Reinsurance Group of America Reports First Quarter Results
Reinsurance Group of America Reports First Quarter Results
First Quarter Results
第一季度業績
- Net income available to RGA shareholders of $3.16 per diluted share
- Adjusted operating income* of $6.02 per diluted share
- Premium growth of 58.8% over the prior-year quarter, 59.2% on a constant currency basis1
- ROE of 10.2%, adjusted operating ROE* of 14.8% for the trailing twelve months
- Deployed capital of $737 million into in-force transactions
- RGA股東可獲得的攤薄後每股淨收益爲3.16美元
- 調整後的營業收入*爲攤薄後每股6.02美元
- 保費比上年同期增長58.8％，按固定貨幣計算增長59.2％1
- 過去十二個月的投資回報率爲10.2％，調整後的營業投資回報率*爲14.8％
- 在生效交易中投入了7.37億美元的資金
1 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity translated to U.S. dollars at a constant exchange rate.
1 實際金額反映了貨幣波動的影響。固定貨幣金額反映了以固定匯率折算成美元的外幣計價活動。
ST. LOUIS--(BUSINESS WIRE)--May 2, 2024-- Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported first quarter net income available to RGA shareholders of $210 million, or $3.16 per diluted share, compared with $252 million, or $3.72 per diluted share, in the prior-year quarter. Adjusted operating income* for the first quarter totaled $401 million, or $6.02 per diluted share, compared with $349 million, or $5.16 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.07 per diluted share on net income available to RGA shareholders, and $0.01 per diluted share on adjusted operating income as compared with the prior year.
ST。路易--(美國商業資訊)--2024年5月2日--全球領先的人壽和健康再保險提供商美國再保險集團公司（紐約證券交易所代碼：RGA）報告稱，第一季度向RGA股東提供的淨收入爲2.1億美元，攤薄每股收益爲3.16美元，而去年同期爲2.52億美元，攤薄每股收益3.72美元。第一季度調整後的營業收入*總額爲4.01億美元，攤薄每股收益6.02美元，而去年同期爲3.49億美元，攤薄每股收益爲5.16美元。與去年相比，淨外幣波動對RGA股東可獲得的淨收益產生了有利影響，攤薄後每股收益爲0.07美元，對調整後的營業收入產生了0.01美元的有利影響。
| Quarterly Results | |||||
| ($ in millions, except per share data) | 2024 | 2023 | |||
| Net premiums | $ | 5,376 | $ | 3,385 | |
| Net income available to RGA shareholders | 210 | 252 | |||
| Net income available to RGA shareholders per diluted share | 3.16 | 3.72 | |||
| Adjusted operating income* | 401 | 349 | |||
| Adjusted operating income, excluding notable items * | 401 | 349 | |||
| Adjusted operating income per diluted share* | 6.02 | 5.16 | |||
| Adjusted operating income, excluding notable items per diluted share* | 6.02 | 5.16 | |||
| Book value per share | 143.92 | 114.60 | |||
| Book value per share, excluding accumulated other comprehensive income (AOCI)* | 145.83 | 136.56 | |||
| Book value per share, excluding AOCI and B36* | 146.96 | 136.22 | |||
| Total assets | 106,000 | 89,120 | |||
| 季度業績 | |||||
| （百萬美元，每股數據除外） | 2024 | 2023 | |||
| 淨保費 | $ | 5,376 | $ | 3,385 | |
| RGA股東可獲得的淨收入 | 210 | 252 | |||
| RGA股東每股攤薄後可獲得的淨收益 | 3.16 | 3.72 | |||
| 調整後的營業收入* | 401 | 349 | |||
| 調整後的營業收入，不包括重要項目* | 401 | 349 | |||
| 調整後的攤薄後每股營業收入* | 6.02 | 5.16 | |||
| 調整後的營業收入，不包括攤薄後每股的重要項目* | 6.02 | 5.16 | |||
| 每股賬面價值 | 143.92 | 114.60 | |||
| 每股賬面價值，不包括累計其他綜合收益 (AOCI) * | 145.83 | 136.56 | |||
| 每股賬面價值，不包括AOCI和B36* | 146.96 | 136.22 | |||
| 總資產 | 106,000 | 89,120 | |||
| * | See "Non-GAAP Financial Measures and Other Definitions" below |
| * | 請參閱下面的 “非公認會計准則財務指標和其他定義” |
In the first quarter, consolidated net premiums totaled $5.4 billion, an increase of 58.8% over the 2023 first quarter, with an adverse net foreign currency effect of $12 million. Excluding the net foreign currency effect, consolidated net premiums increased 59.2% in the quarter. Net premiums for the quarter included a $1.9 billion contribution from a single premium pension risk transfer transaction in the U.S. Financial Solutions business.
第一季度，合併淨保費總額爲54億美元，比2023年第一季度增長58.8％，淨外幣的負面影響爲1200萬美元。不包括淨外幣影響，本季度合併淨保費增長了59.2％。本季度的淨保費包括來自美國金融解決方案業務單一保費養老金風險轉移交易的19億美元繳款。
Compared with the year-ago period, excluding spread-based businesses, first quarter investment income increased 7.0%, primarily due to new business. Average investment yield was flat at 4.70% in the first quarter compared with 4.71% in the prior-year period due to higher new money rates offset by lower variable investment income in the first quarter, relative to the year-ago period.
與去年同期相比，不包括基於利差的業務，第一季度的投資收入增長了7.0％，這主要是由於新業務。第一季度的平均投資收益率持平至4.70％，而去年同期爲4.71％，這是由於較高的新貨幣利率被第一季度可變投資收益的減少所抵消，與去年同期相比有所減少。
The effective tax rate for the quarter was 22.0% on pre-tax income, below the expected range of 23% to 24%, primarily due to tax benefits received in foreign jurisdictions.
本季度稅前收入的有效稅率爲22.0％，低於23％至24％的預期區間，這主要是由於外國司法管轄區獲得的稅收優惠。
The effective tax rate for the quarter was 22.4% on pre-tax adjusted operating income, slightly below the expected range of 23% to 24%, primarily due to tax benefits received in foreign jurisdictions.
本季度稅前調整後營業收入的有效稅率爲22.4％，略低於23％至24％的預期區間，這主要是由於外國司法管轄區獲得的稅收優惠。
Tony Cheng, President and Chief Executive Officer, commented, "Our first quarter was excellent, and we are off to a great start for the year, following a very strong 2023. Our Traditional business performed very well and the Financial Solutions business also had a good quarter. On our in-force transactions, we had a record quarter of $737 million deployed, and we continued to see strong momentum in organic new business activity.
總裁兼首席執行官Tony Cheng評論說：“我們的第一季度非常出色，繼2023年表現非常強勁之後，我們今年有了一個良好的開端。我們的傳統業務表現非常出色，金融解決方案業務也表現良好。在我們的生效交易中，我們的季度部署了創紀錄的7.37億美元，而且我們繼續看到有機新業務活動的強勁勢頭。
"Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $0.6 billion. Based on favorable business conditions and RGA's global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time."
“我們的資產負債表仍然強勁，本季度末我們的超額資本約爲6億美元。基於有利的業務條件和RGA的全球領導地位，我們對未來持樂觀態度，並預計隨着時間的推移將繼續提供有吸引力的財務業績。”
SEGMENT RESULTS
分部結果
U.S. and Latin America
美國和拉丁美洲
Traditional
傳統
| Quarterly Results | |||||
| ($ in millions) | 2024 | 2023 | |||
| Net premiums | $ | 1,715 | $ | 1,615 | |
| Pre-tax income | 116 | 121 | |||
| Pre-tax adjusted operating income | 128 | 122 | |||
| Pre-tax adjusted operating income, excluding notable items | 128 | 122 | |||
| 季度業績 | |||||
| （百萬美元） | 2024 | 2023 | |||
| 淨保費 | $ | 1,715 | $ | 1,615 | |
| 稅前收入 | 116 | 121 | |||
| 稅前調整後的營業收入 | 128 | 122 | |||
| 稅前調整後的營業收入，不包括重要項目 | 128 | 122 | |||
Quarterly Results
季度業績
- Results reflected favorable Individual Life claims experience, as well as favorable Health and Group experience.
- 結果反映了良好的個人人壽索賠經驗，以及良好的健康和團體體驗。
Financial Solutions
金融解決方案
| Quarterly Results | |||||
| ($ in millions) | 2024 | 2023 | |||
| Pre-tax income | $ | 17 | $ | 114 | |
| Pre-tax adjusted operating income | 90 | 105 | |||
| Pre-tax adjusted operating income, excluding notable items | 90 | 105 | |||
| 季度業績 | |||||
| （百萬美元） | 2024 | 2023 | |||
| 稅前收入 | $ | 17 | $ | 114 | |
| 稅前調整後的營業收入 | 90 | 105 | |||
| 稅前調整後的營業收入，不包括重要項目 | 90 | 105 | |||
Quarterly Results
季度業績
- Results were slightly below expectations due to lower variable investment income.
- 由於可變投資收益降低，業績略低於預期。
Canada
加拿大
Traditional
傳統
| Quarterly Results | |||||
| ($ in millions) | 2024 | 2023 | |||
| Net premiums | $ | 318 | $ | 295 | |
| Pre-tax income | 47 | 29 | |||
| Pre-tax adjusted operating income | 46 | 29 | |||
| Pre-tax adjusted operating income, excluding notable items | 46 | 29 | |||
| 季度業績 | |||||
| （百萬美元） | 2024 | 2023 | |||
| 淨保費 | $ | 318 | $ | 295 | |
| 稅前收入 | 47 | 29 | |||
| 稅前調整後的營業收入 | 46 | 29 | |||
| 稅前調整後的營業收入，不包括重要項目 | 46 | 29 | |||
Net Premiums
淨保費
- Foreign currency exchange rates had a favorable effect on net premiums of $1 million for the quarter.
- 外幣匯率對本季度100萬美元的淨保費產生了有利影響。
Quarterly Results
季度業績
- Results reflected favorable claims experience, both in Group business and Individual Life business.
- Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.
- 業績反映了集團業務和個人人壽業務中良好的理賠經驗。
- 外幣匯率對稅前收入和稅前調整後營業收入的影響不大。
Financial Solutions
金融解決方案
| Quarterly Results | |||||
| ($ in millions) | 2024 | 2023 | |||
| Pre-tax income | $ | 7 | $ | 10 | |
| Pre-tax adjusted operating income | 7 | 10 | |||
| Pre-tax adjusted operating income, excluding notable items | 7 | 10 | |||
| 季度業績 | |||||
| （百萬美元） | 2024 | 2023 | |||
| 稅前收入 | $ | 7 | $ | 10 | |
| 稅前調整後的營業收入 | 7 | 10 | |||
| 稅前調整後的營業收入，不包括重要項目 | 7 | 10 | |||
Quarterly Results
季度業績
- Results were in line with expectations.
- Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.
- 結果符合預期。
- 外幣匯率對稅前收入和稅前調整後營業收入的影響不大。
Europe, Middle East and Africa (EMEA)
歐洲、中東和非洲 (EMEA)
Traditional
傳統
| Quarterly Results | |||||
| ($ in millions) | 2024 | 2023 | |||
| Net premiums | $ | 496 | $ | 438 | |
| Pre-tax income | 28 | 27 | |||
| Pre-tax adjusted operating income | 38 | 27 | |||
| Pre-tax adjusted operating income, excluding notable items | 38 | 27 | |||
| 季度業績 | |||||
| （百萬美元） | 2024 | 2023 | |||
| 淨保費 | $ | 496 | $ | 438 | |
| 稅前收入 | 28 | 27 | |||
| 稅前調整後的營業收入 | 38 | 27 | |||
| 稅前調整後的營業收入，不包括重要項目 | 38 | 27 | |||
Net Premiums
淨保費
- Foreign currency exchange rates had a favorable effect on net premiums of $7 million for the quarter.
- 外幣匯率對本季度700萬美元的淨保費產生了有利影響。
Quarterly Results
季度業績
- Results reflected favorable timing differences and positive impacts from new business.
- Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.
- 結果反映了有利的時機差異和新業務的積極影響。
- 外幣匯率對稅前收入和稅前調整後營業收入的影響不大。
Financial Solutions
金融解決方案
| Quarterly Results | |||||
| ($ in millions) | 2024 | 2023 | |||
| Pre-tax income | $ | 64 | $ | 59 | |
| Pre-tax adjusted operating income | 77 | 69 | |||
| Pre-tax adjusted operating income, excluding notable items | 77 | 69 | |||
| 季度業績 | |||||
| （百萬美元） | 2024 | 2023 | |||
| 稅前收入 | $ | 64 | $ | 59 | |
| 稅前調整後的營業收入 | 77 | 69 | |||
| 稅前調整後的營業收入，不包括重要項目 | 77 | 69 | |||
Quarterly Results
季度業績
- Results were in line with expectations.
- Foreign currency exchange rates had a favorable effect of $3 million on pre-tax income and pre-tax adjusted operating income.
- 結果符合預期。
- 外幣匯率對稅前收入和稅前調整後營業收入產生了300萬美元的有利影響。
Asia Pacific
亞太地區
Traditional
傳統
| Quarterly Results | |||||
| ($ in millions) | 2024 | 2023 | |||
| Net premiums | $ | 716 | $ | 662 | |
| Pre-tax income | 109 | 79 | |||
| Pre-tax adjusted operating income | 109 | 79 | |||
| Pre-tax adjusted operating income, excluding notable items | 109 | 79 | |||
| 季度業績 | |||||
| （百萬美元） | 2024 | 2023 | |||
| 淨保費 | $ | 716 | $ | 662 | |
| 稅前收入 | 109 | 79 | |||
| 稅前調整後的營業收入 | 109 | 79 | |||
| 稅前調整後的營業收入，不包括重要項目 | 109 | 79 | |||
Net Premiums
淨保費
- Foreign currency exchange rates had an adverse effect on net premiums of $23 million for the quarter.
- 外幣匯率對本季度2300萬美元的淨保費產生了不利影響。
Quarterly Results
季度業績
- Results reflected favorable overall experience.
- Foreign currency exchange rates had an adverse effect of $3 million on pre-tax income and $2 million on pre-tax adjusted operating income.
- 結果反映了良好的總體經驗。
- 外幣匯率對稅前收入產生了300萬美元的負面影響，對稅前調整後的營業收入產生了200萬美元的負面影響。
Financial Solutions
金融解決方案
| Quarterly Results | ||||||
| ($ in millions) | 2024 | 2023 | ||||
| Net premiums | $ | 46 | $ | 64 | ||
| Pre-tax income (loss) | 13 | (13) | ||||
| Pre-tax adjusted operating income | 59 | 40 | ||||
| Pre-tax adjusted operating income, excluding notable items | 59 | 40 | ||||
| 季度業績 | ||||||
| （百萬美元） | 2024 | 2023 | ||||
| 淨保費 | $ | 46 | $ | 64 | ||
| 稅前收入（虧損） | 13 | (13) | ||||
| 稅前調整後的營業收入 | 59 | 40 | ||||
| 稅前調整後的營業收入，不包括重要項目 | 59 | 40 | ||||
Quarterly Results
季度業績
- Results reflected favorable overall experience.
- Foreign currency exchange rates had a favorable effect of $5 million on pre-tax income and an adverse effect of $1 million on pre-tax adjusted operating income.
- 結果反映了良好的總體經驗。
- 外幣匯率對稅前收入產生了500萬美元的有利影響，對稅前調整後的營業收入產生了100萬美元的不利影響。
Corporate and Other
企業和其他
| Quarterly Results | |||||||
| ($ in millions) | 2024 | 2023 | |||||
| Pre-tax income (loss) | $ | (129) | $ | (75) | |||
| Pre-tax adjusted operating income (loss) | (38) | (25) | |||||
| Pre-tax adjusted operating income (loss), excluding notable items | (38) | (25) | |||||
| 季度業績 | |||||||
| （百萬美元） | 2024 | 2023 | |||||
| 稅前收入（虧損） | $ | (129) | $ | (75) | |||
| 稅前調整後的營業收入（虧損） | (38) | (25) | |||||
| 稅前調整後的營業收入（虧損），不包括重要項目 | (38) | (25) | |||||
Quarterly Results
季度業績
- Results were in line with the expected quarterly average run rate.
- 業績與預期的季度平均運行率一致。
Dividend Declaration
股息申報
Effective April 30, 2024, the board of directors declared a regular quarterly dividend of $0.85, payable May 28, 2024, to shareholders of record as of May 14, 2024.
自2024年4月30日起，董事會宣佈定期向截至2024年5月14日的登記股東派發0.85美元的季度股息，將於2024年5月28日支付。
Earnings Conference Call
業績電話會議
A conference call to discuss first quarter results will begin at 10 a.m. Eastern Time on Friday, May 3, 2024. Interested parties may access the call by dialing 1-844-481-2753 (1-412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on the Company's Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.
討論第一季度業績的電話會議將於美國東部時間2024年5月3日星期五上午10點開始。有興趣的人士可以通過撥打1-844-481-2753（1-412-317-0669國際）來接聽電話，並要求加入美國再保險集團公司（RGA）的電話會議。電話會議的網絡直播將在公司的投資者關係網站上播出，網址爲 www.rgare.com。電話會議結束後的90天內，將在同一地址重播電話會議。
The Company has posted to its website an earnings presentation and a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.
該公司已在其網站上發佈了收益報告和季度財務補編，其中包括所有細分市場的財務信息以及有關其投資組合的信息。此外，公司在其投資者關係網站上發佈定期報告、新聞稿和其他有用信息。
Non-GAAP Financial Measures and Other Definitions
非公認會計准則財務指標和其他定義
Reinsurance Group of America, Incorporated (the "Company") discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of our operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company's results of operations, financial statements and the underlying profitability drivers and trends of the Company's businesses by excluding specified items which may not be indicative of the Company's ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company's financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company's non-GAAP financial measures may not be comparable to similar measures used by other companies.
美國再保險集團公司（“公司”）披露了某些未根據美國公認會計原則確定的財務指標。公司主要使用此類非公認會計准則財務指標來評估業績，因爲公司認爲，這些指標與相關的美國公認會計准則指標一起審查後，可以更清楚地反映我們的經營業績，並有助於公司分配資源。公司認爲，這些非公認會計准則財務指標通過排除可能無法表明公司持續經營業績且可能在不同時期大幅波動的特定項目，使投資者和其他第三方更好地了解公司的經營業績、財務報表以及公司業務的潛在盈利驅動因素和趨勢。這些指標應被視爲對公司根據美國公認會計原則列報的財務業績的補充，不應被視爲美國公認會計原則指標的替代品。其他公司可能會使用標題相似的非公認會計准則財務指標，這些指標的計算方式與公司計算此類指標的方式不同。因此，公司的非公認會計准則財務指標可能無法與其他公司使用的類似指標相提並論。
The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:
本文件或公司不時發佈的其他公開披露中使用了以下非公認會計准則財務指標：
| 1. | Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company's continuing operations. Adjusted operating income is calculated as net income available to the Company's shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, as applicable: | |
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| as such items can be volatile and may not reflect the underlying performance of the Company's business. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company's management incentive programs. | ||
| 2. | Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company's results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company's assumption reviews on business subject to the Financial Accounting Standards Board's Accounting Standards Update No. 2018-12, "Targeted Improvements to the Accounting for Long-Duration Contracts" and related amendments, reflected in future policy benefits remeasurement gains or losses. | |
| 3. | Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives. | |
| 4. | Shareholders' equity position excluding the impact of accumulated other comprehensive income (loss) ("AOCI"), shareholders' average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company's businesses on shareholders' equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures: | |
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| 5. | Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders' equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company's management incentive programs. The Company also discloses the following non-GAAP financial measures: | |
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| 1。 | 調整後的稅前和稅後營業收入以及調整後的攤薄後每股營業收入。公司使用這些指標作爲分析財務業績的基礎，因爲公司認爲這些指標可以更好地反映公司持續經營的持續盈利能力和潛在趨勢。調整後的營業收入按公司股東可獲得的淨收入（如果是稅前調整後的營業收入，則爲所得稅前的收入）計算，不包括（視情況而定）： | |
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| 因爲此類項目可能波動不定，可能無法反映公司業務的基本業績。此外，調整後的攤薄後每股營業收入的計算方法是調整後的營業收入除以攤薄後的加權平均已發行股份。這些措施還可以作爲公司管理激勵計劃下設定目標水平和獎勵的基礎。 | ||
| 2。 | 調整後的營業收入（稅前和稅後），不包括重要項目。值得注意的項目是公司認爲可能無法表明其持續經營業績的項目，這些項目不包括在調整後的營業收入中，目的是讓投資者和其他第三方更好地了解公司的業績。這些項目可能是意想不到的，在公司準備業務計劃或其他時是未知的。提出的值得注意的項目可能包括公司假設審查對業務的財務影響，這些業務受財務會計準則委員會第2018-12號會計準則更新、“長期合同會計的有針對性的改進” 和相關修正案的約束，這些修正反映在未來的政策收益調整損益中。 | |
| 3. | 調整後的營業收入。該衡量標準不包括已實現淨資本收益和虧損以及某些嵌入式衍生品公允價值變動的影響。 | |
| 4。 | 股東權益狀況不包括累計其他綜合收益（虧損）（“AOCI”）、不包括AOCI的股東平均權益狀況以及不包括AOCI影響的每股賬面價值。公司認爲，這些衡量標準提供了有用的信息，因爲此類衡量標準不包括與AOCI相關的項目，這些項目不是永久性的，可能在不同時期之間波動很大，並且可能無法反映公司業務的基本業績對股東權益和每股賬面價值的影響。AOCI主要涉及利率的變化、其投資證券的信用利差、未來政策優惠、貼現率計量收益（虧損）、市場風險收益特定工具的信用風險調整收益（虧損）和外幣波動。公司還披露了以下非公認會計准則財務指標： | |
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| 5。 | 調整後的營業股本回報率。該指標的計算方法是調整後的營業收入除以不包括AOCI的平均股東權益。調整後的營業股本回報率也是根據公司管理激勵計劃制定目標水平和獎勵的基礎。公司還披露了以下非公認會計准則財務指標： | |
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Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document.
本文件末尾的附錄中提供了上述非公認會計准則財務指標（在本文件中披露的範圍內）與最具可比性的GAAP財務指標的對賬。
Other definitions:
其他定義：
- Uncapped (profitable) cohorts: cohorts with a net premium ratio under 100%
- 無上限（盈利）群組：淨溢價比率低於 100% 的群組
- Capped (loss) cohorts: cohorts with a net premium ratio equal to or greater than 100%
- 上限（虧損）群組：淨溢價比率等於或大於 100% 的群組
- Floored cohorts: cohorts with reserves floored at zero as reserves cannot be negative
- 下限群組：儲備金下限爲零的同期群不能爲負數
Change in Presentation: U.S. and Latin America Financial Solutions
演示方式的變化：美國和拉丁美洲的金融解決方案
In the first quarter of 2024, the Company updated the presentation of the financial results for the U.S. and Latin America Financial Solutions segment by combining the financial results for "Asset Intensive" and "Capital Solutions" businesses. This change in presentation better aligns the presentation of the U.S. and Latin America Financial Solutions segment's financial results with the Company's management of these businesses and with reporting for the other Financial Solutions segments. This change in presentation did not affect any previously or expected future reported results for the U.S. and Latin America Financial Solutions segment.
在2024年第一季度，公司合併了 “資產密集型” 和 “資本解決方案” 業務的財務業績，更新了美國和拉丁美洲金融解決方案板塊的財務業績。這種列報方式的變化使美國和拉丁美洲金融解決方案板塊財務業績的列報與公司對這些業務的管理以及其他金融解決方案板塊的報告更好地保持一致。這種列報方式的變化並未影響美國和拉丁美洲金融解決方案板塊先前或未來公佈的任何預期業績。
About RGA
關於 RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world's largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $3.7 trillion of life reinsurance in force and assets of $106.0 billion as of March 31, 2024. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
美國再保險集團公司（紐約證券交易所代碼：RGA）是全球行業領導者，專門提供人壽和健康再保險以及金融解決方案，幫助客戶有效管理風險和優化資本。RGA成立於1973年，是當今世界上最大和最受尊敬的再保險公司之一，並一直以一個強有力的目標爲指導：讓所有人都能獲得財務保障。作爲全球能力和解決方案的領導者，RGA通過大膽創新、不懈的執行和以客戶爲中心的專心爲合作伙伴賦能，所有這些都旨在創造可持續的長期價值。截至2024年3月31日，RGA的有效人壽再保險約爲3.7萬億美元，資產爲1,060億美元。要了解有關 RGA 及其業務的更多信息，請訪問 www.rgare.com 或者繼續關注 RGA 領英 和 Facebook。投資者可以在以下網址了解更多信息 invesor.rgare.com。
Cautionary Note Regarding Forward-Looking Statements
關於前瞻性陳述的警示說明
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of Reinsurance Group of America, Incorporated (the "Company"). Forward-looking statements often contain words and phrases such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "if," "intend," "likely," "may," "plan," "potential," "pro forma," "project," "should," "will," "would," and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. 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.
本文件包含1995年《私人證券訴訟改革法》和聯邦證券法所指的前瞻性陳述，除其他外，包括與美國再保險集團公司（“公司”）未來運營、戰略、收益、收入、收入或虧損、比率、財務業績和增長潛力有關的陳述。前瞻性陳述通常包含諸如 “預期”、“假設”、“相信”、“繼續”、“可能”、“估計”、“期望”、“如果”、“打算”、“可能”、“計劃”、“潛在”、“預期”、“計劃”、“項目”、“應該”、“將” 以及其他具有相似含義或其他含義的詞語和術語與未來時期或未來表現掛鉤，每種情況下均以所有衍生形式出現。前瞻性陳述基於管理層當前對未來發展及其對公司的潛在影響的預期和信念。前瞻性陳述不能保證未來的表現，並且會受到風險和不確定性的影響，其中一些風險和不確定性無法預測或量化。未來事件和實際業績、業績和成就可能與前瞻性陳述中列出、考慮或作爲其基礎的事件和成就存在重大差異。
Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (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 the 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, pandemics, epidemics or other major public health issues 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 and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration or regulatory investigations or actions, (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, including Long-Duration Targeted Improvement accounting changes and (28) other risks and uncertainties described in this document and in the Company's other filings with the Securities and Exchange Commission ("SEC").
也可能導致業績或事件與前瞻性陳述所表達或暗示的結果或事件存在重大差異的因素包括：（1）死亡率、發病率、失效或索賠經歷的不利變化，（2）風險分析和承保不足，（3）不利的資本和信貸市場狀況及其對公司流動性、資本渠道和資本成本的影響，（4）公司財務實力和信用評級的變化以及此類變化對公司未來經營業績的影響，以及財務狀況，（5）監管儲備金和資本所需的抵押品的可用性和成本，（6）由於受公司抵押品安排約束的資產的市值下降而發佈抵押品或付款的要求，（7）有權管理公司在其運營司法管轄區的再保險業務的監管機構採取的行動，（8）公司母公司作爲保險控股公司的地位的影響以及監管對其支付能力的限制其債務的本金和利息，（9) 影響公司當前和計劃市場保險和再保險需求的總體經濟狀況或長期經濟衰退，(10) 其他金融機構的減值及其對公司業務的影響，(11) 美國或外幣匯率、利率或證券和房地產市場的波動，(12) 對公司投資證券價值產生不利影響或導致全部或部分減值的市場或經濟狀況本公司某些部分價值的一部分反過來可能影響監管資本的投資證券，（13）對公司及時出售投資證券的能力產生不利影響的市場或經濟狀況，（14）公司風險管理和投資戰略中固有的風險，包括利率或信貸質量變化導致的投資組合收益率變化，（15）對公司投資的準備金和減值的確定高度主觀，（16）政府的穩定性和行動和市場中的經濟公司運營所在地，包括美國主權債務金額及其信用評級的持續不確定性，(17) 公司對第三方的依賴，包括公司向其割讓部分再保險的保險公司和再保險公司、第三方投資經理和其他人，(18) 公司客戶的財務業績，(19) 自然災害、災難、恐怖襲擊、流行病、流行病、流行病或其他重大公共衛生的威脅公司或其客戶在世界任何地方發生的問題業務，（20）競爭因素和競爭對手對公司舉措的反應，（21）開發和推出新產品和分銷機會，（22）執行公司進入新市場，（23）整合收購的業務和實體，（24）公司的電信、信息技術或其他操作系統中斷或故障，或公司未能保持足夠的安全性以保護個人或敏感數據的機密性或隱私和存儲的知識產權在這些系統上，(25) 訴訟、仲裁或監管調查或行動方面的不利進展，(26) 與和解、裁決、終止和終止的業務範圍有關的儲備、資源和準確信息的充足性，(27) 適用於公司或其業務的法律、法規和會計準則的變化，包括長期有針對性的改進會計變動，以及 (28) 本文件和公司向本公司提交的其他文件中描述的其他風險和不確定性證券和交易委員會（“SEC”）。
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company's business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company's situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as may be supplemented by Item 1A - "Risk Factors" in the Company's subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.
應評估前瞻性陳述以及影響公司業務的許多風險和不確定性，包括本文件中提及的以及公司向美國證券交易委員會提交的定期報告中描述的風險和不確定性。這些前瞻性陳述僅代表其發表之日。除非適用的證券法要求，否則公司不承擔任何更新這些前瞻性陳述的義務，即使公司將來的情況可能會發生變化。要討論可能導致實際業績與前瞻性陳述中包含的結果存在重大差異的風險和不確定性，建議您參閱公司截至2023年12月31日止年度的10-K表年度報告中的第1A項—— “風險因素”，並可能由公司隨後向美國證券交易委員會提交的10-Q表季度報告以及我們向美國證券交易委員會提交的其他定期和當前報告中第1A項—— “風險因素” 進行補充。
| REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Consolidated Net Income to Adjusted Operating Income (Dollars in millions, except per share data) | |||||||||||||||
| (Unaudited) | Three Months Ended March 31, | ||||||||||||||
| 2024 | 2023 | ||||||||||||||
| Diluted Earnings Per Share | Diluted Earnings Per Share | ||||||||||||||
| Net income (loss) available to RGA shareholders | $ | 210 | $ | 3.16 | $ | 252 | $ | 3.72 | |||||||
| Reconciliation to adjusted operating income: | |||||||||||||||
| Realized (gains) losses, derivatives and other, included in investment related gains (losses), net | 185 | 2.77 | 102 | 1.52 | |||||||||||
| Market risk benefits remeasurement (gains) losses | (28) | (0.42) | 11 | 0.16 | |||||||||||
| Realized (gains) losses on funds withheld, included in investment income, net of related expenses | (2) | (0.03) | — | — | |||||||||||
| Embedded derivatives: | |||||||||||||||
| Included in investment related gains/losses, net | (61) | (0.92) | (29) | (0.43) | |||||||||||
| Included in interest credited | 10 | 0.15 | (6) | (0.09) | |||||||||||
| Investment (income) loss on unit-linked variable annuities | 1 | 0.02 | — | — | |||||||||||
| Interest credited on unit-linked variable annuities | (1) | (0.02) | — | — | |||||||||||
| Interest expense on uncertain tax positions | — | — | — | — | |||||||||||
| Other (1) | 89 | 1.34 | 6 | 0.09 | |||||||||||
| Uncertain tax positions and other tax related items | (4) | (0.06) | 12 | 0.18 | |||||||||||
| Net income attributable to noncontrolling interest | 2 | 0.03 | 1 | 0.01 | |||||||||||
| Adjusted operating income | 401 | 6.02 | 349 | 5.16 | |||||||||||
| Notable items | — | — | — | — | |||||||||||
| Adjusted operating income, excluding notable items | $ | 401 | $ | 6.02 | $ | 349 | $ | 5.16 | |||||||
| (1) The Other line item includes pension risk transfer day one loss and other immaterial items. | |||||||||||||||
| 美國再保險集團、註冊公司和子公司 合併淨收入與調整後營業收入的對賬 （以百萬美元計，每股數據除外） | |||||||||||||||
| （未經審計） | 截至3月31日的三個月 | ||||||||||||||
| 2024 | 2023 | ||||||||||||||
| 攤薄後的每股收益 | 攤薄後的每股收益 | ||||||||||||||
| RGA股東可獲得的淨收益（虧損） | $ | 210 | $ | 3.16 | $ | 252 | $ | 3.72 | |||||||
| 調整後營業收入的對賬： | |||||||||||||||
| 已實現（收益）虧損、衍生品和其他損失，包含在投資相關收益（虧損）中，淨額 | 185 | 2.77 | 102 | 1.52 | |||||||||||
| 市場風險收益調整（收益）虧損 | (28) | (0.42) | 11 | 0.16 | |||||||||||
| 扣除相關費用的已實現（收益）虧損，包含在投資收益中 | (2) | (0.03) | — | — | |||||||||||
| 嵌入式衍生品： | |||||||||||||||
| 包含在與投資相關的收益/虧損中，淨額 | (61) | (0.92) | (29) | (0.43) | |||||||||||
| 包含在貸記利息中 | 10 | 0.15 | (6) | (0.09) | |||||||||||
| 單位掛鉤可變年金的投資（收益）虧損 | 1 | 0.02 | — | — | |||||||||||
| 計入單位掛鉤可變年金的利息 | (1) | (0.02) | — | — | |||||||||||
| 不確定稅收狀況的利息支出 | — | — | — | — | |||||||||||
| 其他 (1) | 89 | 1.34 | 6 | 0.09 | |||||||||||
| 不確定的稅收狀況和其他稅收相關項目 | (4) | (0.06) | 12 | 0.18 | |||||||||||
| 歸屬於非控股權益的淨收益 | 2 | 0.03 | 1 | 0.01 | |||||||||||
| 調整後的營業收入 | 401 | 6.02 | 349 | 5.16 | |||||||||||
| 值得注意的物品 | — | — | — | — | |||||||||||
| 調整後的營業收入，不包括重要項目 | $ | 401 | $ | 6.02 | $ | 349 | $ | 5.16 | |||||||
| (1) 其他細列項目包括養老金風險轉移第一天的損失和其他非實質性項目。 | |||||||||||||||
| REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Consolidated Effective Income Tax Rates (Dollars in millions) | ||||||||||
| (Unaudited) | Three Months Ended March 31, 2024 | |||||||||
| Pre-tax Income (Loss) | Income Taxes | Effective Tax Rate (1) | ||||||||
| GAAP income | $ | 272 | $ | 60 | 22.0% | |||||
| Reconciliation to adjusted operating income: | ||||||||||
| Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net | 232 | 47 | ||||||||
| Market risk benefits remeasurement (gains) losses | (35) | (7) | ||||||||
| Realized (gains) losses on funds withheld, included in investment income, net of related expenses | (2) | — | ||||||||
| Embedded derivatives: | ||||||||||
| Included in investment related gains/losses, net | (77) | (16) | ||||||||
| Included in interest credited | 13 | 3 | ||||||||
| Investment (income) loss on unit-linked variable annuities | 1 | — | ||||||||
| Interest credited on unit-linked variable annuities | (1) | — | ||||||||
| Interest expense on uncertain tax positions | — | — | ||||||||
| Other (2) | 113 | 24 | ||||||||
| Uncertain tax positions and other tax related items | — | 4 | ||||||||
| Adjusted operating income | 516 | 115 | 22.4% | |||||||
| Notable items | — | — | ||||||||
| Adjusted operating income, excluding notable items | $ | 516 | $ | 115 | ||||||
| 美國再保險集團、註冊公司和子公司 合併有效所得稅稅率的對賬 （以百萬美元計） | ||||||||||
| （未經審計） | 截至2024年3月31日的三個月 | |||||||||
| 稅前收入（虧損） | 所得稅 | 有效稅率 (1) | ||||||||
| GAAP 收入 | $ | 272 | $ | 60 | 22.0% | |||||
| 調整後營業收入的對賬： | ||||||||||
| 已實現和未實現（收益）虧損、衍生品和其他損失，包含在投資相關收益（虧損）中，淨額 | 232 | 47 | ||||||||
| 市場風險收益調整（收益）虧損 | (35) | (7) | ||||||||
| 扣除相關費用的已實現（收益）虧損，包含在投資收益中 | (2) | — | ||||||||
| 嵌入式衍生品： | ||||||||||
| 包含在與投資相關的收益/虧損中，淨額 | (77) | (16) | ||||||||
| 包含在貸記利息中 | 13 | 3 | ||||||||
| 單位掛鉤可變年金的投資（收益）虧損 | 1 | — | ||||||||
| 計入單位掛鉤可變年金的利息 | (1) | — | ||||||||
| 不確定稅收狀況的利息支出 | — | — | ||||||||
| 其他 (2) | 113 | 24 | ||||||||
| 不確定的稅收狀況和其他稅收相關項目 | — | 4 | ||||||||
| 調整後的營業收入 | 516 | 115 | 22.4% | |||||||
| 值得注意的物品 | — | — | ||||||||
| 調整後的營業收入，不包括重要項目 | $ | 516 | $ | 115 | ||||||
| (1) | The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding. | |
| (2) | The Other line item includes pension risk transfer day one loss and other immaterial items. |
| (1) | 公司將財務報表中的金額四捨五入到數百萬美元，並從基礎的整美元金額中計算出有效稅率。因此，由於四捨五入，某些金額可能無法根據數字重新計算。 | |
| (2) | 其他細列項目包括養老金風險轉移第一天的損失和其他非實質性項目。 |
| REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income (Dollars in millions) | |||||||
| (Unaudited) | Three Months Ended March 31, | ||||||
| 2024 | 2023 | ||||||
| Income before income taxes | $ | 272 | $ | 351 | |||
| Reconciliation to pre-tax adjusted operating income: | |||||||
| Realized (gains) losses, derivatives and other, included in investment related gains (losses), net | 232 | 127 | |||||
| Market risk benefits remeasurement (gains) losses | (35) | 14 | |||||
| Realized (gains) losses on funds withheld, included in investment income, net of related expenses | (2) | — | |||||
| Embedded derivatives: | |||||||
| Included in investment related gains/losses, net | (77) | (37) | |||||
| Included in interest credited | 13 | (7) | |||||
| Investment (income) loss on unit-linked variable annuities | 1 | — | |||||
| Interest credited on unit-linked variable annuities | (1) | — | |||||
| Interest expense on uncertain tax positions | — | — | |||||
| Other (1) | 113 | 8 | |||||
| Pre-tax adjusted operating income | 516 | 456 | |||||
| Notable items | — | — | |||||
| Pre-tax adjusted operating income, excluding notable items | $ | 516 | $ | 456 | |||
| (1) The Other line item includes pension risk transfer day one loss and other immaterial items. | |||||||
| 美國再保險集團、註冊公司和子公司 所得稅前的合併收入與稅前調整後的營業收入的對賬 （以百萬美元計） | |||||||
| （未經審計） | 截至3月31日的三個月 | ||||||
| 2024 | 2023 | ||||||
| 所得稅前收入 | $ | 272 | $ | 351 | |||
| 與稅前調整後營業收入的對賬： | |||||||
| 已實現（收益）虧損、衍生品和其他損失，包含在投資相關收益（虧損）中，淨額 | 232 | 127 | |||||
| 市場風險收益調整（收益）虧損 | (35) | 14 | |||||
| 扣除相關費用的已實現（收益）虧損，包含在投資收益中 | (2) | — | |||||
| 嵌入式衍生品： | |||||||
| 包含在與投資相關的收益/虧損中，淨額 | (77) | (37) | |||||
| 包含在貸記利息中 | 13 | (7) | |||||
| 單位掛鉤可變年金的投資（收益）虧損 | 1 | — | |||||
| 計入單位掛鉤可變年金的利息 | (1) | — | |||||
| 不確定稅收狀況的利息支出 | — | — | |||||
| 其他 (1) | 113 | 8 | |||||
| 稅前調整後的營業收入 | 516 | 456 | |||||
| 值得注意的物品 | — | — | |||||
| 稅前調整後的營業收入，不包括重要項目 | $ | 516 | $ | 456 | |||
| (1) 其他細列項目包括養老金風險轉移第一天的損失和其他非實質性項目。 | |||||||
| REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income (Dollars in millions) | ||||||||||||||||||||||
| (Unaudited) | Three Months Ended March 31, 2024 | |||||||||||||||||||||
| Pre-tax income (loss) | Realized (gains) losses, derivatives and other, net | Change in value of embedded derivatives, net | Pre-tax adjusted operating income (loss) | Notable Items | Pre-tax adjusted operating income (loss) ex. notable items | |||||||||||||||||
| U.S. and Latin America: | ||||||||||||||||||||||
| Traditional | $ | 116 | $ | — | $ | 12 | $ | 128 | $ | — | $ | 128 | ||||||||||
| Financial Solutions | 17 | 149 | (76) | 90 | — | 90 | ||||||||||||||||
| Total U.S. and Latin America | 133 | 149 | (64) | 218 | — | 218 | ||||||||||||||||
| Canada Traditional | 47 | (1) | — | 46 | — | 46 | ||||||||||||||||
| Canada Financial Solutions | 7 | — | — | 7 | — | 7 | ||||||||||||||||
| Total Canada | 54 | (1) | — | 53 | — | 53 | ||||||||||||||||
| EMEA Traditional | 28 | 10 | — | 38 | — | 38 | ||||||||||||||||
| EMEA Financial Solutions | 64 | 13 | — | 77 | — | 77 | ||||||||||||||||
| Total EMEA | 92 | 23 | — | 115 | — | 115 | ||||||||||||||||
| APAC Traditional | 109 | — | — | 109 | — | 109 | ||||||||||||||||
| APAC Financial Solutions | 13 | 46 | — | 59 | — | 59 | ||||||||||||||||
| Total Asia Pacific | 122 | 46 | — | 168 | — | 168 | ||||||||||||||||
| Corporate and Other | (129) | 91 | — | (38) | — | (38) | ||||||||||||||||
| Consolidated | $ | 272 | $ | 308 | $ | (64) | $ | 516 | $ | — | $ | 516 | ||||||||||
| 美國再保險集團、註冊公司和子公司 稅前收入與稅前調整後營業收入的對賬 （以百萬美元計） | ||||||||||||||||||||||
| （未經審計） | 截至2024年3月31日的三個月 | |||||||||||||||||||||
| 稅前收入（虧損） | 已實現 （收益）損失， 衍生品 還有其他，淨額 | 換進去 的價值 嵌入式 衍生品，淨額 | 稅前調整後的運營 收入（虧損） | 值得注意的物品 | 稅前調整後 運營 收入（虧損），例如重要項目 | |||||||||||||||||
| 美國和拉丁美洲： | ||||||||||||||||||||||
| 傳統 | $ | 116 | $ | — | $ | 12 | $ | 128 | $ | — | $ | 128 | ||||||||||
| 金融解決方案 | 17 | 149 | (76) | 90 | — | 90 | ||||||||||||||||
| 美國和拉丁美洲合計 | 133 | 149 | (64) | 218 | — | 218 | ||||||||||||||||
| 加拿大傳統 | 47 | (1) | — | 46 | — | 46 | ||||||||||||||||
| 加拿大金融解決方案 | 7 | — | — | 7 | — | 7 | ||||||||||||||||
| 加拿大道達爾 | 54 | (1) | — | 53 | — | 53 | ||||||||||||||||
| EMEA 傳統型 | 28 | 10 | — | 38 | — | 38 | ||||||||||||||||
| 歐洲、中東和非洲金融解決方案 | 64 | 13 | — | 77 | — | 77 | ||||||||||||||||
| EMEA 總計 | 92 | 23 | — | 115 | — | 115 | ||||||||||||||||
| 亞太傳統 | 109 | — | — | 109 | — | 109 | ||||||||||||||||
| 亞太金融解決方案 | 13 | 46 | — | 59 | — | 59 | ||||||||||||||||
| 亞太區道達計 | 122 | 46 | — | 168 | — | 168 | ||||||||||||||||
| 企業及其他 | (129) | 91 | — | (38) | — | (38) | ||||||||||||||||
| 合併 | $ | 272 | $ | 308 | $ | (64) | $ | 516 | $ | — | $ | 516 | ||||||||||
| (Unaudited) | Three Months Ended March 31, 2023 | |||||||||||||||||||||
| Pre-tax income (loss) | Realized (gains) losses, derivatives and other, net | Change in value of embedded derivatives, net | Pre-tax adjusted operating income (loss) | Notable Items | Pre-tax adjusted operating income (loss) ex. notable items | |||||||||||||||||
| U.S. and Latin America: | ||||||||||||||||||||||
| Traditional | $ | 121 | $ | — | $ | 1 | $ | 122 | $ | — | $ | 122 | ||||||||||
| Financial Solutions | 114 | 36 | (45) | 105 | — | 105 | ||||||||||||||||
| Total U.S. and Latin America | 235 | 36 | (44) | 227 | — | 227 | ||||||||||||||||
| Canada Traditional | 29 | — | — | 29 | — | 29 | ||||||||||||||||
| Canada Financial Solutions | 10 | — | — | 10 | — | 10 | ||||||||||||||||
| Total Canada | 39 | — | — | 39 | — | 39 | ||||||||||||||||
| EMEA Traditional | 27 | — | — | 27 | — | 27 | ||||||||||||||||
| EMEA Financial Solutions | 59 | 10 | — | 69 | — | 69 | ||||||||||||||||
| Total EMEA | 86 | 10 | — | 96 | — | 96 | ||||||||||||||||
| APAC Traditional | 79 | — | — | 79 | — | 79 | ||||||||||||||||
| APAC Financial Solutions | (13) | 53 | — | 40 | — | 40 | ||||||||||||||||
| Total Asia Pacific | 66 | 53 | — | 119 | — | 119 | ||||||||||||||||
| Corporate and Other | (75) | 50 | — | (25) | — | (25) | ||||||||||||||||
| Consolidated | $ | 351 | $ | 149 | $ | (44) | $ | 456 | $ | — | $ | 456 | ||||||||||
| （未經審計） | 截至2023年3月31日的三個月 | |||||||||||||||||||||
| 稅前收入（虧損） | 已實現 （收益）損失， 衍生品 還有其他，淨額 | 換進去 的價值 嵌入式 衍生品，淨額 | 稅前調整後 運營 收入（虧損） | 值得注意的物品 | 稅前調整後 運營 收入（虧損），例如重要項目 | |||||||||||||||||
| 美國和拉丁美洲： | ||||||||||||||||||||||
| 傳統 | $ | 121 | $ | — | $ | 1 | $ | 122 | $ | — | $ | 122 | ||||||||||
| 金融解決方案 | 114 | 36 | (45) | 105 | — | 105 | ||||||||||||||||
| 美國和拉丁美洲合計 | 235 | 36 | (44) | 227 | — | 227 | ||||||||||||||||
| 加拿大傳統 | 29 | — | — | 29 | — | 29 | ||||||||||||||||
| 加拿大金融解決方案 | 10 | — | — | 10 | — | 10 | ||||||||||||||||
| 加拿大道達爾 | 39 | — | — | 39 | — | 39 | ||||||||||||||||
| EMEA 傳統型 | 27 | — | — | 27 | — | 27 | ||||||||||||||||
| 歐洲、中東和非洲金融解決方案 | 59 | 10 | — | 69 | — | 69 | ||||||||||||||||
| EMEA 總計 | 86 | 10 | — | 96 | — | 96 | ||||||||||||||||
| 亞太傳統 | 79 | — | — | 79 | — | 79 | ||||||||||||||||
| 亞太金融解決方案 | (13) | 53 | — | 40 | — | 40 | ||||||||||||||||
| 亞太區道達計 | 66 | 53 | — | 119 | — | 119 | ||||||||||||||||
| 企業及其他 | (75) | 50 | — | (25) | — | (25) | ||||||||||||||||
| 合併 | $ | 351 | $ | 149 | $ | (44) | $ | 456 | $ | — | $ | 456 | ||||||||||
| REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Per Share and Shares Data (In thousands, except per share data) | |||||||
| (Unaudited) | Three Months Ended March 31, | ||||||
| 2024 | 2023 | ||||||
| Earnings per share from net income (loss): | |||||||
| Basic earnings per share | $ | 3.20 | $ | 3.77 | |||
| Diluted earnings per share | $ | 3.16 | $ | 3.72 | |||
| Diluted earnings per share from adjusted operating income | $ | 6.02 | $ | 5.16 | |||
| Weighted average number of common and common equivalent shares outstanding | 66,559 | 67,615 | |||||
| 美國再保險集團、註冊公司和子公司 每股和股票數據 （以千計，每股數據除外） | |||||||
| （未經審計） | 截至3月31日的三個月 | ||||||
| 2024 | 2023 | ||||||
| 淨收益（虧損）的每股收益： | |||||||
| 每股基本收益 | $ | 3.20 | $ | 3.77 | |||
| 攤薄後的每股收益 | $ | 3.16 | $ | 3.72 | |||
| 調整後營業收入的攤薄後每股收益 | $ | 6.02 | $ | 5.16 | |||
| 已發行普通股和普通等價股的加權平均數 | 66,559 | 67,615 | |||||
| (Unaudited) | At March 31, | ||||||
| 2024 | 2023 | ||||||
| Treasury shares | 19,523 | 18,771 | |||||
| Common shares outstanding | 65,788 | 66,540 | |||||
| Book value per share outstanding | $ | 143.92 | $ | 114.60 | |||
| Book value per share outstanding, before impact of AOCI | $ | 145.83 | $ | 136.56 | |||
| （未經審計） | 3月31日， | ||||||
| 2024 | 2023 | ||||||
| 國庫股 | 19,523 | 18,771 | |||||
| 已發行普通股 | 65,788 | 66,540 | |||||
| 已發行每股賬面價值 | $ | 143.92 | $ | 114.60 | |||
| 在AOCI影響之前，已發行的每股賬面價值 | $ | 145.83 | $ | 136.56 | |||
| Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI and B36 Derivatives | |||||||
| (Unaudited) | At March 31, | ||||||
| 2024 | 2023 | ||||||
| Book value per share outstanding | $ | 143.92 | $ | 114.60 | |||
| Less effect of AOCI: | |||||||
| Accumulated currency translation adjustment | 0.88 | (1.41) | |||||
| Unrealized (depreciation) appreciation of securities | (61.74) | (66.02) | |||||
| Effect of updating discount rates on future policy benefits | 59.36 | 45.59 | |||||
| Change in instrument-specific credit risk for market risk benefits | 0.04 | 0.22 | |||||
| Pension and postretirement benefits | (0.45) | (0.34) | |||||
| Book value per share outstanding, before impact of AOCI | 145.83 | 136.56 | |||||
| Less effect of B36 derivatives | (1.13) | 0.34 | |||||
| Book value per share outstanding, before impact of AOCI and B36 derivatives | $ | 146.96 | $ | 136.22 | |||
| 每股賬面價值與每股賬面價值的對賬，不包括AOCI和B36衍生品 | |||||||
| （未經審計） | 3月31日， | ||||||
| 2024 | 2023 | ||||||
| 已發行每股賬面價值 | $ | 143.92 | $ | 114.60 | |||
| AOCI 的影響較小： | |||||||
| 累計貨幣折算調整 | 0.88 | (1.41) | |||||
| 證券未實現（折舊）升值 | (61.74) | (66.02) | |||||
| 更新貼現率對未來保單福利的影響 | 59.36 | 45.59 | |||||
| 爲獲得市場風險收益而產生的特定工具信用風險的變化 | 0.04 | 0.22 | |||||
| 養老金和退休後福利 | (0.45) | (0.34) | |||||
| 在AOCI影響之前，已發行的每股賬面價值 | 145.83 | 136.56 | |||||
| B36 衍生物的影響較小 | (1.13) | 0.34 | |||||
| 扣除AOCI和B36衍生品影響前的每股已發行賬面價值 | $ | 146.96 | $ | 136.22 | |||
| Reconciliation of Shareholders' Average Equity to Shareholders' Average Equity Excluding AOCI (Dollars in millions) | |||
| (Unaudited) | |||
| Trailing Twelve Months Ended March 31, 2024: | Average Equity | ||
| Shareholders' average equity | $ | 8,408 | |
| Less effect of AOCI: | |||
| Accumulated currency translation adjustment | 5 | ||
| Unrealized (depreciation) appreciation of securities | (4,732) | ||
| Effect of updating discount rates on future policy benefits | 3,804 | ||
| Change in instrument-specific credit risk for market risk benefits | 8 | ||
| Pension and postretirement benefits | (23) | ||
| Shareholders' average equity, excluding AOCI | 9,346 | ||
| Year-to-date notable items, net of tax | — | ||
| Shareholders' average equity, excluding AOCI and notable items | $ | 9,346 | |
| 股東平均權益與股東平均權益的對賬（不包括AOCI） （以百萬美元計） | |||
| （未經審計） | |||
| 截至2024年3月31日的過去十二個月： | 平均淨值 | ||
| 股東平均權益 | $ | 8,408 | |
| AOCI 的影響較小： | |||
| 累計貨幣折算調整 | 5 | ||
| 證券未實現（折舊）升值 | (4,732) | ||
| 更新貼現率對未來保單福利的影響 | 3,804 | ||
| 爲獲得市場風險收益而產生的特定工具信用風險的變化 | 8 | ||
| 養老金和退休後福利 | (23) | ||
| 股東平均權益，不包括AOCI | 9,346 | ||
| 扣除稅款後的年初至今值得注意的項目 | — | ||
| 股東平均權益，不包括AOCI和重要項目 | $ | 9,346 | |
| Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income and Related Return on Equity (Dollars in millions) | ||||||
| (Unaudited) | ||||||
| Trailing Twelve Months Ended March 31, 2024: | Income | Return on Equity | ||||
| Net income available to RGA shareholders | $ | 860 | 10.2% | |||
| Reconciliation to adjusted operating income: | ||||||
| Capital (gains) losses, derivatives and other, net | 422 | |||||
| Change in fair value of embedded derivatives | 108 | |||||
| Tax expense on uncertain tax positions and other tax related items | (12) | |||||
| Net income attributable to noncontrolling interest | 8 | |||||
| Adjusted operating income | 1,386 | 14.8% | ||||
| Notable items after tax | — | |||||
| Adjusted operating income, excluding notable items | $ | 1,386 | 14.8% | |||
| 過去十二個月的合併淨收入與調整後的營業收入的對賬 及相關的股本回報率 （以百萬美元計） | ||||||
| （未經審計） | ||||||
| 截至2024年3月31日的過去十二個月： | 收入 | 股本回報率 | ||||
| RGA股東可獲得的淨收入 | $ | 860 | 10.2% | |||
| 調整後營業收入的對賬： | ||||||
| 資本（收益）損失、衍生品及其他，淨額 | 422 | |||||
| 嵌入式衍生品公允價值的變化 | 108 | |||||
| 不確定稅收狀況和其他稅收相關項目的稅收支出 | (12) | |||||
| 歸屬於非控股權益的淨收益 | 8 | |||||
| 調整後的營業收入 | 1,386 | 14.8% | ||||
| 稅後值得注意的物品 | — | |||||
| 調整後的營業收入，不包括重要項目 | $ | 1,386 | 14.8% | |||
| REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Statements of Income (Dollars in millions) | |||||||
| (Unaudited) | Three Months Ended March 31, | ||||||
| 2024 | 2023 | ||||||
| Revenues: | |||||||
| Net premiums | $ | 5,376 | $ | 3,385 | |||
| Investment income, net of related expenses | 961 | 856 | |||||
| Investment related gains (losses), net | (149) | (77) | |||||
| Other revenue | 149 | 87 | |||||
| Total revenues | 6,337 | 4,251 | |||||
| Benefits and expenses: | |||||||
| Claims and other policy benefits | 5,132 | 3,063 | |||||
| Future policy benefits remeasurement (gains) losses | (24) | (26) | |||||
| Market risk benefits remeasurement (gains) losses | (35) | 14 | |||||
| Interest credited | 254 | 215 | |||||
| Policy acquisition costs and other insurance expenses | 387 | 331 | |||||
| Other operating expenses | 283 | 250 | |||||
| Interest expense | 68 | 53 | |||||
| Total benefits and expenses | 6,065 | 3,900 | |||||
| Income before income taxes | 272 | 351 | |||||
| Provision for income taxes | 60 | 98 | |||||
| Net income | 212 | 253 | |||||
| Net income attributable to noncontrolling interest | 2 | 1 | |||||
| Net income available to RGA shareholders | $ | 210 | $ | 252 | |||
| 美國再保險集團、註冊公司和子公司 簡明合併損益表 （以百萬美元計） | |||||||
| （未經審計） | 截至3月31日的三個月 | ||||||
| 2024 | 2023 | ||||||
| 收入： | |||||||
| 淨保費 | $ | 5,376 | $ | 3,385 | |||
| 扣除相關費用的投資收益 | 961 | 856 | |||||
| 與投資相關的收益（虧損），淨額 | (149) | (77) | |||||
| 其他收入 | 149 | 87 | |||||
| 總收入 | 6,337 | 4,251 | |||||
| 福利和開支： | |||||||
| 索賠和其他保單福利 | 5,132 | 3,063 | |||||
| 未來保單收益調整（收益）虧損 | (24) | (26) | |||||
| 市場風險收益調整（收益）虧損 | (35) | 14 | |||||
| 已貸記利息 | 254 | 215 | |||||
| 保單購置成本和其他保險費用 | 387 | 331 | |||||
| 其他運營費用 | 283 | 250 | |||||
| 利息支出 | 68 | 53 | |||||
| 福利和支出總額 | 6,065 | 3,900 | |||||
| 所得稅前收入 | 272 | 351 | |||||
| 所得稅準備金 | 60 | 98 | |||||
| 淨收入 | 212 | 253 | |||||
| 歸屬於非控股權益的淨收益 | 2 | 1 | |||||
| RGA股東可獲得的淨收入 | $ | 210 | $ | 252 | |||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430763706/en/
Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-2068
投資者聯繫人
傑夫·霍普森
投資者關係高級副總裁
(636) 736-2068
Source: Reinsurance Group of America, Incorporated
來源：美國再保險集團有限公司
譯文內容由第三人軟體翻譯。