating income totaled $29 million, compared with $44 million a year ago. The current period reflected modestly unfavorable claims experience, primarily due to the impact from COVID-19, while the year-ago period reflected favorable individual mortality experience. Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.
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Reported net premiums totaled $254 million for the quarter, a 6% decrease from the year-ago period due to the non-recurrence of a one-time premium on an existing treaty in 2019. Foreign currency exchange rates adversely affected net premiums by $2 million.

Financial Solutions

The Canada Financial Solutions business segment, which consists of longevity and fee-based transactions, reported third quarter pre-tax income and pre-tax adjusted operating income of $6 million, up $3 million from a year ago due to more favorable longevity experience and increased fees. Net foreign currency fluctuations had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax income and pre-tax adjusted operating income of $7 million, compared with $25 million the year before. Results reflected unfavorable mortality experience, driven by COVID-19 claims. Net foreign currency fluctuations had a favorable effect of $2 million on pre-tax income and pre-tax adjusted operating income.

Reported net premiums increased 3%, up from last year's third quarter to $371 million. Foreign currency exchange rates favorably affected net premiums by $6 million.

Financial Solutions

The EMEA Financial Solutions business segment, which consists of longevity, asset-intensive and fee-based transactions, reported third quarter pre-tax income of $92 million, compared with $61 million in the year-ago period. Pre-tax adjusted operating income totaled $86 million, compared with $59 million in the year-ago period. Both periods were above expectations, with the current quarter reflecting favorable longevity experience, the majority of which is believed to be COVID-19 related. Net foreign currency fluctuations had a favorable effect of $4 million on pre-tax income and pre-tax adjusted operating income.

Asia Pacific

Traditional

The Asia Pacific Traditional segments pre-tax income and pre-tax adjusted operating income totaled $78 million, compared with $22 million in the prior-year period. The current-period results in Asia reflected very favorable overall experience, and Australia had a modest profit. Net foreign currency fluctuations had a favorable effect of $1 million on pre-tax income and pre-tax adjusted operating income.

Reported net premiums totaled $653 million, down slightly from the prior-year period. Foreign currency exchange rates had a favorable effect of $6 million on net premiums.

Financial Solutions

The Asia Pacific Financial Solutions business segment, which consists of asset-intensive and fee-based
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transactions, reported third quarter pre-tax income of $10 million, compared with $2 million in the prior-
year period. Pre-tax adjusted operating income totaled $9 million, compared with $5 million the year before, attributable to growth of existing business in Asia. Net foreign currency fluctuations had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

Reported net premiums totaled $35 million, up 17% from the year-ago period, due to the addition of new business over the last year. Foreign currency exchange rates had an immaterial effect on net premiums.

Corporate and Other

The Corporate and Other segment’s pre-tax losses for the third quarter totaled $26 million, compared with pre-tax losses of $41 million the year before. Pre-tax adjusted operating losses totaled $37 million, compared with pre-tax adjusted operating losses of $30 million in the prior-year period. The current-period loss was more than the average expected run rate, primarily due to lower variable investment income, and an increase in interest expense due to the June 2020 senior debt issuance.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.70, payable December 3 to shareholders of record as of November 17.

Earnings Conference Call

A conference call to discuss third quarter results will begin at 10 a.m. Eastern Time on Friday, November 6. Interested parties may access the call by dialing 800-458-4121 (domestic) or 323-794-2093 (international). The access code is 5309099. A live audio webcast of the conference call will be available
on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

The Company has posted to its website an earnings presentation and a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-
tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s
continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and
interest rate environment, and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that

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management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income.

Book value per share excluding the impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

Adjusted operating income per diluted share is a non-GAAP financial measure calculated as adjusted operating income divided by weighted average diluted shares outstanding. Adjusted operating return on equity is a non-GAAP financial measure calculated as adjusted operating income divided by average stockholders’ equity excluding AOCI. Similar to adjusted operating income, management believes these non-GAAP financial measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations, they also serve as a basis for establishing target levels and awards under RGA’s management incentive programs.

Reconciliations from GAAP net income, book value per share, net income per diluted share and average stockholders’ equity are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at www.rgare.com in the “Financial Information” section.

About RGA
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.4 trillion of life reinsurance in force and assets of $82.1 billion as of September 30, 2020. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the Company’s website at www.rgare.com.

Cautionary Note Regarding Forward-Looking Statements
 
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
The effects of the COVID-19 pandemic and the response thereto on economic conditions, the financial markets and insurance risks, and the resulting effects on the Company’s financial results, liquidity, capital resources, financial metrics, investment portfolio and stock price, could cause actual results and events to
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differ materially from those expressed or implied by forward-looking statements. Further, any estimates, projections, illustrative scenarios or frameworks used to plan for potential effects of the pandemic are dependent on numerous underlying assumptions and estimates that may not materialize. Additionally, numerous other important factors (whether related to, resulting from or exacerbated by the COVID-19 pandemic or otherwise) could also cause results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: (1) adverse changes in mortality, morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse litigation or arbitration results, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, (28) the effects of the Tax Cuts and Jobs Act of 2017 may be different than expected and (29) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which
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they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A - “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.

Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-2068
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Adjusted Operating Income
(Dollars in millions, except per share data)

(Unaudited)
Three Months Ended September 30,
 
2020
 
2019
 
 
 
Diluted Earnings Per Share
 
 
 
Diluted Earnings Per Share
Net income (loss)
$
213

 
$
3.12

 
$
263

 
$
4.12

Reconciliation to adjusted operating income:
 
 
 
 
 
 
 
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net
13

 
0.20

 
(61
)
 
(0.95
)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses
(1
)
 
(0.01
)
 

 

Embedded derivatives:
 
 
 
 
 
 
 
Included in investment related gains/losses, net
(69
)
 
(1.01
)
 
26

 
0.41

Included in interest credited
5

 
0.07

 
28

 
0.44

DAC offset, net
62

 
0.91

 
(10
)
 
(0.16
)
Investment (income) loss on unit-linked variable annuities
1

 
0.01

 
(9
)
 
(0.14
)
Interest credited on unit-linked variable annuities
(1
)
 
(0.01
)
 
9

 
0.14

Interest expense on uncertain tax positions
1

 
0.01

 
7

 
0.11

Non-investment derivatives and other
1

 
0.01

 

 

Uncertain tax positions and other tax related items
14

 
0.21

 
3

 
0.05

Adjusted operating income
$
239

 
$
3.51

 
$
256

 
$
4.02


 
 
 
 
 
 
 
 
(Unaudited)
Nine Months Ended September 30,
 
2020
 
2019
 
 
 
Diluted Earnings Per Share
 
 
 
Diluted Earnings Per Share
Net income
$
283

 
$
4.36

 
$
635

 
$
9.93

Reconciliation to adjusted operating income:
 
 
 
 
 
 
 
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net
(15
)
 
(0.24
)
 
(68
)
 
(1.06
)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses
(5
)
 
(0.08
)
 
4

 
0.06

Embedded derivatives:
 
 
 
 
 
 
 
Included in investment related gains/losses, net
129

 
1.99

 
24

 
0.38

Included in interest credited
20

 
0.31

 
44

 
0.69

DAC offset, net
(23
)
 
(0.35
)
 
(22
)
 
(0.34
)
Investment (income) loss on unit-linked variable annuities
2

 
0.03

 
(21
)
 
(0.33
)
Interest credited on unit-linked variable annuities
(2
)
 
(0.03
)
 
21

 
0.33

Interest expense on uncertain tax positions
7

 
0.11

 
11

 
0.17

Non-investment derivatives and other
2

 
0.03

 

 

Uncertain tax positions and other tax related items
17

 
0.26

 
6

 
0.09

Adjusted operating income
$
415

 
$
6.39

 
$
634

 
$
9.92

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Effective Income Tax Rates
(Dollars in thousands)

(Unaudited)
Three Months Ended September 30, 2020
 
Pre-tax Income (loss)
 
Income Taxes
 
Effective Tax Rate
GAAP income (loss)
$
285,408

 
$
72,798

 
25.5
%
Reconciliation to adjusted operating income:
 
 
 
 
 
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net
16,579

 
3,365

 
 
Capital (gains) losses on funds withheld, included in investment income, net of related expenses
(1,095
)
 
(230
)
 
 
Embedded derivatives:
 
 
 
 
 
Included in investment related gains/losses, net
(87,393
)
 
(18,352
)
 
 
Included in interest credited
5,558

 
1,167

 
 
DAC offset, net
79,610

 
16,718

 
 
Investment (income) loss on unit-linked variable annuities
608

 
127

 
 
Interest credited on unit-linked variable annuities
(608
)
 
(127
)
 
 
Interest expense on uncertain tax positions
1,329

 
279

 
 
Non-investment derivatives and other
452

 
95

 
 
Uncertain tax positions and other tax related items

 
(14,563
)
 
 
Adjusted operating income
$
300,448

 
$
61,277

 
20.4
%
Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income
(Dollars in millions)
 
(Unaudited)
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2020
 
2019
 
2020
 
2019
Income (loss) before income taxes
$
285

 
$
347

 
$
384

 
$
824

Reconciliation to pre-tax adjusted operating income:
 
 
 
 
 
 
 
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net
17

 
(77
)
 
(20
)
 
(86
)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses
(1
)
 

 
(6
)
 
5

Embedded derivatives:
 
 
 
 
 
 
 
Included in investment related gains/losses, net
(87
)
 
33

 
163

 
30

Included in interest credited
6

 
36

 
25

 
56

DAC offset, net
79

 
(13
)
 
(29
)
 
(28
)
Investment (income) loss on unit-linked variable annuities
1

 
(12
)
 
2

 
(27
)
Interest credited on unit-linked variable annuities
(1
)
 
12

 
(2
)
 
27

Interest expense on uncertain tax positions
1

 
9

 
9

 
14

Non-investment derivatives and other
1

 

 
2

 

Pre-tax adjusted operating income
$
301

 
$
335

 
$
528

 
$
815

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income
(Dollars in millions)

(Unaudited)
Three Months Ended September 30, 2020
 
Pre-tax income (loss)
 
Capital
(gains) losses,
derivatives
and other, net
 
Change in
value of
embedded
derivatives, net
 
Pre-tax adjusted operating
income (loss)
U.S. and Latin America:
 
 
 
 
 
 
 
Traditional
$
14

 
$

 
$
8

 
$
22

Financial Solutions:
 
 
 
 
 
 
 
Asset-Intensive
50

 
48

(1) 
(21
)
(2) 
77

Capital Solutions
24

 

 

 
24

Total U.S. and Latin America
88

 
48

 
(13
)
 
123

Canada Traditional
30

 
(1
)
 

 
29

Canada Financial Solutions
6

 

 

 
6

Total Canada
36

 
(1
)
 

 
35

EMEA Traditional
7

 

 

 
7

EMEA Financial Solutions
92

 
(6
)
 

 
86

Total EMEA
99

 
(6
)
 

 
93

Asia Pacific Traditional
78

 

 

 
78

Asia Pacific Financial Solutions
10

 
(1
)
 

 
9

Total Asia Pacific
88

 
(1
)
 

 
87

Corporate and Other
(26
)
 
(11
)
 

 
(37
)
Consolidated
$
285

 
$
29

 
$
(13
)
 
$
301

(1)
Asset-Intensive is net of $11 DAC offset.
(2)
Asset-Intensive is net of $68 DAC offset.
(Unaudited)
Three Months Ended September 30, 2019
 
Pre-tax income (loss)
 
Capital
(gains) losses,
derivatives
and other, net
 
Change in
value of
embedded
derivatives, net
 
Pre-tax adjusted
operating
income (loss)
U.S. and Latin America:
 
 
 
 
 
 
 
Traditional
$
113

 
$

 
$
10

 
$
123

Financial Solutions:
 
 
 
 
 
 
 
Asset-Intensive
100

 
(104
)
(1) 
69

(2) 
65

Capital Solutions
19

 

 

 
19

Total U.S. and Latin America
232

 
(104
)
 
79

 
207

Canada Traditional
43

 
1

 

 
44

Canada Financial Solutions
3

 

 

 
3

Total Canada
46

 
1

 

 
47

EMEA Traditional
25

 

 

 
25

EMEA Financial Solutions
61

 
(2
)
 

 
59

Total EMEA
86

 
(2
)
 

 
84

Asia Pacific Traditional
22

 

 

 
22

Asia Pacific Financial Solutions
2

 
3

 

 
5

Total Asia Pacific
24

 
3

 

 
27

Corporate and Other
(41
)
 
11

 

 
(30
)
Consolidated
$
347

 
$
(91
)
 
$
79

 
$
335

(1)
Asset-Intensive is net of $(23) DAC offset.
(2)
Asset-Intensive is net of $10 DAC offset.

- more -






Add Ten
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income
(Dollars in millions)

(Unaudited)
Nine Months Ended September 30, 2020
 
Pre-tax income (loss)
 
Capital
(gains) losses,
derivatives
and other, net
 
Change in
value of
embedded
derivatives, net
 
Pre-tax adjusted operating
income (loss)
U.S. and Latin America:
 
 
 
 
 
 
 
Traditional
$
(206
)
 
$

 
$
8

 
$
(198
)
Financial Solutions:
 
 
 
 
 
 
 
Asset-Intensive
105

 
(61
)
(1) 
139

(2) 
183

Capital Solutions
71

 

 

 
71

Total U.S. and Latin America
(30
)
 
(61
)
 
147

 
56

Canada Traditional
97

 
8

 

 
105

Canada Financial Solutions
13

 

 

 
13

Total Canada
110

 
8

 

 
118

EMEA Traditional
40

 

 

 
40

EMEA Financial Solutions
220

 
(19
)
 

 
201

Total EMEA
260

 
(19
)
 

 
241

Asia Pacific Traditional
149

 

 

 
149

Asia Pacific Financial Solutions
11

 
20

 

 
31

Total Asia Pacific
160

 
20

 

 
180

Corporate and Other
(116
)
 
49

 

 
(67
)
Consolidated
$
384

 
$
(3
)
 
$
147

 
$
528

(1)
Asset-Intensive is net of $12 DAC offset.
(2)
Asset-Intensive is net of $(41) DAC offset.
(Unaudited)
Nine Months Ended September 30, 2019
 
Pre-tax income (loss)
 
Capital
(gains) losses,
derivatives
and other, net
 
Change in
value of
embedded
derivatives, net
 
Pre-tax adjusted
operating
income (loss)
U.S. and Latin America:
 
 
 
 
 
 
 
Traditional
$
180

 
$

 
$
20

 
$
200

Financial Solutions:
 
 
 
 
 
 
 
Asset-Intensive
237

 
(141
)
(1) 
98

(2) 
194

Capital Solutions
57

 

 

 
57

Total U.S. and Latin America
474

 
(141
)
 
118

 
451

Canada Traditional
140

 
(6
)
 

 
134

Canada Financial Solutions
8

 

 

 
8

Total Canada
148

 
(6
)
 

 
142

EMEA Traditional
57

 

 

 
57

EMEA Financial Solutions
151

 
(8
)
 

 
143

Total EMEA
208

 
(8
)
 

 
200

Asia Pacific Traditional
93

 

 

 
93

Asia Pacific Financial Solutions
10

 
2

 

 
12

Total Asia Pacific
103

 
2

 

 
105

Corporate and Other
(109
)
 
26

 

 
(83
)
Consolidated
$
824

 
$
(127
)
 
$
118

 
$
815

(1)
Asset-Intensive is net of $(60) DAC offset.
(2)
Asset-Intensive is net of $32 DAC offset.

- more -






Add Eleven
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In millions, except per share data)
 
(Unaudited)
Three Months Ended 
 September 30,
 
2020
 
2019
Earnings per share from net income:
 
 
 
Basic earnings per share
$
3.13

 
$
4.19

Diluted earnings per share
$
3.12

 
$
4.12

 
 
 
 
Diluted earnings per share from adjusted operating income
$
3.51

 
$
4.02

Weighted average number of common and common equivalent shares outstanding
68,170

 
63,789



(Unaudited)
At September 30,
 
2020
 
2019
Treasury shares
17,374

 
16,529

Common shares outstanding
67,937

 
62,609

Book value per share outstanding
$
194.49

 
$
184.06

Book value per share outstanding, before impact of AOCI
$
131.36

 
$
132.02



Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI

(Unaudited)
At September 30,
 
2020
 
2019
Book value per share outstanding
$
194.49

 
$
184.06

Less effect of AOCI:
 
 
 
Accumulated currency translation adjustments
(2.51
)
 
(2.51
)
Unrealized appreciation of securities
66.86

 
55.46

Pension and postretirement benefits
(1.22
)
 
(0.91
)
Book value per share outstanding, before impact of AOCI
$
131.36

 
$
132.02
















- more -






Add Twelve

Reconciliation of Stockholders' Average Equity to Stockholders' Average Equity Excluding AOCI
(Dollars in millions)
(Unaudited)
 
Trailing Twelve Months Ended September 30, 2020:
Average Equity
Stockholders' average equity
$
11,639

Less effect of AOCI:
 
Accumulated currency translation adjustments
(171
)
Unrealized appreciation of securities
3,366

Pension and postretirement benefits
(72
)
Stockholders' average equity, excluding AOCI
$
8,516


Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income and
Related Return on Equity
(Dollars in millions)
(Unaudited)
 
 
Return on Equity
Trailing Twelve Months Ended September 30, 2020:
Income
 
Net Income
$
518

 
4.5
%
Reconciliation to adjusted operating income:
 
 
 
Capital (gains) losses, derivatives and other, net
19

 
 
Change in fair value of embedded derivatives
104

 
 
Deferred acquisition cost offset, net
(26
)
 
 
Tax expense on uncertain tax positions
19

 
 
Adjusted operating income
$
634

 
7.4
%
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in millions)
(Unaudited)
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
Net premiums
$
2,825

 
$
2,809

 
$
8,434

 
$
8,311

Investment income, net of related expenses
654

 
679

 
1,893

 
1,843

Investment related gains (losses), net:
 
 
 
 
 
 
 
Other-than-temporary impairments on fixed maturity securities
13

 
(9
)
 
(21
)
 
(18
)
Other investment related gains (losses), net
53

 
58

 
(117
)
 
87

Total investment related gains (losses), net
66

 
49

 
(138
)
 
69

Other revenue
98

 
91

 
264

 
292

Total revenues
3,643

 
3,628

 
10,453

 
10,515

Benefits and expenses:
 
 
 
 
 
 
 
Claims and other policy benefits
2,530

 
2,470

 
7,894

 
7,494

Interest credited
196

 
226

 
529

 
517

Policy acquisition costs and other insurance expenses
374

 
322

 
912

 
894

Other operating expenses
211

 
210

 
594

 
634

Interest expense
43

 
46

 
126

 
129

Collateral finance and securitization expense
4

 
7

 
14

 
23

Total benefits and expenses
3,358

 
3,281

 
10,069

 
9,691

Income (loss) before income taxes
285

 
347

 
384

 
824

Provision for income taxes
72

 
84

 
101

 
189

Net income (loss)
$
213

 
$
263

 
$
283

 
$
635

# # #



Exhibit

Exhibit 99.2
 
Quarterly Financial Supplement
Third Quarter 2020
(Unaudited)
World Headquarters
  
Internet Address
 
Contacts
16600 Swingley Ridge Road
  
www.rgare.com
 
Todd C. Larson
Chesterfield, Missouri 63017 U.S.A.
  
 
 
Senior Executive Vice President
 
 
 
 
and Chief Financial Officer
 
 
 
 
Phone: (636) 736-7000
 
 
 
 
e-mail: tlarson@rgare.com
 
 
 
 
 
 
 
 
 
Jeff Hopson
 
 
 
 
Senior Vice President, Investor Relations
 
 
 
 
Phone: (636) 736-2068
 
 
 
 
e-mail: jhopson@rgare.com
 


Current Ratings
 
 
 
 
 
 
Standard & Poor’s
 
A.M. Best
 
Moody’s
Financial Strength Ratings
 
 
 
 
 
 
RGA Reinsurance Company
 
AA-
 
A+
 
A1
RGA Life Reinsurance Company of Canada
 
AA-
 
A+
 
NR
RGA International Reinsurance Company dac
 
AA-
 
NR
 
NR
RGA Global Reinsurance Company, Ltd.
 
AA-
 
NR
 
NR
RGA Reinsurance Company of Australia Limited
 
AA-
 
NR
 
NR
RGA Americas Reinsurance Company, Ltd.
 
AA-
 
A+
 
NR
RGA Reinsurance Company (Barbados) Ltd.
 
AA-
 
NR
 
NR
RGA Atlantic Reinsurance Company Ltd.
 
NR
 
A+
 
NR
Omnilife Insurance Company Limited
 
A+
 
NR
 
NR
Senior Debt Ratings
 
 
 
 
 
 
Reinsurance Group of America, Incorporated
 
A
 
a-
 
Baa1
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.


 




Reinsurance Group of America, Incorporated
3rd Quarter 2020
Table of Contents
 
Page
Non-GAAP Disclosures
 
 
2020 Notes
 
 
Consolidated
 
 
 
Financial Highlights
 
 
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
 
 
Consolidated Balance Sheets
 
 
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
 
 
 
U.S. and Latin America Traditional
 
 
U.S. and Latin America Financial Solutions - Asset Intensive
 
 
U.S. and Latin America Financial Solutions - Capital Solutions
 
 
Canada Traditional
 
 
Canada Financial Solutions
 
 
Europe, Middle East and Africa Traditional
 
 
Europe, Middle East and Africa Financial Solutions
 
 
Asia Pacific Traditional
 
 
Asia Pacific Financial Solutions
 
 
Corporate and Other
 
 
Summary of Segment GAAP Income
 
 
Summary of Segment Adjusted Operating Income
 
 
Investments
 
 
 
Cash and Invested Assets and Investment Income and Yield Summary
 
 
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities
 
 
Corporate Fixed Maturity Securities by Industry
 
 
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities
 
 
Gross Unrealized Losses Aging - Fixed Maturity Securities
 
 
Fixed Maturity Securities Below Amortized Cost
 
 
Consolidated Investment Related Gains and Losses
 
 
Appendix
 
 
 
Reconciliations of GAAP to Non-GAAP Measures
 
 



Reinsurance Group of America, Incorporated
Non-GAAP Disclosures
This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (“RGA”) with the SEC. The consolidated financial information herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned (collectively, the “Company”).
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to adjusted operating income before income tax is presented in the appendix.
RGA evaluates its shareholders’ equity position excluding the impact of accumulated other comprehensive income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.
RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation. A reconciliation of shareholders’ equity before and after the impact of AOCI is presented in the appendix.







                                        
 
Page 1

    


Reinsurance Group of America, Incorporated
2020 Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Name Change
 
In the fourth quarter of 2019, the Company changed the name of the Financial Reinsurance business within the U.S. and Latin America Financial Solutions segment to “Capital Solutions”. The name change better describes the product offerings for this part of the U.S. and Latin America Financial Solutions segment. This name change does not affect any previously or future reported results for the U.S. and Latin America Financial Solutions segment.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Instruments - Credit Losses
 
Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses.  Under the new guidance, the Company records an allowance for credit losses on fixed maturity securities available-for-sale.  Prior to the adoption, the Company recorded credit losses as a direct reduction in the amortized cost of the securities. The changes to disclosures related to the adoption are reflected in the Investments section of this quarterly financial supplement beginning on page 30.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


                                        
 
Page 2

    


Reinsurance Group of America, Incorporated
Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Current Qtr vs. PY Quarter
 
 
 
Year-to-Date
(USD millions, except in force & per share data)
 
Sept. 30,
 
June 30,
 
March 31,
 
Dec. 31,
 
Sept. 30,
 
 
 
 
Sept. 30,
 
Sept. 30,
 
 
 
 
2020
 
2020
 
2020
 
2019
 
2019
 
 
 
 
2020
 
2019
 
Change
Net premiums
 
$
2,825

 
$
2,790

 
$
2,819

 
$
2,986

 
$
2,809

 
$
16

 
 
 
$
8,434

 
$
8,311

 
$
123

Net income (loss)
 
213

 
158

 
(88
)
 
235

 
263

 
(50
)
 
 
 
283

 
635

 
(352
)
Adjusted operating income
 
239

 
87

 
89

 
219

 
256

 
(17
)
 
 
 
415

 
634

 
(219
)
Return on equity - annualized
 
6.6
%
 
5.8
%
 
(3.4
)%
 
8.1
%
 
9.5
%
 
(2.9
)%
 
 
 
 
 
 
 


Return on equity - trailing 12 months
 
4.5
%
 
5.1
%
 
5.8
 %
 
8.4
%
 
7.6
%
 
(3.1
)%
 
 
 
 
 
 
 


Adjusted operating return on equity (ex AOCI):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Annualized
 
10.8
%
 
4.1
%
 
4.3
 %
 
10.5
%
 
12.6
%
 
(1.8
)%
 
 
 
 
 
 
 


Trailing 12 months
 
7.4
%
 
7.8
%
 
9.5
 %
 
10.5
%
 
10.7
%
 
(3.3
)%
 
 
 
 
 
 
 


Total assets
 
$82,127
 
$80,729
 
$75,654
 
$76,731
 
$75,774
 
$6,353
 
 
 
 
 
 
 

Assumed Life Reinsurance In Force (in billions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

U.S. and Latin America Traditional
 
$
1,602.1

 
$
1,620.5

 
$
1,618.4

 
$
1,619.6

 
$
1,618.5

 
$
(16.4
)
 
 
 
 
 
 
 


U.S. and Latin America Financial Solutions
 
5.3

 
5.4

 
5.4

 
5.1

 
5.2

 
0.1

 
 
 
 
 
 
 


Canada Traditional
 
419.5

 
409.2

 
389.5

 
417.1

 
401.7

 
17.8

 
 
 
 
 
 
 


Europe, Middle East and Africa Traditional
 
808.0

 
772.8

 
763.1

 
776.4

 
707.8

 
100.2

 
 
 
 
 
 
 


Asia Pacific Traditional
 
534.4

 
649.5

 
635.6

 
662.0

 
626.6

 
(92.2
)
 
 
 
 
 
 
 


Asia Pacific Financial Solutions
 
0.3

 
0.4

 
0.4

 

 

 
0.3

 
 
 
 
 
 
 


Total assumed life reinsurance in force
 
$
3,369.6

 
$
3,457.8

 
$
3,412.4

 
$
3,480.2

 
$
3,359.8

 
$
9.8

 
 
 
 
 
 
 
 
Assumed New Business Production (in billions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. and Latin America Traditional
 
$
24.6

 
$
25.3

 
$
34.0

 
$
38.4

 
$
23.9

 
$
0.7

 
 
 
$
83.9

 
$
77.4

 
$
6.5

U.S. and Latin America Financial Solutions
 
(0.1
)
 

 

 

 
3.2

 
(3.3
)
 
 
 
(0.1
)
 
3.2

 
(3.3
)
Canada Traditional
 
8.6

 
9.1

 
12.2

 
14.9

 
8.1

 
0.5

 
 
 
29.9

 
25.5

 
4.4

Europe, Middle East and Africa Traditional
 
28.5

 
65.1

 
32.9

 
55.0

 
32.1

 
(3.6
)
 
 
 
126.5

 
92.4

 
34.1

Asia Pacific Traditional
 
6.7

 
16.6

 
15.7

 
20.2

 
31.0

 
(24.3
)
 
 
 
39.0

 
49.5

 
(10.5
)
Total assumed new business production
 
$
68.3

 
$
116.1

 
$
94.8

 
$
128.5

 
$
98.3

 
$
(30.0
)
 
 
 
$
279.2

 
$
248.0

 
$
31.2

Per Share and Shares Data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
3.13

 
$
2.49

 
$
(1.41
)
 
$
3.75

 
$
4.19

 
$
(1.06
)
 
 
 
$
4.39

 
$
10.13

 
$
(5.74
)
Adjusted operating income
 
$
3.52

 
$
1.37

 
$
1.43

 
$
3.49

 
$
4.09

 
$
(0.57
)
 
 
 
$
6.43

 
$
10.12

 
$
(3.69
)
Diluted earnings per share (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) (1)
 
$
3.12

 
$
2.48

 
$
(1.41
)
 
$
3.68

 
$
4.12

 
$
(1.00
)
 
 
 
$
4.36

 
$
9.93

 
$
(5.57
)
Adjusted operating income
 
$
3.51

 
$
1.36

 
$
1.41

 
$
3.43

 
$
4.02

 
$
(0.51
)
 
 
 
$
6.39

 
$
9.92

 
$
(3.53
)
Wgt. average common shares outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
67,936

 
63,449

 
62,138

 
62,633

 
62,666

 
5,270

 
 
 
64,518

 
62,701

 
1,817

Diluted
 
68,170

 
63,749

 
63,001

 
63,774

 
63,789

 
4,381

 
 
 
64,985

 
63,919

 
1,066

Common shares issued
 
85,311

 
85,311

 
79,138

 
79,138

 
79,138

 
6,173

 
 
 
85,311

 
79,138

 
6,173

Treasury shares
 
17,374

 
17,375

 
17,492

 
16,482

 
16,529

 
845

 
 
 
17,374

 
16,529

 
845

Common shares outstanding
 
67,937

 
67,936

 
61,646

 
62,656

 
62,609

 
5,328

 
 
 
67,937

 
62,609

 
5,328

Book value per share
 
$
194.49

 
$
184.78

 
$
150.88

 
$
185.17

 
$
184.06

 
$
10.43

 
 
 
 
 
 
 
 
Per share effect of AOCI
 
$
63.13

 
$
55.96

 
$
18.33

 
$
50.07

 
$
52.04

 
$
11.09

 
 
 
 
 
 
 
 
Book value per share, excluding AOCI
 
$
131.36

 
$
128.82

 
$
132.55

 
$
135.10

 
$
132.02

 
$
(0.66
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stockholders’ dividends paid
 
$
47

 
$
43

 
$
44

 
$
44

 
$
44

 
$
3

 
 
 
$
134

 
$
119

 
$
15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
 
 
 
 
 
 
 
 

                                        
 
Page 3

    


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Current Qtr
 
 
 
Year-to-Date
 
 
Sept. 30,
 
June 30,
 
March 31,
 
Dec. 31,
 
Sept. 30,
 
vs. PY
 
 
 
Sept. 30,
 
Sept. 30,
 
 
 
 
2020
 
2020
 
2020
 
2019
 
2019
 
Quarter
 
 
 
2020
 
2019
 
Change
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net premiums
 
$
2,825

 
$
2,790

 
$
2,819

 
$
2,986

 
$
2,809