REINSURANCE GROUP OF AMERICA INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Corporate and Other
Corporate and Other revenues primarily include investment income from unallocated invested assets and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated overhead and executive costs, interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from certain wholly-owned subsidiaries that, among other activities, develop and market technology, and provide consulting and outsourcing solutions for the insurance and reinsurance industries. The Company invests in this area in an effort to both support its clients and accelerate the development of innovative solutions and services to increase consumer engagement within the life insurance industry and hence generate new future revenue streams.
The following table sets forth the Corporate and Other segment operating results for the periods indicated (dollars in millions):
| For the year ended December 31, | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | 2024 vs 2023 | 2023 vs 2022 | |
| Segment revenues | |||||
| Net premiums | $— | $— | $— | $— | $— |
| Net investment income | 513 | 384 | 251 | 129 | 133 |
| Investment related gains (losses), net | 11 | 14 | 8 | (3) | 6 |
| Other revenues | 63 | 43 | 34 | 20 | 9 |
| Total segment revenues | 587 | 441 | 293 | 146 | 148 |
| Adjusted benefits and expenses | |||||
| Adjusted claims and other policy benefits | — | — | — | — | — |
| Future policy benefits remeasurement (gains) losses | — | — | — | — | — |
| Adjusted interest credited | 150 | 61 | 32 | 89 | 29 |
| Policy acquisition costs and other insurance expenses | (108) | (91) | (87) | (17) | (4) |
| Other operating expenses | 413 | 342 | 319 | 71 | 23 |
| Interest expense | 303 | 257 | 191 | 46 | 66 |
| Total adjusted benefits and expenses | 758 | 569 | 455 | 189 | 114 |
| Adjusted operating loss before income taxes | $(171) | $(128) | $(162) | $(43) | $34 |
The increase in adjusted operating loss before income taxes in 2024 was primarily attributable to an increase in adjusted interest credited, other operating expenses and interest expense, partially offset by an increase in net investment income.
The increase in net investment income was attributable to higher yields and a higher unallocated invested asset base.
Adjusted expenses
The increase in adjusted interest credited was primarily attributable to new FABN issuances.
The increase in other operating expenses was primarily attributable to higher information technology and incentive compensation expense.
The increase in interest expense was primarily attributable to an increase in outstanding debt.
The decrease in adjusted operating loss before income taxes in 2023 was primarily attributable to an increase in net investment income due to higher yields and a higher unallocated invested asset base, partially offset by an increase in interest expense due to an increase in outstanding debt.
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