REINSURANCE GROUP OF AMERICA INC
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
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Condensed Financial Information of the Registrant
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
December 31,
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| CONDENSED BALANCE SHEETS | |||
| Assets: | |||
| Fixed maturity securities available-for-sale, at fair value | $579 | $598 | |
| Short-term and other investments | 31 | 7 | |
| Cash and cash equivalents | 102 | 298 | |
| Investment in subsidiaries | 12,031 | 10,018 | |
| Loans to subsidiaries | 1,010 | 1,060 | |
| Other assets | 698 | 386 | |
| Total assets | $14,451 | $12,367 | |
| Liabilities and stockholders’ equity: | |||
| Long-term debt – unaffiliated (1) | $3,468 | $3,468 | |
| Long-term debt – affiliated (2) | 600 | 600 | |
| Other liabilities | 1,302 | 1,218 | |
| Stockholders’ equity | 9,081 | 7,081 | |
| Total liabilities and stockholders’ equity | $14,451 | $12,367 | |
| CONDENSED STATEMENTS OF INCOME | |||
| Interest / dividend income (3) | $654 | $325 | $399 |
| Investment related gains (losses), net | (1) | 2 | 5 |
| Operating expenses | (67) | (53) | (66) |
| Interest expense | (202) | (183) | (152) |
| Income (loss) before income tax and undistributed earnings of subsidiaries | 384 | 91 | 186 |
| Income tax expense (benefit) | (35) | (22) | (21) |
| Net income (loss) before undistributed earnings of subsidiaries | 419 | 113 | 207 |
| Equity in undistributed earnings of subsidiaries | 483 | 404 | 963 |
| Net income | 902 | 517 | 1,170 |
| Other comprehensive income (loss) | 3 | 19 | 14 |
| Total comprehensive income | $905 | $536 | $1,184 |
The condensed financial information of RGA (the “Parent Company”) should be read in conjunction with the consolidated financial statements of RGA and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for RGA. Investments in subsidiaries are accounted for using the equity method of accounting.
(1)Long-term debt– unaffiliated consists of the following:
| 2023 | 2022 | |
|---|---|---|
| $400 million 4.70% Senior Notes due 2023 | $— | $400 |
| $400 million 3.95% Senior Notes due 2026 | 400 | 400 |
| $600 million 3.90% Senior Notes due 2029 | 599 | 599 |
| $600 million 3.15% Senior Notes due 2030 | 598 | 598 |
| $400 million 6.00% Senior Notes due 2033 | 399 | — |
| $700 million 7.12% Subordinated Debentures due 2052 | 700 | 700 |
| $400 million 5.75% Subordinated Debentures due 2056 | 400 | 400 |
| $400 million Variable Rate Junior Subordinated Debentures due 2065 | 399 | 399 |
| Subtotal | 3,495 | 3,496 |
| Unamortized debt issuance costs | (27) | (28) |
| Total | $3,468 | $3,468 |
(2)Long-term debt includes $600 million of affiliated subordinated debt in 2023 and 2022, respectively. The affiliated subordinated debt was issued to various operating subsidiaries.
(3)Interest/dividend income includes $520 million and $188 million of cash dividends received from consolidated subsidiaries in 2023 and 2022, respectively.
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued)
December 31,
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| CONDENSED STATEMENTS OF CASH FLOWS | |||
| Operating activities: | |||
| Net income | $902 | $517 | $1,170 |
| Equity in earnings of subsidiaries | (483) | (404) | (963) |
| Other, net | (190) | 316 | (227) |
| Net cash provided by (used in) operating activities | 229 | 429 | (20) |
| Investing activities: | |||
| Sales of fixed maturity securities available-for-sale | 265 | 177 | 236 |
| Purchases of fixed maturity securities available-for-sale | (273) | (315) | (150) |
| Maturities of fixed maturity securities available-for-sale | 42 | — | 32 |
| Repayments (issuances) of loans to subsidiaries | 50 | (40) | (10) |
| Change in short-term investments | (15) | — | 165 |
| Change in other invested assets | (4) | (1) | (1) |
| Capital contributions to subsidiaries | (51) | (53) | (43) |
| Net cash provided by (used in) investing activities | 14 | (232) | 229 |
| Financing activities: | |||
| Dividends to stockholders | (219) | (205) | (194) |
| Purchases of treasury stock | (227) | (81) | (99) |
| Change in cash collateral for derivative positions and other arrangements | 11 | 5 | (19) |
| Principal payments of long-term debt | (400) | (400) | (399) |
| Principal payments of affiliated long-term debt | — | — | (500) |
| Proceeds from unaffiliated long-term debt issuance, net | 396 | 690 | — |
| Proceeds from affiliated long-term debt issuance | — | — | 600 |
| Net cash provided by (used in) financing activities | (439) | 9 | (611) |
| Change in cash and cash equivalents | (196) | 206 | (402) |
| Cash and cash equivalents, beginning of period | 298 | 92 | 494 |
| Cash and cash equivalents, end of period | $102 | $298 | $92 |
| Supplementary information: | |||
| Interest paid | $186 | $156 | $173 |
| Income taxes paid, net of refunds | $169 | $— | $323 |
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