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Reinsurance Group of America, Incorporated reports developments tied to its global life and health reinsurance business. The company provides life reinsurance, living benefits reinsurance, group and health reinsurance, financial solutions, facultative underwriting, and product development across markets in the Americas, Europe, Africa, Asia, and Australia.
Recurring RGA news includes quarterly operating results, capital allocation updates, dividends, debt securities activity, credit rating actions, board and executive leadership changes, and investment management developments. Coverage also reflects the company’s traditional reinsurance and financial solutions activities, along with balance sheet, risk-management, and governance topics relevant to a publicly traded insurance holding company.
Reinsurance Group of America (RGA) is revising its dial-in details for the third quarter earnings conference call, scheduled for 10 a.m. ET on November 4, 2022. Participants can join by calling 1-877-270-2148 or 412-902-6510 internationally, approximately 15 minutes early. A live audio webcast will be available via RGA's Investors page, with a replay available for 90 days post-call. RGA specializes in life and health reinsurance, managing risks effectively, with approximately $3.4 trillion in reinsurance in force and $84.6 billion in assets as of June 30, 2022.
Reinsurance Group of America (RGA) will release its third quarter earnings on November 3 at 4:15 p.m. Eastern Time. A conference call to discuss the results is scheduled for November 4 at 10 a.m. Eastern Time. Dial-in details include 1-888-204-4368 (international 323-994-2093) with an access code of 9502707. RGA is a global leader in life and health reinsurance with approximately $3.4 trillion in life reinsurance in force and assets of $84.6 billion as of June 30, 2022.
Reinsurance Group of America, Incorporated (NYSE: RGA) announced that its cash tender offer for all outstanding 6.20% Fixed-to-Floating Rate Subordinated Debentures due 2042 expired on September 22, 2022. A total of $151,048,375, or 37.76%, of the $400 million principal amount was validly tendered. The company plans to make payments on September 23, 2022, and September 27, 2022, for Debentures tendered through guaranteed delivery. The Offer will be funded from the proceeds of the upcoming sale of 7.125% Fixed-Rate Reset Subordinated Debentures due 2052.
Reinsurance Group of America (NYSE: RGA) has priced $700 million in 7.125% fixed-rate reset subordinated debentures due in 2052. The offering, managed by major banks, has an issue price of $25 per debenture and features a quarterly interest payment starting September 23, 2022. Proceeds will be used to repurchase $400 million of its 6.20% subordinated debentures due 2042, along with related expenses. The offering is contingent on the completion of a cash tender offer and is conducted under a previously filed SEC registration statement.
Reinsurance Group of America (NYSE: RGA) has launched a cash tender offer for its outstanding 6.20% Fixed-to-Floating Rate Subordinated Debentures due 2042, amounting to $400 million. The offer, which expires on September 22, 2022, provides a tender consideration of $25.20 per $25 principal amount. The company plans to make payments on September 23, 2022, and holders can also utilize a Notice of Guaranteed Delivery until September 26, 2022. Importantly, the offer is contingent upon RGA's successful completion of a new subordinated debenture offering, without any minimum tender requirement.
Reinsurance Group of America, Incorporated (NYSE: RGA) announced the retirement of Board Chair J. Cliff Eason, effective December 31, 2022. Stephen T. O’Hearn, a current board member, will take over as Chair starting January 1, 2023. Eason has served on the board since RGA's IPO in May 1993 and has been Chair since 2008. O’Hearn, who joined the board in 2020, brings extensive experience from PwC where he was the Global Leader of the Insurance Practice. The transition aims to maintain strong leadership as RGA continues to grow in the reinsurance market.
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Reinsurance Group of America reported a second quarter net income of $198 million, or $2.92 per diluted share, down from $344 million or $5.02 last year. Adjusted operating income increased to $391 million, or $5.78 per diluted share. Net premiums grew 4.3% year-over-year to $3.2 billion. The company deployed $121 million in transactions and raised its dividend by 9.6% to $0.80 per share. The estimated COVID-19 impact was approximately $11 million, reducing earnings by $0.12 per share. The effective tax rate for the quarter was 22.1%.
Reinsurance Group of America, Incorporated (NYSE:RGA) will release its second quarter earnings on August 4 at 4:15 p.m. Eastern Time. A conference call to discuss the results is scheduled for August 5 at 10 a.m. Eastern Time. RGA, a leader in life reinsurance with approximately $3.5 trillion in force and $89.8 billion in assets as of March 31, 2022, emphasizes its expertise in risk management and innovative financial solutions. More details can be found on RGA's website.
Reinsurance Group of America (NYSE: RGA) has elected Khanh T. Tran to its Board of Directors, effective July 1, 2022. RGA's President and CEO, Anna Manning, highlighted Tran's extensive knowledge in financial markets and corporate growth as key assets. Tran, a veteran in the insurance industry, previously served as CEO of Aviation Capital Group and held various executive roles at Pacific Life over 25 years. His appointment aims to bolster RGA's strategic initiatives, aligning with the company's five-year growth strategy and enhancing board expertise.