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Dec 31, 2023
RGA Q4 2023 Earnings Report
RGA reported mixed results with strong premium growth offset by decreased net income, while adjusted operating income saw a slight increase.
Key Takeaways
Reinsurance Group of America reported a decrease in net income available to shareholders but an increase in adjusted operating income for the fourth quarter. Premium growth was strong, driven by a significant contribution from a pension risk transfer transaction. The company also deployed capital into in-force transactions and continued its share repurchase program.
Net income available to RGA shareholders decreased to $2.37 per diluted share from $4.30 in the prior-year quarter.
Adjusted operating income increased to $4.73 per diluted share from $4.60 in the prior-year quarter.
Premium growth was 19.2% year-over-year, or 18.7% on a constant currency basis, bolstered by a $500 million pension risk transfer transaction.
Capital deployment into in-force transactions reached $346 million for the quarter and $933 million for the year.
RGA
RGA
RGA Revenue by Segment
RGA Revenue by Geographic Location
Revenue by Segment
US & Latin America Traditional Revenue
CapyFin.comCanada Traditional Revenue
CapyFin.comEMEA Traditional Revenue
CapyFin.comAsia Pacific Traditional Revenue
CapyFin.comRevenue by Geographic Location
US & Latin America Revenue
CapyFin.comCanada Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.com Forward Guidance
RGA is optimistic about its future performance, expecting to continue delivering attractive financial results based on favorable business conditions and its global leadership position.
Positive Outlook
- Strong results in the Financial Solutions business across regions and product lines.
- Good momentum in organic business activity in the traditional business.
- Strong in-force transactions with $346 million of capital deployed in the quarter.
- Excess capital of approximately $1.0 billion.
- Favorable business conditions and RGA's global leadership position.
Revenue & Expenses
Visualization of income flow from segment revenue to net income