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RGA Reinsurance Group Of America

Reinsurance Group of America, Inc. is a holding company, which engages in the provision of traditional and non-traditional life and health reinsurance products. It operates through the following segments: U.S. and Latin America; Canada; Europe, Middle East, and Africa; Asia Pacific; and Corporate and Other. The U.S. and Latin America segment markets traditional life and health reinsurance, reinsurance of asset-intensive products, financial reinsurance, and other capital motivated solutions in the U.S., Mexico, and Brazil. The Canada segment includes operations of RGA Canada, which employs its own underwriting, actuarial, claims, pricing, accounting, systems, marketing, and administrative staff in offices located in Montreal and Toronto. The Europe, Middle East, and Africa segment serves clients from subsidiaries, licensed branch offices, and representative offices primarily located in France, Germany, Ireland, Italy, the Middle East, the Netherlands, Poland, South Africa, Spain, and the United Kingdom. The Asia Pacific segment covers operations in Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, South Korea, and Taiwan. The Corporate and Other segment consists of investment income from unallocated invested assets, investment related gains, and losses and service fees. The company was founded in 1973 and is headquartered in Chesterfield, MO.

Company profile

Ticker
RGA, RZB, RZA
Exchange
Website
CEO
A. Greig Woodring
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
431627032

RGA stock data

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Calendar

7 May 21
24 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 3.12B 3.12B 3.12B 3.12B 3.12B 3.12B
Cash burn (monthly) 95.33M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 265.7M n/a n/a n/a n/a n/a
Cash remaining 2.86B n/a n/a n/a n/a n/a
Runway (months of cash) 30.0 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 May 21 Detrick Christine Rose Common Stock Grant Aquire A No No 124.75 1,202 149.95K 8,917.792
19 May 21 Guinn Patricia Lynn Common Stock Grant Aquire A No No 124.75 1,202 149.95K 6,840
19 May 21 Stephen T O'hearn Phantom Stock Common Stock Grant Aquire A No No 124.75 1,202 149.95K 1,202
19 May 21 McNeilage Hazel Phantom Stock Common Stock Grant Aquire A No No 124.75 1,202 149.95K 1,202

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

68.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 348 382 -8.9%
Opened positions 28 64 -56.3%
Closed positions 62 56 +10.7%
Increased positions 134 135 -0.7%
Reduced positions 128 128
13F shares
Current Prev Q Change
Total value 7.47B 18.64B -59.9%
Total shares 46.58M 47.59M -2.1%
Total puts 54.7K 21.9K +149.8%
Total calls 18.4K 9.5K +93.7%
Total put/call ratio 3.0 2.3 +29.0%
Largest owners
Shares Value Change
BLK Blackrock 6.15M $984.99M +0.1%
Vanguard 4.97M $796.83M +0.2%
STT State Street 2.43M $389.93M +7.9%
Capital World Investors 2.42M $387.37M +0.1%
State Farm Mutual Automobile Insurance 2.4M $384.49M 0.0%
FMR 1.98M $317.02M +0.8%
Boston Partners 1.57M $251.68M -11.0%
TimesSquare Capital Management 1.44M $230.56M -4.1%
Capital International Investors 1.15M $184.45M +0.3%
American Century Companies 1.1M $176.53M +0.0%
Largest transactions
Shares Bought/sold Change
TROW T. Rowe Price 949.22K +878.48K +1241.9%
Norges Bank 0 -580.06K EXIT
Samlyn Capital 221.86K -455.64K -67.3%
Wellington Management 638.72K -297.97K -31.8%
Point72 Asset Management 0 -239.75K EXIT
Renaissance Technologies 84.89K -211.7K -71.4%
Boston Partners 1.57M -194.66K -11.0%
STT State Street 2.43M +178.68K +7.9%
Polar Capital 713.22K +146.45K +25.8%
Balyasny Asset Management 141.88K +136.8K +2689.1%

Financial report summary

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Risks
  • Our business, results of operations and financial condition have been, and will likely continue to be, adversely affected by the COVID-19 pandemic and the response thereto.
  • We utilize assumptions, estimates and models to evaluate the potential impact on our business, results of operations and financial condition as a result of the COVID-19 pandemic and the response thereto. If actual events differ materially from those assumptions, estimates or models, our potential exposure to mortality claims and investment portfolio losses could be materially higher than those reflected in our capital plans, and our business, financial condition, and results of operations could be materially adversely affected.
  • We make assumptions when pricing our products relating to mortality, morbidity, lapsation, investment returns and expenses, and significant deviations in experience could negatively affect our financial condition and results of operations.
  • Changes in accounting standards may adversely affect our reported results of operations and financial condition.
  • Our reinsurance subsidiaries are highly regulated, and changes in these regulations could negatively affect our business.
  • A downgrade in our ratings or in the ratings of our reinsurance subsidiaries could adversely affect our ability to compete.
  • The availability and cost of collateral, including letters of credit, asset trusts and other credit facilities, as well as regulatory changes relating to the use of captive insurance companies, could adversely affect our business, financial condition or results of operations.
  • Changes in the equity markets, interest rates and volatility affect the profitability of variable annuities with guaranteed living benefits that we reinsure, which may have a material adverse effect on our business and profitability.
  • RGA is an insurance holding company, and our ability to pay principal, interest and dividends on securities is limited.
  • We are exposed to foreign currency risk.
  • Our international operations involve inherent risks.
  • We depend on the performance of others, and their failure to perform in a satisfactory manner would negatively affect us.
  • Epidemics and pandemics, natural and man-made disasters, catastrophes and events, including terrorist attacks, could adversely affect our business, financial condition and results of operations.
  • We operate in a highly competitive and dynamic industry and competition, tax law changes, an economic downturn and other factors could adversely affect our business.
  • Acquisitions and significant transactions involve varying degrees of risk that could affect our profitability.
  • Our risk management policies and procedures could leave us exposed to unidentified or unanticipated risk, which could negatively affect our business, financial condition or results of operations.
  • The failure in cyber or other information security systems, including a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, as well as the occurrence of unanticipated events affecting our disaster recovery systems and business continuity planning, could impair our ability to conduct business effectively.
  • Failure to protect the confidentiality of information could adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations.
  • Managing key employee attraction, retention and succession is critical to our success.
  • Litigation and regulatory investigations and actions may result in financial losses or harm our reputation.
  • Adverse capital and credit market conditions and access to credit facilities may significantly affect our ability to meet liquidity needs, access to capital and cost of capital.
  • Difficult conditions in the global capital markets and the economy generally may materially adversely affect our business, financial condition and results of operations.
  • If our investment strategy is unsuccessful, we could suffer losses.
  • Interest rate fluctuations could negatively affect the income we derive from the difference between the interest rates we earn on our investments and interest we pay under our reinsurance contracts.
  • The liquidity and value of some of our investments may become significantly diminished.
  • We could be forced to sell investments at a loss to cover policyholder withdrawals, recaptures of reinsurance treaties or other events.
  • Defaults, downgrades or other events impairing the value of our fixed maturity securities portfolio may reduce our earnings.
  • The defaults or deteriorating credit of other financial institutions could adversely affect us.
  • Defaults on our mortgage loans or the mortgage loans underlying our investments in mortgage-backed securities and volatility in performance of our investments in real-estate related assets may adversely affect our profitability.
  • Our valuation of fixed maturity and equity securities and derivatives include methodologies, estimations and assumptions that are subject to differing interpretations and could result in changes to investment valuations that may have a material adverse effect on our financial condition or results of operations.
  • The determination of the amount of allowances and impairments taken on our investments is highly subjective and could materially affect our financial condition or results of operations.
  • Our investments are reflected within the consolidated financial statements utilizing different accounting bases and accordingly we may not have recognized differences, which may be significant, between cost and fair value in our consolidated financial statements.
  • Phasing out of London Interbank Offered Rate (“LIBOR”) after 2021 may adversely affect the value of certain of our LIBOR-based assets and liabilities.
  • We may not pay dividends on our common stock.
  • Certain provisions in our articles of incorporation and bylaws, in Missouri law and in applicable insurance laws, may delay or prevent a change in control, which could adversely affect the price of our common stock.
  • Issuing additional shares may dilute the value or affect the price of our common stock.
  • The occurrence of various events may adversely affect the ability of RGA and its subsidiaries to fully utilize any net operating losses (“NOLs”) and other tax attributes.
Management Discussion
  • ITEM 2.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
  • The effects of the COVID-19 pandemic and the response thereto on economic conditions, the financial markets and insurance risks, and the resulting effects on the Company’s financial results, liquidity, capital resources, financial metrics, investment portfolio and stock price, could cause actual results and events to differ materially from those expressed or implied by forward-looking statements. Additionally, numerous other important factors (whether related to, resulting from or exacerbated by the COVID-19 pandemic or otherwise) could also cause results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: (1) adverse changes in mortality, morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data stored on such systems, (25) adverse litigation or arbitration results, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, (28) the effects of the Tax Cuts and Jobs Act of 2017 may be different than expected and (29) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Bad
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