Reinsurance Grp Stock Price, News & Analysis

Reinsurance Group of America (RGA) reported a strong third quarter with net income of $284 million, or $4.19 per diluted share, a significant improvement from a $22 million loss a year ago. Adjusted operating income reached $352 million, or $5.20 per diluted share. Premium growth was 4.9% year-over-year, with a robust 10.1% growth on a constant currency basis. The company returned $79 million to shareholders through dividends and share repurchases. Despite an estimated $89 million COVID-19 impact, the balance sheet remains strong with $1.3 billion in excess capital.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of RGA Reinsurance Company and its subsidiaries, with a stable outlook. RGA's balance sheet strength is assessed as very strong, maintained by a robust capital structure despite COVID-19 impacts. The company experienced a 7% increase in overall net premiums in 2021, supported by its international operations. However, earnings volatility persists in certain segments due to pandemic-related mortality increases, although recent trends indicate improvement.

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.