Reinsurance Group of America, Inc. Quarterly Report for the Period Ended March 31, 2024

Overview

• RGA is a leading global provider of life reinsurance. It has $3.7 trillion of life reinsurance in force and assets of $106 billion as of March 2024.

Financial Performance

• Net income decreased by $41 million compared to the same period last year primarily due to losses in the U.S. Financial Solutions business from a pension risk transfer transaction. This was partially offset by increased investment income.

Revenues

• Premiums increased by $1.9 billion primarily due to a pension risk transfer transaction in the U.S.
• Net investment income increased by $105 million due to a higher asset base and higher interest rates.

Expenses

• Claims and benefits expenses increased by $2 billion primarily due to the pension risk transfer transaction.
• Investment losses increased by $72 million due to portfolio repositioning and losses on derivatives.
  

Capital and Liquidity

• RGA believes it has sufficient liquidity and capital resources to meet obligations over the next 12 months.
• The company has access to $850 million in credit facilities and $801 million in collateralized borrowings capacity as additional liquidity if needed.

Investments

• The investment portfolio quality remains strong with 95% invested in investment grade securities.
• Unrealized losses on fixed maturity securities increased slightly from December 2023.

Outlook

• Mortality and morbidity risks continue to be the most significant risks for RGA.
• The company continues monitoring new business opportunities and related capital needs in the evolving financial landscape.