Reinsurance Group of America Reports First Quarter Results
- Long-Duration Targeted Improvements (“LDTI”) accounting standard adopted this quarter, comparable periods revised to reflect adoption of LDTI
- Net income available to RGA shareholders of $3.72 per diluted share, including adverse foreign currency effects of $0.14 per diluted share
- Adjusted operating income* of $5.16 per diluted share, including adverse foreign currency effects of $0.18 per diluted share
- Premium growth of 7.3% over the prior-year quarter, 10.8% on a constant currency basis1
- ROE of 7.8%, adjusted operating ROE* of 11.2%, and adjusted operating ROE excluding notable items*2 of 13.1% for the trailing twelve months
- Deployed capital of $194 million into in-force and other transactions
- Total shareholder capital returns of $103 million: $50 million of share repurchases and $53 million of shareholder dividend
1 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign-denominated activity translated to U.S. dollars at a constant exchange rate.
2 There were no notable items in the first quarter of 2023. Notable items include actuarial assumption changes on business subject to LDTI; Assumption changes reflect the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses” in the income statement.
ST. LOUIS, May 4, 2023 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported first-quarter net income available to RGA shareholders of $252 million, or $3.72 per diluted share, compared with $197 million, or $2.91 per diluted share, in the prior-year quarter. Adjusted operating income* for the first quarter totaled $349 million, or $5.16 per diluted share, compared with $283 million, or $4.18 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.14 per diluted share on net income available to RGA shareholders and $0.18 per diluted share on adjusted operating income as compared with the prior year.